BENGALURU: HT Media Limited (HT Media) reported a 23.79 per cent jump in PAT in FY-2014 to Rs. 207.53 crores (9.43 per cent of Total Operating Income or Tot Inc) as compared to the Rs.167.65 crores (8.18 per cent of Tot Inc) in FY-2013. The company's radio segment reported a tripling (2.83 times) of operating results to Rs.20.96 crores in FY-2014 as compared to the Rs.7.40 crores in FY-2013. This segment seems to be going from strength to strength as it had reported a negative result of Rs (-4.38) crores in FY-2012.

In Q4-2014, the radio segment result at Rs.4.81 crores was (-38.25) per cent lower than the Rs.7.79 crores in Q3-2014 and 4.58 times the Rs.1.05 crores in Q4-2013.

Note:(1) Rs 100 lakh = Rs100,00,000 = Rs 1 crore = Rs 10 million.(2) All figures in this report are consolidated figures filed by the company, except for Advertising & Sales Promotion (ASP), which are the standalone figures filed by HT Media.

Among the segments contributing to HT Media's revenue are –Printing (Major Publications – Hindustan Times and Mint); Radio (Radio Fever 104 FM); and Digital (includes shine.com and HT Mobile).

Let us look at some of the numbers reported by HT Media for Q4-2014 and FY-2014

The company's Tot Inc for Q4-2014 at Rs.543.84 crores was down (-6.55) per cent as compared to the Rs.581.28 crores in the immediate trailing quarter Q3-2014, but was 8.64 per cent more than the Rs.500.53 crores in the year ago quarter Q4-2013. Tot Inc for FY-2014 at Rs.2200.70 crores was 7.44 per cent more than the Rs.2048.38 crores in FY-2013.

HT Media's q-o-q PAT too was (-48.02) per cent down in Q4-2014 at Rs.34.84 crores (6.41 per cent of Tot Inc) as compared to the Rs.67.02 crores (11.53 per cent of Tot Inc) in Q3-2014 and was (-13.07) per cent lower than the Rs.40.08 crores in Q4-2013.

Please refer to Fig 1 for HT Media's Consolidated Tot Inc and PAT trends.

A major chunk of the Total Expense is raw material costs (RM Costs). This cost head was down (-3.85) per cent in Q4-2014 at Rs.183.5 crores (33.74 per cent of Tot Inc) as compared to the Rs.190.84 crores (32.83 per cent of Tot Inc), and 7.53 per cent more than the Rs.170.65 crores(34.09 per cent of Tot Inc) of the year ago quarter Q4-2013.

HT Media's standalone Advertising & Sales Promotion (ASP) spend in Q4-2014 at Rs.25.26 crores(4.64 per cent of Tot Inc) was (-34.78) per cent less than the Rs.38.73 crores (6.66 per cent of Tot Inc) and was (-34.71) per cent less than the Rs.38.69 crores (7.73 per cent of Tot Inc) in Q4-2013. In FY-2014, the company's ASP spend at Rs.126.90 crores (5.77 per cent of Tot Inc) was 21.3 per cent more than the Rs.105.62 crores (5.11 per cent of Tot Inc).

Segment RevenuePlease refer to Fig 2 below for segment revenue break up

More than 90 per cent of HT Media's Operating Revenue comes from the printing segment. Radio contributes around 4.08 per cent while its digital segment contributes to about 2.7 per cent. Revenue from printing, radio and digital are on the ascent in general, though could be a drop from quarter to quarter.

The printing segment also contributes a big chunk to PAT, but this seems to be on a slight decline in terms of value and percentage of revenue from this segment. In Q4-2014, Print segment had operating revenue of Rs.495.65 crores, which was (-7.1) per cent lower than the Rs.533.53 crores in the immediate previous quarter and 6.11 per cent more than the Rs.467.1 crores in last year's fourth quarter. During FY-2014, Print segment revenue at Rs.2029.61 crores was 5.71 per cent more than the Rs.1919.95 crores in FY-2013.

HT Media's printing segment returned a positive result at Rs.78.04 crores in Q4-2014 which was (-7.10) per cent lower than the Rs.85.93 crores in Q3-2014 and 14.08 per cent more than the Rs.68.41 crores in Q4-2013. In FY-2014, the segment returned a result of Rs.304.91 crores which was 5.71 per cent more than the Rs.26369 crores in FY-2013.

Radio segment Q4-2014 revenue at Rs. 22.88 crores was (-14.21 per cent) lower than the Rs.26.67 crores in Q3-2014 and 24.15 per cent more than the Rs.18.43 crores in Q4-2013. In FY-2014, radio segment's revenue at Rs.93.12 crores was 18.93 per cent more than the Rs.78.30 crores in FY-2013. This segment's operating result numbers have been mentioned above.

Refer to Fig 3 and Fig 4 below for HT Media's Printing and Radio segments trends.

HT Media says that there was a 42 per cent increase in revenues from Digital segment to Rs. 76.2 crores in Q4-2014 from Rs.53.8 crores in Q4-2013. It says that Shine.com registered revenue growth of 58 per cent in FY-2014 over FY-2013 and that HT Mobile registered a revenue growth of 65 per cent in FY-2014 over FY-2013.

HT Media attributes the increase in total revenues to a 9 per cent increase in advertising revenues of print segment to Rs. 1665.2 crores from Rs.1529.3 crores primarily driven by increase in advertising yields and volumes and a 15 per cent increase in circulation revenues of print segment to Rs. 257 crores from Rs. 222.6 crores primarily driven by increase in realisation per copy.

HT Media Chairperson Shobana Bharatia said,"We are pleased to close the year on an encouraging note with a strong growth in our revenue and profitability. Our diversification strategy has worked well. HT Mumbai, Hindustan – especially in Uttar Pradesh, and our digital businesses have delivered strong growth. Our radio business continues to grow both revenue and profits. We are confident that our diversified and resilient business model, established brands and sustained focus on cost reduction will continue to drive growth and create value."