HT Media Limited (HTMEDIA) Q4 07/08 earnings summary

Executive summary

• FY07-08 revenue rose 14% to Rs 1,226.9 crore; standalone PAT increased 26% to Rs 144.6 crore, supported by advertising and circulation growth.

• Growth investments expanded Hindi print, Mint, Fever 104 and online businesses, while rising costs and a global slowdown began to pressure advertising demand.

Financial highlights

• Standalone total income was Rs 1,226.92 crore vs Rs 1,079.57 crore; EBITDA was Rs 263.63 crore vs Rs 231.34 crore.

• Standalone PBT was Rs 201.23 crore vs Rs 176.77 crore before exceptional items; PAT was Rs 144.55 crore vs Rs 115.06 crore.

• Consolidated net turnover was Rs 1,203.25 crore vs Rs 1,039.66 crore; PAT was Rs 101.33 crore vs Rs 97.04 crore.

• Consolidated EBITDA was Rs 213.76 crore vs Rs 205.39 crore; PBT was Rs 138.99 crore vs Rs 146.79 crore.

Outlook and guidance

• Strategy targets media leadership by balancing growth and profitability: strengthen print and expand into faster-growing segments organically and through acquisitions.

• Plans included further Hindustan launches in the Hindi belt, national expansion of Mint, increased printing capacity and bidding for additional FM radio licenses.

• Shine.com’s full version launched in May 2008; its beta registered user base exceeded 130,000 in its first two months.

• Management expected online revenues to benefit from rising internet and mobile use, and anticipated radio profitability as advertising share and revenues increased.