Dear
Shareholders,
The year 2020-21 will go down in history as one where countries and
economies were laid low by an invisible enemy. I hope everyone is vaccinated and following
Covid- appropriate behaviour. I also wish for the rapid recovery of those affected by the
viral disease and commiserate with those who have lost friends and relatives to it.
Covid-19 changed everything.
Not only did it bring economies to a near standstill, it also resulted
in widespread disruption and increased uncertainty across the world. As the world was
adapting to a new normal and as companies changed the way they work to ensure business
continuity, we focused on the most important tasks.
At times of crisis, a newsroom's primary task is to provide reliable
and credible information to our readers - and especially with Covid, there was a lot of
misinformation in the initial months. We also had to ensure our employees remained safe
even as our newsroom continued to function through the pandemic. I am incredibly proud of
what our Company was able to accomplish, despite disruptions and hardships, and am very
hopeful about where we are headed now.
The Indian economy is still reeling under severe stress from the
resurgent waves of Covid-19 and the pressure on the public healthcare infrastructure,
although as I write this in August, things are rapidly returning to normal. Still, the
optimism around a swift recovery continues to be tempered with regional outbreaks and the
possibility of further waves. Nevertheless, we are prepared to carry forward the legacy of
journalistic excellence that has prospects of our radio segment, the industry was largely
impacted due to the lockdown and the subsequent economic crisis. Nevertheless, the radio
segment continued to witness an increase in listenership base with more people tuning into
radio stations during the pandemic than before. With an increase in average
I We are focused on bringing the most credible news to our readers and
curate content on issues that really matter.
become quite synonymous with our brands. We are focused on bringing the
most credible news to our readers and curate content on issues that really matter.
Our Print segment has a diverse portfolio of offerings for readers in
different parts of the country. Hindustan Times, our English daily, has consistently
positioned itself as the newspaper of choice in our key markets, as has our Hindi daily,
Hindustan. Our business paper, Mint, is also known for its in-depth analysis of key
economic issues.
In FY'21, circulation of our publications was under pressure owing to
the pandemic. However, as the year progressed, newspaper circulation bounced back.
Advertisement revenues also picked up as the national lockdown (and regional ones)
continued to be lifted in phases. The festive season also helped us shake off the effects
of the pandemic and the lockdowns to some extent as advertisers came back on board.
While we remain positive about the listening time, the medium
positioned itself as one of the most wholesome sources of entertainment and information.
This augured well for us and our popular brands, Fever, Nasha and Radio One have
successfully managed to retain their significant presence in this space.
Amidst a global pandemic, we adopted digital platforms for our events
to connect and collaborate with our audience. We organised our first virtual 'Environment
Conclave' looking at what it would take to build a sustainable future. We also conducted
our flagship Hindustan Times Leadership Summit virtually, bringing together iconic thought
leaders from various fields.
Our job portal, Shine, witnessed a surge in activity as more people
looked for jobs in the aftermath of the pandemic while the Shine learning business has
grown sharply. We also completed the acquisition of Mosaic Digital, a news and research
business focused on serving the investment and enterprise technology communities. Backed
by resources in our group, we are excited and hopeful that the business will witness
substantial growth going forward.
The fiscal year gone by brought economic hardships and widened
financial and social disparities in the society. At HT Media, we are conscious about our
responsibilities towards society. We sought to offer educational opportunities to
underprivileged students through the Himalayan School Society initiative. We also
conducted Hindustan Olympiad to encourage participation of children in scholastic aptitude
tests, and rewarded deserving students with scholarships.
Our people embody the spirit of our organisation. We recognize the
contribution of all our employees and business partners during these trying times. I would
like to thank our people as well as their families for their relentless contribution to
ensure business continuity in a tough environment.
I extend my deepest gratitude to the the Board of Directors, customers,
investors and business partners, for their trust, support and continued faith in us.
I also remain thankful to the countless Covid warriors including
doctors and nurses, law enforcement agencies, the journalistic fraternity and others, who
focused on serving humanity through their untiring efforts. As we transition to a new
normal, we are adapting to change and paving the way for a brighter tomorrow.
Regards,
Shobhana Bhartia
Chairperson and Editorial Director