H T Media Ltd

Dear Shareholders,

I am pleased to share the achievements and performance of our Company over the past year. In the year gone by, we ensured revenue stability along with a significant improvement in our operating profitability. Revenues grew on the back of economic growth, a growth in consumption, and the heightened political activity leading up to the national elections.

As we approach the hundredth anniversary of Hindustan Times this year, we are building on our rich legacy of delivering important information in the right context and through the right media. We have demonstrated our ability to adapt to changing market dynamics, balancing our strengths in Print and Radio with substantial investments in Digital.

The generally disinflationary environment and a reduction in the prices of key commodities contributed positively to the overall business. To maximise the benefits of these, we maintained our strategic focus on cost management and efficiency improvement across all key business verticals.

The broader media and entertainment (M&E) sector in India has shown strong growth, outpacing that in many developed and developing countries. There are several factors that have contributed to this: strong digital infrastructure, widespread adoption of OTT platforms, a boom in gaming, and plentiful choice for customers, across interest areas and budgets. Interestingly, unlike in the west, traditional media continues to grow in India, creating dual and hybrid opportunities for companies such as ours. This underscores the enduring relevance of Print, Radio, and regional Television in India, highlighting the country's diverse media consumption habits.

Our Company's performance mirrors this. In Print, revenues were steady, with considerable improvement in profitability, driven by reduced newsprint costs and strategic cost management.

Our commitment to the highest journalistic principles, and newsrooms strongly focused on quality, have ensured that our newspapers remain the preferred choice in their markets. Hindustan Times has acquired a name for itself in covering big events of national and international relevance with a mix of on-ground reportage, high-quality analysis, and path-breaking data journalism. Hindustan continues to serve the Hindi heartland with a unique national-plus-hyperlocal combination of stories. And Mint's in-depth analytical coverage of the business and the economy has a growing audience. All three newsrooms have also expanded their reach across platforms, through their respective websites and apps, and offerings such as podcasts.

Our Radio business too saw a growth in revenue and improved profitability. During the year, our most popular offering, Radio Fever, underwent a brand refresh in an effort to retain and grow its audience of young digital-native people. Its renewed offerings include curated playlists and a distinct listening experience, striving to bridge the gap between Digital and Radio, rekindling interest among young audiences.

Our Digital business recorded strong growth, with all sub-verticals performing well. Mosaic Digital with its units such as VCCircle and TechCircle, has solidified its position as a leading tech- driven investment intelligence platform for both individuals and corporates. Shine, our job portal and professional upskilling platform, continues to be a strong player in the market, continuously enhancing its offerings, especially in the upskilling domain, to reach a larger demographic and empowering professionals to stay ahead in an evolving job market. We also continue to invest in new digital businesses, such as OTTplay, our content discovery and recommendation platform, which has shown promising growth. Although investments in our digital initiatives impact shortterm profitability, we recognize the fact that they are essential for our future growth in an increasingly digital landscape.

In the current fiscal year (FY 2024-25), we will focus on expanding market share, refining pricing strategies and further streamlining operations. Our aim is to capitalize on market-driven growth opportunities through innovative initiatives. However, we remain cautious about ongoing global conflicts and their potential to disrupt supply lines and impact commodity costs. We are proactively monitoring these issues to mitigate their effects on our operations.

Our achievements are a result of the dedication and hard work of our employees. I extend my gratitude to each member of the HT Media family for their hard work, determination, and, above all, adherence to ethical standards. We take immense pride in our diverse workforce and remain committed to being an equal- opportunity employer.

We deeply value the support of our shareholders, readers, the board of directors, and our investors. Your trust and partnership are vital as we navigate the evolving media environment and seek new opportunities for future growth.

As we approach the hundredth anniversary of Hindustan Times this year, we are building on our rich legacy of delivering important information in the right context and through the right media We have demonstrated our ability to adapt to changing market dynamics, balancing our strengths in Print and Radio with substantial investments in Digital. Moving forward, we remain dedicated to our core principles, delivering credible and engaging news and entertainment across platforms.