New Delhi: Hindustan Media Ventures today reported a 21 per cent increase in its standalone net profit at Rs 54.65 crore for the second quarter ended September 30.
The company had posted a standalone net profit of Rs 45.21 crore in the July-September quarter a year ago, Hindustan Media Ventures Ltd (HMVL) said in a BSE filing.
Its net sales during the period under review were up 1.55 per cent at Rs 226.26 crore as against Rs 222.80 crore in the corresponding quarter of the previous fiscal.
HMVL's total expenses rose 2.80 per cent to Rs 184.25 crore as against Rs 179.23 crore.
"The company witnessed a lesser than usual revenue growth on account of continuing sluggishness in macroeconomic environment, seasonal slowdown in advertising due to lack of any festivities and high base effect of Bihar elections.
Subdued topline coupled with firmness in newsprint prices resulted in lower operating leverage and a negative impact on margins," said HMVL Chairperson Shobhana Bhartia.
In the first half of FY 2016-17, standalone net profit increased 19 per cent to Rs 103.35 crore as against Rs 86.88 crore in the year-earlier period.
HMVL's net sales in the first half of the current fiscal rose 4.01 per cent at Rs 462.39 crore as against Rs 444.53 crore in the same period last year.
Shares of HMVL ended at Rs 303.90 on BSE, down 0.16 per cent from the previous close.
