H T Media Ltd Management Discussions

Global Economy

The global economy registered modest but stable growth in (calendar year) CY 2024, as it continued to navigate a complex macroeconomic landscape shaped by lingering effects of past disruptions and evolving geopolitical dynamics. While strong real income growth and declining interest rates supported activity in select regions, these positives were tempered by subdued consumer sentiment, fiscal consolidation efforts, and shifts in global trade patterns. The announcement of fresh tariff measures by the United States, and the reciprocal actions by key trading partners, added a new layer of uncertainty to the global trade environment.

Global GDP growth was estimated at 3.3% in CY 2024, broadly unchanged from the previous year. Growth in advanced economies moderated, weighed down by the delayed effects of earlier monetary tightening - particularly in the United States and Europe - where elevated interest rates constrained both investment and consumption. In contrast, emerging and developing economies remained comparatively resilient, underpinned by strong domestic demand and more accommodative policy frameworks in some markets. Global headline inflation eased to 5.8% in CY 2024, down from 6.7% in CY 2023, driven by tighter monetary policies, declining energy prices, and easing supply chain pressures.

Despite continued expansion, the global economic outlook remained exposed to significant downside risks. Escalating trade tensions and rising policy uncertainty contributed to heightened market volatility and pressured capital flows, especially in economies with elevated debt levels. While many emerging markets maintained growth momentum, they faced mounting challenges from tighter global financial conditions and diminished external buffers.

Source: Basis World Economic Outlook, July 2025 Report

Real GDP Growth (in %)

Outlook

The global economic outlook for the medium term remains clouded by rising trade barriers, heightened geopolitical tensions, and growing policy uncertainty. These factors are expected to weigh on investment activity and household consumption, leading to a moderation in global GDP growth from 3.3% in CY 2024 to 3.0% in CY 2025E, with a modest recovery to 3.1% projected for CY 2026E. While inflationary pressures are gradually easing, they are expected to persist at levels higher than previously anticipated. Global headline inflation is forecast to decline from 5.8% in CY 2024 to 4.2% in CY 2025E and further to 3.6% in CY 2026E, supported by softening demand and improving supply-side dynamics.

Growth in advanced economies is expected to lose momentum. In the United States, GDP growth is projected to slowly grow from 1.9% in CY 2025E to 2.0% in CY 2026E, as prior strength fades amid tighter financial conditions and sporadic trade-tariff uncertainties. The Euro area is forecast to grow by 1.0% in CY 2025E and 1.2% in CY 2026E, constrained

by elevated uncertainty and weak domestic demand. In China, growth is anticipated to moderate from 5.0% in CY 2024 to 4.8% in CY 2025E and further down to 4.2% CY 2026E, as the economy contends with structural challenges and subdued external demand. Global trade volumes for goods and services are similarly expected to decelerate, rising by 2.6% in CY 2025E before slowing down to 1.9% in CY 2026E.

The path ahead remains contingent on evolving global dynamics. Key downside risks include intensified economic fragmentation and a further rise in protectionist measures, which could dampen growth prospects and aggravate inflationary pressures. A sharper-than- expected resurgence in inflation may compel central banks to undertake more aggressive monetary tightening, raising the risk of financial market instability. On the upside, improved policy clarity, easing of trade tensions, tariff rollbacks, and progress on structural reforms could restore investor confidence and support a more robust and inclusive global recovery. In the near term, increased government spending on defense may provide a limited growth impulse, though it may also raise longer-term fiscal sustainability concerns.

Source: Basis World Economic Outlook, July 2025 Report, OECD Economic Outlook. March 2025

Indian Economy

Amid a backdrop of steady yet uneven global growth and persistent external headwinds, the Indian economy displayed robust resilience in (financial year) FY 2024-25, underpinned by strong macroeconomic fundamentals, timely fiscal and monetary measures, and sustained emphasis on public capital expenditure. Real GDP

growth moderated to 6.5% from the previous year but remained the highest among major global economies, reaffirming Indias position as the fastest-growing large economy. On the demand side, the growth momentum was supported by a rebound in private consumption and a positive contribution from net exports. On the supply side, robust performance in the services sector, coupled with a recovery in agricultural output, contributed to the overall expansion.

Headline inflation averaged 4.6% in FY 2024-25, a notable decline from 5.4% in FY 2023-24, reflecting easing input costs, targeted supply-side interventions, and the continued transmission of earlier monetary tightening. However, core inflation inched up during the latter part of the year, largely influenced by elevated international gold prices.

Indias domestic financial markets remained broadly stable despite heightened global volatility. Liquidity conditions were generally in surplus through the year. While the Indian rupee experienced some depreciation against a strengthening US dollar - amid rising U.S. asset yields - it remained relatively stable in comparison with other emerging market currencies. Indias overall macroeconomic stability, reflected in manageable fiscal and current account deficits, facilitated an orderly adjustment in the foreign exchange market.

Indias macroeconomic situation in FY 2024-25 reflects a balance of enduring domestic strengths and emerging external challenges. Strong domestic demand, improved supply-side dynamics, and prudent fiscal management continue to support growth prospects. Nevertheless, risks stemming from geopolitical uncertainties, commodity price volatility, and tight global financial conditions warrant vigilant policy monitoring to safeguard economic momentum.

Outlook

Indias economic outlook for FY 2025-26E remains broadly optimistic, underpinned by strong domestic fun damentals and a supportive policy framework. Continued emphasis by the government on capital expenditure, complemented by ongoing fiscal consolidation, has helped sustain growth momentum. The health of the banking system - characterized by well-capitalized institutions - and improved corporate balance sheets, alongside resilient financial markets, provide a firm foundation for economic expansion. The services sector has remained a key driver of growth, while improving consumer and business sentiment continues to bolster aggregate demand.

Headline inflation fell below the Reserve Bank of Indias 4% target in the last couple of months of the concluded fiscal, largely due to a sharp correction in food prices. This development has strengthened expectations of sustained price stability. With inflationary pressures appearing contained and growth holding firm, the monetary policy stance is anticipated to remain accommodative in the near term - focused on nurturing recovery while maintaining a cautious watch on emerging global risks.

Nonetheless, external challenges persist. Heightened geopolitical tensions and growing uncertainty arising from evolving tariff regimes in major economies - particularly the United States - as well as a war-like situation on the domestic front in the first half of the calendar year, have the potential to introduce volatility in global financial markets and disrupt trade flows. These factors may pose downside risks to both inflation and growth trajectories in India. Accordingly, market participants and policymakers are expected to remain alert to global developments that could influence domestic macroeconomic dynamics.

Source: Basis RBI Annual Report, 2025

Indian Media and Entertainment Industry

In CY 2024, Indias Media & Entertainment (M&E) sector achieved a significant milestone by reaching INR 2,502 bn, marking a 3.3% growth from the previous year. This expansion, though modest compared to the 8.3% growth in CY 2023, was primarily driven by a robust 8.1% increase in advertising revenues, especially from digital platforms. Despite this progress, traditional segments continued to face challenges, with subscription revenues seeing some decline.

For the first time, Digital media surpassed Television to become the largest segment in the Media & Entertainment space, although its growth has moderated this year. Live Events and Out-of-Home (OOH) media witnessed notable traction, while segments such as Filmed Entertainment, Music, Animation, and Online Gaming experienced a slowdown. This shift highlights the evolving consumer preferences within the M&E sector, marked by digital dominance but tempered by market maturity and changing content dynamics.

Print media remained a muted segment this year, with flat-ish subscription growth and overall subdued momentum. However, premium advertising formats performed relatively well, supported by a surge in print- led innovations. Revenues were buoyed by big events during the year, even as evolving consumer preferences and likely cover price action in certain instances contributed to a decline in subscription volumes.

Radio segment as a traditional medium registered positive growth this year, driven by a rise in advertising volumes and the expansion of alternate revenue streams. The ongoing evolution of Indias event and concert economy significantly benefited the sector, with NonFree Commercial Time (NFCT) revenues contributing up to 20% of total segment revenue. Despite these gains, the segment continues to operate well below prepandemic levels.

The OTT (Over the Top) segment witnessed notable developments in CY 2024, with paid video subscriptions rising by 15% to 111 mn across 47 mn households. Despite facing profitability pressures that led to a 12% decline in premium content production, platforms shifted focus toward cost-efficient strategies. Nevertheless, OTT effectively absorbed a portion of declining cinema footfalls and expanded the reach of Indian content to broader and more diverse audiences.

Overall, Traditional media witnessed a decline this year, driven by falling Television revenues and subdued performance across Print, Radio, and Cinema. In contrast, the Media & Entertainment sector as a whole saw an upswing, largely fueled by the robust growth of new media, especially Digital.

Source: EY FICCI M&E Report 2025

Outlook

Indias Media & Entertainment sector is projected to reach INR 3.1 tn in the coming years, expanding at a compound annual growth rate (CAGR) of 7%, with Digital and New Media accounting for nearly half of this growth. Key segments such as OTT platforms, digital advertising, online gaming, and live events are expected to register robust expansion, while traditional segments may continue to experience some headwinds. Advertising is poised to remain the primary revenue source, representing over 50% of total revenues. Overall, the sector is undergoing a dynamic, technology-driven transformation, increasingly extending its global footprint.

The Print segment is expected to remain stable, supported by sustained demand for premium advertising formats, although potential cover price action could constrain subscription volumes. To address this challenge, the industry is exploring targeted circulation strategies to maintain and grow readership. The Radio segment is also forecast to experience growth, with both Print and Radio benefiting from increased event-related revenues and innovations in bundling, potentially ushering in a fresh wave of sectoral transformation. These initiatives underscore a broader industry effort to adapt and diversify amid evolving consumer behaviors.

Fueled by rising advertisement volumes, the sector is well-positioned for steady revenue growth, reaffirming its status as a core pillar of Indias Media & Entertainment ecosystem. Traditional formats - including Television, Print, Radio, and Cinema - are expected to retain their relevance due to their broad accessibility and cost efficiency. The growing popularity of major live events will further enhance engagement and revenue potential. As consumer preferences continue to evolve, the sectors sustained momentum will increasingly depend on innovation and adaptability, supported by continued investment in content creation and distribution infrastructure to nurture future growth.

Source: EY FICCI M&E Report 2025

Print

In CY 2024, Indias Print media sector remained flat with the total segment unchanged at INR 260 bn. This muted performance was driven by modest 0.7% increase in advertising revenues to INR 179 bn, offset by a 1.2% decline in circulation revenues that stood at INR 81 bn. Print retained its appeal among premium audiences and brands prioritizing credibility in messaging.

Circulation revenues in certain instances were impacted by localized distribution disruptions, deliberate cuts in low-return copies and likely cover price action in certain instances. English-language publications witnessed a 3.6% rise in circulation revenues, whereas other language publications experienced a 1.8% decline. Loyal readership was supported by subscription incentives, bundling schemes, and promotional campaigns. Softer newsprint costs provided margin relief and enabled further investments in circulation-enhancing initiatives.

Advertising remained the backbone of revenue, showcasing the sectors inherent resilience despite still lagging behind pre-pandemic benchmarks. English dailies gained a 2% share in advertising volumes since CY 2022, while regional papers saw a corresponding decline. Hindi publications maintained their leadership, contributing 38% of total advertising volumes due to their expansive reach. The Auto, Services, and Education sectors collectively drove approximately 45% of total print advertising volumes. Government and PSU advertising saw a temporary dip due to the Model Code of Conduct restrictions during the 2024 General Elections during CY 2024. Also, Print increasingly ventured into metro-focused events, contributing to growth in ancillary revenue streams.

Looking ahead, the overall Print segment is projected to grow at a modest CAGR of less than 1%, reaching INR 267 bn by CY 2027E. Advertising is expected to grow at 2% CAGR to INR 190 bn, while circulation revenue is projected to decline with a 2% CAGR to INR 77 bn. To navigate these structural shifts, the sector looks to focus on attracting high-quality readership, diversifying revenue streams, enhancing bundled offerings, optimizing circulation strategies, and rationalizing advertising rates across markets to maintain relevance and stabilize growth.

Source: EY FICCI M&E Report 2025

Print Segment Revenue (in INR bn)

Print Advertising

In CY 2024, advertising revenues in Indias Print segment remain ed broadly stable, registering a modest growth of 0.7% to reach INR 179 bn. This stability came on the back of a 1.3% increase in advertisement insertion volumes, even as average advertising rates declined by 1%, reflecting cautious advertiser sentiment. Consequently, print advertising recovered to 88% of pre-pandemic levels. Advertiser participation also saw a decline, down to 1,40,000 advertisers as compared to 1,50,000 last year. Advertising contributed 69% of total Print revenue, slightly up from 68% in the prior year.

Hindi publications continued to dominate newspaper advertising in CY 2024, accounting for 38% of total advertising volumes, maintaining their position as the largest contributo r. English language newspapers followed with a 28% share, marking a slight increase in their contribution, indicating a modest recovery and growing advertiser interest. These trends highlight the continued strength of vernacular media and a gradual resurgence in English-language print, driven by targeted advertising and localized content strategies.

Among the top five advertising sectors in CY 2024 were Automotive, Services, Education, Banking & Finance, and Retail, collectively contributing 63% of total print advertising volumes - up from 60% in CY 2023. This increase reflects the sustain ed trust placed by key in dustries in the Print medium to reach high-value, decision-making audiences. With Hindi and English publications jointly capturing 66% of newspaper advertising volumes, Print retained its position as a trusted, high-impact platform, particularly effective for premium messaging and targeted outreach.

However, advertising revenues were impacted by the rise of e-commerce and quick commerce models, which diverted budgets away from traditional retail advertising. Election-related advertising pauses due to the Model Code of Conduct and the absence of a DAVP rate revision, further weighed on revenue potential.

Looking ahead, growth will be underpinned by sustained appeal among the NCCS A demographic and the continued effectiveness of premium formats like jacket advertisements, innovations, and special editions. For further expansion, publishers will look to recalibrate advertising rates in underleveraged regions, especially as consumption in Tier 2 and Tier 3 cities accelerates. Ensuring competitive regional pricing and cultivating a diverse, sector-wide advertising pipeline will be critical to maintaining momentum and achieving long-term revenue stability.

Source: EY FICCI M&E Report 2025

Print Circulation

In CY 2024, Print circulation revenue stood at INR 81 bn, reflecting a slight decline of 1.2% from the previous year. This drop mirrors ongoing structural shifts in consumer habits as Digital alternatives continue to gain momentum. English-language publications defied the overall trend with a 3.6% growth in circulation revenues, supported by strategic initiatives such as targeted subscription campaigns, bundled offers, and calibrated cover price adjustments in urban markets. Conversely, regional language publications recorded a 1.8% decline, impacted by evolving reader preferences in non-metro areas. Despite signs of recovery, overall circulation revenue remains 10% below pre-pandemic levels, with English newspapers trailing by 23% and regional titles by 9%. On the circulation volume front, a decline of 3% was seen in CY 2024 as compared to the previous year.

Distribution challenges also weighed on the segment in CY 2024, as seen by a shrinking vendor base as workforce continued to transition to other available retail commerce delivery roles. The resulting reduction in last-mile delivery personnel has raised concerns about the longterm sustainability of physical newspaper circulation. In response, publishers are enhancing distributor incentives, streamlining delivery schedules, and exploring supplementary income models for their distribution network. Simultaneously, innovative outreach campaigns and subscription drives are being deployed to re-engage readers and grow circulation footprints.

With a decline in duplicated readership - households subscribing to multiple newspapers - publishers are gradually moving away from heavy discounting strategies. Instead, the emphasis is shifting towards building brand equity and reader loyalty through localized and hyperlocal news, insightful editorial analysis, and exclusive

features with prominent influencers and subject matter experts. Additionally, content focusing on career development, lifestyle, and personal finance, along with bundled offerings / other incentives, is expected to deepen reader engagement. Targeting premium urban neighborhoods and high-rise residential complexes will remain central to circulation growth among high- value audiences.

Source: EY FICCI M&E Report 2025

Print Circulation Segment Revenue (in INR bn)

Radio

Radio segment recorded a 9% growth in CY 2024, reaching INR 25 bn. Despite this improvement, as a traditional medium it remains below pre-pandemic levels, currently standing at 81% of CY 2019 revenue. Advertising volumes grew marginally by 3% over the previous year, but advertising rates continued to remain subdued, limiting further revenue acceleration. The segments overall growth trajectory was largely supported by diversification beyond traditional advertising slots.

A key highlight for the year was the rise of NFCT revenues, which contributed an average of 20% of total radio revenues in CY 2024, marking the highest share since CY 2017. Rising NFCT revenue contribution, underscores a strategic shift toward alternative monetization channels such as branded events, sponsorships, and digital extensions. This diversification has become essential for the segment to sustain relevance and profitability.

Looking ahead to CY 2027E, the Radio segment is projected to grow to INR 30 bn. Much of this growth will be driven by a continued rise in NFCT revenues, expected to account for approximately 29% of the segment, growing at a CAGR of 20%. While traditional advertising slots may see only marginal growth particularly in nonmetro markets due to increasing urbanization and car ownership, overall FCT growth is expected to plateau

unless advertising rates are corrected and reach- related limitations are addressed. Additionally, radio players are likely to leverage their strong on-ground presence to support multi-media sales across TV, Print, and OOH platforms.

OTT (Over-the-Top)

Indias OTT industry has been on an upward trajectory and continues to record a healthy 13.8% growth in in CY 2024, mirroring the 13.5% growth seen in the previous year. With digital consumption steadily increasing, OTT penetration has expanded to 38% of the countrys population in CY 2024, up from 34% in CY 2023. The total OTT audience universe now stands at an impressive 547 mn, indicating deepening digital engagement across urban and rural markets alike.

A significant shift in audience behavior is emerging within the OTT ecosystem. While the total audience has grown, the Subscription Video on Demand (SVOD) segment, comprising viewers who pay for content, has contracted to 151 mn, now forming 27.5% of the overall OTT universe. In contrast, the Ad-supported Video on Demand (AVOD) segment has been the primary growth driver, expanding by a strong 21% to encompass 397 mn users.

The SVOD segment continues to represent a strong and valuable pillar of Indias OTT ecosystem, still accounting for over a quarter of the total OTT audience. Despite rapid growth in the AVOD space, SVOD remains the preferred choice for viewers seeking high-quality, ad-free, and exclusive content experiences. This audience is typically more engaged and loyal, making them an attractive demographic for content creators and platforms alike.

Overall, the outlook for Indias OTT sector remains bullish, driven by rising digital access, smartphone penetration, and

content consumption. However, monetization models will need to adapt balancing quality, accessibility, and pricing strategies to capture both the paying and non-paying segments effectively in a fiercely competitive market.

Source: Ormax OTT Report, 2024; COTT Annual Report 2024

Indian Recruitment Sector

Indias recruitment sector is undergoing rapid expansion, fueled by a youthful and growing labo r fo rce coupled with increasing demand from employers for skilled and job- ready candidates. Online hiring platforms have become essential enablers in this evolving landscape, simplifying and accelerating the process of connecting talent with opportunities. These platforms not only enhance efficiency but also widen access, allowing employers to tap into a broader and more diverse pool of candidates from across the country, including tier-2 and tier-3 cities.

Parallel to this growth, Indias skill development ecosystem is witnessing a significant transformation. As industries evolve, aligning the capabilities of job seekers with market demands has become imperative. Upskilling initiatives help bridge critical skill gaps, empowering candidates to become more employable and enabling companies to meet their talent needs more effectively. When integrated with job portals, these platforms create a powerful synergy that candidates can not only discover opportunities but also enhance their skillsets to match evolving job requirements.

Labor force participation in India remains robust, with the overall national rate largely stable between CY 2023 and CY 2024. Urban areas have seen slight improvements in workforce engagement, with male participation rising from 74.3% to 75.6% and a modest increase among females. The worker population ratio has also shown

marginal gains in urban regions, reflecting incremental employment growth. Although unemployment rates have fluctuated slightly across sectors and regions, the overall national trend indicates a slight improvement, suggesting that employment opportunities are gradually increasing.

Need for more targeted skill development remains a key area for policymakers and industry stakeholders to address. Strengthening the collaboration between job portals and upskilling platforms offers a promising path forward by equipping job seekers with the right skills and connecting them directly with employers, India can build a future-ready workforce that is both competitive and inclusive.

Source: Basis Periodic Labour Force Survey 2024

Private Equity - Venture Capital

Market Intelligence

Indias private equity (PE) and venture capital (VC) market intelligence ecosystem has experienced significant growth and transformation, driven by a resurgence in market activity and the increasing adoption of advanced technologies. Total PE-VC investments in India rebounded by 9% y-o-y, reaching USD 43 bn across nearly 1,600 deals in CY 2024. This growth was primarily fueled by a surge in venture and growth investments, which increased by about 40% to approximately USD 14 bn, alongside a notable rise in deal volumes from 880 in CY 2023 to 1,270 in CY 2024.

Concurrently, the integration of data technologies into investment processes has become a pivotal trend among Indian VC funds. These data technologies and the platforms that offer them are being leveraged to automate data analytics, enhance deal sourcing, and improve decision-making efficiency. This technological adoption is enabling investors to process a higher volume of opportunities with greater speed and accuracy, thereby optimizing workflows and reducing the time required for due diligence. This strategic application is reshaping the investment landscape, allowing funds to identify high-potential startups / companies more effectively and adapt to the evolving market dynamics. As the industry continues to embrace digital transformation, the role of data technologies in venture capital is expected to expand, further enhancing the capabilities of intelligence platforms and contributing to the sectors growth.

Source: Bain & Company India Private Equity Report 2025

Company Overview

Marking 100 years of trusted presence for its flagship offering, in the concluded calendar year, HT Media Limited (HTML) stands as a pillar of Indias dynamic media and entertainment sector. With a legacy rooted in integrity and innovation, the Company has consistently evolved to meet the changing needs of its diverse audience across multiple platforms. Today, HTML continues to set benchmarks with its expansive portfolio spanning Print, Radio, and Digital domains, driven by a commitment to inform, engage, and inspire.

In the Print segment, HTML proudly leads with its flagship publications the iconic English daily Hindustan Times, the widely circulated Hindi daily Hindustan, and the esteemed business paper Mint. These publications remain trusted sources of news and insights for millions across the country, upholding the companys reputation for editorial excellence.

HTMLs Radio business boasts a vibrant array of popular stations including Fever FM, Punjabi Fever, Radio Nasha, and Radio One. These brands enjoy strong listener loyalty, offering diverse and localized content that resonates with Indias multifaceted audiences.

On the Digital front, HTML has significantly expanded its footprint, particularly in the online recruitment and upskilling space through Shine, connecting talent with opportunities at scale. The Companys Mosaic Digital suite continues to flourish, featuring specialized platforms such as VCCEdge, VCCircle, TechCircle which deliver cutting-edge news and research tailored for investment and enterprise technology professionals.

Adding to its digital innovation, HTML has launched OTTplay, a pioneering single-login platform that aggregates over 25+ OTT services into a seamless, cost-effective user experience. This initiative has quickly garnered substantial viewership, establishing OTTplay as a distinct and influential player in Indias growing OTT ecosystem - offering a resourceful product proposition of abundance, convenience, personalization and affordability.

As HTMLs publications enters their second century, it remains dedicated to leveraging its heritage while embracing new technologies and market trends to create meaningful experiences for its audiences and stakeholders alike.

Key Product Portfolio (Group Level)

Print

Hindustan Times

Hindustan Times is one of Indias leading English- language newspapers, renowned for its credible journalism and wide-reaching influence. Established a century ago, it has consistently delivered comprehensive coverage across national, international, business, sports, and cultural news. With a loyal readership spanning urban and semi-urban regions, Hindustan Times has become a trusted source of information for millions, combining in-depth reporting with insightful analysis.

The newspaper offers a rich mix of content tailored to meet the evolving interests of its diverse audience. Beyond daily news, Hindustan Times provides extensive features on lifestyle, technology, entertainment, education, and opinion pieces from some of the countrys most respected voices.

A key differentiator for Hindustan Times lies in its commitment to editorial integrity and innovation. Its century-old legacy is built on delivering unbiased, accurate reporting while adapting to changing media landscapes. With a strong focus on journalistic ethics, investigative reporting, and community engagement, Hindustan Times continues to uphold its reputation as a newspaper of record. This steadfast dedication has established it not only as a media institution but also as a platform that inspires informed public discourse across India.

Hindustan

Hindustan stands as one of Indias most influential Hindi- language newspapers, deeply entrenched in the cultural and social fabric of India. With decades of unwavering commitment to delivering accurate and relevant news,

Hindustan has earned the trust of millions of readers. Its coverage spans an extensive range of topics from national and regional news to sports, entertainment and pressing social issues making it an indispensable source of information for the Hindi-speaking populace.

Beyond traditional news, Hindustan offers a rich blend of content that resonates with the diverse needs of its audience. Special focus areas include lifestyle, agriculture, education, and career advice, reflecting the aspirations and daily realities of its readers.

Hindustan continues to build on its authentic connection with its audience, as well as its dedication to socially responsible journalism. By consistently delivering fair, insightful, and community-centric reporting, Hindustan has cemented its role as a trusted voice that empowers and informs. This blend of journalistic excellence and cultural sensitivity has established Hindustan not just as a newspaper, but as a vital institution within the Hindispeaking heartland of India.

Mint

Mint, established nearly two decades ago, is Indias premier business daily known for its clear, insightful, and comprehensive coverage of financial markets, economic policy, and corporate developments. Since its inception, Mint has built a reputation for high- quality journalism that combines analytical rigor with accessible storytelling, making complex economic and business news understandable to a broad audience of professionals, investors, and policymakers.

Mint offers in-depth reporting on a wide array of topics including equity markets, banking, government policy, technology, and global economics. Its editorial approach focuses on accuracy, clarity, and balanced perspectives, providing readers with actionable insights and trusted analysis to inform critical business decisions.

What sets Mint apart is its commitment to editorial independence and thoughtful discourse, positioning it as a vital resource for Indias business community. Over the years, the newspaper has become synonymous with credible business journalism and is recognized for fostering transparency and accountability within the corporate and policy environment.

Radio Fever FM

Fever FM has firmly established itself as a leading Contemporary Hit Radio (CHR) station in India,

resonating strongly with the urban youth across key metros. With a vibrant mix of Bollywood chartbusters, independent music, and interactive talk segments, the station has consistently evolved to reflect the pulse of modern listeners. It has not only embraced popular music trends but also ventured into narrative content, adapting Indian epics and biographies for the radio, thereby expanding the boundaries of traditional FM entertainment.

In addition to its on-air content, Fever FM, in the concluded fiscal, has made its mark through impactful on-ground activations and large-scale events i.e. music concerts by popular artists like Arijit Singh and Sonu Nigam among others, that further deepen its connection with listeners. In the recent past, the introduction of localized variants like ‘Punjabi Fever in Delhi has brought a regional flavor to its programming, blending cultural authenticity with modern formats. These innovations, coupled with a strong digital presence, including weekend specials and original web content, have made Fever FM more than just a radio station.

Radio Nasha

Radio Nasha has carved a unique niche in Indias FM landscape as the countrys first and only retro Bollywood station, bringing alive the magic of the 70s, to 90s music for todays audiences. Broadcasting in key markets of Mumbai and Kolkata, Radio Nasha stands out for its curated musical experience that blends timeless classics with rich storytelling. The stations lineup includes iconic tracks from legendary artists, hosted by celebrity RJs and film personalities who share behind-the-scenes anecdotes, trivia, and nostalgia that resonate deeply with Bollywood enthusiasts.

The station offers listeners an immersive journey into the golden era of music and cinema, crafting an unforgettable experience that continues to engage and inspire nostalgia among fans old and new. From exclusive series dedicated to legendary music icons to the thought-provoking ‘Film Club, the station delivers a compelling blend of entertainment that celebrates the timeless charm of retro Bollywood.

Radio One

Radio One proudly holds the distinction of being Indias only dedicated international FM station, setting itself apart by bringing the pulse of global music directly to Indian listeners. The station serves as the premier destination

for music lovers who crave a global soundscape right from their local radio dial.

Beyond just music, Radio One offers a gateway to the global entertainment world. The station has featured iconic international artists such as Jason Derulo, Katy Perry, Shaggy, and Kylie Minogue, creating exclusive moments for Indian audiences through interviews, features, and special shows. It also dives deep into international pop culture, covering marquee events like the Grammys, Oscars, and global music festivals, ensuring listeners are always in sync with whats trending worldwide.

Through social media, live events, and influencer-driven programming, the station has built a loyal community of listeners who see it as a trusted source for music, culture, and global trends. In a market saturated with homogeneous formats, Radio One stands apart by delivering a sophisticated blend of international music, contemporary hit radio chartbusters, and retro classics, making it not just a radio station, but a celebration of global lifestyle and sound.

Podcasts

HT Smartcast is a vibrant and trustworthy audio podcast venture by HTML. Balancing a lively spirit with serious content, HT Smartcast has positioned itself as a comprehensive audio destination that caters to a wide range of interests, from captivating stories and sports updates to market insights, fashion trends, news, and nostalgia. With thoughtfully crafted podcasts made with care, the platform ensures that listeners never miss out on what matters in todays fast-paced world.>

Driven by a clear mission to create immersive audio brand stories that inspire and unite a diverse new generation, HT Smartcast aims to shape a more inclusive and democratic society through its content. Its vision is to become the fastest-growing curator of premiumgenerated content podcasts globally.

Digital

Mosaic Digital

Mosaic Digital is a leading digital products company that blends advanced research, credible journalism, and innovative brand solutions to deliver comprehensive insights and strategic value to its clients. At the core of its offerings is VCCEdge, a powerful market intelligence platform trusted by private market professionals for its extensive database, deep analytics, and robust tools that unlock smarter investment opportunities.

Complementing this is VCCircle, a premier source of news and analysis on Indias alternative investment space, covering key areas like deals, exits, M&As, capital investors, entrepreneurship, and business strategy. Additionally, TechCircle enriches the portfolio with in-depth reporting on enterprise and emerging technologies, delivering breaking news, feature stories, and community-driven content.

Mosaic Digitals unique strength lies in its seamless integration of high-quality journalism with rigorous research and active industry engagement, offering an end-to-end suite of services including strategic advisory, go-to-market support, and market outreach enablement. VCCEdge enjoys significant trust within the investment ecosystem, boasting coverage across various companies, deals, financials and markets. With specialized journalism and data expertise through VCCircle and VCCEdge, Mosaic Digital has become the definitive authority on Indias private equity, venture capital, M&A, and alternative investment landscape.

Further enhancing its market presence, Mosaic Digital hosts flagship events such as the ‘LP Summit, ‘Family Office Forum and ‘Healthcare Investment Summit among others, targeting niche investor segments and providing valuable networking and deep-dive content. The Companys subscription and event models together create a powerful synergy within the financial services ecosystem.

Shine

Shine is one of Indias premier online job portals, dedicated to bridging the gap between job seekers and employers across a diverse range of industries and professional roles. The platform goes beyond simple job listings by offering a comprehensive suite of services including resume building, career guidance, skill assessments, and targeted job search capabilities. Employers benefit from an efficient recruitment process powered by advanced technologies that enable quick job posting, candidate screening, and applicant tracking, helping them connect with the most suitable talent swiftly. Shines holistic approach ensures both candidates and recruiters experience a seamless hiring journey.

At the heart of Shines success is its expansive candidate database, boasting over 50 million profiles spanning various sectors and functions. This vast repository, combined with cutting-edge data science and AI-driven algorithm-enhanced search capabilities delivers highly accurate candidate-job matching, enabling businesses

to close hiring gaps faster and more efficiently. Shines industry-benchmarked recommendation engine ensures recruiters are presented with the best-fit candidates, reducing time-to-hire and improving recruitment outcomes across the board.

Shine has also innovated with a wide range of hiring solutions tailored to boost recruiter productivity. Its automated screening tools - including the recently launched recruiter copilot - interact with candidates through qualifying questions to shortlist the most relevant and interested applicants. This intelligent screening dramatically improves the quality of candidate pipelines while freeing up recruiters to focus on strategic hiring decisions. By continuously enhancing product relevancy through large language models and AI, Shine maintains a competitive edge in the rapidly evolving recruitment landscape.

Additionally, Shine stands out as a strong upskilling partner for job seekers through Shine Learning - its dedicated learning platform. By analyzing emerging recruiter demands and industry trends, Shine Learning offers candidates access to a broad spectrum of online courses and certifications that align with current market needs. This focus on continuous skill development empowers candidates to stay relevant, accelerate their career growth, and meet evolving job requirements, making Shine not just a job portal, but a comprehensive career partner for Indias workforce.

OTTplay

OTTplay has emerged as Indias leading OTT ‘Super App, offering users a seamless, one-stop platform to discover and stream content from over 25+ leading OTT services. With flexible subscription options, OTTplay simplifies the OTT viewing experience by aggregating diverse content into a single interface. Users benefit from smart features such as personalized recommendations, curated content rails, and access to ratings, reviews, and OTT-centric news which makes content discovery intuitive and engaging. OTTplays ability to tailor content suggestions based on user behavior has driven strong user satisfaction, reflected in its consistently high application ratings across online platform stores.

For content partners, OTTplay unlocks access to new and relevant audiences through both digital and onground distribution channels. Its partnerships span a wide array of genres, including regional entertainment, devotional, sports, and kids programming among others; available in nearly 7 languages across relevant genres

therein. The recent expansion into Live TV and live event streaming - now offering 400+ live channels - has further cemented OTTplays position as a comprehensive digital entertainment destination. The platforms ability to bring niche and mainstream content under one roof has not only enriched viewer choice but also provided content partners with greater reach and monetization opportunities.

OTTplay has also proven to be a valuable distribution ally for internet service providers (ISPs) and cable operators. By bundling OTTplay subscriptions with broadband plans, ISPs are able to boost user engagement and retention. Strategic alliances, such as the partnership with BSNL to launch the digital entertainment platform ‘BiTV, demonstrate the brands focus on expanding its ecosystem and tapping into Indias growing broadband user base. Initiatives like becoming one of the first OTT platforms to join ONDC displays OTTplays commitment to innovation and audience expansion.

Backed by a sharp focus on user experience and product evolution, OTTplay has strongly scaled its revenue and user base over the last year. It has consistently expanded its content portfolio, added new partner platforms and enhanced its offerings across regional and niche genres. The platforms robust renewal rates and rising engagement levels indicate increasing user loyalty. OTTplay is well-positioned to remain a frontrunner in Indias rapidly evolving digital entertainment landscape.

Financial Overview (Consolidated)

Revenue from Operations

Revenue from Operations increased by 6.5% to INR 1,806 crore in FY 2024-25, as compared to INR 1,695 crore in FY 2023-24.

Profitability

Earnings before Interest, Taxes and Depreciation (EBITDA) margin increased to 9.2% in FY 2024-25 from 6.3% in FY 2023-24. This improvement was led by rationalization of newsprint led raw material costs as well as jump in total revenues. Subsequently, Profit after Tax (PAT) margin improved to 0.7% in FY 2024-25 from -4.9% in FY 2023-24. Return on Networth improved to 0.1% in FY 2024-25 from -4.8% in FY 2023-24 owing to better profitability for the fiscal year under review.

Earnings per Share

Subsequently on improved profitability, the Earnings per Share (EPS) for FY 2024-25 stood at INR 0.1 as compared to INR -3.5 in the prior fiscal.

Debtors Turnover Ratio

Debtors Turnover Ratio remained the same at 4.6 times in FY 2024-25 as was in FY 2023-24, owing to an increase in accounts receivable and a commensurate uptick in operating revenue as well.

Inventory Turnover Ratio

Inventory Turnover Ratio decreased to 2.8 times in FY 2024-25 from 3.0 times in FY 2023-24 led by relatively slower decline in inventory as compared to associated costs.

Interest Coverage Ratio

Interest Coverage Ratio improved to 1.32 times as on March 31, 2025 from -0.01 times on March 31, 2024, mainly due to the better EBIT level profitability and lower finance cost for the fiscal year under review.

Current Ratio

Current Ratio rose to 1.2 times in FY 2024-25 from 1.0 times in FY 2023-24, owing to relatively higher current financial assets as well as decline in current financial liabilities during the fiscal year under consideration.

Debt Equity Ratio

Debt Equity Ratio dropped to 0.3 times in FY 2024-25 from 0.4 times in FY 2023-24, mainly due to decline in borrowings for year ended March 31, 2025.

Debt Service Coverage Ratio

Debt Service Coverage Ratio improved to 0.15 times in FY 2024-25 from -0.001 times in FY 2023-24, mainly led by an increase in EBIT level profitability.

Trade Payables Turnover Ratio

Trade Payables Turnover Ratio improved slightly to 4.6 times in FY 2024-25 from 4.5 times in FY 2023-24, mainly led by relatively slower decline in associated costs as compared to payables therein.

Net Capital Turnover Ratio

Net Capital Turnover Ratio fell to 6.2 times in FY 2024-25 from 36.0 times in FY 2023-24 primarily on account of rise in current assets and decline in current liabilities for the fiscal year under review.

Editorial Highlights

The centenary year of Hindustan Times marked a pivotal edito rial milestone, an occasion not only to commemo rate its rich legacy but also to reimagine the future of its

journalism. This landmark moment served as a catalyst for innovation across platforms, enabling the editorial team to pursue reporting that is quicker, deeper, and broader in scope. The HT@100 Commemorative Edition emerged as the centerpiece of these efforts, tracing the publications evolution from a voice of Indias freedom struggle to a leader in digital journalism. The significance of this journey was underscored by the unveiling of a commemorative postage stamp by Prime Minister Narendra Modi during the HT Leadership Summit, a symbolic recognition of the publications lasting imprint on Indias democratic and media landscape.

What distinguishes Hindustan Times in an increasingly crowded media ecosystem is its enduring commitment to in-depth, analytical journalism. The flagship "Page One Plus" feature exemplifies this approach, delivering authoritative analyses on complex issues ranging from legal judgments to environmental crises. This editorial philosophy was also reflected in standout coverage such as the PIN CODE series and detailed reporting on Yamuna pollution. HT continues to prioritize journalism that informs, contextualizes, and prompts meaningful public discourse offering more than just headlines by diving into the ‘why and ‘what next of each story.

Technological innovation and domain expertise further anchor HTs editorial vision. Investigative reporting, such as the use of satellite imagery to uncover Chinas military build-up along the LAC in eastern Ladakh, showcased the newsrooms embrace of advanced tools to break new ground in journalism. Similarly, data- driven visual storytelling like the breakdown of the 2024 Cabinet formation translated complex political processes into accessible narratives. Its 2024 Lok Sabha election coverage represented a matured newsroom operation, seamlessly integrating print, digital, and newsletters into a dynamic reporting ecosystem. The publication also strengthened its premium content portfolio by expanding its columns, particularly in art and culture, and enhancing coverage in areas such as economics, law, and science. These initiatives reflect Hindustan Times dual commitment to honouring its journalistic heritage while innovating boldly to remain the "First Voice and Last Word" in Indian media as it enters its second century.

Key Editorial Initiatives

Hindustan Times has long focused on meaningful editorial work that emphasizes original reporting, thorough analysis, and thoughtful commentary. Its goal is to contribute to important national conversations by

A A

providing readers with reliable, high-caliber journalism. Covering a wide range of topics, HT aims to explore key issues in depth and share stories that connect with and inform its audience.

Lok Sabha elections 2024

Hindustan Times delivered the most comprehensive coverage of the 2024 Lok Sabha elections, combining extensive ground reporting from constituencies across India with data-driven analysis. Our expanded election editions featured detailed constituency profiles, demographic voting pattern analysis, and in-depth interviews with key political figures. The coverage went beyond mere reporting of political rallies to explore the underlying socio-economic factors shaping voter decisions.

HT digital platforms complemented Print coverage through a specially designed interactive section on the HT App that allowed readers to track real-time developments, access historical electoral data, and understand complex coalition arithmetic through intuitive visualization tools. The section included multimedia content such as data animations, expert analyses, and archival material chronicling Indias democratic journey over the decades.

On results day, HTs newsroom deployed its full strength to deliver minute-by-minute updates complemented by insightful analyses on what the mandate meant for governance, policy direction, and coalition dynamics. The special coverage culminated in a definitive postelection analysis that has become a reference point for understanding the electoral verdict.

Budget trifecta

The past fiscal year presented the unique challenge of covering three significant budget sessions - the interim budget in February, the full budget in July following the elections, and the FY25 budget around the conclusion of the fiscal year. Each demanding distinct analytical approach. HT rose to this challenge with specialized coverage tailored to our readers needs.

Our coverage of the FY 2024-25 budget was particularly noteworthy for its comprehensive personal finance analysis that decoded complex tax provisions for our core reader base of urban professionals and salaried individuals. The special budget supplement included detailed calculators, comparative analyses of tax implications across income brackets, and expert assessments of the budgets impact on various sectors of the economy.

The coverage was distinguished by its accessibility and transforming complex fiscal policies into actionable insights through innovative infographics, Q&A formats, and case studies. Our team of economic and financial journalists provided not just reporting but context and counsel, helping readers navigate the implications for their personal and professional lives.

US Presidential election

HTs coverage of the 2024 US Presidential election showcased our commitment to global reporting with a distinctly Indian perspective. Our Washington correspondent traveled extensively through swing states, providing ground reports that captured the political and social undercurrents shaping the American electorate. Notably, HT was among the first Indian publications to accurately gauge the genuine possibility of Donald Trumps return to the White House, analyzing factors beyond polling data weeks before mainstream predictions shifted.

Our coverage of the assassination attempt on Trump was both immediate and reflective, combining breaking news with thoughtful analyses of its implications for American politics and democratic institutions globally. On results day, HT delivered comprehensive coverage that went beyond electoral statistics to examine what Trumps victory meant for Americas domestic politics, its global role, India-US relations, and the broader geopolitical landscape.

The coverage was distinguished by exclusive interviews with Indian-Americans in key political positions, analyses from policy experts on implications for trade and immigration policies affecting India, and perspectives on how the result would influence Indo-US strategic partnership.

Paris Olympics

HTs coverage of the Paris Olympics transcended conventional sports reporting to capture the cultural significance and human stories behind the competitive spectacle. Our sports bureaus on-ground presence enabled vivid storytelling that brought readers into the heart of Paris during this global celebration.

Beyond match reports and medal tallies, HTs coverage explored the stories of Indian athletes journeys to the Olympics, the technological innovations transforming sports performance, and the broader cultural significance of the Games returning to Paris after a century. Special features highlighted Indias growing presence in

international sports beyond cricket, with particular focus on athletics, shooting, and wrestling.

The coverage included stunning visual storytelling through photo essays capturing Pariss architectural transformation, athlete profiles, and the emotional moments that defined the Games. Digital innovations included interactive medal trackers, athlete performance analyses, and multimedia content that engaged younger audiences across platforms.

75 years of the Constitution

Marking the 75^th anniversary of the adoption of Indias Constitution on November 26, 2024; HT published a special commemorative edition that combined historical perspective with contemporary relevance. Drawing from our rich archives dating back to the Constitutions drafting, HT presented rare photographs and reports from 1949-50 that captured the moment when the worlds largest democracy formalized its governing principles.

The special edition featured contributions from eminent jurists, constitutional experts, and prominent national leaders reflecting on the Constitutions evolution, challenges, and enduring significance. A series of analytical pieces examined how constitutional provisions have shaped Indias democratic journey, protected fundamental rights, and adapted to changing social realities.

The coverage went beyond commemoration to engagement with contemporary debates about constitutional interpretation, the balance between fundamental rights and directive principles, and the Constitutions resilience in the face of evolving social and political challenges. Through this comprehensive coverage, HT reaffirmed its role as a platform for serious constitutional discourse that connects Indias founding vision with its present challenges.

Circulation

The Companys circulation strategy for its markets has been thoughtfully designed to maintain and grow market share by focusing on increasing subscriptions to counterbalance the potential slack in line copies. To support this, the subscription drive was revitalized with the reintroduction of incentive schemes to attract and retain readers. A targeted approach prioritized customer retention and re-engagement of non-renewed subscribers. Enhancements to the customer relationship management (CRM) system and launch of new channels of renewal have made it incredibly convenient for readers

to renew their subscriptions independently. Strategic partnerships with third-party community and housing management platforms are also helping to expand line copy sales, reflecting a proactive and innovative approach to circulation growth.

While circulation faces challenges due to the easy and instant availability of news on digital platforms, this has also opened exciting opportunities for growth in subscription- led models, especially in the English market. The new generations tech-savvy nature has accelerated the shift from traditional pull-based circulation to a more dynamic push-based model, where content is actively delivered to subscribers. By embracing this digital-first mindset and leveraging technology, the circulation strategy is well- positioned to adapt and thrive, reaching audiences in more effective and engaging ways than ever before.

Operations

The Company continues to optimize its printing operations across locations, comprising both company- managed as well as franchise units. Significant upgrades have been undertaken to address equipment obsolescence and improve overall operational efficiency. This has inturn resulted in driving performance enhancement, reduction in wastage, and savings in operational costs.

Operational controls have been strengthened in critical areas including air compressors, CTP (computer to plate) machines, machine park lighting, air conditioning, and machine chillers. Together, these initiatives are enhancing equipment performance and reducing downtime as well.

Looking ahead key operational strategies focus on further improving energy efficiency, alongside continuing TCP (Total Cost Productivity) programs to enhance operational efficiencies. Managing obsolescence across printing units remains a priority, alongside replacing aging equipment. Environmental sustainability is also a key focus, with green initiatives including tree plantation drives, carbon footprint mapping and efforts towards emission reductions. These initiatives reflect the departments commitment to operational excellence while embracing energy conservation and sustainability goals.

Procurement

The Company for its key materials purchases has adopted a dynamic approach that aims to optimize procurement efficiency and cost control. The Company has strategically leveraged spot buying for imported newsprint to secure

the best possible pricing in a likely fluctuating market. The Company thus has maintained flexibility, allowing it to capitalize on favorable market conditions and prevent cost escalations. Additionally aggressive negotiations have further strengthened its position, enabling itto obtain competitive deals not only from international suppliers but also from domestic vendors. This dual approach has been key in optimizing raw material costs while ensuring consistent supply.

Throughout the year, the Company has actively developed new vendors to diversify its supplier base. Regular coordination between the procurement and production teams, along with close collaboration with vendors, has resulted in improved paper quality without compromising on cost efficiency. Overall, the procurement efforts exemplify a comprehensive strategy that blends strong negotiation, vendor development, and cross-functional collaboration to deliver value and maintain high standards for Hindustan Times.

Additionally, a diversified vendor management approach has enhanced resilience in sourcing critical materials amid an uncertain global supply environment caused by ongoing conflicts around the world. The Company continues to focus on sustaining competitive procurement practices, leveraging spot buying, and vendor diversification to balance cost, quality, and supply security. This comprehensive procurement strategy positions it well to navigate market challenges while supporting its operational and financial goals.

Human Resource

At HT Media Ltd. employees are regarded as the most valuable asset. Accordingly, fostering engagement, development, and performance across the workforce is treated as a strategic priority. The Company remains committed to creating a dynamic and inclusive workplace that values diversity, supports continuous learning, and prioritizes employee well-being. Through targeted initiatives in talent acquisition, development, and management, HTML continues to position the itself as an employer of choice - attracting top talent and cultivating a high-performance culture that enables sustained growth and competitiveness.

In FY 2024-25, employee engagement initiatives were strengthened through a comprehensive calendar of programs focused on enhancing morale and the overall workplace experience. These included wellness challenges, cultural celebrations, and various team-

building activities, all aimed at fostering a sense of belonging and reinforcing the commitment to a supportive and inclusive environment. As of March 31, 2025, the Company employed 1,587 individuals - reflecting continued investment in building a strong and capable workforce.

Looking ahead, a key priority is to build a future-ready workforce through sustained investment in upskilling and lifelong learning. As the media landscape continues to evolve - becoming increasingly digital and competitive· it is essential for employees to remain adaptable. The approach focuses on empowering individuals to take ownership of their learning, supported by accessible tools, resources, and opportunities for professional growth.

Alongside skill development, a culture of collaboration, innovation, and inclusion is being actively cultivated. By encouraging diverse perspectives and creative thinking, the organization fosters an environment where employees feel supported and inspired to contribute meaningfully. Teamwork and open communication remain central to this approach, enhancing both engagement and organizational agility - enabling swift and confident responses to market shifts.

The ongoing focus remains on creating a holistic and empowering environment that nurtures both individual and collective success. By aligning people strategies with broader organizational goals - such as leadership development, performance enablement, and employee well-being - a high-performing, motivated, and resilient workforce continues to be shaped. This strategic approach ensures that HTML remains agile and competitive in an ever-changing industry landscape.

Safety of Women at Workplace

In line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013, HT Media Limited has implemented a comprehensive Prevention of Sexual Harassment (POSH) policy. The Company is deeply committed to fostering a workplace that is not only safe but also inclusive, respectful, and supportive of the well-being of all employees, irrespective of gender. This policy is designed to ensure that every employee can work in an environment free from harassment, discrimination, or any form of inappropriate behavior.

As part of its commitment to creating a respectful workplace, HTML provides regular training and

awareness programs for all employees, emphasizing the importance of respect, dignity, and equal opportunities. The Company actively promotes a culture where everyone understands their rights and responsibilities under the POSH Act, creating an atmosphere of accountability and transparency. In addition, the company has established clear reporting mechanisms, including confidential channels, to ensure that employees can report any incidents of harassment without fear of retaliation.

In the fiscal year FY 2024-25, HTML received no complaints of sexual harassment, reflecting its dedication to providing a secure workplace for women. This outcome underscores the effectiveness of the Companys policies and its unwavering commitment to maintaining a safe and supportive environment for all employees.

Risk Management

HT Media Ltd. has established a comprehensive risk management framework to proactively identify, manage, and mitigate risks arising from both external and internal factors. This framework includes periodic risk identification exercises that help the Company stay vigilant to potential threats across various domains, including financial, operational, sectoral, sustainability, information, and cyber security. Once identified, these risks are assessed based on their likelihood and potential impact on the business. The Company recognizes several key risks that could affect its operations, including a rapid shift in consumer preferences towards digital media, challenges posed by a dynamic competitive landscape, talent management in the current environment, geopolitical factors impacting newsprint costs and supply chains, and the evolving complexities of cybersecurity and data privacy regulations.

In response to the accelerated shift towards digital media and new advertising channels, the Company has implemented several strategies to mitigate risks related to changing consumer behavior. A strong product focus is being prioritized to align content and delivery with current market trends. This includes enhancing traditional Print and Radio initiatives through the integration of Podcasts, as well as expanding Digital and social media presence to engage a broader audience. Additionally, the Company has recalibrated its pricing strategy to improve yields, ensuring that it stays competitive in the evolving advertising market. By focusing on both customer value an d content innovation, HTML aims to not only mitigate the risks associated with changing consumer preferences but also capitalize on emerging opportunities in the Digital space.

Another significant risk the Company has addressed is the volatility in newsprint costs and supply chain disruptions, often influenced by geopolitical tensions. To counteract these challenges, HTML has diversified its sourcing strategies, procuring newsprint from multiple geographies to minimize the impact of regional disruptions. Tactical procurement decisions have been made to optimize the mix of paper used, while inventory management practices have been refined to strike the right balance between cost optimization and working capital investment. These proactive measures ensure that the Company can manage newsprint costs more effectively while maintaining operational efficiency, even in the face of global uncertainties.

In an increasingly complex digital landscape, safeguarding against cybersecurity and data privacy threats is a top priority. HTML has dedicated significant resources to enhancing its cybersecurity posture through the implementation of advanced security technologies such as Endpoint Detection & Response (EDR) and Data Leakage Protection (DLP). The Company also ensures continuity in its business operations by maintaining robust Business Continuity Plans (BCP) and Disaster Recovery Plans (DRP) for critical applications. Regular IT security awareness training programs are provided for employees, ensuring that all staff are equipped with the knowledge to mitigate cybersecurity risks. Additionally, periodic cybersecurity assessments are conducted to identify any vulnerabilities and ensure that measures are in place to protect both the Company and its stakeholders from potential data breaches or cyber-attacks.

Talent management has also been a focus area, particularly in the current dynamic work environment. HTML has implemented various employee welfare and engagement initiatives to strengthen its workforce. Regular employee connects, wellness programs, and upskilling opportunities have been introduced to enhance both professional development and overall well-being. The Company has also introduced flexible work options to accommodate diverse employee needs, while fostering a culture of open communication through regular CXO connects. These platforms provide employees with an opportunity to voice their opinions, enabling the Company to stay attuned to the needs of its workforce. In this way, HTML not only ensures the retention of top talent but also enhances employee engagement, which is critical to the Companys long-term success in an ever- evolving business environment.

Overall, HTMLs approach to risk management demonstrates a proactive and comprehensive strategy to mitigate key business risks. Through a combination of technological advancements, strategic decisionmaking, employee engagement, and adaptive approaches to market trends, the Company ensures its resilience against both external and internal challenges. By continuously evaluating and addressing potential risks, HTML remains well-positioned to navigate uncertainties and sustain its competitive edge in the rapidly changing media landscape.

Internal Audit

The Company has an effective system of internal controls corresponding with its size, nature of business and complexity of operations. The internal controls mechanism comprises of a well-defined organizational structure with clearly laid out authority and responsibility matrix and comprehensive policies, guidelines and procedures governing the operations of respective functions. These controls have been designed to safeguard the assets and interests of the Company and its stakeholders and also ensure compliance with Companys policies, procedures and applicable regulations. The Company has an established Code of Conduct (CoC) framework and Whistle-blower mechanism, which is duly approved by the Board of Directors in compliance with the regulatory requirements. A designated CoC Committee with cross-functional representation is in place tasked with monitoring and review of whistleblower complaints and ensuring proper & transparent complaint management and reporting, including reporting to the Audit Committee, wherever applicable.

The Company has a strong focus on technology and establishment of appropriate automated controls to further enhance the existing control framework. A robust ERP (Enterprise Resource Planning) system is used for accounting across functions. The Company operates through a Shared Service Centre (SSC), the ambit of which is continuously being widened to aid centralization of processes and activities. These systems enhance the reliability of financial and operational information by facilitating system driven control activities, reducing manual intervention, segregation of duties and enabling stricter controls. The internal control system is supplemented by an extensive program of operational and IT audits to evaluate the adherence to laid down processes and controls on a periodic basis. The in-house

internal audit function supported by professional external audit firms conducts comprehensive risk focused audits and assesses the effectiveness of the internal control structure across functions on a regular basis. A Group level central Revenue Assurance function is also in place to further streamline and enhance the controls around revenue recognition across different revenue streams. In addition to internal audit activities, the Company has also developed an internal financial control framework to periodically review the effectiveness of controls laid down across all critical processes. The Company performed an extensive operating effectiveness testing of its Internal Financial Control (IFC) framework, including rationalization of existing controls in line with dynamic business practices. The Company also uses a workflow based online compliance management tool and has established a concurrent audit mechanism of the same to ensure effective compliance oversight. Further, the Company has an Audit Committee which meets periodically to review internal control systems, accounting processes, financial information, internal audit findings and other related areas including their adequacies.

Way Ahead

HT Media Ltd. is well-positioned to navigate the evolving media landscape through a balanced and strategic focus across its core and emerging businesses. While investments in OTTplay are expected to moderate in the near term, the Company remains committed to scaling its presence in the Digital entertainment space by leveraging curated content and monetization strategies

aligned with evolving consumption trends. At the same time, the Print business will prioritize circulation growth and implement a calibrated correction in advertisement pricing, ensuring the sustainability of this foundational revenue stream. HTML will continue to deliver credible, purpose-driven journalism - a key differentiator in an era marked by misinformation - reinforcing its brand promise and maintaining reader trust, particularly during politically dynamic periods.

In its Radio division, the Company will deepen its focus on NFCT revenue streams, including branded events and multimedia activations, supported by a refreshed Fever FM brand that resonates with younger, urban audiences. This strategic positioning is expected to enhance advertiser engagement and listener loyalty, creating a compelling value proposition across platforms.

On the innovation front, HTML is upgrading its Digital products to stay ahead of market needs across both Shine and Mosaic Digital. VCCEdge will expand & upgrade its data offerings to provide investors with richer, actionable insights, while Shine will integrate AI-powered tools to streamline talent acquisition and improve recruitment outcomes.

These efforts, along with ongoing enhancements in content delivery and platform experience, reflect HTMLs forward-looking approach - blending the trust and depth of traditional media i.e. Print and Radio with the agility and innovation of Digital, ensuring long-term stakeholder value in a dynamic ecosystem.