HT Media posts Rs 90.36 crore operating cash outflow in first half

HT Media Limited posted a Rs 90.36 crore net operating cash outflow in the six months ended September 30, 2026, despite total profit before tax of Rs 101.16 crore and net profit after tax of Rs 54.13 crore. A Rs 134.74 crore working-capital cash use outweighed Rs 35.67 crore generated before balance-sheet changes.

Why did HT Media report a first-half operating cash outflow?

HT Media reported an operating cash outflow because increases in operating assets and reductions in liabilities exceeded cash generated before working-capital changes. Cash flow from operations before changes in assets and liabilities was positive at Rs 35.67 crore in the six months ended September 30, 2026, compared with an outflow of Rs 28.18 crore in the corresponding period a year earlier.

The four reported working-capital movements together used Rs 134.74 crore. Trade and other receivables increased by Rs 23.92 crore, inventories rose by Rs 32.07 crore, and financial and other assets increased by Rs 15.44 crore. Current and non-current financial liabilities, other liabilities and provisions decreased by Rs 63.31 crore, the largest individual cash use.

A net income-tax refund of Rs 8.71 crore partly reduced the cash use, taking net operating cash flow to negative Rs 90.36 crore. In the prior-year half, the group paid net taxes of Rs 11.38 crore and reported a smaller operating cash outflow of Rs 7.39 crore.

How did HT Media’s cash conversion change from last year?

HT Media’s operating cash flow worsened by Rs 82.97 crore year on year, as the latest period’s Rs 134.74 crore working-capital use replaced a Rs 32.17 crore working-capital inflow in the prior-year period. This change occurred even as total profit before tax moved to Rs 101.16 crore from a loss before tax of Rs 25.30 crore.

Profit before tax from continuing operations rose to Rs 110.98 crore from Rs 18.76 crore, while loss before tax from discontinued operations narrowed to Rs 9.82 crore from Rs 44.06 crore. Net profit after tax and share of profit of joint venture was Rs 54.13 crore, against a loss of Rs 17.36 crore in the six months ended September 30, 2025.

The cash-flow reconciliation included Rs 55.06 crore of interest and finance income and Rs 48.41 crore of fair-value gains on financial instruments. It also included Rs 39.08 crore of depreciation and amortisation, Rs 28.12 crore of interest expense and Rs 9.19 crore of allowances for bad and doubtful receivables and advances.

Which HT Media businesses contributed to first-half results?

HT Media’s printing and publishing of newspapers and periodicals segment was the only segment to report a positive result in the latest six months, generating Rs 58.34 crore compared with Rs 22.66 crore a year earlier. Segment revenue rose to Rs 761.86 crore from Rs 679.90 crore over the same comparison.

Radio broadcast and entertainment reduced its segment loss to Rs 10.12 crore from Rs 25.22 crore, although its revenue fell to Rs 56.72 crore from Rs 63.20 crore. The digital segment reported a loss of Rs 2.78 crore, narrower than Rs 4.47 crore a year earlier, while revenue declined to Rs 55.62 crore from Rs 78.34 crore.

Total segment results turned to a profit of Rs 18.71 crore from a loss of Rs 36.91 crore. Net revenue from continuing operations increased to Rs 878.89 crore from Rs 824.62 crore, while other income increased to Rs 119.78 crore from Rs 86.20 crore and finance costs declined to Rs 28.69 crore from Rs 30.14 crore.

What offset HT Media’s operating outflow and where did cash end?

HT Media generated Rs 177.89 crore from investing activities, compared with an investing outflow of Rs 63.17 crore in the prior-year half. The inflow exceeded the Rs 90.36 crore operating outflow, before the group’s Rs 101.17 crore financing cash outflow.

Investment sales produced Rs 129.42 crore, against Rs 26.01 crore spent on purchases of equity instruments, warrants, preference shares and debt instruments. Finance income and other interest received was Rs 53.73 crore, while inter-corporate deposit refunds were Rs 21.21 crore. Purchases of investment properties used Rs 38.74 crore and sales generated Rs 35.54 crore.

Financing activities shifted from an inflow of Rs 77.93 crore in the previous year to an outflow of Rs 101.17 crore. Borrowing proceeds were Rs 1,967.37 crore, but repayments were Rs 2,056.86 crore; interest paid on debt and borrowings was Rs 24.43 crore and lease-liability repayments totalled Rs 13.63 crore, including interest.

Cash and cash equivalents under the cash-flow statement ended at Rs 14.35 crore, compared with Rs 49.48 crore a year earlier. The opening cash-and-cash-equivalents balance of Rs 50.47 crore was reduced by a Rs 22.70 crore adjustment on initial application of amendments from April 1, 2026, resulting in a restated opening balance of Rs 27.77 crore.

How did HT Media’s balance sheet reflect the working-capital movements?

HT Media’s balance sheet reflected the operating cash movements, with inventories increasing to Rs 136.11 crore at September 30, 2026 from Rs 104.04 crore at March 31, 2026. Trade receivables rose to Rs 431.25 crore from Rs 395.50 crore, while total current assets increased to Rs 2,134.07 crore from Rs 2,021.61 crore.

Current liabilities fell to Rs 1,647.75 crore from Rs 1,816.07 crore during the six months. Current borrowings declined to Rs 582.86 crore from Rs 661.66 crore, trade payables to creditors other than micro and small enterprises fell to Rs 232.71 crore from Rs 275.03 crore, and other financial liabilities declined to Rs 590.37 crore from Rs 620.86 crore.

Total equity increased to Rs 2,113.59 crore from Rs 2,008.97 crore, while total liabilities decreased to Rs 1,775.37 crore from Rs 1,960.21 crore. The debt-equity ratio was 0.28 times at September 30, 2026, against 0.33 times at March 31, 2026, and the current ratio rose to 1.30 times from 1.11 times. Commercial papers outstanding had a face value of Rs 300 crore at September 30, 2026.

Conclusion

HT Media’s first-half results showed a gap between reported profit and operating cash generation. Profit before tax moved to Rs 101.16 crore and the printing and publishing segment’s result rose to Rs 58.34 crore, but increases in receivables, inventories and other assets, alongside lower liabilities, resulted in a Rs 90.36 crore operating cash outflow.

The next reported period will indicate whether trade receivables of Rs 431.25 crore and inventories of Rs 136.11 crore convert into cash, and whether the lower liability base continues to require cash. It will also show whether investing inflows, which reached Rs 177.89 crore in the first half, continue to offset operating and financing cash uses alongside Rs 300 crore of commercial papers outstanding.