HT Media today reported over a two-fold increase in consolidated net profit at Rs 75.04 crore for the quarter ended March 31, 2018, helped by lower expenses.
The company had posted a net profit of Rs 25.55 crore in the corresponding quarter of the previous fiscal.
Total income during the quarter under review grew by 1.79 per cent to Rs 645.51 crore as against Rs 634.14 crore in the year-ago period, HT Media said in a regulatory filing.
Total expenses during the quarter stood at Rs 532.11 crore, down 6.26 per cent, compared to Rs 567.7 crore in December quarter of the previous fiscal.
For the full financial year, HT Media's consolidated net profit stood at Rs 307.17 crore as against Rs 170.25 crore in 2016-17.
The total income in fiscal 2017-18 was at Rs 2,591.68 crore as against Rs 2,681.55 crore in 2016-17.
The board of directors of the company… has recommended payment of dividend of Rs 0.40 per equity share for the financial year ended on March 31, 2018.
The board of directors also approved an investment up to Rs 10 crore in digital media firm Editorji Technologies Pvt Ltd (ETPL) by way of subscription to equity share of ETPL.
HT Media said its Chief Executive Officer Rajiv Verma has decided to step down from his post.
"Rajiv Verma will continue in his current role till his successor joins. Post the new CEO joining, Verma would continue to remain associated with the company in an advisory role," it added.
The stock was trading 4.38 per cent down at Rs 86.20 on BSE.
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