Q1 2027 Hindustan Media Ventures Ltd Earnings Call

August 5, 2026

Operator: This is Aaditya Mulani from the HT Media Group. I would like to welcome you all to our Q1 FY2026-27 earnings webinar. As a reminder, all the participants will be in listen-only mode. After we are through with the presentation, there will be an opportunity for you to ask questions. I now hand over to Ms. Anna Abraham, HT Media Group's Deputy CFO, Chief Financial Officer, HMVL, and Head, Investor Relations. Thank you. Over to you, Anna.

Speaker #1: This is Aditya Malani from the HT Media Group. I would like to welcome you all to our Q1 financial year 2026-27 earnings webinar. As a reminder, all participants will be in listen-only mode.

Speaker #1: After we are through with the presentation, there will be an opportunity for you to ask questions. I now hand over to Ms. Anna Abraham, HT Media Group's Deputy CFO, Chief Financial Officer of HMVL, and Head of Investor Relations.

Speaker #1: Thank you, and over to you, Anna.

Speaker #2: Thank you, Aditya. Good afternoon, everyone, and welcome to this webinar. Today on the call with me are Mr. Piyush Gupta, Group CFO; Mr. Parvesh Bajan, Head, Financial Controllership and Taxation; and members of the Investor Relations team.

Anna Abraham: Thank you, Aaditya. Good afternoon, everyone, and welcome to this webinar. Today on the call with me is Mr. Piyush Gupta, Group CFO, Mr. Pervez Bajan, Head, Financial Controllership and Taxation, and members of the investor relations team. We hope you've had an opportunity to review the results of Hindustan Media Ventures Limited and those of HT Media Limited. We will be discussing the same at the webinar today. Please note that our discussion will follow the presentation slides, which, along with the financial statements, are available on the stock exchanges and in the investor relations sections of our website. Before we start the presentation, kindly keep in mind the cautionary statement on this slide. We would not, as per usual practice, be giving any specific guidance on revenue or earnings projections. Moving on to Slide three.

Speaker #2: We hope you've had an opportunity to review the results of Hindustan Media Ventures Limited, as well as those of HT Media Limited. We will be discussing the same during the webinar today.

Anna Abraham: We will be discussing the same at the webinar today. Please note that our discussion will follow the presentation slides, which, along with the financial statements, are available on the stock exchanges and in the investor relations sections of our website. Before we start the presentation, kindly keep in mind the cautionary statement on this slide. We would not, as per usual practice, be giving any specific guidance on revenue or earnings projections. Moving on to Slide three.

Speaker #2: Please note that our discussion will follow the presentation slides, which, along with the financial statements, are available on the stock exchanges and in the Investor Relations sections of our website.

Speaker #2: Before we start the presentation, kindly keep in mind the cautionary statement on this slide. We would not, as per our usual practice, be giving any specific guidance on revenue or earnings projections.

Speaker #2: Moving on to Slide 3, this provides the Chairperson's message on the company's performance for the concluded fiscal quarter, and I quote: "We began the fiscal year on a steady note, with consolidated revenue growing year on year and profitability improving in tandem." Print remained the anchor of the business, with advertising revenue continuing to grow year on year, and circulation revenue remaining resilient.

Anna Abraham: This provides the chairperson's message on the company's performance for the concluded fiscal quarter. I quote: "We began the financial year on a steady note, with consolidated revenue growing year-on-year and profitability improving in tandem. Print remained the anchor of the business, with advertising revenue continuing to grow year-on-year, and circulation revenue remaining resilient. The growth in profitability was achieved on the back of steady advertising revenue and disciplined cost management. However, elevated newsprint prices, a weaker rupee, and global supply chain uncertainties are causes for concern going forward. Radio revenue remained broadly steady year-on-year. The segment is now operating on a leaner and more sustainable footprint following the surrender of licenses for certain non-viable stations. Digital revenue moderated during the quarter as we deliberately reset the portfolio around leaner, more focused offerings with the intent of driving sustainable and profitable growth.

Speaker #2: The growth in profitability was achieved on the back of steady advertising revenue and disciplined cost management. However, elevated newsprint prices, a weaker rupee, and global supply chain uncertainties are causes for concern going forward.

Anna Abraham: However, elevated newsprint prices, a weaker rupee, and global supply chain uncertainties are causes for concern going forward. Radio revenue remained broadly steady year-on-year. The segment is now operating on a leaner and more sustainable footprint following the surrender of licenses for certain non-viable stations. Digital revenue moderated during the quarter as we deliberately reset the portfolio around leaner, more focused offerings with the intent of driving sustainable and profitable growth.

Speaker #2: Radio revenue remained broadly steady year-on-year. The segment is now operating on a leaner and more sustainable footprint following the surrender of licenses for certain non-viable stations.

Speaker #2: Digital revenue moderated during the quarter, as we deliberately reset the portfolio around leaner, more focused offerings, with the intent of driving sustainable and profitable growth.

Speaker #2: Beyond the quarter's operating performance, the board approved a preferential issue last month, subject to regulatory and shareholder approval. The proposed issue is a proactive step toward strengthening the company's capital structure, streamlining its debt profile, and providing capital for general business requirements.

Anna Abraham: Beyond the quarter's operating performance, the board approved a preferential issue last month, subject to regulatory and shareholder approval. The proposed issue is a proactive step towards strengthening the company's capital structure, streamlining its debt profile, and providing capital for general business requirements. As we begin the financial year, your continued confidence and support remain central to our purpose. We remain focused on strengthening our core businesses, delivering trusted journalism and quality content, and creating sustainable long-term value for all our stakeholders." End of quote. Moving on. Today's agenda. We'll begin with a performance update focusing on consolidated financial results, followed by an overview of our print, radio, and digital business segments. After the presentation, we will open for Q&A session. With this, I now hand over the call to Piyush for the main presentation.

Speaker #2: As we begin the financial year, your continued confidence and support remain central to our purpose. We remain focused on strengthening our core businesses, delivering trusted journalism and quality content, and creating sustainable long-term value for all our stakeholders.

Anna Abraham: We remain focused on strengthening our core businesses, delivering trusted journalism and quality content, and creating sustainable long-term value for all our stakeholders." End of quote. Moving on. Today's agenda. We'll begin with a performance update focusing on consolidated financial results, followed by an overview of our print, radio, and digital business segments. After the presentation, we will open for Q&A session. With this, I now hand over the call to Piyush for the main presentation.

Speaker #2: End of quote. Moving on to today's agenda, we will begin with the performance update, focusing on consolidated financial results, followed by an overview of our trimmed radio and digital business segments.

Speaker #2: After the presentation, we will open for the Q&A session. With this, I now hand over the call to Piyush for the main presentation.

Speaker #1: Thanks, Aditya. Thanks, Anna. We will be tracking the webinars, so on your screen you can see the consolidated financial summary. And I'll recap: operating revenue led the year-on-year top-line growth, sustained cost discipline resulted in margin extension, and cash position remained robust.

Piyush Gupta: Thanks, Aditya. Thanks, Anna. We will be tracking the webinar. On your screen, you can see the consolidated financial summary. I recap, operating revenue led the YOY top-line growth. Sustained cost discipline resulted in margin expansion, and cash position remained robust. Quickly deep-dive into the numbers. As you can see, total revenue grew by 15%, coming at INR 497 crores, with EBITDA going up nearly 3x to INR 90 crores, with a margin expansion of 12 points. PAT improved substantially to INR 47 crores, and PAT margin also improved to 9%. Our net cash position remains a very healthy INR 922 crores. Going into the business unit performance. Print, the segment revenue grew on the back of advertising performance. Circulation remained steady, both annually and sequentially, and margins for the quarter at 13%, despite high commodity rates. As you can see, the ad revenue grew 15% to INR 295 crores.

Speaker #1: To quickly deep dive into the numbers—as you can see, total revenue grew by 15%, coming in at ₹497 crore, with EBITDA going up nearly 3x to ₹90 crore, and margin expansion of 12 points.

Speaker #1: That improved substantially to ₹47 crores, and that margin also improved to 9%. Our net cash position remains a very healthy ₹922 crores. Now, going into the business unit performance—print—the segment revenue grew on the back of advertising performance, and circulation remained steady both annually and sequentially. Margins for the quarter were at 13% despite high commodity rates.

Piyush Gupta: Our net cash position remains a very healthy INR 922 crores. Going into the business unit performance. Print, the segment revenue grew on the back of advertising performance. Circulation remained steady, both annually and sequentially, and margins for the quarter at 13%, despite high commodity rates. As you can see, the ad revenue grew 15% to INR 295 crores.

Speaker #1: As you can see, the ad revenue grew 15% to ₹295 crores, circulation revenue was virtually flat at ₹52 crores, operating revenue therefore at ₹376 crores, which is a 16% increase, and operating EBITDA improved substantially to ₹50 crores, with a margin at 13%.

Piyush Gupta: Circ revenue was virtually flat at INR 52 crores. Operating revenue, therefore, at INR 376 crores, which is a 16% increase, operating EBITDA improved substantially to INR 50 crores with a margin at 13%. Deep-diving a little into the Print segment. As you can see, the advertising revenue grew 12% to INR 156 crores versus the same quarter last year, sequentially, there was a decline, but that is barely sitting there. Circulation revenue grew 14% to INR 13 crores. On Hindi, again, we saw increase on a YOY basis, revenue coming to INR 139 crores and circulation revenue remaining flat. Radio, again, the top line was flat, with operating EBITDA coming at INR -3 crores. Digital segment operating revenue were down by about 28%, and operating EBITDA was INR -3 crores with a margin at -12%. With that, we come to the end of the presentation.

Speaker #1: Deep diving a little into the print segment, as you can see, the advertising revenue grew 12% to ₹156 crore versus the same quarter last year. Sequentially, there was a decline, but that seasonality is sitting there.

Speaker #1: Circulation revenue grew 14% to ₹13 crores. On Hindi, again, we saw an increase on a year-on-year basis, with revenue coming to ₹139 crores, and circulation revenue remaining flat.

Piyush Gupta: Circulation revenue grew 14% to INR 13 crores. On Hindi, again, we saw increase on a YOY basis, revenue coming to INR 139 crores and circulation revenue remaining flat. Radio, again, the top line was flat, with operating EBITDA coming at INR -3 crores. Digital segment operating revenue were down by about 28%, and operating EBITDA was INR -3 crores with a margin at -12%. With that, we come to the end of the presentation.

Speaker #1: Radio, again, the top line was flat, with operating EBITDA coming in at negative 3 crores. In the Digital segment, operating revenue was down by about 28%, and operating EBITDA was negative 3 crores, with a margin at negative 12%.

Speaker #1: With that, we come to the end of the presentation.

Speaker #3: Thank you, Piyush. We will now begin the Q&A session. You can click on the 'raise hand' option, which will enable the moderator to unmute you for posing your query.

Operator: Thank you, Piyush. We will now begin the Q&A session. You can click on the Raise Hand option, which will enable the moderator to unmute you for posing your query. Please introduce yourself before posing your query, and kindly restrict to a maximum of two to three questions per participant so that we may be able to address questions from all participants.

Speaker #3: Please introduce yourself before posing your queries, and kindly restrict yourself to a maximum of two to three questions per participant so that we may be able to address questions from all participants.

Speaker #3: Also, as is the ambit of this call, please be mindful to pose questions pertaining to the listed entity HT Media Limited and those within its consolidated structure.

Piyush Gupta: As is the ambit of this call, please be mindful to pose questions pertaining to the listed entity, HT Media Limited, and those within its consolidated structure. We will wait for a few moments while the question queue assembles. The first question is from the line of Ranga Prasad. Please unmute yourself and ask your question.

Operator: As is the ambit of this call, please be mindful to pose questions pertaining to the listed entity, HT Media Limited, and those within its consolidated structure. We will wait for a few moments while the question queue assembles. The first question is from the line of Ranga Prasad. Please unmute yourself and ask your question.

Speaker #3: We will wait for a few moments while the question queue assembles. The first question is from the line of Ranga Prasad. Please unmute yourself and ask your question.

Speaker #4: Good afternoon, everyone.

[Analyst 1]: Good afternoon, everyone.

Speaker #1: Good afternoon, Mr. Prasad. It is indeed heartening to note that the management decision to shut down loss-making verticals is bearing fruit. The losses from the discontinued operations have come down substantially.

Piyush Gupta: Good afternoon, Mr. Prasad.

[Analyst 1]: It is indeed heartening to note that the management's decision to shut down loss-making verticals is bearing fruit. The losses from the discontinued operations have come down substantially. If the present trend is indicative, our company is on a road to sustained profitability. However, in this regard, I find one thing quite puzzling. The management's decision to go for a preferential offer of equity shares, conceivably to reduce debt. You had just indicated that our net cash position is very healthy at INR 922 crore. Even until the last quarter, the shareholders were in fact wondering if the company planned to return some cash on hand to the shareholders. Suddenly, the management has felt a need to raise additional equity capital. That too, through a preferential offer equity share at a low rate of around INR 24, while the book value per share is around INR 70.

Speaker #1: If the present trend is indicative, our company is on a road to sustained profitability. However, in this regard, I find one thing quite puzzling.

Speaker #1: The management's decision to go for a preferential offer of equity shares is conceivably to reduce debt. You had just indicated that our net cash position is very healthy at ₹922 crore.

[Analyst 1]: You had just indicated that our net cash position is very healthy at INR 922 crore. Even until the last quarter, the shareholders were in fact wondering if the company planned to return some cash on hand to the shareholders. Suddenly, the management has felt a need to raise additional equity capital. That too, through a preferential offer equity share at a low rate of around INR 24, while the book value per share is around INR 70.

Speaker #1: Even until the last quarter, the shareholders were in fact wondering if the company planned to return some cash on hand to the shareholders.

Speaker #1: Now, suddenly, the management has felt the need to raise additional equity capital—and that too, through a preferential offer of equity shares at a low rate of around $24, while the book value of a share is around $70.

Speaker #1: This will result in a sharp fall in the book value per share, in addition to diluting the share of the existing public shareholders by 15%.

[Analyst 1]: This will result in a sharp fall in the book value per share, in addition to diluting the share of the existing public shareholders by 15%. Just at a time when the company is showing indications of getting into sustained profitability, the shareholders who had held on to their stake in the company through thick and thin are being diluted. If the company wanted to raise additional funds, the shareholder interest would be better served if this were done through a rights issue. The stake in the company would not get diluted. I request the management to clarify as to why they preferred to raise additional funds through a preferential offer rather than through a rights issue. If at all possible, the ongoing preferential offer of equity warrants should be withdrawn in interest of the public shareholders. Thank you. Some comments, please.

Speaker #1: Just as at a time when the company is showing indications of getting into sustained profitability, the shareholders who had held on to their stake in the company through thick and thin are being diluted.

Speaker #1: If the company wanted to raise additional funds, the shareholders' interests would be better served if this were done through a rights issue. That way, the stake in the company would not get diluted.

[Analyst 1]: The stake in the company would not get diluted. I request the management to clarify as to why they preferred to raise additional funds through a preferential offer rather than through a rights issue. If at all possible, the ongoing preferential offer of equity warrants should be withdrawn in interest of the public shareholders. Thank you. Some comments, please.

Speaker #1: I request the management to clarify why they preferred to raise additional funds through a preferential offer rather than a rights issue.

Speaker #1: So, if at all possible, the ongoing preferential offer of equity warrants should be withdrawn in the interest of the public shareholders. Thank you. Some comments, please?

Speaker #1: Okay.

Piyush Gupta: Okay. Thank you for your comments, Mr. Prasad. On the first point where you commended the company for a wonderful performance, we thank you. As we have been continuously every quarter indicating to the investors that we are carefully monitoring all our incubating businesses, if they don't turn profitable, indeed the company and the management will take a call, hence we have taken a call. You have already seen the profitability numbers improving in this quarter. Again, on a sustainable basis, we believe that they will go from strength to strength. That's on point 1. On point 2, let me just lay out a couple of big points, then I'll request my colleagues to also jump in into this one. We have a very substantially healthy balance sheet position with net cash at INR 922 crores.

Speaker #3: Thank you. Thank you for your comments, Mr. Prasad. On the first point, you commended the company for a wonderful performance. We thank you.

Speaker #3: And as we have been continuously, every quarter, indicating to the investors that we are carefully monitoring all our incubating businesses, and if they don't turn profitable, indeed the company and the management will take a call. And hence, we had taken a call.

Speaker #3: You have already seen the profitability numbers improving in this quarter, and again, on a sustainable basis. We believe that they will go from strength to strength.

Piyush Gupta: You have already seen the profitability numbers improving in this quarter. Again, on a sustainable basis, we believe that they will go from strength to strength. That's on point 1. On point 2, let me just lay out a couple of big points, then I'll request my colleagues to also jump in into this one. We have a very substantially healthy balance sheet position with net cash at INR 922 crores.

Speaker #3: So that's on point number one. On point number two, let me just lay out a couple of big points, and then I'll request my colleagues to also jump in on this one.

Speaker #3: We have a very substantially healthy balance sheet position, with net cash at ₹922 crore. But you have to understand that all that cash is parked in HMVL.

Piyush Gupta: You have to understand that all that cash is parked in HMVL. HT Media and Digicontent Limited, which is not here, where the preferential issue is being done, are both indebted companies, running a net debt position. At this point in time, though money can be given to HMVL shareholders in the way of dividend or buybacks and so on, so forth, there is no free cash or surplus cash sitting in either HT Media or Digicontent Limited. As you can see, those preferential issue has been only called for in HT Media and DCL. They have not been done in HMVL, which is already sitting on a surplus cash. That's the point I'd like you to consider, because what we are showing you, INR 922, is at a consolidated HT Media level, this is not bifurcating between HT Media separately and HMVL separately.

Speaker #3: HT Media and Digi Content Limited, which is not here, where the preferential issue is being done, are both indebted companies and are running a net debt position.

Speaker #3: So at this point in time, though, you know, money can be given to HMVL shareholders in the way of dividend or buybacks and so on and so forth, there is no free cash or surplus cash sitting in either HT Media or Digi Content Limited.

Speaker #3: As you can see, those preferential issues have only been called for in HT Media and DCL. They have not been done in HMVL, which is already sitting on surplus cash.

Piyush Gupta: As you can see, those preferential issue has been only called for in HT Media and DCL. They have not been done in HMVL, which is already sitting on a surplus cash. That's the point I'd like you to consider, because what we are showing you, INR 922, is at a consolidated HT Media level, this is not bifurcating between HT Media separately and HMVL separately.

Speaker #3: That's the point I'd like you to consider, because what we are showing you—$922—is at a consolidated HT Media level, and this is not bifurcating between HT Media separately and HMVL separately.

Speaker #3: Coming on to the pricing and dilution, we don't believe that is the case, because you have to understand that currently the price-to-book ratio is less than 0.5, and the pricing of the preferential issue has been done strictly on the basis of a SEBI formula and the higher of the 10-day or 90-day VWAP prices. We have not put any premium on that number.

Piyush Gupta: Coming on to the pricing and dilution, we don't believe that is the case because you have to understand that currently the price to book ratio is less than 0.5, the pricing of the preferential issue has been done strictly on the basis of a SEBI formula, the higher of 10-day or 90-day VWAP prices, we have not put it onto any premium on that number. Being the least controversial, we have just stuck ourselves to the SEBI formula, that's how it is being priced. Once the preferential capital comes in, this money will be used to retire the debt. At least one-third of the debt or 30% to 50% of the debt will be retired, which will definitely be accretive to the EPS and long-term interest coverage ratio, penetrating and so on and so forth.

Speaker #3: So, you know, being the least controversial, we have just stuck ourselves to the SEBI formula, and that's how it is being priced. Once this price, once the preferential capital comes in, this money will be used to retire the debt—at least one-third of the debt, or 30 to 50 percent of the debt, will be retired, which will definitely be accretive to the EPS.

Piyush Gupta: Being the least controversial, we have just stuck ourselves to the SEBI formula, that's how it is being priced. Once the preferential capital comes in, this money will be used to retire the debt. At least one-third of the debt or 30% to 50% of the debt will be retired, which will definitely be accretive to the EPS and long-term interest coverage ratio, penetrating and so on and so forth.

Speaker #3: And long-term interest coverage ratio, you know, our credit rating, and so on and so forth. All the cash that is sitting in HMVL, you know, will be deployed as per the board directions of HMVL.

Piyush Gupta: All the cash that is sitting in HMVL will be deployed as per the board directions of HMVL. That's a separate listed company with a separate board and separate set of shareholders, minority and majority, those guys will take a call. HT Media, for all the business plans that it has, can definitely do with a lesser debt profile and so can DCL. I would stop here. If there are any other questions, we can take that, or if my colleagues would like to jump in on any point, happy if they want to contribute.

Speaker #3: That's a separate listed company with a separate board and a separate set of shareholders, minority and majority. So those guys will take the call. But HT Media, for all the business plans that it has, can definitely do with a lower debt profile, and so can DCL.

Speaker #3: I would stop here. If there are any other questions, we can take them; or, if my colleagues would like to jump in on any point, I’m happy if they want to contribute.

Anna Abraham: Vis-a-vis, the rights issue would've meant a longer process. Preferential issue is a slightly shorter process. There is greater certainty of fundraising because there was a quantum that was being targeted to reduce the debt. It is not necessary that the same quantum could get put in through a rights issue. In case of an under-subscription, the process works where the unsubscribed shares are given to an underwriter, which itself becomes a quasi-preferential allotment with inferior pricing guidelines, actually, vis-a-vis the pricing guidelines of a pref issue. As a company, it was felt that the pref issue will deliver the requirements of.

Speaker #2: There was a question about rights issue also. So, vis-à-vis the rights issue, it would have meant a longer process. Preferential issue is a slightly shorter process.

Speaker #2: There is greater certainty of fundraising because there was a quantum that was being targeted to reduce the debt. It is not necessary that the same quantum could get put in through a rights issue.

Speaker #2: And in case of an under-subscription, we process works where the unsubscribed shares are given to an underwriter, which itself becomes a quasi-preferential allotment with inferior pricing guidelines, actually.

Speaker #2: Vis-à-vis the pricing guidelines, it is a press issue. So as a company, it was felt that the press issue will deliver the requirement of—.

Speaker #1: So Mr. Prasad, I think it's a faster process prep issue. You know, at least two to three months faster. It gives you greater certainty of fundraising.

Piyush Gupta: Mr. Prasad, I think it's a faster process, pref issue. At least two to three months faster. It gives you a greater certainty of fundraising and there is no risk of under-subscription because you've already done a outreach and engaged with the investors and are pricing the issue at the basis of a SEBI formula. I think those are the clear high notes or the points that my colleague has referred to. I hope that answers your question.

Speaker #1: And there is no risk of under-subscription because you've already done an outreach and engaged with the investors. And we are pricing the issue on the basis of a SEBI formula.

Speaker #1: So, I think those are the clear highlights of the points that my colleague just referred to. I hope that answers your question. Thank you.

[Analyst 2]: Thank you.

[Analyst 1]: Thank you.

Speaker #1: Thank you. Okay.

Piyush Gupta: Thank you.

[Analyst 2]: Okay.

[Analyst 1]: Okay.

Speaker #3: Thank you. The next question is from the line of Mehul Patak. Please introduce yourself and ask your question.

Operator: Thank you. The next question is from the line of Mehul Pathak. Please introduce yourself and ask your question.

Speaker #4: Can you hear me?

[Analyst 2]: Can you hear me?

Speaker #1: Yes. Hi, good afternoon, Mehul.

Operator: Yes. Hi. Good afternoon, Mehul.

Speaker #4: Yeah, hello Piyush, Anna. You know, congratulations on a good set of numbers after such a long time. At least this call has something positive to look forward to.

[Analyst 2]: Yeah. Hello, Piyush. Congratulations on a good set of numbers after such a long time. At least this call has something positive to look forward to. I hope you will be able to keep up these numbers for the next three quarters also of this year.

Speaker #4: So I hope you will be able to keep up these numbers for the next three quarters also of this year.

Speaker #1: Yes, Mehul, thanks for the kind words. You know, obviously, we do some forward planning—which, obviously, we will. We don't give any forward guidance, but looking at various scenarios, we are very hopeful that we'll be able to keep up a good set of numbers going into the future as well.

Piyush Gupta: Yes, Mehul. Thanks for the kind words. Obviously we do some forward planning, which obviously we don't give any forward guidance, but looking at various scenarios, we are very hopeful that we'll be able to keep up a good set of numbers going into future as well.

Speaker #4: See, Piyush, even if you keep these numbers for the next three quarters, you know, we might end up with an earning per share of 6, and you know, on a book value of 70, the return on equity is still less than 10. You know, it is less than the cost of capital in our country, you know.

[Analyst 2]: Piyush, even if you keep these numbers for the next three quarters, we might end up with an earning per share of 6 and on a book value of 70, the return on equity is still lesser than 10. It is lesser than the cost of capital in our country. Even then, I would say that we are not doing justice to capital in the country and capital in the company, even at these profits that we are earning. That is something for you all in the board to look at. Coming to what Mr. Ranga Prasad said, I had given some thought to the preferential issue that you are raising. The preferential issue pricing, while you might say that you have followed the SEBI guideline, legally, technically, you are right. I would say there's a moral dimension to it.

Speaker #4: So even then I would say that, you know, we are not doing justice to capital in the country, capital in the company, even at these profits that we are earning. But that is, you know, something for you all in the book to look at.

[Analyst 2]: That is something for you all in the board to look at. Coming to what Mr. Ranga Prasad said, I had given some thought to the preferential issue that you are raising. The preferential issue pricing, while you might say that you have followed the SEBI guideline, legally, technically, you are right. I would say there's a moral dimension to it.

Speaker #4: Now, coming to what Mr. Rangaprasad said, I had, you know, given some thought to the preferential issue that you are raising. Now, the preferential issue pricing—you know, while you might say that you have followed the SEBI guideline, you know, legally, technically you are right, but I would say there is a moral dimension to it.

Speaker #4: You know, there's an ethical dimension to the whole thing. Now, the company is, you know, in HT Media. If I just value the stake in HMVL, that itself is ₹51 a share.

[Analyst 2]: An ethical dimension to the whole thing. The company in HT Media, if I just value the stake in HMVL, that itself is INR 51 a share. It has INR 1,587 crores of net worth. If I divide that by 23 crores shares outstanding, 51.75 is what I'm getting. Here you are, and you add all the businesses of HT Media also, and if you calculate the intrinsic worth of our company, it should be around INR 140 or INR 150 a share. The promoters are issuing preferential issue at 24.7, which according to me is ridiculous. How can you value? You are basically telling that my company is valued at INR 24 a share. At INR 24 a share, we are less than INR 1,000 crores. When HMVL itself is INR 1,500 to 1,600 crores. The whole thing is totally out of whack.

Speaker #4: It has 1,500 and 87, you know, crores of network, you know, at if I divide that by 23 crores shares outstanding, 51.75 is what I'm getting.

Speaker #4: Now, here you are by, you know, and you add all the businesses of HT Media also. And if you calculate the intrinsic worth of our company, it should be around ₹140 or ₹150 a share.

Speaker #4: Now, the promoters are, you know, issuing preferential issue at 24.7. Okay. Which, according to me, you know, is ludicrous. How can you value, you know—you are basically telling that my company is valued at 24 rupees a share.

Speaker #4: You know, at ₹24 a share, we are less than ₹1,000 crores. You know, when HMVL itself is ₹1,500 to ₹1,600 crores. So the whole thing is totally out of whack.

Speaker #4: Now, the voting has opened, and I have voted against the resolution for myself and my family members. I would say seriously, you know, regarding the preferential issue—even if SEBI is right—it is a reputational issue, and we should withdraw the preferential issue, or at least, I would say, the preferential issue has to be priced above ₹100.

[Analyst 2]: The voting has opened, I have voted against the resolution for self and family members. I would say seriously, preferential issue, even if SEBI is right, it is a reputation issue and we should withdraw the preferential issue. At least I would say the preferential issue has to be priced above INR 100. You have to show that the promoters are following the highest standards of corporate governance. Look, this is not meant to be a question, okay, but I would request the board and the promoters to withdraw the preferential issue and listen to us shareholders.

Speaker #4: And you have to show that, you know, the promoters are, you know, following the highest standards of corporate governance. So this is not meant to be a question, okay, but I would request the Board and the promoters to withdraw the preferential issue and listen to the shareholders.

Speaker #4: Thank you.

Piyush Gupta: Okay. Mehul, let me try-

Speaker #1: Okay. So Mehul, let me.

[Analyst 2]: Please consider my feedback. Piyush, one more thing. There are many other ways in which you can raise capital. There are so many loss-making businesses. There is Shine.com and there is whole lot of options available. I would say that I'm not seeing in your justification to Mr. Ranga Prasad also that you all have considered other options. If other options are making losses or not giving adequate return on capital, I am telling those businesses should be sold, and we should remain in media.

Speaker #4: Consider my feedback, you know, and Piyush, one more thing: you know, there are so many loss-making businesses. There is Shine, and there is, you know, a whole lot of options available, you know.

Speaker #4: So, I would say that I am not seeing in your justification to Mr. Rangaprasad either that you all have considered other options. If other options are making losses or not giving adequate return on capital, I am saying those businesses should be sold, and we should remain in media.

Speaker #1: Yeah, no, I think that's a very fair point. So, Mehul, let me attempt to engage with your question at two or three different levels.

Piyush Gupta: Yeah. No, I think that's a very fair point. Mehul, let me attempt to engage with your question at two or three different levels. One is, why is this preferential issue good or the antithesis of that from a company point of view? Secondly, you've raised a question about moral dilemma or moral ethics, et cetera, at the promoter level. Third, other ways of unlocking capital, so to say. Look, I totally take your point that HMVL, if you're basically dividing the net worth by total number of outstanding share, it comes to a certain number. The market is valuing at one-third that number, and that's been a perpetual challenge. On various call, even before this call, I think, the company's frustration, we don't react to short-term share prices. For the longest time, it has been less than 0.5 times the book value.

Speaker #1: One is: why is this preferential issue good, or what is the antithesis of that from a company point of view? Second, you've raised a question about moral dilemmas or moral ethics, etc., at the promoter level.

Speaker #1: And third, other ways of unlocking capital, so to say. Look, I totally take your point that HMVL—if you basically divide the net worth by the total number of outstanding shares, it comes to a certain number.

Piyush Gupta: Look, I totally take your point that HMVL, if you're basically dividing the net worth by total number of outstanding share, it comes to a certain number. The market is valuing at one-third that number, and that's been a perpetual challenge. On various call, even before this call, I think, the company's frustration, we don't react to short-term share prices. For the longest time, it has been less than 0.5 times the book value.

Speaker #1: But the market is valuing it at one third of that number. And that's been a perpetual challenge and, you know, on various calls, even before this call, I think, you know, the company's frustration. But we don't react to short-term share prices; for the longest time, it has been less than 0.5 times the book value.

Speaker #1: So we all understand the share has been priced under, but really, there's nothing that you can do with it. The second point that you have to consider—and you have to read it in conjunction with this whole stuff—is: why are we doing this pref issue?

Piyush Gupta: We all understand the share has been priced under, but really there's nothing that you can do with it. The second point that you have to consider, and you have to read it in conjunction with this whole stuff is, why are we doing this pref issue in those companies? Things which are in our control is we can retire the debt. What the promoters are bringing in at exactly the same terms and conditions, capital, till they are regulatory maxed in the company, which means they are wholeheartedly subscribing to the same formula in which all the third-party shareholders are bringing in capital. This will help the company improve their EPS in the short term and of course, give it more flexibility to deploy capital on various other ventures that they want to do going forward.

Speaker #1: In those companies, the things which are in our control are: we can retire the debt; what the promoters are bringing in is at exactly the same terms and conditions—capital—till they reach the regulatory max in the company, which means they are wholeheartedly subscribing to the same formula in which all the, you know, the third-party shareholders are bringing in capital.

Piyush Gupta: What the promoters are bringing in at exactly the same terms and conditions, capital, till they are regulatory maxed in the company, which means they are wholeheartedly subscribing to the same formula in which all the third-party shareholders are bringing in capital. This will help the company improve their EPS in the short term and of course, give it more flexibility to deploy capital on various other ventures that they want to do going forward.

Speaker #1: And this will help the company improve the EPS in the short term, and of course, give it more flexibility to deploy capital on various ventures that they want to pursue going forward.

Speaker #1: Now, coming into this whole thing of various other ways of unlocking capital, I think Mr. Rangaprasad did mention, and I'll just reiterate—in the context of OTT Play, we have been directing all the investors that we will, sooner rather than later, take a call and bring stakeholders along with this.

Piyush Gupta: Now, coming into this whole thing of various other ways of unlocking capital, I think Mr. Ranga Prasad did mention, and I'm just reiterating. On OTT play, we have been directing all the investors that we will sooner rather than later take a call, and we took all stakeholders along with this. You've seen circa 31 March 2026, we have taken that decision. Hence you are seeing the improvement in the financial position in the Q1 result, which is sustainable, which will go forward. All the other things that you are saying, we don't give any forward statements, but I think you should not presume that the company is not looking at all other options available to maximize the capital or cut losses or increase EPS, et cetera. All those options are on the table, and they are being discussed right up till the board level.

Speaker #1: And you've seen, as of 31st March 2026, we have taken that decision. And hence, you are seeing the improvement in the financial position in this first quarter result, which is sustainable and will go forward.

Piyush Gupta: Hence you are seeing the improvement in the financial position in the Q1 result, which is sustainable, which will go forward. All the other things that you are saying, we don't give any forward statements, but I think you should not presume that the company is not looking at all other options available to maximize the capital or cut losses or increase EPS, et cetera. All those options are on the table, and they are being discussed right up till the board level.

Speaker #1: On the other things that you are saying, we don't give any forward statement, but I think you should not presume that the company is not looking at all other options available to kind of, you know, to maximize the capital of cut losses or increase EPS, et cetera.

Speaker #1: All those options are on the table, and they are being discussed right up till the board level. So, you know, saying that, you know, from a highest level of morality or ethics, et cetera, et cetera, you know, someone is, you know, shortchanging, I think the only way that you can, you can talk about a share price is like existing share price in the stock market.

Piyush Gupta: Saying that from a highest level of morality or ethics, et cetera, someone is short-changing. I think the only way that you can talk about a share price is the existing share price in the stock market. We all understand it's an undervalued share, but really I can't do much because that's not where the market is valuing us. We are doing whatever is in the best possible interest of the company and within our means, raising fresh capital to retire debt, give us capital flexibility to invest in businesses which can create long-term sustainable value for all shareholders, majority or minority. I'll stop there. If you've got any questions, happy to take those.

Speaker #1: I mean, we all understand it's an undervalued share, but really, I can't do much because, you know, that's not where the market is valuing us.

Speaker #1: So, we are doing whatever is in the best possible interest of the company and, within our means, raising fresh capital to retire debt and give us capital flexibility to invest in businesses that can create long-term sustainable value for all shareholders, majority or minority.

Speaker #1: I'll stop there if you've got any questions. Happy to take those.

[Analyst 2]: Can I seek a clarification question on this? Can I ask one more question, please?

Speaker #4: Can I seek a clarification question on this? Can I ask one more question, please? Piyush, in the past, whenever we have discussed share price, you have always reiterated that we are not bothered about the share price.

Piyush Gupta: Go ahead.

[Analyst 2]: Piyush, in the past, whenever we have discussed share price, you have always reiterated that we are not bothered about the share price. We are not looking at the share price. We just want to keep on doing the right things in this business. Now, I am saying that when convenient, you are then moving to the share price as per SEBI regulations. I am saying, there is no consistency in the statements.

Speaker #4: We are not looking at the share price. We just want to keep on doing the right things in this business. You know, now I am saying that when convenient, you are then moving to the share price as per SEBI, so there is no consistency in the statements.

Piyush Gupta: No, no.

[Analyst 2]: The second thing is that a couple of years ago, I had asked this question in the AGM on debt, that why are we taking debt? I was told that we are not using debt in the business, we are using debt only for treasury purposes, if we are taking money on treasury, why should we not show that treasury operation on the debt side? This is the first time I am coming to know that you are using debt in the business. The chairperson herself has said that we are debt-free and we are not using debt for any business purpose.

Speaker #4: The second thing is that the second thing is that a couple of years ago, I had asked this question in the AGM, on debt, that why are we taking debt?

Speaker #4: And I was told that we are not using debt in the business, and we are using debt only for treasury purposes. And if we are making money on treasury, why should we not show that treasury operation on the debt side?

Speaker #4: So this is the first time I am coming to know that you are using debt in the business. You know, and the Chairperson herself has said that we are debt-free and we are not using debt for any business purpose.

Piyush Gupta: Mehul, yeah. Let me just answer that. I think we publish our balance sheet every year for HT Media, HMVL, Digicontent Limited, all the companies. I think is there debt sitting in HT Media? It has been now sitting for the last three to four years. It is not a fresh information that I am giving here. In this particular call, we are showing a combined net cash position, hence you see the numbers that you see. This is not fresh information. Debt has been building in HT Media for the last four, five years post-COVID, because of the English operations and radio operations, et cetera. This is not any fresh information, we are just trying to retire the debt. I stop here.

Speaker #1: Mehul, yeah. So let me just answer that. I think we publish a balance sheet every year for ST Media, HMVL, Digi Content Limited—all the companies.

Speaker #1: I think, is there debt sitting in ST Media? It has now been sitting there for the last three to four years. This is not fresh information that I am giving here.

Speaker #1: In this particular call, we are showing a combined net cash position. Hence, you see the numbers that you see. But this is not fresh information.

Speaker #1: That has been building in ST Media for the last four or five years, post-COVID, because of the English operations and radio operations, et cetera, et cetera.

Speaker #1: So, this is not any fresh information, and we are just trying to retire the debt. So, I stopped here.

[Analyst 2]: Piyush, you have said that we are not using debt for business. It is only for treasury. I am just saying that consistency is not there. The chairperson herself has said, you go back to the minutes of the AGMs past. She has herself made the statement.

Speaker #4: Piyush, you have said that we are not using debt for business; it is only for treasury. I am just saying that consistency is not there.

Speaker #4: The Chairperson herself has said—if you go back to the minutes of the AGM, you will see she has made this statement herself.

Speaker #1: That is a comment from an HMVL perspective or a consolidated numbers perspective. That argument cannot hold, and I will look at the result.

Piyush Gupta: That is a comment either from a HMVL perspective or a consolidated number perspective. In HT Media Limited, that argument cannot hold. I will look at the results. I'll look at the transcript. Please, you also have a look at the transcript.

Speaker #1: I'll look at the transcript. Please, please, you also have a look at the transcript.

[Analyst 2]: Okay. Can you please convey our shareholders' message to the board? Even if we are a minority, our voting against the resolution should at least be introspected.

Speaker #4: ठीक है. When you place one way, our shareholders' message to the board, you know, and even if we are a minority, our voting against the resolution should at least be introspective.

Speaker #1: No, no, we respect that, Mehul. See, look, I can only tell you this: we are raising capital to retire debt and improve EPS, which will be helpful to everyone.

Piyush Gupta: No, we respect that, Mehul. See, look, I can only tell you this. We are raising capital to retire debt, improve EPS, which will be helpful to everyone. We have priced the issue on SEBI. The only other thing we could have done is priced it at a premium, which would have meant a dilution for every We have not gone down that route. I think I stop there, that's basically the only objective. In the company which have a net debt position. The company which has cash, you're obviously not raising any capital fresh.

Speaker #1: We have priced the issue on SEBI. The only other thing we could have done is price it at a premium, which would have meant a dilution for everyone else.

Speaker #1: We have not gone down that route. I think I stopped there, and that's basically the only objective. In the company which has a net debt position, and the company which has cash, you are obviously not raising any fresh capital.

Speaker #3: Moving on. The next question is from the line of Rohan Agarwal. Please unmute yourself and ask your question.

Operator: Moving on. The next question is from the line of Rohan Agarwal. Please unmute yourself and ask your question.

Rohan Agarwal: Hi, Piyush. Can you hear me?

Speaker #1: Hi, Piyush. Can you hear me?

Speaker #3: Yes, Rohan, you're on.

Operator: Yes, Rohan, you are on.

Speaker #1: Yeah, hi. This is Rohan from Wave Asset PMS. Sorry, I joined the call a little late, so I'm not sure if this was covered before.

Rohan Agarwal: Yeah. Hi, this is Rohan from Wave Asset PMS. Sorry, I joined the call a little late, so I'm not sure if this was covered before. I just wanted to speak. The other income jump that we've had in HMVL, I just wanted to know what's the nature of the income. Is it treasury gains or is it one-off M2Ms on our investments? It'll be helpful to know what it is and what can we expect other income to be going forward because it's a significant part of the P&L.

Speaker #1: I just wanted to speak regarding the other income jump that we've had in HMVL. I just wanted to know what's the nature of that income.

Speaker #1: Is it treasury gains, or is it one-off M2Ms on our investments? So, it would be helpful to know what it is, and what we can expect other income to be going forward, because it's a significant part of the P&L.

Speaker #2: Yeah. In HMVL, the other income includes a substantial portion from treasury, and this time there is also profit on sale of assets that we have got. Both are a reflection.

Anna Abraham: Yeah. In HMVL, the other income, there is a substantial portion which is on treasury, this time there is also profit on sale of assets which we have got. Both are a reflection. The treasury gains is a function of the yield curve movement towards the end of the quarter, which has helped us have substantial gains. There is volatility in the market as you know, Rohan, we cannot predict it because the adverse global situation and the markets in US also tends to have a dependency on how we move in Indian markets as well. We are positioned well to make the best of the situations as things stabilize.

Speaker #2: The treasury gains are a function of the yield curve movement towards the end of the quarter, which has helped us have substantial gains. There is volatility in the market, as you know, Rohan.

Speaker #2: So we cannot predict it because of the adverse global situation, and the markets in the US also tend to have a dependency on how we move in Indian markets as well.

Speaker #2: But we are positioned well to make the best of the situations as these are stabilized.

Rohan Agarwal: Got it. This current quarter's other income gain, a significant part of that, you're saying also is M2M gains on our investments, yeah?

Speaker #1: Got it. So this current quarter's other income gain—a significant part of that, you're saying, is also mark-to-market gains on our investments, yeah?

Speaker #2: So, treasury gains are basically from mutual funds, and it's an NAV-based process, not an MTM valuation-based process.

Anna Abraham: Treasury gains is mostly mutual funds, they enter the NAV-based process and not an MTM valuation-based process.

Rohan Agarwal: Yeah. I got that. What about the investments that we hold? Is that what the-

Speaker #1: Yeah, I got that. But what about our invest—like, the investments that we hold? Is that what's...?

Speaker #2: No, no. It is treasury, and it is actual realized profit assets.

Anna Abraham: No, it is treasury and it is actual realized profit on sale of assets.

Rohan Agarwal: Got it. Cool. Just my other question is on our print EBITDA margins. I see that's come down Q-on-Q, I assume, because of high newsprint costs. I just wondered if you could give us a little more color on how you see newsprint costs going forward. How would it affect the EBITDA margin for the rest of the year, say if newsprint costs remain the same? Do we hedge or is there some sort of cost mitigation measures that we take place or maybe any newspaper cost increases, price increases on circulation that we do? It will be helpful to know that.

Speaker #1: Got it, got it. Cool, cool. And just my other question is, on our print EBITDA margins, I see that that's come down quarter-on-quarter.

Speaker #1: I assume because of high newsprint costs, I just wanted to know if you could give us a little more color on how you've seen newsprint costs going forward—like, how would it affect the EBITDA margin for the rest of the year, say if newsprint costs remain the same? And do we hedge, or is there some sort of cost mitigation measures that we have in place? Or maybe any new paper cost increases or price increases on circulation that we do?

Speaker #1: So, it'll be helpful to know that.

Speaker #4: So, hi Rohan, Piyush Desai. So, Rohan, let me give you a slightly high-level question. See if that answers your question. The newsprint for our print business is really the single biggest cost line item.

Piyush Desai: Hi, Rohan, Piyush Desai.

Piyush Gupta: Hi, Rohan, Piyush Desai.

Rohan Agarwal: Yeah.

Piyush Gupta: Rohan, let me give you a slightly high-level question. See if that answers your question. The newsprint for our print business is really the single biggest cost line item. Depending on the price, it varies anywhere between 45% to 40% of the entire bill of material, including direct and indirect cost, right? At this point in time, post-COVID, and why I'm saying post-COVID because COVID was a time when the newsprint prices per metric ton had reached the highest because of supply chain disruptions also. After that, it has come down very substantially, but after that, this is the highest that we have seen at about $650 to 700 a metric ton. We believe that the prices have peaked and should plateau at this level before they start coming down. Obviously, as a commodity, no one can predict. That's our best estimate.

Speaker #4: Depending on the price, it varies anywhere between 25 to 40 percent of the entire bill of material, including direct and indirect costs. Right? At this point in time, post-COVID—and why I’m saying post-COVID is because, you know, COVID was a time when the newsprint prices per metric ton had reached the highest due to supply chain disruptions and so on and so forth.

Piyush Gupta: At this point in time, post-COVID, and why I'm saying post-COVID because COVID was a time when the newsprint prices per metric ton had reached the highest because of supply chain disruptions also. After that, it has come down very substantially, but after that, this is the highest that we have seen at about $650 to 700 a metric ton. We believe that the prices have peaked and should plateau at this level before they start coming down. Obviously, as a commodity, no one can predict. That's our best estimate.

Speaker #4: After that, it had come down very substantially, but after that, this is the highest peak that we have seen, at about $650 to $700 a metric ton.

Speaker #4: We believe that the prices have peaked and should plateau at this level before they start coming down. But obviously, as a commodity, no one can predict that. That's our best estimate.

Speaker #4: So, we believe if the prices don't go any further adverse from here on, we should be able to maintain our margins in the print business on the operating side very, very clearly.

Piyush Gupta: We believe if the prices don't go any further adverse from here on, we should be able to maintain our margins on the print business on the operating side very clearly. Newsprint, as I have always pointed or directed the investor community, that print, unlike other commodity, it doesn't have a forward market, there's no way that you can with certainty predict the forward prices. It is what it is. What is also not helping is dollar is also at an all-time high. All the newsprint is priced in US dollars, that effectively a double whammy on that cost line item. Hopefully, we believe it's already peaked and should at some point in time start coming down, which will only help the margins. I hope that answers your question.

Speaker #4: But newsprint, as I have always pointed out or directed the investor community, print, unlike other commodities, doesn't have a forward market. So there is no way that you can with certainty predict the forward prices.

Speaker #4: So it is what it is. What is also not helping is the dollar is also at a lifetime high, and all the newsprint is priced in US dollars. So, that's effectively a double whammy on that cost line item.

Speaker #4: But hopefully, we believe it has already peaked and should, at some point in time, start coming down, which will only help the margins. I hope that answers your question.

Speaker #1: Sure. So, I mean, the EBITDA margin that we had this quarter for print, which is around 13 percent—should we expect that as, sort of, you know, the baseline?

Rohan Agarwal: Sure. The EBITDA margin that we had this quarter for print, which is around 13%, should we expect that as sort of the baseline for the-

Speaker #4: Yeah, so by and large, if you're modeling, you can use that, but I told you what the vulnerables are. So let's say, theoretically, if the dollar goes to 100 and the commodity goes to 700, then suddenly we will have a margin dilution.

Piyush Gupta: Yeah. Rohan, by and large, in your modeling, you can use that, I told you what the imponderables are. Let's say theoretically, if the dollar goes to 100 and the commodity goes to 700-

Rohan Agarwal: Yeah

Piyush Gupta: Suddenly we will have a margin dilution. From a modeling exercise perspective, I think that's a fair assumption to take.

Speaker #4: But from a modeling exercise perspective, I think that's a fair assumption to make.

Speaker #2: Yeah, and Q2 per se, there will be a slight—as we look at it, there is a slightly higher newsprint price vis-à-vis Q1. Exact margins will be a function of the categories which advertise, the pricing we get post it, which may or may not offset that.

Anna Abraham: Yeah, Q2 per se, as we look at it, there is a slightly higher newsprint price vis-à-vis Q1. Exact margins will be a function of the categories which advertise the pricing we get, which may or may not offset that.

Rohan Agarwal: Sure. Would you consider taking the cover price hike if warranted to.

Speaker #1: Sure. And would you consider taking the cover price hike if warranted, too?

Anna Abraham: See, Rohan, I think over time, it's difficult to. The Hindi papers, for example, are well-priced right now. Now, over time, as the commodity prices increased, as in everybody has taken a price increase. A further price increase would be a little difficult. We do take actions on the volume side to the extent possible without compromising on the product, on the reach when there are such situations. Pricing per se, we may not have much maneuver.

Speaker #2: See, Rohan, I think over time, it's difficult to, you know, kind of— the Hindi paper, for example, are well-priced in turn right now.

Speaker #2: Now, over time, as a commodity price is increased, as in everybody has taken a price increase, a further price increase would be a little difficult.

Speaker #2: We do take actions on the volume side to the extent possible, without compromising on the product or the reach, when there are such situations. But pricing per se, we may not have much available.

Speaker #1: Got it. Understood. Thank you. I appreciate your answers.

Rohan Agarwal: Got it. Understood. Thank you. Appreciate your answers.

Speaker #4: Thank you.

Piyush Gupta: Thank you. The next question is from the line of Yash R. Please introduce yourself and ask your question.

Operator: Thank you. The next question is from the line of Yash R. Please introduce yourself and ask your question.

Speaker #3: The next question is from the line of Yash R. Please introduce yourself and ask your question.

[Analyst 3]: Hello?

Speaker #4: I will. Yes. Hi, Yash, can you hear us?

Piyush Gupta: Yes. Hi, Yash. Can you hear us?

Speaker #5: Yes, I can. Okay, questions on a good set of numbers. Revenue has grown by around 15-odd percent at the print level, right?

[Analyst 3]: Yes, I can.

Piyush Gupta: Yes.

[Analyst 3]: Okay. Congratulations on a good set of numbers. Ad revenue has grown by around 15% odd at the print level, right? English and HMVL. What has driven the business this time? Because what we're hearing is that this was a difficult quarter, but in spite of that, we are still showing a mid double-digit growth. What's contributed? Is it on account of volume or is it on account of pricing that we've increased?

Speaker #5: English and HMVL. So, what has driven the business this time? Because what we were hearing is that this was a difficult quarter, but in spite of that, we are still showing mid double-digit growth.

Speaker #5: So what's contributed? Is it on account of volume, or is it on account of pricing that we've increased?

Anna Abraham: Difficult quarter is more from a cost side pressure. Otherwise, it's been a reasonable quarter actually from a revenue perspective. We have seen commercial revenues holding from a volume perspective. We have had a benefit of yield improvement there. With respect to government revenues, we have a combination of both volume and pricing. As you know that the government had increased the rates for all the publications towards November of last year. Of course, for the next 2 quarters we will have that. We are cycling lower pricing from a government revenue perspective. That also has helped. A combination of volume and pricing, but both commercial and government revenues have grown.

Speaker #2: So, I mean, the difficult quarter is more from a cost-side pressure. Otherwise, it's been a reasonable quarter, actually, from a revenue perspective. We have seen commercial revenues holding from a volume perspective.

Speaker #2: We have had the benefit of yield improvement there. With respect to government revenues, we have a combination of both volume and pricing. But, as you know, the government increased the rates for all the publications toward November of last year.

Anna Abraham: As you know that the government had increased the rates for all the publications towards November of last year. Of course, for the next 2 quarters we will have that. We are cycling lower pricing from a government revenue perspective. That also has helped. A combination of volume and pricing, but both commercial and government revenues have grown.

Speaker #2: And of course, we know that for the next two quarters, we will have that. We are cycling lower pricing from a government revenue perspective.

Speaker #2: That has also helped, so it's a combination of volume and pricing, but commercial and government revenues as well.

Speaker #4: And Yash, if I may just add to what Anna said, look, we've been consistently saying that we are focusing a lot on field improvement.

Piyush Gupta: Yash, if I may just add to what Anna said. Look, we've been consistently saying that we are focusing a lot on yield improvement. This quarter, I think it's substantially standing out that all our efforts have paid heed here. A substantial part of that revenue growth of 15% is driven by our pricing. Of course, government gave us a price increase in November last year, but that was after 7 years. Please remember, the world has changed in 7 years. Our yield improvement program is definitely helping us. I think it's a good set of numbers. We hope that this continues, but let's see. Time will tell.

Speaker #4: And, you know, this quarter, I think it's substantially standing out that all our efforts have paid here. So a substantial part of that revenue growth of 15% is driven by the uptick.

Speaker #4: Of course, the government gave us a price increase in November last year, but that was after seven years. Please remember, the world has changed in seven years.

Speaker #4: But, you know, our yield improvement program is definitely helping us. So, whether—you know, I think it's a good set of numbers. We hope that this continues, but let's see.

Speaker #4: Time will tell.

Speaker #5: So, for commercial, second summarize, it was the yield mostly, or the pricing, that got us higher, right? Excluding government?

[Analyst 3]: For commercial, if I can summarize, it was the yield that mostly or the pricing that got us higher, right?

Piyush Gupta: Yeah.

Anna Abraham: Volumes have also helped.

Speaker #2: But volumes have also helped.

Anna Abraham: Volumes have also helped.

Speaker #5: Okay, but mainly it's on account of the pricing increase.

[Analyst 3]: Okay, majorly it's on account of the pricing increase.

Speaker #2: Yes.

Anna Abraham: Yes.

Speaker #5: And if I may ask, what is the government share of the overall ratio? Because that might not be much.

[Analyst 3]: If I may ask, what is the government share to the overall ratio? That might not be much.

Speaker #4: Well, we don't exactly share that number, but it's substantial. When I say substantial, it's definitely a reasonably good number. But commercial is infinitely a bigger, bigger block of revenue.

Piyush Gupta: Well, we don't exactly share that number, it's substantial. When I say substantial, it's definitely a reasonably good number. Commercial is infinitely a bigger block of revenue.

Anna Abraham: Government has always been a decent component of revenues for all print publishing.

Speaker #2: Government has always been a decent component of revenues for all print publishing.

Speaker #5: Okay. And what has happened on the circulation front for HD English? I can see that it has grown by around 14%. Is it on the back of copies, or have we increased any prices in the past quarter?

[Analyst 3]: What has happened on the circulation front for HT English? I can see that it has grown by around 14%. Is it on the back of copies or have we increased any prices in the past quarter?

Speaker #4: Well, you know, actually, on the circulation, I think it's a steady state circulation. I think those numbers that you are seeing are statistically looking big in percentages.

Piyush Gupta: Well, actually on the circulation, I think it's a steady state circulation. I think those numbers that you are seeing are statistically looking like bigger percentages, but we are market by market holding onto a copy share that we want to keep in major English markets because the question is on HT Media Limited. Percentages might be appreciating here and there, but copy, I think no drastic action on pricing up, pricing down, cutting copies, introducing copies has been taken. It's a pretty steady state circulation and likely to be like that in the current competitive sphere.

Speaker #4: But we are, market by market, holding onto our copy share that we want to attain. We want to keep it in the major English markets because the question is on STML.

Speaker #4: But percentages might be appreciating here and there, but copy—I think no drastic action on pricing up, pricing down, cutting copies, or introducing copies—has been taken.

Speaker #4: It's a pretty steady-state circulation, and it's likely to remain that way in the current competitive sphere.

[Analyst 3]: I'm sorry, I didn't get that. Basically, have the copies gone up or has the price increased? Because 14%, I know the number is pretty small, 13 versus 12.

Speaker #5: I'm sorry, I didn't get that. So basically, have the copies gone up, or has the price increased? Because 14 percent—I know the number is pretty small, 13 versus 12.

[Analyst 3]: I'm sorry, I didn't get that. Basically, have the copies gone up or has the price increased? Because 14%, I know the number is pretty small, 13 versus 12.

Anna Abraham: It's mostly pricing, but it's a function of a mix in play, line versus subscription, and also the discounting that happens.

Speaker #2: It's mostly pricing, but it's a function in a it's a function of a mixed play. Line versus subscription and also the discounting that happens.

Speaker #5: Yeah. Yash, my only point is, 14 as a percentage might look big, but the absolute number, as you yourself said, is pretty inconsequential, which can have multiple levers which can swing either way—subscription, copy mix to line, copy mix, you know, overweighting little copies in a particular market versus underweighting.

Piyush Gupta: Yeah. Yash, my only point is 14 as a percentage might look big, but absolute number, as you yourself said, is pretty inconsequential. Which can have multiple levers, which can swing either way, subscription copy mix to line copy mix, over weighing little copies in a particular market versus under weighing. This is more or less by and large, a steady state copy level that we are maintaining, which we are likely to maintain for some time.

Speaker #5: But this is more or less, by and large, a steady-state copy level that we are maintaining, which we are likely to maintain for some time.

Speaker #5: Okay.

[Analyst 3]: Okay.

Speaker #2: It's called one and a half versus this point. Fourteen percent sounds large, but it's only about one percent.

Anna Abraham: It's for INR 1.5 crore is this point. 14% sounds large, but it's only about INR one and a half.

Speaker #5: Okay. And in HMVL, there seems to be a spike in the other operating income. I believe it was around 10 in last year's first quarter, and this time it's 20.

[Analyst 3]: Okay. In HMVL, there seems to be a spike in the other operating income. I believe it was around 10 last year, Q1, and this time it's 20.

Speaker #2: Yeah, yeah. There is that, that includes some amount of job work income and scrap sales and all of that. And, yeah, there is an increase in all of those.

Anna Abraham: Yeah. That includes some amount of job work income, and scrap sales and all of that. Yeah, there is an increase in all of those this quarter.

Speaker #5: So almost double?

[Analyst 3]: almost double?

Speaker #4: Well, as I was saying earlier, you know, those things just hold on.

Piyush Gupta: Well, as I was saying earlier, you know those things. Just hold on.

Speaker #5: Sorry, I didn't get that. Hello?

[Analyst 3]: Sorry, I didn't get that. Hello?

Speaker #2: Yeah, there is an increase in other operating income in HMVL from the other lines.

Anna Abraham: Yeah, there is increase in other operating income in HMVL from the other lines.

Speaker #5: Job work and the other scrap sales. Okay, just one last question: I believe there has been some reduction in employee salaries, employee costs.

[Analyst 3]: Job work and the.

Anna Abraham: Scrap sales. Yeah.

[Analyst 3]: Scrap sales.

Anna Abraham: Yes.

[Analyst 3]: Okay. Just one last question. I believe there has been some reduction in this employee salaries, employee cost versus previous year and slightly against previous quarter.

Speaker #5: Versus the previous year, and slightly against the previous quarter.

Speaker #2: Sorry, your voice broke. Can you repeat that, please?

Anna Abraham: Sorry, your voice broke. Can you repeat that, please?

Speaker #5: I'm saying there has been some reduction in the employee cost that I'm seeing.

[Analyst 3]: I'm saying there has been some reduction in the employee cost that I'm seeing.

Speaker #2: Yeah. Is this HMVL or console level that you're talking about?

Anna Abraham: Yeah. This is HMVL or console level that you're talking?

Speaker #5: I'm talking about the console first. So, I can see it has gone to 99, approximately, from 111 in the last year—console.

[Analyst 3]: I'm talking about the console first. I can see it has gone to 99 approximately from 111 in the last year.

Speaker #4: Well, we've been, you know, we've been driving efficiencies. I think that's something that we've been saying for the past—well, I think we've been right-sizing the organization.

Piyush Gupta: Well, we've been driving efficiencies. I think that's something that we've been saying for the past. I think we've been right-sizing the organization. That's basically what it is.

Speaker #4: And that's basically what it is.

Speaker #5: Okay. So that's across HD and HMVL both, right? Because both are showing some reduction.

[Analyst 3]: Okay. That's across HT and HMVL both, right? Both are showing some reduction.

Speaker #4: Yes.

Piyush Gupta: Yes.

Speaker #5: Okay. Okay. All right. Thank you.

[Analyst 3]: Okay. All right. Thank you.

Operator: Thank you. Next question is from the line of Mahima. Please introduce yourself and ask your question. Mahima, you'll have to unmute yourself first.

Speaker #1: Next question is from the line of Mahima. Please introduce yourself and ask your question. Mahima, you'll have to unmute yourself first. Yes.

Piyush Gupta: Yes.

Speaker #2: Hello. Am I audible?

[Analyst 4]: Hello, am I audible?

Speaker #3: Yes.

Piyush Gupta: Yes.

Speaker #4: Yes.

Speaker #2: Yeah. Hello. Congratulations on your result, sir. I was referring to the previous question. There seemed to be some ambiguity regarding the financials of HD Media and HMVL.

[Analyst 4]: Yeah. Hello. Congratulations for your result, sir. I was referring to the previous question. There seemed to be some ambiguity regarding the financials of HT Media and HMVL. Sir, I was wondering if it would be more appropriate for the shareholders to receive the financial information of two listed companies separately, like as it could provide some greater clarity and transparency.

Speaker #2: Sir, I was wondering if it would be more appropriate for the shareholders to receive the financial information of two listed companies separately, as it could provide greater clarity and transparency.

Speaker #4: But Mahima, if I'm not mistaken, we do provide it separately. HMVL's reserves were published yesterday, and HD Media's standalone and consolidated reserves have been published today.

Piyush Gupta: Mahima, if I'm not mistaken, we do provide it separately. HMVL's results were published yesterday, and HT Media's standalone and consolidated results have been published today. All the three different financial statements are separately published.

Speaker #4: So, all three different financial statements are published separately.

Speaker #2: No, sir, I was talking about the concall. Like, it is getting—yeah, yeah.

[Analyst 4]: No, sir, I was talking about the con call. Like it is getting

Piyush Gupta: The con call?

[Analyst 4]: Yeah.

Piyush Gupta: Look, we much prefer to do it the way that we are doing it right now. Feel free to ask a question either on HMVL or HT Media, we'd rather have one con call addressing the shareholders of both the companies, if that's okay with you.

Speaker #4: Look, we much prefer to do it the way that we are doing it right now. And feel free to ask a question either on HMVL, or HD and HD Media.

Speaker #4: But we'd rather have one concall addressing the shareholders for both the companies, if that's okay with you.

[Analyst 4]: Oh, all right, sir.

Speaker #2: All right. All right, sir.

Speaker #1: Thank you. Thank you all. With this, we come to the end of the Q&A session. If you have any further queries, please reach out to the Investor Relations team.

Operator: Thank you. Thank you all. With this, we come to the end of the Q&A session. If you have any further queries, please reach out to the investor relations team. Our contact details are given in the investor presentation and are also mentioned on our websites. I now hand over to Piyush for closing remarks.

Speaker #1: Our contact details are given in the investor presentation and are also mentioned on our website. I now hand over to Piyush for closing remarks.

Speaker #4: Thank you. And thank you, dear friends, for joining our Q1 FY27 earnings call. You know, we are very happy with the set of numbers.

Piyush Gupta: Thank you, Rithia. Thank you, dear friends, for joining our Q1 FY27 earnings call. We are very happy with the set of numbers that we have put down for this quarter. We hope that we repeat this performance going forward. With this, I look forward to seeing you next quarter. Thank you very much.

Speaker #4: That we have, we have put down for this quarter. We hope that we continue this and repeat this performance going forward. With this, I look forward to seeing you next quarter.

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Q1 2027 Hindustan Media Ventures Ltd Earnings Call

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