HT Media
(17:11, 12 Jan 2018)
For the quarter ended December 2017, HT Media registered 4% fall in sales to Rs 625.373 crore.

OPM improved 450 basis points to 21.5%. Thus OP jumped 22% to Rs 134.66 crore.

Other income fell 39% to Rs 33.30 crore after excluding Rs 31.16 crore gains from sale of land and building. Interest cost was also down 20% to Rs 19.35 crore. PBDT grew 5% to Rs 148.61 crore. After 2% lower depreciation, PBT was up 7% to Rs 117.93 crore.

There were extraordinary items of Rs 54.72 crore (comprising gains of Rs 31.16 crore on sale of land and building and Rs 23.56 crore tax reversals related to prior years) against nil.

Tax provision was up 883% to Rs 35.69 crore after adding back tax reversals of Rs 23.56 crore.

After providing for Share of profit/loss in JV and non controlling interest (down 16% to Rs 12.60 crore), net profit jumped 36% to Rs 124.36 crore.

Nine months results

For the nine months ended December 2017, HT Media registered 4% fall in sales to Rs 1785.04 crore.

OPM improved 580 basis points to 17.9%. Thus OP jumped 42% to Rs 319.12 crore.

Other income went down 28% to Rs 129.97 crore and interest cost fell 20% to Rs 58.58 crore. After providing for depreciation (up 4% to Rs 94.38 crore), PBT grew 23% to Rs 296.13 crore.

There was an EO of Rs 57.84 crore against nil. Tax provision was up 82% to Rs 81.45 crore (after adding back tax reversals).

After providing for Share of profit/loss in JV and non controlling interest (down 22% to Rs 40.39 crore), net profit soared 60% to Rs 232.13 crore.

Quarter Segment results

For the quarter, sales from the Printing and Publishing of Newspapers and Periodicals segment fell 6% to Rs 529.46 crore and accounted for 80% of sales. PBIT from the same grew 77% to Rs 114.98 crore and accounted for 111% of total.

For the quarter, sales from the Radio Broadcast and Entertainment division grew 5% to Rs 47.05 crore and accounted for 7% of sales. Profit at the PBIT level stood at Rs 10.46 crore, up 92% and accounted for 10% of total.

For the quarter, sales from the Digital segment fell 24% to Rs 28.01 crore and accounted for 4% of sales. Loss at the PBIT level from the same grew 57% to Rs 9.95 crore and accounted for -10% of total.

For the quarter, new segment Multimedia Content Management, clocked sales of Rs 8.36 crore (against Rs 7.29 crore) and accounted for 1% of sales. PBIT stood at Rs 1.21 crore (against Rs 24.75 crore) and accounted for 1% of total.

For the quarter, sales from unallocated segment grew 15% to Rs 8.36 crore and accounted for 1% of sales. Loss at the PBIT level from the same grew 35% to Rs 12.72 crore and accounted for -12% of total.

Nine months Segment results

Sales from the Printing and Publishing of Newspapers and Periodicals segment fell 6% to Rs 1541.18 crore and accounted for 79% of sales. PBIT from the same grew 66% to Rs 305.98 crore and accounted for 136% of total.

Sales from the Radio Broadcast and Entertainment division grew 16% to Rs 132.84 crore and accounted for 7% of sales. Profit at the PBIT level stood at Rs 15.68 crore, against Rs 4.36 crore lakh and accounted for 7% of total.

Sales from the Digital segment fell 8% to Rs 103.53 crore and accounted for 5% of sales. Loss at the PBIT level from the same grew 4% to Rs 33.68 crore and accounted for -15% of total.

Multimedia Content Management, clocked sales of Rs 140.37 crore, down 6% and accounted for 7% of sales. PBIT fell 93% to Rs 1.77 crore and accounted for 1% of total.

Sales from unallocated segment grew 17% to Rs 22.50 crore and accounted for 1% of sales. Loss at the PBIT level from the same grew 38% to Rs 65.01 crore and accounted for -29% of total.

Valuation

The share price trades at Rs 115.

HT Media: Consolidated Results

 
1712 (3)1612 (3)Var. (%)1712 (9)1612 (9)Var. (%)1703 (12)1603 (12)Var. (%)
Net Sales625.37649.89-41785.041866.78-42452.092501.51-2
OPM (%)21.517.017.912.112.212.9
OP134.66110.4522319.12225.2042298.30322.74-8
Other inc. 33.3054.86-39129.97180.63-28229.46156.1947
PBIDT167.96165.312449.09405.8311527.76478.9310
Interest19.3524.12-2058.5873.30-2095.1262.6452
PBDT148.61141.195390.51332.5317432.64416.294
Dep.30.6831.20-294.3891.094124.76102.2222
PBT117.93109.997296.13241.4423307.88314.07-2
EO54.720.00--57.840.00--0.000.00100
PBT after EO172.65109.9957353.97241.4447307.88314.07-2
Tax35.693.6388381.4544.678267.1480.34-16
PAT136.96106.3629272.52196.7738240.74233.733
Share of profit/loss in JV and non controlling interest12.6015.00-1640.3952.07-2270.4960.2417
Net Profit124.3691.3636232.13144.7060170.25173.49-2
EPS (Rs) *####7.37.5
* Paid up equity capital is Rs 46.55 crore, Face value Rs 10
# EPS can not be annualized due to seasonality in business
&: As per new accounting standards
EO: Extraordinary items, EPS excluded EO and relevant tax
Figures in crore
Source: Capitaline Databases

HT Media: Consolidated segment results

 
Segments1712 (3)1612 (3)Var. (%)% to Total1712 (9)1612 (9)Var. (%)% to Total1703 (12)1603 (12)Var. (%)% to Total
Sales
Printing and Publishing of Newspapers and periodicals529.46561.43-6801541.181633.80-6792132.502242.35-580
Radio Broadcast and Entertainment47.0544.9357132.84114.21167158.71116.96366
Digital28.0137.06-244103.53112.48-85151.36140.3386
Multimedia Content Management48.57149.89-687140.37149.89-67194.550.00#DIV/0!7
Unallocated8.367.2915122.5019.1917126.0419.23351
TOTAL661.45800.60-171001940.422029.57-41002663.162518.876100
Less: intersegment sales36.08150.71155.38162.79211.0717.36
Add: Unallocable sales
Net Sales625.37649.891785.041866.782452.092501.51
PBIT
Printing and Publishing of Newspapers and periodicals114.9864.8177111305.98184.5666136240.85331.06-27139
Radio Broadcast and Entertainment10.465.44921015.684.36260710.3120.04-496
Digital-9.95-6.34-57-10-33.68-32.41-4-15-38.91-65.3340-22
Multimedia Content Management1.2124.75-9511.7724.75-93122.550#DIV/0!13
Unallocated-12.72-9.4135-12-65.01-47.1538-29-61.26-65.25-6-35
TOTAL103.9879.2531100224.74134.1168100173.54220.52-21100
Less interest19.3524.1258.5873.3095.1262.64
Less EO00.00-3.120.00229.46156.19
Add: Other income 64.4654.86161.13180.63
PBT149.09109.99330.41241.44307.88314.07
Figures in crore
Source: Capitaline Databases

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