Mumbai: In a message to shareholders to announce its first quarter results, HT Media, Hindustan Media Ventures chairperson and editorial director Shobhana Bhartia said that in the near term, the company expects market sentiment and growth to remain a bit subdued but is hopeful of a resurgence in the mid to long term. "Despite external macro headwinds, we remain committed to our journalism and to serving all our customers and stakeholders."

She noted that the first quarter of FY 2022–23 began on a positive note with a strong performance in the previous fiscal year, with overall business performance and the larger economic and business environment seeing considerable improvement, especially in the latter half of the fiscal. 

"But it also began amidst indications of headwinds in terms of escalating material input costs owing to geopolitical tensions and protracted global conflicts. Our print business saw significant pricing pressure as material prices continued to remain at elevated levels even as a rise in general inflation impacted the overall cost of doing business. Advertising revenue across print, radio, and circulation revenues remained healthy."

HT Media posted its consolidated net losses, narrowed to Rs 41.80 crore for the quarter ended 30 June. Revenue from operations rose 72.5 per cent to Rs 420.09 crore during the same period against Rs 243.53 in the corresponding period of the previous year.

Total expenses recorded during the quarter stood at Rs 496.78 crore compared to Rs 371.69 crore. 

HT Media's revenue from printing & publishing of newspapers and periodicals surged 71.51 per cent YoY to Rs 347.65 crore in Q1 FY2022-23.

Its revenue from radio broadcast and entertainment rose two-fold to Rs 33.36 crore and digital was at Rs 38.76 crore, up 33.47 per cent.

On the outlook, Bhartia said, "In the near term, we expect market sentiment and growth to remain a bit subdued, but are hopeful of a resurgence in the mid to long term. Despite external macro headwinds, we remain committed to our journalism and to serving all our customers and stakeholders."