HT Media at 52-week low post Q1 results

HT Media plummeted over 16 per cent in intraday trade on Wednesday after the company reported a drop of 86 per cent in its net profit for the first quarter of FY19.

The net profit dropped to Rs. 5.8 crore in Q1FY19 from Rs. 41.5 crore reported by the company during the same period last year. 

The company’s revenue fell 7 per cent to Rs 542.4 crore against Rs. 584 crore on a YoY basis, whereas EBITDA fell 49 per cent to Rs. 36 crore.

Recently, the company board approved investing up to Rs. 400 crore in its subsidiary HT Music and Entertainment Company Limited to fund growth of its FM radio business.

At 14:54 hours, HT Media was quoting at Rs. 61.70 per share, down Rs. 10, or 13.92 per cent, on the NSE. The stock opened at Rs. 73.05 and touched a 52-week low of Rs. 60.15 per share on NSE. The stock attracted a traded volume of 14,68,234 shares on NSE.