New Delhi: Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi daily Hindustan, on Wednesday reported a 26% increase in net profit for the quarter ended 30 September on the back of higher advertising and circulation revenue.
Net profit rose to Rs.31.5 crore in the three months from Rs.24.9 crore in the year-ago period, said HMVL, a unit of HT Media Ltd, which publishes Mint and Hindustan Times.
Revenue rose 19% to Rs.211.6 crore from Rs.178.2 crore.
Advertising revenue rose 12% to Rs.142.2 crore from Rs.127 crore as a result of better yields and volumes in advertising. Circulation revenue rose 11% to Rs.49.6 crore in the quarter from Rs.44.6 crore a year earlier. The gains were partially offset by a 20% increase in raw material costs in addition to an increase in employee costs.
“The company has registered steady revenue growth and coped with the challenge posed by rising input costs,” HMVL chairperson Shobhana Bhartia said. “Growth in both advertising and circulation revenue was driven by our strong performance in Uttar Pradesh and Uttarakhand, and continuing dominance in Bihar and Jharkhand.