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HT Media Ltd Annual Report 2021
61512_rns_2021-06-18_5504cd77-8f0b-4f1a-921b-bd920418153e.pdf
Annual Report
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HT MEDIA LIMITED Regd. Office : Hindus tan Times House 18-20. Kastt.1rba Gandhi Marg Nev, Deihl - 110001 Te l.: 66561234 Fax: 66~61270 www.hindustantimes.com E-mail : [email protected] CIN : L22121DL2002PLC117674
Ref: HTML/CS/02/2021 June 18, 2021
BSE Limited P.J. Towers Dalal Street MUMBAI – 400 001 The National Stock Exchange of India Limited Exchange Plaza, C/1, G Block Bandra-Kurla Complex, Bandra (E) Mumbai – 400 051
Scrip Code: 532662
Trading Symbol: HTMEDIA
Dear Sirs,
Sub: Intimation of outcome of the Board Meeting held on 18th June, 2021 and disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended ("SEBI LODR")
This is to inform you that the Board of Directors of the Company at its meeting held today, i.e. 18th June, 2021 (which commenced at 12:00 Noon and concluded at 12:20 P.M.) has, inter-alia, transacted the following businesses:-
-
- Approved and taken on record the Audited (Standalone and Consolidated) Financial Results of the Company for the quarter and financial year ended on 31st March, 2021 (AFRs) pursuant to Regulation 33 of SEBI LODR.
-
- Approved the Audited (Standalone and Consolidated) Financial Statements of the Company, prepared pursuant to applicable provisions of the Companies Act, 2013, for the financial year ended on 31st March, 2021.
Further, we are enclosing herewith the following:
-
- AFRs alongwith the Auditor's Report thereon (Annexure-1); and
-
- Declaration of Chief Financial Officer on Unmodified Opinion in the Auditor's Report for Financial Year 2020-21 (Annexure-2)
This is for your information and record.
Thanking you,
Group General Counsel & Company Secretary
Encl: As above
Chartered Accountants
Building No. 10, 12th Floor, Tower-C, DLF Cyber City, Phase - II,Gurugram - 122 002, India
Telephone: +91 124 719 1000 Fax: +91 124 235 8613
INDEPENDENT AUDITOR'S REPORT
TO THE BOARD OF DIRECTORS OF HT MEDIA LIMITED
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial results of HT Media Limited (hereinafter referred to as "the Company") for the year ended 31 March 2021 ("the statement" or "standalone annual financial results"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditor on separate audited financial statements of HT Media Employee Welfare Trust, the aforesaid standalone annual financial results:
- a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information for the year ended 31 March 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.
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Principal Office: 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063, India
Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and.completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of standalone financial statements on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
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Evaluate the appropriateness or accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and Board of Directors.
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Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. I fwc conclude that a material uncertainty exists. we are required to draw attention in our auditor·s report 10 the related disclosures in the standalone annual financial results or. if such disclosures arc inadequate. 10 modify our opinion. Our conclusions are based on the audit evidence obtained up 10 the date or our auditor"s report. I lowever, future events or conditions may cause the Company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underly ing transactions and events in a manner that achieves fair presentation.
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Obtain suflicient appropriate audit evidence regarding the financial information of the entity to express an opinion on the standalone annual financial results. We arc responsible for the direction. supervision and performance of the audit of financial information of the Company of which we are the independent auditors. For the other entity included in the standalone annual financial results, which has been audited by other auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Our responsibi lities in this regard are further described in para (a) of the section titled "Other Matters" in this audit report.
We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied w ith relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMDl/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matters
(a) We did not audit total assets (before consolidation adjustments) of Rs. 2,11 1 lakhs as at 31 March 202 1 and total revenues (before consolidation adjustments) of Rs. Ni I for the year then ended. included in the standalone annual financial results in respect to I IT Media Employee Welfare Trust, whose financial information has been audited by another auditor and ,vhose report has been furnished to us. Our opinion on the standalone annual finnncial results, to the extent they have been derived from such financial statements is based solely on the report of such other auditor.
Our opinion on the standalone annual financial results is not modified in respect of the above matter with respect to our reliance on the work done and the report of the other auditor.
(b) The standalone annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were su~ject to limited review by us.
For BS Rand Associates Chorlerecl Acco111110111s Firm's Registration No.- 12890 I W
Rajcsh Arora Partner Membership Number: 0761 24 UDlN: 21076124AAAACL 1958
Place: Gurugram Date: 18 June 2021
iUINT HT Media Limited CIN:- L22121DL2002PLC117874 Registered Office: Hindustan Times House, 2nd floor, 18-20, Kasturba Gandhi Marg, New Delhi -110001, India Tel:- +9111 66561608 Fax:- +9111 66561445 Website:- www.htmedia.in E-mail:[email protected] Audited Standalone Financial Results for the quarter and year ended March 31, 2021
Statement of Audited Standalone Financial Results for the auarter and vear ended March 31, 2021
| (INR in Lakhs except earnings per share data) | ||||||
|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | |||||
| SI. | Particulars | March 31, 2021 • | December 31, 2020 | March 31, 2020• | March 31, 2021 | March 31, 2020 |
| No. | Audited | Un-audited | Audited& Revised•• | Audited | Audited& Revised•• | |
| 1 | Income | |||||
| a) Revenue from operations | 17,093 | 16,504 | 27,186 | 52,810 | 122,551 | |
| b) Other income | 3,342 | 2,130 | 2,624 | 10,058 | 12,661 | |
| Total Income | 20,435 | 18,634 | 29,810 | 62,868 | 135,212 | |
| 2 | Expenses | |||||
| a) Cost of materials consumed | 2,743 | 2,539 | 6,248 | 8,324 | 28,638 | |
| b) Changes in inventories of finished goods, stock-in -trade andwork-in-progress | (43) | 18 | (121) | 152 | (175) | |
| c) Employee benefits expense | 3,601 | 4,795 | 4,305 | 17,981 | 25,386 | |
| d) Finance costs | 1,035 | 1,063 | 2,023 | 4,587 | 10,345 | |
| e) Depreciation and amortization expense | 2,278 | 2,195 | 2,823 | 9,090 | 11,345 | |
| f) Other expenses | 10,081 | 10,401 | 13,540 | 36,999 | 58,657 | |
| Total Expenses | 19,695 | 21,011 | 28,818 | 77,133 | 134,196 | |
| 3 | Profit/(loss) before exceptional items (1-2) | 740 | (2,377) | 992 | (14,265) | 1,016 |
| 4 | Profit/(loss) before finance costs, tax, depreciation andamortization expense (EBITDA) and exceptional items (3+2d+2e) | 4,053 | 881 | 5,838 | (588) | 22,706 |
| 5 | Exceptional Items gain/(loss) (Refer Note 41 | 2,131 | 350 | (25,127) | 721 | (44,274) |
| 6 | Profit/(Loss) before tax (3+5) | 2,871 | (2,027) | (24,135) | (13,544) | (43,258) |
| 7 | Tax expense (Refer Note 10) | |||||
| a) Current tax | 29 | 302 | 29 | 541 | ||
| b) Deferred tax credit | (276) | (368) | (2,648) | (5,438) | (4,531) | |
| Total tax credit (net) | (247) | (368) | (2,346) | (5,409) | (3,990) | |
| 8 | Profit/(Loss) after ta• (6-7) | 3,118 | (1,659) | (21,789) | (8,135) | (39,268) |
| 9 | Other comprehensive income (net of taxes)a) Items that will not be reclassified subsequentlyto profit or loss | (176) | 144 | 88 | 264 | 37 |
| b) Items that will be reclassified subsequently toprofit or loss | 179 | (45) | 840 | 49 | 915 | |
| 10 Total Comprehensive income/(loss) (8+9) | 3,121 | (1,560) | (20,861) | (7,822) | (38,316) | |
| 11 Paid-up Equity Share Capital •(Face value - INR 2 per share) | 4,655 | 4,655 | 4,655 | 4,655 | 4,655 | |
| 12 Other equity excluding revaluation reserves as per the auditedbalance sheet | 109,747 | 117,505 | ||||
| 13 Earnlngs/(Loss) per share | Not annualised | Not annualised | Not annualised | |||
| (of INR 2 each) | ||||||
| Basic | 1.35 | (0.72) | (9.45) | (3.53) | (17.03) | |
| Diluted | 1.34 | (0.72) | (9.45) | (3.53) | (17.03) |
• Refer Note 9
• • Refer Note 13
• Includes equity shares of INR 44 Lakhs held by HT Media Employee Welfare Trust.
Notes:
- 1 The above standalone financial results for the quarter and year ended March 31, 2021 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on June 18, 2021. The Statutory Auditors of HT Media Limited ('the Company') have carried out an audit of the above results pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and have issued a unmodified opinion.
- 2 The standalone financial results have been prepared in accordance with the Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, as amended from time to time.
- 3 Employee Stock Option details of the Company for the quarter ended March 31, 2021 are as follows:
- i) Plan A No options were granted, vested, exercised, forfeited or expired.
- ii) Plan 8 No options were granted, vested, exercised, forfeited or expired.
- iii) Plan C 363,260 options were granted and no options were vested, exercised, forfeited or expired.
- Further Employee Stock Option details of the Company for the year ended March 31, 2021 are as follows:
- i) Plan A No options were granted, vested, exercised, forfeited and 363,260 options are expired.
- ii) Plan B No options were granted, vested, exercised, forfeited or expired.
- iii) Plan C- 363,260 options were granted, no options were exercised, expired; 192,918 options are forfeited and 1,139,749 options are vested.
- 4 Exceptional Items represent -
a) Year to date impairment of INR 2,135 lakhs (also refer note 12) towards impairment of investment in subsidiaries which is being offset by INR 2,856 lakhs towards reversal of impairment of Inter Corporate Deposits given (along with accrued interest) to subsidiary.
b) During the quarter ended March 31, 2021, the Company has performed an impairment assessment of investment in subsidiary. As the recoverable amount is lower than the carrying amount of investment in subsidiary, the Company has recognised an impairment loss of INR 375 lakhs. The same is being offset by INR 2,506 lakhs towards reversal of impairment of Inter Corporate Deposits given (along with accrued interest) to subsidiary.
- 5 During the quarter, the Company has made the following investment in subsidiaries: - INR 250 Lakhs in Equity Shares of Mosaic Media Ventures Private Limited
- 6 The Scheme of Amalgamation ('the Scheme') u/s 230-232 read with Section 66 of the Companies Act, 2013 between Firefly e-Ventures Limited (FEVL), HT Digital Media Holdings Limited {HTDMH), HT Education Limited {HTEL), HT Learning Centers Limited (HTLC), India Education Services Private Limited (IESPL) and Topmovies Entertainment Limited (TMEL) ("Transferor Companies") with HT Mobile Solutions Limited (HTMSL) ("Resulting Company"), has been sanctioned by the Hon' ble National Company Law Tribunal (NCLT), New Delhi Bench vide order dated May 11, 2021 ("the order"). In terms of the Scheme, consequent upon filing of the NCLT order with the Registrar of Companies, NCT of Delhi on June 7, 2021, the Scheme has become effective from the Appointed Date of 1st April, 2020.
The transaction as per Scheme of Amalgamation is in the nature of business acquisition under Common Control as defined under Ind AS 103 "Business Combinations". Accordingly, the Scheme has been given effect from 1st April, 2019 i.e. acquisition date under common control business combination accounting.
In terms of the Scheme, the Resulting Company shall issue and allot its 47,128,454 equity shares of INR 10 each to the shareholders of the Transferor Companies. Pending such allotment by the Resulting Company 47,128,454 shares of INR 10 each (amounting to INR 4,713 lakhs) have been accounted in share pending issuance account on 1st April 2019 in books of the Resulting Company. The company being shareholder in HTDMH, HEL, HTLC, TMEL and IE5PL will receive:
i) 411.67 lakhs shares of HTMS in lieu of 260.67 lakhs shares in HTDMH at book value
- ii) 0.20 lakhs shares of HTMS in lieu of 292.20 lakhs shares in HEL at book value
- iii) 1 share of HTMS in lieu of 592.00 lakhs shares in HTLC at book value
- iv) 58.16 lakhs shares of HTMS in lieu of 115.00 lakhs shares in TMEL at book value
- v) 1.24 lakhs shares of HTMS in lieu of 19.80 lakhs shares in IESPL at book value
- 7 A Composite Scheme of Amalgamation u/s 230-232 of the Companies Act, 2013 which provides for merger of Next Mediaworks Limited (NMWL), Digicontent Limited (DCL) and HT Mobile Solutions Limited (HTMSL) with HT Media Limited (HTML) ("Scheme"), has been approved by the respective Board of Directors of companies at their meetings held on February 11, 2021, subject to requisite approval{s). The application under Regulation 37 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been filed with both, NSE and BSE and their approval is awaited.
Pending sanction, impact of the Scheme has not been considered in above results.
- 8 As per Ind AS 108 Operating Segments, the Company has three reportable Operating Segments viz.Printing & Publishing of Newspaper & Periodicals, Radio Broadcast and Entertainment & Digital. The financial information of these segments are appearing in Consolidated Financial Results prepared as per Ind AS 108.
- 9 The figures of the quarter ended March 31, 2020 are the balancing figures between the revised audited figures in respect of the previous financial year and the revised year to date figures upto December 31, 2019, being the end of the third quarter of the previous financial year, which were subjected to limited review.
The figures of the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the financial year and the year to date figures upto December 31, 2020, being the end of the third quarter of the financial year, which were subjected to limited review.
- 10 Tax Expense for the year ended March 31, 2021 includes current tax expenses of INR 29 Lakhs and deferred tax expenses of INR 661 Lakhs arising from finalization of return for the previous year.
- 11 The certificate of CEO and CFO in terms of Regulation 33 of SEBI {LODR), in respect of the above results has been placed before the Board of Directors.
- 12 Management has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amount of property, plant and equipment, intangible assets, investment properties, investment in subsidiaries and securities, inventories, receivables, other financial and non-financial assets of the Company. In developing the assumptions relating to the possible future uncertainties because of this pandemic, the Company, as at the date of adoption of these standalone financial statements has used internal and external sources of information. The Company has performed sensitivity analysis on the assumptions used, to the extent applicable and based on current factors estimated that the carrying amount of above mentioned assets as at March 31, 2021 will be recovered after recording an impairment loss against investment in subsidiaries. Given the uncertainties associated with nature, condition and duration of COVID-19, the impact assessment on the Company's financial statements will be continuously made and provided for as required (also refer note 4{a)).
- 13 The Company received a whistleblower complaint in August 2020 from a named employee of the radio business on his last working day ("WB Complaint"). The WB Complaint alleged anomalies resulting in deficiencies in certain financial reporting processes of the radio business of the Company. The Company, in accordance with its whistleblower policy, and as confirmed by the Audit Committee appointed an independent law firm which worked closely with two independent accounting firms for an in-depth comprehensive review. The said investigation brought out practices indicating the following deficiencies and lapses during financial years 2017-18, 2018-19, 2019-20 and 2020-21:
a) Practice of pre-billing (i.e. billing and booking revenue for services yet to be consumed/ delivered) resulting in reporting of higher revenue in financial results. Such billing remained unconsumed/ undelivered.
b) Potential manipulation of debtor ageing by issuance of inappropriate credit notes and additional invoices to avoid higher provisioning for bad debts.
c) Circulating improper balance confirmation requests (by including invoices without delivery/ requests for advertisement) to customers (with such balances either remaining unconfirmed or disputed) resulting in reporting higher revenue.
d) Potentially improper credit approvals including forced/ credit approval under protest at the instructions of senior management of the Radio business.
Further, based on a very detailed investigation performed, the investigating team and the management concluded that the above mentioned findings were confined to a stream of revenue ('Non FCT') of radio business of the Company and were not pervasive across other financial statement captions. The said investigation did not reveal existence of any personal profiteering or siphoning of funds or embezzlement or misappropriation of funds.
The final findings of the investigation were presented to the Audit Committee and Board of Directors of the Company, including multiple status update briefings in the interim. The Board of Directors considered the investigation report and expressed its concurrence with the follow-up actions recommended by the Audit Committee, which include (i) actions against the Company's personnel identified as responsible for the misdemeanor; (ii) further strengthening internal control framework and centralized revenue assurance function; (iii) strengthening governance and communication around Whistleblower (WB) and Code of Conduct (COC) process; and (iv) redefining values and culture for the organisation and digitize the program. During the current year, the management undertook the following initiatives : (a) strengthening the internal financial controls and processes; and (b) changes in HR policies and practices with emphasis on strict implementation of ethical codes and practices.
As an outcome of the above investigation, the management has revised the comparative information as disclosed in these standalone financial results.
The Company had made an assessment of and believes that it has provided for the financial impact arising from this matter including non-compliances with laws and regulations, to the extent identified and believes that the additional financial impact, if any, arising from adjustments due to instances other than those identified is not expected to be material.
The findings of the investigation have direct (as quantified in the investigation report) and consequential impact on certain other financial statement captions.
14 The Company, as per the Securities and Exchange Board of India (SEBI) circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, is a Large Corporate and hence is required to disclose the following information about its borrowings:
| Sr. No. | Particulars | Details |
|---|---|---|
| 1 | Name of the company | HT Media Limited |
| 2 | CIN | L22121DL2002PLC117874 |
| 3 | Outstanding borrowing of company as on March 31, INR 65,571 lakhs2021 * (in INR lakhsl | |
| 4 | Highest Credit Rating During the previous FY alongwith name of the Credit Rating Agency | - Long Term Credit Rating: AA (By CRISIL Limited)- Short Term Credit Rating: Al+ (By CRISILLimited and ICRA Limited) |
| 5 | Name of Stock Exchange in which the fine shall bepaid, in case of shortfall in the required borrowingunder the framework | BSE Limited |
Initial disclosures filed for the financial year 2021-22
* Current borrowings and non-current borrowings (including current maturity of long term borrowings and excluding inter corporate deposits received)
Annual Disclosure
Name of the Company: CIN: Report filed for FY: Details of the borrowings (all figures in INR lakhs): HT Media Limited L22121DL2002PLC117874 FY 2021
| Sr. No. | Particulars | Details |
|---|---|---|
| 1 | Incremental borrowing done in FY (a) | INR 10,000 Lakhs |
| 2 | Mandatory borrowing to be done through issuanceof debt securities (bl = (25% of a) | INR 2,500 Lakhs |
| 3 | Actual borrowings done through debt securities inFY (cl | NIL |
| 4 | Shortfall in the mandatory borrowing through debtsecurities, if any (d) = (bl -(cl{If the calculated value is zero or negative, write"nil") | INR 2,500 Lakhs |
| 5 | Reasons for short fall, if any, in mandatoryborrowings through debt securities | Entire incremental long term borrowing during FY 2020-loanthroughexistingtermwereavailed21arrangements with lender bank which were sanctionedduring FY 2019-20 to meet business requirement onMarch 26, 2021. Due to paucity of time incrementalborrowing could not be arranged through issuance ofdebt securities. |
15 Relevant Information as required pursuant to Regulat ion 52(4) of the Securities and Exchange Board of India (Listing Obligat ions and Disclosure Requirements) Regulations, 2015 in respect of Commercial Papers are as follows:
| S. No | Particulars | Details | ||
|---|---|---|---|---|
| (for year ended March 31, 2021) | ||||
| 1 | Credit rating and change in credit rating (if any) | Long Term Rating- CRISIL AA/Stable | ||
| (Reaffirmed) | ||||
| Short Term Rating- CRISIL Al+ and | ||||
| ICRA Al + (Reaffirmed) | ||||
| 2 | Debt-equity ratio | 0.61 | ||
| 3 | Due date and actual date of repayment of principal | Refer Annexure A | ||
| 4 | Debt service coverage ratio | (0.15) | ||
| 5 | Interest service coverage ratio | (2.11) | ||
| 6 | Capital redemption reserve (in INR lakhs) | 2,045 | ||
| 7 | Net Worth* (in INR lakhs) | 107,036 | ||
| 8 | Net (loss) after tax (in INR lakhs) | (8,135) | ||
| 9 | Earnings/(loss) per share (in INR) -Basic & Diluted | (3.53) | ||
| * Net Worth as defined in the Companies Act, 2013 | ||||
| Ratios are calculated as follows: | ||||
| i) | io= Total Debt**/ Total EquityDebt-equity rat | |||
| ii) | Debt Service Coverage Rat io= (EBITDA - Depreciat ion and amortization expense)/ (Debt | |||
| payable within one year+ Interest on debt) | ||||
| iii) | Interest Coverage Ratio= (EBITDA -Depreciat ion and amortization expense)/ Finance costs | |||
| ** Debt comprises of borrowings (current and non-current), current maturit y of long term | ||||
| borrowings and interest accrued on borrowings. |
Annexure -A
The Company has repaid Commercial Papers on the respect ive due dates. The details of Commercial Papers issued during the current quarter ended March 31, 2021 are as follows:
| ISIN | Amount (In Lakhs) | Due date of Repayment | Actual date of repayment |
|---|---|---|---|
| INE501G14BW1 | 5,000 | 28-May-21 | 28-May-21 |
The Commercial Papers of the Company outstanding (face value) as on March 31, 2021 were INR 5,000 Lakhs.
16 Standalone Balance Sheet as at March 31, 2021 is given below:
| (INR in Lakhs) | ||||
|---|---|---|---|---|
| Particulars | As atMarch 31, 2021(Audited) | As atMarch 31, 2020(Audited & Revised•) | ||
| A ASSETS | ||||
| 1 Non-current assets | ||||
| (a) Property, plant and equipment | 25,696 | 29,428 | ||
| (b) Capital work in progress | 25 | 2,941 | ||
| (c) Right - of - use assets | 8,432 | 11,655 | ||
| (d) Investment property | 40,069 | 42,750 | ||
| (e) Intangible assets | 15,056 | 16,972 | ||
| (f) Intangible assets under development | 60 | 51 | ||
| (g) Investment in subsidiaries | 24,441 | 25,012 | ||
| (h) Financial assets | ||||
| (i)lnvestments | 38,179 | 32,703 | ||
| (ii)Loans | 22,640 | 11,694 | ||
| (iii)Other financial asset s | 4,742 | 3,879 | ||
| (i) Deferred tax Assets (net) | 14,368 | 9,093 | ||
| (j) Income tax assets (net) | 1,817 | 2,690 | ||
| (k) Other non-current assets | 501 | 857 | ||
| Total non-current assets | 196,026 | 189,725 | ||
| 2 Current assets | ||||
| (a) Inventories | 8,802 | 9,512 | ||
| (b) Financial assets | ||||
| (i)lnvestments | 13,291 | 23,801 | ||
| (ii)Trade receivables | 13,262 | 22,598 | ||
| (iii)Cash and cash equivalents | 2,589 | 2,374 | ||
| (iv)Bank balances other than (iii) above | 2,036 | 2,087 | ||
| (v)Other financial assets | 2,023 | 1,188 | ||
| (c) Other current assets | 6,702 | 5,980 | ||
| Total current assetsTotal Assets | 48,705244,731 | 67,540257,265 | ||
| B EQUITY AND LIABILITIES | ||||
| 1Equity | ||||
| (a) Equity share capital • | 4,611 | 4,611 | ||
| (b) Other equity | 109,747 | 117,505 | ||
| Total equity | 114,3S8 | 122,116 | ||
| 2Liabilities | ||||
| Non-current liabilities | ||||
| (a) Financial liabilities | ||||
| (i) Borrowings | 9,1204,314 | 12,4636,415 | ||
| (ii) Lease liabilities | - | 424 | ||
| (iii)Other financial liabilities | 432 | 436 | ||
| (b) Contract Liabilities | - | 291 | ||
| (c) Provisions | 970 | 1,089 | ||
| (d) Other non-current liabilitiesTotal non-current liabilities | 14,836 | 21,118 | ||
| Current liabilities | ||||
| (a) Financial liabilities(i)Borrowings | 45,050 | 42,155 | ||
| (ii) Lease liabilities | 2,474 | 3,058 | ||
| (iii) Trade payable | 17,103 | 20,273 | ||
| (iv)Other financial liabilities | 36,105 | 37,330 | ||
| (b) Other current liabilities | 5,394 | 1,897 | ||
| (c) Cont ract liabilities | 9,182 | 8,865 | ||
| (d) Provisions | 229 | 453 | ||
| Total current liabilities | 115,537 | 114,031 | ||
| Total Equity and Liabilities | 244,731 | 257,265 |
• Refer Note 13
• Net of equity shares of INR 44 Lakhs (previous year INR 44 Lakhs) held by HT Media Employee Welfare Trust.
17 Standalone Statement of Cash Flow for the year ended March 31, 2021 (INR in Lakhs)
| Particulars | March 31, 2021 | March 31, 2020 |
|---|---|---|
| Revised• | ||
| Cash flows from operating activities: | ||
| Loss before tax: | (13,544) | (43,258) |
| Adjustments for: | ||
| Depreciation and amortization expense | 9,090 | 11,345 |
| Profit on disposal of property, plant and equipment & intangibles | (155) | (2) |
| (including Impairment) (Net) | ||
| Impairment of investment in subsidiaries (exceptional item) | 2,135 | 25,357 |
| Impairment of intangible assets (exceptional item) | - | 16,061 |
| lmpairment/(reversal) of inter corporate deposits given to subsidiaries (exceptional item) | (2,856) | 2,856 |
| Fair value of investment through profit and loss (including (profit)/ loss on sale of | (842) | 1,206 |
| investments) | ||
| Income on lease termination (net) | (74) | - |
| Fair value gain from derivatives at FVTPL | (30) | - |
| Dividend income | - | (654) |
| Finance income from investment and other interest received | (3,536) | (7,038) |
| Interest income from deposits and others | (2,182) | (1,771) |
| Income on asset s given on financial lease | (127) | (134) |
| (Profit)/Loss on sale of investment properties | 128 | (44) |
| Income from Government grants | (119) | (119) |
| Unclaimed balances/liabilities written back (net) | (618) | (834) |
| Interest cost on debts and borrowings | 4,274 | 10,192 |
| Share based payment expense | 64 | 53 |
| Rental income | (1,464) | (1,805) |
| Unrealized foreign exchange gain | (27) | (315) |
| Impairment of investment properties | 1,588 | 1,305 |
| Impairment for doubtful debts and advances | 1873 | 1,796 |
| cash flows (used in)/from operating activities before changes in following assets andliabilities | (6,422) | 14,197 |
| Changes in operating assets and liabilities | 7,391 | (1,007) |
| (lncrease)/decrease in trade receivablesDecrease in inventories | 710 | 2,408 |
| (lncrease)/Decrease in current and non-current financial assets and other current and non- | (872) | 1,789 |
| current assets | ||
| Decrease in current and non-current financial liabilities and other current and non-current | (2,318) | (11,858) |
| liabilities & provision | ||
| Cash generated (used in)/from operations | (1,511) | 5,529 |
| Income taxes oaid/1 refund! | 844 | (1073)4 456 |
| Net cash (used in I/from ooeratin11: activities (Al | 16671 | |
| cash flows from investing activities: | (803) | |
| Payment for purchase of property, plant and equipment & intangible assetsProceeds from sale of property, plant and equipment & intangible assets | (502)3,241 | 122 |
| Purchase of investment properties | (4,343) | (3,497) |
| Proceeds from sale of investment properties | 4,870 | 1,666 |
| Purchase of investments | (18,902) | (61,717) |
| Proceeds from sale of investments | 23,607 | 113,442 |
| Purchase of investments in subsidiaries/fellow subsidiary | (1,111) | (29,175) |
| Proceeds from capital reduction in subsidiary | - | 30,000 |
| Rental income | 1,464 | 1,805 |
| Refund of inter corporate deposits | 318(8,515) | -(1,606) |
| Inter corporate deposits given | - | 654 |
| Dividend receivedIncome on assets given on financial lease | 127 | 134 |
| Finance income from investment and other interest received | 5,451 | 18,892 |
| Deposits matured l netl | 49 | 2 754 |
| Net cash from investing activities (B) | 5,754 | 72,671 |
• Refer Note 13
| (INR in Lakhs) | ||
|---|---|---|
| Particulars | March 31, 2021 | March 31, 2020 |
| Revised* | ||
| Cash flows from financing activities: | ||
| Repayment of lease liability | (2,170) | (2,916) |
| Proceeds from borrowings | 208,449 | 462,948 |
| Repayment of borrowings | (205,232) | (531,584) |
| Interest pa id | (4,362) | (10,398) |
| 0ividend paid | - | (931) |
| Dividend distribution tax paid | - | (57) |
| Net cash flows used In financing activities (C) | (3,315) | (82,938) |
| Net (decrease)/increase in cash and cash equivalents (D= A+B+C) | 1,772 | (5,811) |
| Cash and cash eouivalents at the beginninl! of the year IE l | 452 | 6 263 |
| Cash and cash eouivalents at vear end (D+El | 2 224 | 452 |
| Components of cash & cash equivalents as at end of the year | ||
| Cash and cheques on hand | 1,275 | 310 |
| Balances with banks | ||
| - on deposit accounts | 765 | 1,824 |
| - in current accounts | 550 | 240 |
| Total cash and cash equivalents | 2,590 | 2 374 |
| Less: Bank Overdraft | 366 | 1922 |
| Cash and cash eouivalents as oer Cash Flow Statement | 2 224 | 452 |
| • Refer Note 13 | ||
| For and on behal | f of the Board of Directors | |
| ~ | ||
| New Delhi | Shobhana Bhartia |
New Delhi June 18, 2021
Shobhana Bhartia Chairperson & Editorial Director
Chartered Accountants
Building No. 10, 12111 Floor, Tower-C, DLF Cyber City, Phase- II, Gurugram -122 002, India
Telephone: +91124 7191000 Fax: +91124 235 8613
INDEPENDENT AUDITOR'S REPORT
TO THE BOARD OF DIRECTORS OF HT MEDIA LIMITED
Report on the audit of the Consolidated Annual Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of HT Media Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as ''the Group") and its joint ventures for the year ended 3 I March 2021 ("the statement" or "consolidated annual financial results"), attached herewith, being submitted by the Holding· Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements of the subsidiaries, the aforesaid consolidated annual financial results:
a. include the annual financial results of the following entities:
Holding Company:
HT Media Limited
Subsidiaries:
- i. Hindustan Media Ventures Limited (HMVL)
- ii. HT Music and Entertainment Company Limited (HT Music)
- iii. HT Digital Media Holdings Limited (HT Digital)*
- 1v. Firefly e-Ventures Limited (Firefly)*
- v. HT Mobile Solutions Limited (HTMSL)
- v1. HT Overseas Pte. Limited (HT Overseas)
- vu. HT Leaming Centers Limited (HT Leaming)*
- viii. HT Education Limited (HT Education)*
- ix. HT Global Education Private limited (struck offw.e.f. 14 August 2020)
- x. Topmovies Entertainment Limited*
- xi. India Education Services Private Limited (IESPL)*
- xii. Next Mediaworks Limited (NMW) (w.e.f. 15 April 2019)
- xiii. Next Radio Limited (NRL) (w.e.f. 15 April 2019)
- xiv. Syngience Broadcast Ahmedabad Limited (SBAL) (w.e.f. 15 April 2019)
xv. Shine I IR Tech Limited (under the process of striking off)
xvi. I IT Noida (Company) Limited (w.c.f. 11 rcbruary 2020)
xv11. Mosaic Media Ventures Private Limited (w.e.f. 2 December 2020)
*merged with I ITMSL
.loillf Ventures:
-
- Sports Asia Pte Limited (SAPL), Singapore
-
- IIT Content Studio LLP(w.c.f. 21 August 2019)
- b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards. and other accounting principles generally accepted in Ind in, of consolidated net loss nnd other comprehensive income and other financia l information of the Group for the year ended 3 I Mnrch 2021 .
Basis for O pinion
We conducted our audit in accordance with the Standards on Auditing (--SAs .. ) specified under section 143( I 0) of the Companies Act. 2013 ('·the /\ct'} Our responsibilities under those St\s arc fun her described in the Auditor's Respo11sihilitiesfor tlte Audit <>f tl,e Co11solidated A111111al Fi11r111cial Results section of our report. We arc independent of the Group and its joint ventures in accordance with the Code of Ethics issued by the Institute of Chanered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. \Ve believe that the audit evidence obtained by us along with the consideration of audit re pons of the other auditors referred to in sub paragraph (a) of the '·Other Mailers·· paragraph below, is sufficient and appropriate 10 provide a basis for our opinion on the consolidated annual financial results.
Management's a nd Boa rd o f Directo rs' Responsibilities fo r the Consolidated Annua l Fina ncial Results
These consolidated annual financial results ha, c been prepared on the basis of 1he consolida1cd annual financial slatements.
The Holding Company·s Management and the Board of Directors arc responsible for the preparation and presentation of 1hesc consolidated annual financial results 1hat give a true and fair vie" of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its j oint ventures in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting. principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and 13oard of Directors of the companies included in the Group and of its join I ventures arc responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that arc reasonable and prudent; and the design, implemcntalion and maintenance of adequate internal financial controls. that were operating effectively for ensuring accuracy and completeness of the accounting records. relevant 10 the preparation and presentation of the consolidated annual financial results that give a true and fair view and arc free from materia l
misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for assessing the ability of each company / entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/ Management either intends to liquidate the company/ entity or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors and Management of the companies/ entities included in the Group and joint ventures is responsible for overseeing the financial reporting process of each company/ entity.
Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board of Directors.
- Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the entities within the Group and its joint ventures to express an opinion on the consolidated annual financial results. We arc responsible for the direction, supervision and performance of the audit of financial information o f such entities included in the consolidated financial results ofwhieh we are the independent auditors. for the other entities included in the consolidated annual financial results, which have been audited by other auditors. such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled "Other Matters .. in this audit report.
We communicate with those charged with governance of the I lolding Company and such other entities included in the consolidated annual linancial results of which " e arc the independent auditors regarding. among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control thnt we identify during our audit.
We also pro ide those charged "ith governance "ith a statement that ,,c have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable. related sa fcguards.
We also performed procedures in accordance with the circular o CIR/CFD/CMDl /44/20I 9 issued by the SEBI under Regulation 33(8) of the Li ting Regulations, as amended. to the extent appl icable.
Other Matters
(a) The consolidated annual financial results include the oudited financinl results o f nine subsidiaries whose financial statements reflect Group· s share or total assets (before co11solidatio11 adjmt111e111~) of Rs. 8.4 14 lakhs as at 3 I March 2021, Group· s share of total revenue (before co11solidatio11 ac(jus1111e111.,) of Rs. 2,237 lakhs and Group's share of total net loss after tax (before co11solidatio11 adj11s1111e111.) of' Rs. 63 lakhs and Group's share of net cash inflows (before co11.volida1io11 adj11s1111e111s) of Rs. 278 lakhs for the year ended on that date. as considered in the consolidated annual financial results. which have been audited by their respective independent auditors. The independent auditor's reports 0 11financial statements of these entities have been furnished to us by the management and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and d isclosurcs included in respect or these entities, is based solely on the report of such auditors and the procedures performed by us arc as stated in paragraph above.
One subsidiary is located outside India whose financial statements and other financial information has been prepared in accordance with accounting principles generally accepted in its country and which has been audited by other auditor under generally accepted auditing standards applicable in their country. The Company's management has converted the financial statements of such subsidiary located outside India fr·om accounting principles genera lly accepted in their respective country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Company·s management. Our opinion in so far as it relates to the balances and affairs of such subsidiary located outside India is based on the report of other auditor and the conversion adjustments prepared by the management of the Holding Company and audited by us.
Our opinion on the consolidated annual fi nancial results, in so far as it relates to the amounts and disclosures included in respect of the said subsidiary located outside India. is based solely on the report of such auditors nnd the conversion adjustments prepared by the mnnagcmcnt and the procedures performed by us arc as stated in paragraph above.
Our opinion on the consolidntcd nnnunl financial results is not modified in respect of the above matter with rcspcc1 to our reliance on the ,, ork done and the rcpo,1s of the other auditors.
(b) We did not audit total assets (before co11s0/ida1io11 adjm1111e111.~) of Rs. 2,111 lakhs as at 31 March 202 1 and total revenues (before consolidatio11 ac(j11st111e11t.) of Rs. Nil for the year then ended. included in the consolidated annual financial results in respect to I IT Media Employee Welfare Trust not audited by us. whose financial information has been audited by another auditor and whose report has been furnished to us. Our opinion on the consolidated annual financial results, to the extent they have been derived from such financial information is based solely on the report of such other auditor.
Our opinion on the consolidated annual financial results is not modified in respect of the above mailer with respect to our reliance on the ,,ork done and the report of the other auditor.
(c) The consolidated annual financial results include the unaudited financial information of two subsidiaries, whose financial information reflects Group's share of total assets (before consolida1io11 adjustme11ts) of Rs. Nil as at 31 March 2021, Group's share of total revenue (before co11solidatio11 adjustment.) of Rs. Nil and Group's slrnrc of total net loss after tax (before co11solidatio11 adj11s1111e11ts) of Rs. Nil, and Group·s share of net cash inflows (before co11solidatio11 adj11stme111s) of Rs. ii lakhs for the year ended on that date, as considered in the consolidated annual financial results. The consolidated annual financial results also incl ude the Group's share of net profit / loss after tax (before co11solidotio11 adj11st111e11ts) of Rs. Nil for the year ended 3 1 March 2021, as considered in the consolidated annual financial results, in respect of one joint venture. These unaudited financial information have been furnished to us by the Board of Directors and our opinion on the consolidated annual financial results. in so far as it relates to the amounts and disclosures included in respect of these subsidiaries ancljoinl venture is based solely on such annual financial information. In our opinion and according 10 the information and explanations given to us by the Board of Directors and Man<1gement. these fornncial information me not material 10 the Group.
Our opinion on the consolidated annual financia l results is 110 1 modified in respect of the above matter with respect to our reliance on the work done and the financial information certified by the Board of Directors and Management.
(d) The consolidated annual financial results include the results for the quarter ended 31 March 202 l being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
for OS R an<l Associates Clwrlered Acco1111t{111ls Finn ·s Registration o.- 12890 I W
Rajcsh Arora Par111er Membership Number: 076 124 UDIN: 2 10761 24//\A/\CO6 101
Place: Gurugrnm Date: 18 June 2021 $\mathcal{A}$
$\mathbf{e}$ .
HT Media Limited
CIN:- L22121DL2002PLC117874 Registered Office: Hindustan Times House, 2nd floor, 18-20, Kasturba Gandhi Marg, New Delhi - 110001, India Tel:- +91 11 66561608 Fax:- +91 11 66561445 Website:- www.htmedia.in E-mail:[email protected] Audited Consolidated Financial Results for the Quarter and Year ended March 31, 2021 (INR in Lakhs except earnings per share data) Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021 Quarter Ended Year Ended March 31, 2021 March 31, 2020 March 31, 2021 * December 31, 2020 March 31, 2020 Particulars $\overline{\mathsf{SI}}$ No. Audited Unaudited Audited Audited Audited & Revised ** & Revised ** Income $\overline{1}$ 34,0745,091 111,72921,383 34,907 46,484 208,260 a) Revenue from operations 22,706 $6,028$ h) Other income 4.926 Total income 39,833 39.165 52.512 133.112 230,966 $\overline{2}$ Expenses 7,340 12,188 25,594 56,697 a) Cost of materials consumed 7,922 b) Purchases of stock-in-trade 225 225 c) Changes in inventories of finished goods, work-in-progress and $(58)$ 19 $(183)$ $255$ $(251)$ stock-in-trade 6.857 8,787 8,445 32,949 41,190 d) Employee benefits expense $1.210$ $1,259$ $2.097$ 5.579 9.913 e) Finance costs $3,395$ $3,327$ $4,573$ 13,731 18,221 f) Depreciation and amortisation expense 17,854 17,143 21,909 65,098 96,341 a) Other expenses 143,431(10,319) 222,1118,855 37,405 37,875 49,029 Total expenses $\overline{3}$ Profit/(loss) before exceptional items and tax (1-2) 2.428 1,290 3,483 7,033 5,876 10,153 8,991 36,989 Profit before finance costs, tax, depreciation and amortisation $\overline{4}$ expense (EBITDA) (3+2e+2f) and exceptional items $(24, 986)$ $(43, 222)$ $(317)$ Exceptional items (net loss) (refer note 7) $(317)$ $\overline{5}$ $(34, 367)$ 1,290 $(21, 503)$ $(10, 636)$ Profit/ (loss) before tax (3+5)Tax expense (refer note 13) $2,111$ $rac{6}{7}$ $3795$ $502$ 790 $033$ 1.605 a) Current tax $(396)$ $(533)$ $(3, 732)$ $(6, 136)$ $(3, 977)$ h) Deferred tax credit $\frac{1}{257}$ $(2,799)$ $(4,531)$ $(182)$ 106 Total tax expense/(credit) $(6, 105)$ $(34, 185)$ $\frac{1,033}{(90)}$ Profit/ (loss) for the period (6-7) $\frac{2,005}{(96)}$ $(18, 704)$ $\overline{\mathbf{8}}$ Share of loss of joint ventures (accounted for using equity method) $(168)$ $(360)$ $(267)$ $(6, 465)$ $(34, 452)$ $943$ $(18, 872)$ Net profit/ (loss) after taxes and share of loss of joint 1,909 $10$ ventures $(8+9)$ 140 $(442)$ $125$ $(199)$ Other comprehensive income (net of taxes) $(238)$ - Items that will not be reclassified subsequently to profit or loss $727$ 309 900 65 Other comprehensive income (net of taxes) 166 - Items that will be reclassified subsequently to profit or loss $\frac{(72)}{1,837}$ 449 $\frac{458}{(33,994)}$ 190 528 11 Other comprehensive income/ (loss) for the period $(18, 344)$ $(6,016)$ $1,133$ 12 Total comprehensive income/ (loss) (10+11) Net profit/ (loss) attributable to: $\frac{(17,576)}{(1,296)}$ $(7.084)$ $(34, 570)$ 1,589 326 Owners of the Company 619 $118$ - Non-controlling interest 320 617 Other comprehensive income/ (loss) attributable to: 423 604 175 634 $(55)$ Owners of the Company 15 $(106)$ 26 $(146)$ $(17)$ - Non-controlling interest Total comprehensive income/ (loss) attributable to: $(33,966)$ $(6,661)$ 1,534 $501$ $(16.942)$ - Owners of the Company 645 $(28)$ 632 $(1, 402)$
303
4,655
$0.69$
0.68
Not annualised
4,655
$0.14$
$0.14$
Not annualised
Balance Sheet Earnings/ (Loss) per share $15,$ $($ of INR $2/-$ each $)$
$13$
$14$
- Non-controlling interest
Paid-up equity share capital
(Face value - INR 2/- per share)
Diluted
Basic
*Refer Note 8
**Refer Note 6*** Includes Equity Shares of INR 44 Lakhs held by HT Media Employee Welfare Trust
Other equity excluding revaluation reserve as shown in the audited
4.655
$(7.62)$
$(7.62)$
Not annualised
4,655
210,892
$(14.99)$
$(14.99)$
4,655
204,318
$(3.07)$
$(3.07)$
Notes:
1 The financial results of following entities have been consoUdated with the f1nancial results d HT Media Limited ( .. the Company"), hereinafter referred to as "the Group":
~ Hindustan Media Ventures United (HMVL) HT Music and Entertainment Company Limited (HT Musie) HT Digital Media Holdings linlted (HTOMH) • Firefly e-Ventures Limited (FEVL) • HT Leaming Centers linited (HTlC) • HT Education linlted (t-lTEL) • Topmoyies EntertaiM'lerlt Linited (TMa) * India Educatioo Services Private Linlted (JESPI.) • HT Mobile Solutions linlted (fffi'ISL) HT °""5eas Pie. ltd., Singapore (HT °"""'"5) HT Global Educatioo Private linited (HT Global) (Name struclt off by HCA w.e.t. August 14, 2020) Next Mediawoos Linited (NMWL) Next Radio - (NRL) Syng..-.ce Broadcast Ahmedabad LJmoted (58Al) Shine HR Tech linlted (SHRT) (The Company is "Under Process of Stri«lg <if') HT Nolda (Company) united (t-lTNL) Mosaic Media Venture. Private~ (w.e.f. December 2, 2020)
lolnt Ventures (JYJ
Sports Asia Pie linlted (SAP!.), Singapore HT Content Studio UP (HTCS)
• Merged with HTMSL (Refe, Note 4a)
- 2 The above consolidated financial results for the quarter and year ended March 31, 2021 were revieWed and recommended by the Audit Committee and approved by the Board of Directors at their respective meeting.s held on June 18, 2021. The Statuto<y Auditors have carried out an audit of the above re;ults pursuant IC Regulatioo 33 of the Secuntie5 and Exchange Board of India (LislJng Obligations and Disclosure Requi"'"""'IS) Regulatioos, 2015, as amended and have issued an urmoditied audtt opinion.
- The consolidated financial re.ults have been prepared In accordance with the Indian Aa:ount,ng Standards find A51 prescribed under Section 133 of the Compames Act, 2013 read with Companies (Ind.an Aa:ount,>g Standards) Rules, as amended from time to time.
- 4(0) The Scheme of Amalgamotioo ('the Scheme1 u/S 230-232 read with Sectioo 66 of the Companies Act, 2013 belween firefly e-Venture. (FEVL), HT Oig .. lMedlO Holdings (HTOMH), HT Educabon united {t-lTEL), HT Leaming Ceme,s united (HTLC), India EducattOO 5eMces Private united (IESPI.) and T01)1110"it!s Entena'1ment Lin,ted (TMEI) ('Transreror Companies") with KT Mobile Solutions Lmted (HTMSL) ("Resulbng Company"), has been sanclioned by the Hoo'ble Natlooal Company Law Tribunal (NCLT), New Delhi Bench vode oroer dated May II, 2021 ("the order"). In 1"'mS of the Scheme, consequent upon filng of the NCLT O<der with the RegtSUar of Companies, NCT of Del>I on June 7, 2021, the Scheme has become effectNe from the I\WOOOted Date of 1st Al>ril, 2020.
The transactioo as pe,- Scheme of Amalgamation Is in the nature of business acquis- under Common Control as def'1ed under Ind AS 103 "Business Combinations". A«ordingly, the Sd>eme has been g;w,n effect from 1st April, 2019 i.e. acquisition date under canmoo control business combtnation accountino.
Also, rele, Note 6 of Quarterly Standalone flnandal Results ro, the quane, and year ended Ma,cll 31, 2021.
4(b) A ComPoSlte Scheme or Amalgamatt0n u/s 230·232 of the Companies Act, 2013 which provides ro,- merge, or Next Mediaworl<s linlted (NMWL), Digicontent Limited (DCL) and KT Mobile Solutions Limited (HTMSL) with KT Media Limited (HTML) ("Scheme"), has been approved by the respecti,,e Board of o;recto,s of companies at their meetings held on February 11, 2021, subject to requisite approva~s). The applicatioo under Regulatioo 37 of SEBI (Listing Obligations and DiSclosure Requirements) Regulations, 2015 has been filed with both, NSE and BSE and their approval is awaited.
Pending sanction, rflpact CX the Scheme Ms not been considered in the consolidated financial results f0< the year ended March 31, 2021.
4(c) A Sch<me of Amalgamation u/s 230-232 of the Companies Act, 2013 which provides ro, amalgamatic:'1 of Syng;ence 8roadcaSl Ahmedabad linlted (S8Al) with Next Rad<> Lmited (NRL) ("Scheme"), has been approyed by the Board of o;,e:too; of S8Al and NRL at the• "5pectJve .-;n95 held on Marth 31, 2021. Further, the Scheme has been f<led with Hoo'ble Natiooal Company Law Tribunal, Mumbai Bench (NCLT) on June 7, 2021. The Scheme is subject to approval of NCI. T and such Olher statutory autllonbes as may be requred.
Pending sanction, inpaa of the Scheme has not been CX>nSldered In KT Media linlted's ronsol re.ults for FY 2020-21.
- 5 Management has CX>nSldered the possible effecis that may re.ul rrtJ11 the pandemic relating to COVID-19 on the canying amoont of p,ope,ty, plant and equtj)l"Oen~ Intangible ..-. investment ..-,ties, investment " securities, inventones, receivc,bAes, other financaal and non-financial assets CX the Group. In deve:k:>t)ng the poons relating to the possible future uncertalnties because c:A thas pandernc,, the Group, as at the date c:A adol>tlon of these ronsolidated fmndal re.ulls has used internal and exte,nol sources of inlonnatJOn. The Group has perfom>ed sensitivity analys;s on the assumpttOOS used, ID the extent appl and based on current ractDl'S estimated that the carrying amount d abOYe mem1oned assets as at March 31, 2021 wtll be recovered after recording impairment loss on intangible assets. Given the uncertainties assexiated with nature, condition and duration d COVID-19, the i'npact assessmem on the Group's financial statements will be continuously made and l)l'(Mded for as required (also, refer Note 7).
- 6The company received a whistlebk>wer con1plalnt rwa Complaint"') In August 2020 from a named employee ot lhe rado business on his last working day. The WB (.omp&alnt al~ed anomalies resulting in deficienCies In certain financial reporting PfOCesses of the rc,dac, business of the Group. The Company, in accordance with its whistleblower i:cilcy, and as confirmed by Audit Committees appointed an independent law firm which wor1<ed d::,sety with two independent accounting finns for an lo-depth comprehensive review. The said investigation brought OUt practices Indicating the following deficiencies and lapses during financial years 2017·18, 2018·19, 2019·20 and 2020-
21: a. Practice c:i pre-biUing (i.e. billing and booking revenue f0r services yet to be consumed/ delivered} resulting in reporttnQ d hiQher revenue in financial results. Soch billlng remained unconsumed/ undelivered.
b. Potential manipulation ot debt0r ageino by issuance ot inappropriate credit ootes and additional Invoices to avoid higher provisioning for boo debts. c. arcutating mproper balance coofinnation reQUeStS (by lndudiog lnvok:es without delrvery/ requests for advertisement) to customers (with such balances either remaining unconfnned Or disputed) resulting In reporting higher revenue.
d. Potentialty improper credit approvals includinO forced/ credit approval under protest at the Instructions of senior management d the Radio business.
Further, based on a very delailed lnvestigatton pe,fooned, the investtgaong team and the management conducled that the abo,e menttOOed ftndings were confined to a stream of revenue (Non fCT1 of radt0 business of the Group and were not pervasive across tttier financial statement captions. The said investigation did not reveal existence d any pe,sonal profiteemg or s~.-.g of fundS or embezzlement or misappropriation of funds.
The final f..-.mgs of the investigation were presented to the Aud< C<mnittee and Board <A Dvectors of the Company, lndudmg mullple status update brief"'!IS in the inteml. The Board of Oirectc<s ronstden!d the investigation rei,ort and expressed its coocurrence with the --up acttOOS reamnended by the Audl u,mm,ttee, which lndude (1) acttOOS against the Company's Pffl()llnel ldentlled as responsible for the misdemeanor, (i) lutther strengthening inte,nol mnlrol rramewonc and centralized revenue assurance runction; (ii) stTengthenl'lQ go,emance and a,,m,unication around Whistleblowet (WB) and Code d Conduct (alC) process; and (iv) reddlrnng values and culture for the OC'ganisation and digrble the program. Ounng the current year. the manaoen,ent undertook the following initiatives : (a) strengthening the ll"ltemal f1Nnoal controls and processes; and (b) changes., HR p0lic,es and practices With emphasis on strict mplementatJOn of e<hical codes and p,actxes.
As an outcome of the above investigation, the Group has revised the comparative information as drscJosed In these consoidated financial results.
The COmpany had made an assessment of and belteVeS that it has proviCled f~ the financial fflpact ansing from this matter lnduding non-compliances witt'I laws and reQUlations, to the extent identified and beheves that the additional financial impact if any, arising from adjustments due to Instances other than those identified Is not expected to be material.
The findings of the invesU9ation have direct (as quantified in the investigation report} and consequential impact on certain other financial statenient captions.
7 Exceptional items represents the foHowing - The Group, upon due considerabon of the current economic: environment, has performed an rnpa1nnent assessment of Property, Plant and Equipment and Intangible Assets at CGU tevel. M the recoverable amount d Cash Generating Unit ('"CGU') Is lower than the carrymg amount d assets, the group has rea,gmsed an Impairment loss d INR 317 Lakh towards Intangible Asse(S as an excepdonal item.
The recoverable amount (value in use) d c.GU of lnt.ang1ble Assets «s INR NIL using discount rate ot 16%. For this purpose, Radio license has been considered as a separate CGU.
**8**The ftgur,s of the quarte, ended Marth 31, 2020 are the balancing figure. between the rev,sed aud<ed ftg..-es" respect of the preoous fmric,al yea, and the rev<Sed year to date ftgures upto Dec..- 31, 2019, bel'1Q the end d the third quarter ot the prevo,s f.nanoal year, which were subjected to linrted rene:w.
The figure. d the quan..- ended Ma,dl 31, 2021 are the balancing ftgures between the audited figures In rospect of the financial year and the year to date f,gures upto December 31, 2020, being the end of the thord quarter of the financial year, which wet"e sub,ected to limted revteW,
g Non· current assets held f0r sa" are an re&abon to Land and Building whdl is being held for disposal due to outsoordng of pnnung work at certain units.
10 The audited standalone financial results of the Company for the quarter and year ended March 31, 2021 have been filed with BSE and NSE and are also available on Company's website 'www.htmedia.in". The key standalone financial information for the quarter and year ended March 31, 2021 are as under:
| (INR in Lakhs) | |||||
|---|---|---|---|---|---|
| Particulars | Ouarter Ended | Year Ended | |||
| March 31, 2021Audited | December 31, 2020Unaudited | March 31, 2020Audited& Revised # | March 31, 2021Audited | March 31, 2020Audited& Revised # | |
| Revenue from Operations | 17,093 | 16,504 | 27,186 | 52,810 | 122,551 |
| Profit/ (Loss) Before Tax | 2,871 | (2,027) | (24, 135) | (13, 544) | (43, 258) |
| Profit/ (Loss) After Tax | 3,118 | (1,659) | (21,789) | (8, 135) | (39, 268) |
| Total Comprehensive Income/ (Loss) | 3,121 | (1, 560) | (20, 861) | (7, 822) | (38, 316) |
Refer Note 13 of Quarterly Standalone Financial Results for the quarter and year ended March 31, 2021
11 During the quarter ended March 31, 2021, the Company has made the following investment in subsidiary:- INR 250 Lakhs in equity shares of Mosaic Media Ventures Private Limited
12 Details of Employee Stock Option for the quarter ended March 31, 2021 are as follows :
$\lambda$ and $\lambda$ is enjarced solutions were granted, vested, exercised, forfeited or expired. a) For the Company :- Plan A :- No options were granted, vested, exercised, forfeited or expired.
Plan C :- 363,260 options were granted and no options were exercised, vested, forfeited or expired.
b) For Firefly {Refer Note 4 (a)} :- Under Employee Stock Option Plan – 2009 :- No options were granted, vested, exercised, forfetted or expired.c) For HMVL:- Under the HT Group Companies – Employee Stock Option Plan – 20
Details of Employee Stock Option for the year ended March 31, 2021 are as follows : a) For the Company :- Plan A :- No options were granted, vested, exercised, forfeited or expired. Plan B :- No options were granted, ves options were vested.
- 13 Tax expense for the year ended March 31, 2021 includes current tax expense and deferred tax expense of INR 4 lakhs and INR 700 lakhs respectively, arising from finalisation of return for the previous year.
- The previous year. Syngience Broadcast Ahmedabad Limited (SBAL) and Next Radio Limited (NRL) had filed a joint application before Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT) on 21st May, 2020 for recall of N
- The certificate of CEO and CEO in terms of Regulation 33 of SEBI (LODR), in respect of the above results has been placed before the Board of Directors.
- 16 Pursuant to SEBI Circular bearing no. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, the 'Parent Company' (HT Media Limited) has been identified as a Large Corporate and the details are appearing in Standalone Fin
- 17 Relevant Information as required pursuant to Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of Commercial Papers are as follows:
| S. No | Particulars | Details(for year ended March 31, 2021) |
|---|---|---|
| Credit rating and change in credit rating (if any) | Long Term Rating- CRISIL AA/Stable(Reaffirmed)Short Term Rating- CRISIL A1+ andICRA A1+ (Reaffirmed) | |
| Debt-equity ratio | 0.35 | |
| Due date and actual date of repayment of principal | Refer Annexure A | |
| Debt service coverage ratio | (0.07) | |
| Interest service coverage ratio | (0.85) | |
| Capital Redemption Reserve | 2,045 | |
| Net Worth* (in INR lakhs) | 198.061 | |
| Net (loss) after tax (in INR lakhs) | (6, 465) | |
| Earning/(loss) per share (in INR) - Basic & Diluted | (3.07) | |
| * Net Worth as defined in the Companies Act. 2013Ratios are calculated as follows:$\overline{H}$ | Debt-equity ratio = Total Debt**/ Total Equity attributable to equity holders of parentDebt Service Coverage Ratio = (EBITDA - Depreciation and amortization expense)/ (Debtpayable within one year $+$ Interest on debt) | |
| iii) | Interest Coverage Ratio = (EBITDA - Depreciation and amortization expense)/ Finance costs | |
| ** Debt comprises of borrowings (current and non-current), current maturity of long term borrowings and interest accrued on |
borrowings.
Annexure - AThe Company has repaid Commercial Papers on the respective due dates. The details of Commercial Papers issued during the currentquarter ended March 31, 2021 are as follows:
| ISIN | Amount (In Lakhs) | Due date of Repayment | Actual date of repayment | |
|---|---|---|---|---|
| INF501G14BW1 | 5,000 | 28/May/21 | 28/May/21 |
The Commercial Papers of the Company outstanding (face value) as on March 31, 2021 were INR 5,000 Lakhs.
18 Consolidated Balance Sheet as at March 31, 2021 is given below:
| IINR in Lakhsl | ||
|---|---|---|
| Particulars | As atMarch 31, 2021(Audited) | As atMarch 31, 2020(Audited & Revised •) |
| A ASSETS | ||
| 1 Non- current assets | ||
| (a) Property, plant and equipment | 39,452 | 46,105 |
| (b) capital wor1< in progress | 1,576 | 3,971 |
| (c) Right-Of-use assets | 15,339 | 20,239 |
| (d) Investment property | 47,946 | 46,910 |
| (e) Goodwill | 541 | |
| (f) Other intangible assets | 28,646 | 31,656 |
| (g) Intangible assets under development | 60 | 62 |
| (h) Financial assets | ||
| (1) Investments | 149,545 | 120,323 |
| (ill Loans | 12,510 | 12,438 |
| (iii) Other financial assets | 4,590 | 4,184 |
| (i) Other non-current assets | 801 | 1,170 |
| 0) Deferred tax assets (net) | 15,249 | 9,778 |
| (k) Income tax assets (net) | 4,039 | 5,033 |
| Total non-current assets | 320 294 | 301869 |
| 2 Current assets | ||
| (a) Inventories | 14,228 | 14,143 |
| (b) Financial assets | ||
| (I) Investments | 44,898 | 55,848 |
| (ii) Trade receivables | 26,8197,111 | 40,0815,890 |
| (iii) cash and cash equivalents | 4,139 | |
| (iv) Other bank balances | 4,906 | |
| (v) Loans | 13 | 53 |
| (vi) Other financial assets | 1,770 | 1,419 |
| (c) Other current assets | 11,945 | 11,109132,682 |
| Total current assets | 111,690 | |
| Non-current assets held for sale (Refer Note 9) | 939 | - |
| Total assets | 432,923 | 434,551 |
| 8 EQUITY AND UABIUTIES | ||
| 1 Equity | ||
| (a) Equity share capital•• | 4,611 | 4,611 |
| (b) Other equity | 204,318 | 210,892 |
| Equity attributable to equity holders of parent | 208,929 | 215,503 |
| (c) Non-controlling interest | 40,678 | 40,029 |
| Total equity | 249,607 | 255,532 |
| 2 Liabilities | ||
| Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 10,741 | 17,998 |
| (ii) Lease liabilities | 6,703 | 9,764 |
| (iii) Other financial liabilities | 149 | 776 |
| (b) Contract liabilities | 432 | 436 |
| (c) Provisions | 123 | 412 |
| (d) Deferred tax liabilities (net) | 1,264 | 1,637 |
| (e) Other non-current liabilities | 970 | 1,089 |
| (f) Liability under equity method of accounting | 283 | 199 |
| Total non-wrrent liabilities | 20,665 | 32,311 |
| Current liabilities | ||
| (a) Financial liabilities | ||
| (I) Borrowings | 45,946 | 44,441 |
| (ii) Lease liabilities | 3,593 | 4,477 |
| (iii) Trade payables | 27,938 | 29,151 |
| (iv) Other financial liabilities | 65,325 | 53,467 |
| (b) Other current liabilities | 6,446 | 2,865 |
| (C) Contract liabilities | 11,315 | 10,431 |
| (d) Provisions | 1,546 | 1,654 |
| (e) Inrome tax liability (net) | 542 | 222 |
| Total current liabilities | 162,651 | 146,708 |
| Total equity and liabilities | 432,923 | 434,551 |
• Refer Note 6
** Net of Equity Shares Of INR 44 Lakhs (Previous Year INR 44 Lakhs) held by KT Media Employee Welfare Trust
19 Statement of segment Information for the quarter and year ended March 31, 2021
| IINR In Lakhslouarter EnYear En | ||||||
|---|---|---|---|---|---|---|
| Particulars | March 31, 2021 | December 31, 2020 | March 31, 2021 | March 31, 2020 | ||
| Audited | Unaudited | March 31, 2020Audited | Audited | Audited | ||
| 1 Segment revenue | &Revised* | & Revised* | ||||
| a) Printmg & publishing 01 newspaper.; & periodicals | 29,695 | 28,927 | '10,266 | 95,552 | 178,990 | |
| b) Radio broadcast: & entertainment | 2,358 | 2,710 | 3,993 | 7,425 | 20,166 | |
| C) Digital | 2,889 | 2,542 | 1,980 | 8,996 | 7,865 | |
| d) Unallocated | 456 | 1,815 | ||||
| Total | 34,942 | 34,179 | 46,695 | 111,973 | 208,836 | |
| Int,, segmert revenueNet revenue from operations | (35)34,907 | (105)34,074 | (211)46,484 | (244)111,729 | (5761208, 260 | |
| 2 Seoment results | ||||||
| a) Pnnting & p.JbliShing 01 newspaper.; & penodicals | 1,923 | (389) | 4,180 | (9,593) | 15,443 | |
| b) Rad10 broadcast & entetainment | (1,353) | (2,523) | (2,809) | (9,958) | (5,881) | |
| C) Digital | (166) | (20) | (473) | (607) | (1,471) | |
| d ) Unallocated | (1,692) | 390 | ( 1,346) | (5,965) | (12,029) | |
| Total (A) | (1,288) | (2,542) | (448) | (26,123) | (3,938) | |
| 1,210 | 1,259 | 2,097 | 5,579 | 9,913 | ||
| Less: I) Finance cost (B)Iii Exceotional Items· net loss (Cl | 317 | 24.986 | 317 | 43.222 | ||
| Add: Other income CD) | 4,926 | 5,091 | 6,028 | 21,383 | 22,706 | |
| Profit/ (Loss) before taxation (A·B·C+D) | 2,111 | 1,290 | (21,503) | (10,636) | (34,367) | |
| 3 .;:,evment asse.ts | ||||||
| a) Printing & publishing 01 newspaper.; & penodlcals | 117,154 | 123,310 | 134,388 | 117,154 | 134,388 | |
| b) Radio broodcast & entertainment | 31,012 | 32,399 | 38,985 | 31,012 | 38,985 | |
| C) Digital | 228 | 410 | 259 | 228 | 259 | |
| Total segment assets | 148,394 | 156,119 | 173,632 | 148,394 | 173,632 | |
| Unallocated | 284,529 | 262,017 | 260,919 | 284,529 | 260,919 | |
| Total assets | 432,923 | 418,136 | 434,551 | 432,923 | 434,551 | |
| 4 Seoment liabilities | ||||||
| a) Printing & publlShlng 01 newspapers & periodicals | 94,962 | 88,118 | 93,547 | 94,962 | 93,547 | |
| b) Radio broadcast & entertainment | 10,139 | 13,529 | 11,561 | 10,139 | 11,561 | |
| C) Digital | 6,399 | 6,131 | 4,379 | 6,399 | 4,379 | |
| Total segment liabilities | 111,500 | 107,778 | 109,487 | 111,500 | 109,487 | |
| I.Klallocated | 71,816 | 62,607 | 69,532 | 71,816 | 69,532 | |
| Total liabilities | 183,316 | 170,385 | 179,019 | 183,316 | 179,019 |
• Refer Note 6
Note: I.Klallocated figures relates to segments which do not,,_ CTtteria 01 Rel)Ortabie 5egment as pe- Ind AS 108- ()pe,abng Segments.
20. Consolidated cash Flow Statement for the year ended March 31, 2021 Is given below :
| UNR In lakhs' | ||
|---|---|---|
| Particulars | Year endedMarch 31, 2021(Audited) | Year endedMarch 31, 2020(Audited & Revised * ) |
| cash flows from operating activities | ||
| Loss before tax from operationsAdjustments for | (10,636) | (34,367) |
| Depreciation and amortisation expense | 13,731 | |
| Net loss on sale/ irmairment of property, plant and eauipments and lntanqible assets | 640 | 18,22123,979 |
| Income from lease termination (net) | (123) | (67) |
| Fair value of investment throuQh orofrt and loss (indudinq (profit)/ loss on sale of investments) | (1,738) | 5,199 |
| (Profit)/loss on sale of investment properties | 172 | (9) |
| Fair value Qain of derivative throuqh orolit or lossInterest/finance income from investments and others | (81) | (245) |
| Income on assets given on financial lease | (14,582) | (18,105) |
| Dividend income | (127) | (134) |
| Unclaimed balances/liabilibes written back (net) | (1) | (2) |
| Income from Government Grant | (1,425)(119) | (1,247)(119) |
| Interest exoense | 5,430 | 9,704 |
| Unrealised foreiQn exchanqe Qain | (52) | (212) |
| Impairment of investment properties | 1,782 | 1,323 |
| Irmairment for doubtful debts and advances | 3,585 | 3,10 1 |
| Impairment of Goodwill | 18,881 | |
| Rental incomeErnolovee stock ootion exoense | (1,955) | (2,450) |
| cash flows (used in)/from operating activities before changes in following assets and liabilities | 101(5,399) | 63 |
| Olanges In operating assets and llabllities | 23,513 | |
| (Increase)/ decrease in trade and other receivables | 9,857 | (325) |
| (Increase)/ decrease in inventories | (85) | 2,175 |
| (Increase)/ decrease in current and non-current financial assets and other current and non-current assets | 1,685 | (524) |
| lnc:rease/(deaease) in current and non-airrent financial liabilities and other current and non-current liabilities and provisions | 14,344 | 116 6721 |
| 20,402 | 8,167 | |
| Income taxes paid (net of refunds)Net cash flows from operating activities (A) | (121) | (4.3591 |
| 20 280 | 3 808 | |
| cash flows from Investing activities | ||
| Purchase of property, plant and eauipment/ intanqible assets | (1,795) | (2,730) |
| Proceeds from sale of property, plant and eauipment/ intanqible assets | 649 | 505 |
| Purchase of investment property | (6,225) | (5,178) |
| Proceeds from sale of investment properties | 5,536 | 2,317 |
| Purchase of investments in mutual funds and othersProceeds from sale of investments in mutual funds and others | (54,320) | (151.630) |
| AcQuisitiOn of a subsidiary | 39,846(562) | 192,048(27,643) |
| Interest/fmnce income from investments and others | 9,767 | 28,031 |
| Income on assets Qiven on financial lease | 127 | 134 |
| Investments made in Joint Venture | (276) | (324) |
| Deoosits matured/ (made) (net) | (659) | 3,994 |
| Rental income | 1 955 | 2 450 |
| Net ca.sh flows from /(used in) from Investing activities (Bl | CS 956 | 41974 |
| cash flows from financing activities | ||
| Proceeds from borrowinqs | 211,066 | 475,389 |
| Repayment of borrowinqsInterest paid | (214,213)(5,100) | (518,579) |
| Dividend paid | (9,659)(922) | |
| Dividend distribution tax paid | (237) | |
| Repayment of lease liabilities | (2,980) | (4,235) |
| Amount paid to Minority Shareholders | 12271 | |
| Net cash flows used In financing activities (C) | (11 227) | 158 4701 |
| Net increase/ (decrease) in cash and cash eauivalents (D= A+B+C) | 3,098 | (12,688) |
| Net foreiQn exchanqe Qain (ElCash comoonent on acoulsitlon of subsidiary (Fl | 2128 | 7152 |
| Cash and cash equivalents at the beginning of the year (G ) | 2,276 | 14,805 |
| cash and cash equivalents at year end (D+E+F+G) | s sos | |
| 2 276 | ||
| Components of cash and cash eciulvalents as at end of the yearCash and cheaues on hand | 2.535 | 1,390 |
| Balances with banks | ||
| • on current accounts | 1,662 | 1,934 |
| • on d=it accounts | 2 914 | 2 566 |
| Total cash and cash """Uivalents | 7111 | S 890 |
| Bank Overdrafts | (1606s sos | 13 614 |
| cash and cash ,uivalents as oer cash Flow Statement | 2 276 |
•Refer Note 6
For and on behalf of the Board of Directors
~
Shobhana Bhartla Chairperson & Editorial Director
New Deihl June 18, 2021
HT MEDIA LIMITED Regd. Office : Hindustan Times House 18-20, Kasturba Gandhi Marg New Delhi - 110001 Tel.: 66561234 www.hindustantimes.com E-mail: [email protected] CIN : L22121DL2002PLC117874
Ref: HTML/CS/02/2021
June 18, 2021
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street MUMBAI-400 001
The National Stock Exchange of India Limited Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E) MUMBAI - 400 051
Scrip Code: 532662
Trading Symbol: HTMEDIA
Dear Sirs,
Sub: Declaration on Unmodified Opinion in the Auditor's Report for Financial Year 2020-21
Pursuant to Regulations 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule VIII thereto and SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare that the Statutory Auditors of the Company, M/s B S R and Associates, Chartered Accountants (Firm Registration No. 128901W), have submitted the Auditor's Report with unmodified opinion on the financial results for the financial year ended March 31, 2021.
This is for your information and records.
Thanking you,
Yours faithfully, For HT Media Limited
Group Chief Financial Officer