Hindustan Media Ventures Ltd Management Discussions

Global Economy

The global economy delivered modest yet stable growth in (calendar year) CY 2024, navigating a complex macroeconomic landscape shaped by residual disruptions and evolving geopolitical dynamics. Strong real income growth and easing interest rates supported activity in select regions; however, these tailwinds were offset by subdued consumer sentiment, fiscal tightening, and shifting global trade patterns. The imposition of new tariffs by the United States, followed by reciprocal actions from key trading partners, added further uncertainty to the global trade environment.

Global GDP growth was estimated at 3.3% in CY 2024, slight decline from the previous year. Advanced economies experienced a slowdown, reflecting the delayed impact of earlier monetary tightening – particularly in the US and Europe – where elevated interest rates constrained investment and consumption. In contrast, emerging and developing economies showed greater resilience, supported by robust domestic demand and more accommodative policy frameworks.

Global headline inflation eased to 5.8% in CY 2024 from 6.7% in CY 2023, driven by tighter monetary policy, declining energy prices, and reduced supply chain pressures. Nonetheless, the global outlook remained vulnerable to downside risks. Escalating trade tensions and policy uncertainty contributed to increased market volatility and constrained capital flows, particularly in highly indebted economies. While many emerging markets sustained growth, they faced growing headwinds from tightening global financial conditions and weaker external buffers.

Source: Basis World Economic Outlook, July 2025 Report

Outlook

The medium-term global economic outlook remains to an extent uncertain, shaped by rising trade barriers, heightened geopolitical tensions, and increasing policy unpredictability. These headwinds are expected to dampen investment activity and household consumption, resulting in a projected slowdown in global GDP growth from 3.3% in CY 2024 to 3.0% in CY 2025E, with a modest recovery to 3.1% anticipated in CY 2026E. Although inflationary pressures are gradually receding, they are expected to remain above earlier projections. Global headline inflation is forecast to ease from

5.8% in CY 2024 to 4.2% in CY 2025E, and further to 3.6% in CY 2026E, supported by weakening demand and improving supply-side conditions.

Growth across advanced economies is expected to lose momentum. In the United States, GDP growth is projected to gradually increase from 1.9% in CY 2025E to 2.0% in CY 2026E, reflecting the lagging effects of tighter financial conditions. The Euro area is forecast to expand by 1.0% in CY 2025E and 1.2% in CY 2026E, constrained by persistent uncertainty and tepid domestic demand. In China, growth is expected to moderate from 5.0% in CY 2024 to 4.8% CY 2025E and further to 4.2% in CY 2026E, amid structural headwinds and subdued external global demand. Similarly, global trade volumes are forecast to decelerate in the medium term, increasing by 2.6% in CY 2025E before dipping to 1.9% in CY 2026E.

The trajectory ahead will depend on evolving global dynamics. Key downside risks include deepening economic fragmentation and a further escalation in protectionist policies, which could weaken growth prospects and prolong inflationary pressures. A sharper-than-anticipated resurgence in inflation could prompt more aggressive monetary tightening by central banks, heightening risks to financial stability. Conversely, greater policy clarity, easing trade tensions, reversal of tariff measures, and progress on structural reforms could restore investor confidence and support a more resilient and inclusive global recovery. In the near term, increased defense-related public spending may offer a limited boost to growth, though it could also raise long-term fiscal sustainability concerns.

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

Indian Economy

Amid steady yet uneven global growth and persistent external headwinds, the Indian economy demonstrated strong resilience in (financial year) FY 2024–25, supported by sound macroeconomic fundamentals, timely fiscal and monetary interventions, and sustained public capital investment. Real GDP growth moderated marginally to 6.5% from the previous year but remained the highest among major economies, reaffirming Indias position as the fastest-growing large economy. On the demand side, growth was driven by a rebound in private consumption and a positive contribution from net exports. On the supply side, strong performance in the services sector and a recovery in agricultural output underpinned overall expansion.

Headline inflation averaged 4.6% in FY 2024–25, down from 5.4% in FY 2023–24, reflecting easing input costs, effective supply-side measures, and the continued pass-through of prior monetary tightening. However, core inflation edged higher towards the end of the year, influenced primarily by elevated international gold prices.

Indias domestic financial markets remained broadly stable despite global volatility. Liquidity conditions were largely in surplus throughout the year. Although the Indian rupee depreciated against a strengthening US dollar – driven by rising US asset yields – it exhibited relative stability compared to other emerging market currencies. Overall macroeconomic stability, supported by manageable fiscal and current account deficits, enabled an orderly adjustment in the foreign exchange market.

The macroeconomic outlook for FY 2025–26E reflects a balance of strong domestic fundamentals and emerging external challenges. Robust domestic demand, improving supply-side conditions, and prudent fiscal management continue to support growth. However, elevated geopolitical risks, commodity price volatility, and tight global financial conditions necessitate ongoing policy vigilance to preserve economic momentum.

Source: Basis RBI Annual Report, 2025

Outlook

Indias economic outlook for FY 2025–26E remains broadly optimistic, anchored by strong domestic fundamentals and a supportive policy environment. The governments continued focus on capital expenditure, alongside a calibrated approach to fiscal consolidation, has helped sustain growth momentum. A robust banking sector – with well-capitalized institutions – and strengthened corporate balance sheets, coupled with resilient financial markets, provide a solid foundation for continued economic expansion. The services sector remains a key growth driver, while improving consumer and business sentiments continue to support aggregate demand.

Headline inflation fell below the Reserve Bank of Indias 4% target in the last couple of months of the concluded fiscal year, driven primarily by a sharp correction in food prices. This development has bolstered expectations of sustained price stability. With inflationary pressures appearing contained and growth holding firm, the monetary policy stance is likely to remain accommodative in the near term – supporting recovery while maintaining vigilance against emerging global risks.

However, external headwinds persist. Heightened geopolitical tensions, increased uncertainty surrounding evolving tariff regimes - particularly in the United States – and a war-like situation on the domestic front in the first half of the calendar year, have the potential to disrupt global trade and financial markets. These factors present downside risks to Indias inflation and growth outlook. In this context, both policymakers and market participants are expected to remain closely attuned 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 reached a significant milestone, reaching INR 2,502 bn – a year-on-year growth of 3.3%. While this marked a moderation from the 8.3% expansion in CY 2023, the sectors performance was underpinned by a strong 8.1% rise in advertising revenues, led primarily by digital platforms. However, traditional segments continued to face structural challenges, particularly in subscription revenues, which remained under pressure.

For the first time, Digital media emerged as the largest segment within the M&E landscape, surpassing Television – despite a deceleration in its growth rate. This performance reflects shifting consumer preferences, with digital consumption solidifying its dominance, albeit tempered by market maturity and evolving content dynamics.

Print media remained slightly subdued during the year, with flat-ish subscription growth and limited overall momentum. Nonetheless, premium advertising formats posted a relatively strong performance, supported by a rise in print-led innovations and a boost from high-profile events. However, evolving consumer preferences and likely cover price action in certain instances contributed to some decline in subscription volumes.

The Over-the-Top (OTT) segment saw notable developments, with paid video subscriptions rising 15% to 111 million across 47 million households. Profitability challenges prompted a 12% reduction in premium content production, leading platforms to pivot towards cost-optimized strategies. Nonetheless, OTT continued to absorb a share of declining cinema footfalls and extended the reach of Indian content to wider, more diverse audiences.

Overall, traditional media experienced a decline in CY 2024, led by falling Television revenues and muted performance across Print, Radio, and Cinema. In contrast, the broader M&E sector posted positive growth, largely driven by the continued expansion and resilience of Digital media.

Source: EY FICCI M&E Report 2025

M&E Industry Segment-wise Revenue and % Growth

Source: EY FICCI M&E Report 2025

Outlook

Indias Media & Entertainment (M&E) sector is projected to reach INR 3.1 tn over the coming years, growing at a compound annual growth rate (CAGR) of 7%. Digital and New Media are expected to drive more than half of this expansion, with robust growth anticipated across key segments such as OTT platforms, digital advertising, online gaming, and live events. In contrast, traditional segments may continue to face some structural headwinds. Advertising is projected to remain the sectors primary revenue driver, accounting for over 50% of total revenues. An increased focus on regional language content is expected to further boost digital subscriber growth.

Print segment is likely to remain stable, underpinned by sustained demand for premium advertising formats. However, going forward likely cover price actions could weigh on subscription volumes. In response, the industry is exploring targeted circulation strategies to preserve and expand readership. These developments reflect a broader effort within the sector to adapt to shifting consumption patterns and diversify revenue streams.

With rising advertising volumes, the M&E sector is well-positioned for consistent revenue growth, reaffirming its role as a cornerstone of Indias broader creative economy. Traditional formats are expected to retain their relevance due to widespread accessibility and cost-effectiveness. The increasing popularity of large-scale live events is further enhancing audience engagement and unlocking additional revenue opportunities. As consumer preferences continue to evolve, the sectors long-term momentum will hinge on its ability to innovate and adapt, supported by sustained investment in content creation and distribution infrastructure to fuel 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, and offset by a 1.2% decline in circulation revenues which 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 based from 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 at 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 Advertising

In CY 2024, Print advertising revenues grew marginally by 0.7% to INR 179 bn, reaching ~88% of pre-pandemic levels. While advertising volumes rose 1.3%; a 1% decline in average advertising rates reflected cautious market sentiment. 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 led with 38% of advertising volumes – maintaining the largest quantum across vernacular languages. Growth was dampened by increased digital advertising diversion from e-commerce and quick commerce platforms, election-related advertising pauses due to the Model Code of Conduct, and the absence of a DAVP rate revision.

To drive future growth, the industry looks to address advertising rate disparities and build diversified, sectoral advertising pipelines, particularly in Tier 2 and Tier 3 cities where consumption is accelerating.

Source: EY FICCI M&E Report 2025

Print Circulation

In CY 2024, print circulation revenue declined 1.2% year-on-year to INR 81 bn, reflecting continued shifts in consumer preferences toward digital platforms. While English-language publications recorded a 3.6% increase – driven by targeted subscription campaigns and selective price revisions – regional titles saw a 1.8% drop, primarily due to price sensitivity and changing readership patterns in non-metro areas. Overall circulation revenue remains 10% below pre-pandemic levels, with English newspapers 23% below and other languages 9% below those benchmarks. On the circulation volume front, a decline of 3% was seen in CY 2024 as compared to the previous year.

Distribution was challenged by a shrinking vendor base, as workforce continued to transition to other available retail commerce delivery roles. More so, publishers responded with enhanced incentives, revised logistics, and reader re-engagement initiatives to mitigate the impact.

Looking ahead, the industry is gradually pivoting from discount-led volume strategies to value-driven approaches, focusing on hyper-local content, expert-driven editorial, and bundled offerings to deepen reader engagement, particularly in premium urban markets.

Source: EY FICCI M&E Report 2025

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.

Even then, 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 / smartTV 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

Company Overview

Hindustan Media Ventures Limited (HMVL) is a prominent media company in India, primarily known for its Hindi language publication. Its flagship daily newspaper Hindustan holds significantreadershipandcontinuestobeoneofthemosttrusted news brands across the regions of Uttar Pradesh, Uttarakhand, Jharkhand, Bihar, and Delhi NCR. The language daily is thereby engaged in dissemination of news and information to a vast Hindi-speaking audience and is committed to being the trusted source of news for the new India, continuously striving to cater to the emerging needs of readers. One of HMVLs most recent and ambitious initiatives has been its venture into the digital space with OTTplay, an OTT aggregator platform focused on providing choice, convenience, personalization, affordability. OTTplay is a single login platform service that consolidates over 25+ over-the-top (OTT) platforms into a single, user-friendly interface with highly attractive pricing options. This latest offering has quickly gained traction and attracted significant viewership and is on its way to establishing a unique presence in the market.

Key Product Portfolio Print

Hindustan

Hindustan stands as one of Indias most influential Hindi-language newspapers, deeply entrenched in the cultural and social fabric of the nation. 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 fosters a genuine connection with its audience through its commitment 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 Hindi-speaking heartland of India.

Digital

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 monthly, quarterly, and annual 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. The apps ability to tailor content suggestions based on user behavior has driven strong user satisfaction, reflected in its consistently high app rating across online platforms.

For content partners, OTTplay unlocks access to new and relevant audiences through both digital and on-ground distribution channels. Its platform offerings span a wide array of genres, including regional entertainment, devotional, sports, and kids programming available in nearly 7 languages. The 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 4.1% in FY 2024-25 to reach INR 733 crores from INR 704 crores in FY 2023-24.

Profitability

There was an increase in the Companys, Earnings before Interest, Tax and Depreciation (EBITDA) margin, reaching 12.3% in FY 2024-25, from 3.9% in FY 2023-24 primarily due to reduction in raw material costs. Consequently, Profit After Tax (PAT) margin too increased to 8.9% in FY 2024-25 from 1.2% in FY 2023-24. In line, Return on Networth came in at 4.8% in FY 2024-25 as compared to 0.6% in prior fiscal FY 2023-24, arising from better profitability for the fiscal year under consideration.

Earnings per Share

Earnings per Share increased to INR 10.6 in FY 2024-25 from INR 1.4 in FY 2023-24 on account of increased profitability of the overall business.

Debtors Turnover Ratio

Debtors Turnover Ratio increased to 6.3 times in FY 2024-25 from 5.7 times in FY 2023-24, primarily due to an uptick in revenue during the year, along with a reduction in account receivables.

Inventory Turnover Ratio

Inventory Turnover Ratio increased to 5.1 times for FY 2024-25 from 4.5 times for FY 2023-24 due to relatively faster decline in inventory as compared to associated costs.

Interest Coverage Ratio

Interest Coverage Ratio improved to 13.2 times in FY 2024-25, from 0.4 times in FY 2023-24, mainly due to robust growth in EBIT level profitability, coupled with drop in finance cost for the year under consideration.

Current Ratio

Current Ratio increased to 1.7 times in FY 2024-25 from 1.5 times in FY 2023-24. This was primarily attributable to the rise in current financial investments for the fiscal year under review.

Debt Equity Ratio

Debt Equity Ratio dropped to 0.01 times in FY 2024-25 from 0.04 times in FY 2023-24 owing to a decline in debt component as well as improvement in equity position.

Debt Service Coverage Ratio

Debt Service Coverage Ratio improved to 5.3 times in FY 2024-25, from 0.1 times in FY 2023-24, on the back to better EBIT level profitability, as well as drop in borrowings and its interest cost for the concluded fiscal.

Net Capital Turnover Ratio

Net Capital Turnover Ratio decreased to 1.4 times in FY 2024-25 from 1.9 times in FY 2023-24, primarily on account of rise in current assets, which outpaced growth in operating revenue.

Editorial Highlights

In the past year, Hindustan Media Ventures Ltd. reaffirmed its commitment to journalistic excellence by consistently delivering content marked by precision, relevance, and depth. Each of its editions reflected the organizations core editorial mission serving the public with high-quality, impactful journalism. From comprehensive daily coverage to special initiatives, HMVL maintained its reputation as a trusted media house that prioritizes meaningful, people-centric storytelling across all platforms.

A key strength of HMVLs editorial strategy was its focus on audience insight-driven content. Tailoring offerings to meet the needs of distinct reader segments, HMVL successfully engaged diverse audiences through initiatives like Anokhi for women, Nivesh for professionals, Fursat for senior readers, and the highly successful Jobs tabloid for aspiring professionals. Notably, in regions where the Jobs tabloid was not available, a dedicated four-column Jobs section was published daily, ensuring that no reader missed out. The launch of Jobs tabloid across key regions of Uttar Pradesh further expanded Hindustans career-related content, establishing it as a vital resource for job seekers.

HMVLs flagship publication Hindustan lived up to its ethos of being "media for the common people, by the common people." Campaigns such as ‘Aao Rajneeti Karein provided citizens a platform to actively participate in democratic discourse, empowering everyday individuals to express their views on governance and politics. This philosophy extended to the ‘Aao Rajneeti Karein on-ground engagement during the 2024 General Elections, bringing political conversations directly to the people. Other reader engagement efforts included interactive quizzes, games, and participatory activities that enriched the overall reader experience and encouraged dialogue beyond the printed page.

Among HMVLs most innovative editorial achievements was the launch of the ‘Bole City initiative – a bold, eight-column daily hyperlocal page rolled out across markets. This initiative went beyond traditional city news by directly engaging with a new community each day, spotlighting city-specific challenges, and pushing for real-world solutions. What set ‘Bole City apart was its action-oriented, effort-intensive model, which empowered communities to speak up and drove authorities to act. The campaign not only amplified community voices but also significantly deepened local engagement and led to visible, tangible social change.

HMVL continued to blur the boundaries between Print and Digital through seamless integration across platforms. This unified experience allowed readers to enjoy breaking news, in-depth features, and interactive content whether it be in print or online. More so, unlike conventional local reporting, during the year Hindustan actively engaged with different communities, surfaced city-specific issues, and fostered tangible outcomes through its change-oriented journalism. This high-effort model stood out for its depth of community involvement, its ability to provoke administrative response, and its capacity to turn local concerns into headline stories with real consequences. Hindustan with its diverse offerings tailored for the entire family and a strategic focus on community empowerment, remained a leader in delivering journalism that informs, involves, and inspires.

Key Editorial Initiatives

Hindustan continued to evolve in an ever-changing media landscape by enhancing its content, driven by deep dive insights and strategic editorial initiatives aimed at delivering powerful, people-centric storytelling. The editorial agenda for the year was built around creating high-impact narratives that not only inform but also empower communities so that readers stay aware and prepared.

Bole <City>

‘Bole <City> is Hindustans pioneering hyperlocal initiative that spans both print and digital platforms, launched across multiple regions with the mission to amplify grassroots voices and drive meaningful civic engagement. Designed as an eight-column daily feature, this campaign brings local communities to the forefront, highlighting the issues that matter most to them. By combining on-ground reporting with digital storytelling, ‘Bole <City> enhances reader involvement and fosters a sense of ownership among citizens, ultimately leading to tangible improvements in their neighborhoods.

What distinguishes ‘Bole <City> from conventional hyperlocal journalism is its deeply participatory and impact-driven approach. Each day, the initiative aimed to engage with a different community, strengthening its connection with readers and nurturing trust. It goes beyond surface-level coverage by focusing on city-specific concerns and unique urban narratives that often go unnoticed. Most importantly, it acts as a catalyst for change, mobilizing local authorities to address and resolve civic challenges. The model demands intensive fieldwork, continuous editorial commitment, and a high level of effort that far exceeds typical local reporting, positioning ‘Bole <City> as a benchmark for community-focused journalism.

Jaam Se Jung

‘Jaam Se Jung was a powerful editorial series launched by Hindustan to spotlight the growing problem of traffic congestion in Lucknow. Recognizing the daily struggles of commuters and the broader impact on urban mobility, this focused campaign aimed to elevate public discourse around traffic-related issues. Through in-depth reporting, ground-level assessments, and citizen testimonials, the series provided a comprehensive view of the causes and consequences of congestion across key city areas.

What set ‘Jaam Se Jung apart was its action-oriented approach. The series didnt just report the problem, it became a catalyst for change. By consistently highlighting pain points and holding relevant departments accountable, the campaign prompted tangible responses from traffic authorities, urban planners, and municipal bodies. This editorial effort exemplified Hindustans commitment to civic journalism, using the power of the press to drive real-world improvements and make city life better for its readers.

Badhaal Sadakein

‘Badhaal Sadakein focused on the deteriorating condition of local roads across various regions. With a sharp editorial lens and extensive on-ground reporting, the initiative aimed to bring long-ignored infrastructure issues into the public spotlight. The series captured the daily hardships faced by commuters, ranging from damaged roads and potholes to poor drainage and incomplete repairs making the invisible visible for both readers and authorities.

The strength of ‘Badhaal Sadakein lay in its ability to channel public sentiment into a unified call for accountability. By amplifying citizen voices and presenting a clear picture of the road conditions with supporting visuals and data, the series successfully mobilized communities and sparked widespread engagement. This editorial effort didnt stop at exposing the problem; it pushed relevant authorities into action, leading to several repair and maintenance initiatives. Through ‘Badhaal Sadakein, Hindustan reaffirmed its role as a watchdog for civic well-being, committed to driving change through impactful, people-first journalism.

Hindustan Padtaal

Hindustan ‘Padtaal is a rigorous investigative editorial series dedicated to uncovering critical urban infrastructure issues, including traffic congestion, sewage mismanagement, and deteriorating road conditions. Through deep-dive reporting, on-ground surveys, and fact-based analysis, the series brings hidden or overlooked civic problems into public view. By holding authorities accountable and highlighting gaps in urban planning and execution.

Aao Rajneeti Karein

‘Aao Rajneeti Karein was a flagship editorial initiative by Hindustan aimed at delivering unbiased, factual, and citizen-centric coverage of the 2024 General Elections. With the goal of strengthening democratic participation, the campaign focused on last-mile engagement, capturing the real concerns, hopes, and expectations of voters across urban and rural landscapes. By moving beyond traditional election reporting, the initiative created a platform where citizens could voice their opinions, question leaders, and become active participants in the political discourse.

Central to this campaign were on-ground activations such as ‘Anokhi Chaupal (a dialogue space for women), ‘Yuva Sansad (a youth parliament), and ‘Gram Chaupal (village-level discussions), each tailored to engage different sections of society. These interactions offered rich, authentic insights into the electorates mood and fostered a deeper connection between readers and the democratic process. ‘Aao Rajneeti Karein not only informed the public – it empowered them, reinforcing Hindustans role as a media platform truly committed to inclusive, grassroots-level journalism.

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. To strengthen its presence and expand readership, Hindustan focused on growing market share in key cities across Bihar and Uttar Pradesh through targeted trade interventions and strategic booking initiatives in select city markets therein. This circulation push was complemented by product enhancements, including the addition of rich, hyperlocal content tailored to regional interests. These improvements were actively promoted through focused marketing campaigns, reinforcing Hindustans value proposition and deepening connect with local audiences.

The Company is working towards building further on its circulation strategy so that it remains well-positioned to adapt and thrive, reaching wider audiences in more effective and engaging ways than ever before.

Operations

HMVL continues to optimize its printing operations across locations, comprising both Company-managed as well as franchise units. One of significant operational improvement during the year has been the increased focus on and implementation of resource efficiency & efficient usage of primary input material likes newsprint and ink.

Operational controls have been further 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 in-turn reducing downtime.

Environmentally, HMVL has made commendable progress with the plantation of approximately 7,000 trees, contributing to a reduction of ~169 metric tons in carbon emissions. The Company has also achieved a ~7% reduction in hazardous waste, reinforcing its commitment to sustainability alongside operational excellence.

Looking ahead, HMVLs priorities are to replace / overhaul old equipment and machinery, continue programs to improve efficiency and drive waste reduction initiatives to ensure overall operational resilience.

Procurement

The Company for its key materials procurement 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 this way has maintained flexibility, allowing it to capitalize on favorable market conditions and prevent cost escalations. Additionally aggressive negotiations have further strengthened HMVLs position, enabling the Company to 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, HMVL has actively developed new vendors to diversify its supplier base. Regular coordination between the procurement and production teams, along with pertinent vendor collaboration, has resulted in improved paper quality without compromising on cost efficiency. By fostering these strong relationships and encouraging transparency, HMVL has been able to maintain high standards for its raw materials, ensuring the printing quality expected from its publications. A diversified vendor management approach has enhanced HMVLs resilience in sourcing critical materials in an uncertain global supply environment arising from ongoing potential global conflicts across 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 HMVL well to navigate market challenges while supporting its operational and financial goals.

Human Resource

The Company strongly believes that well-managed and engaged employees are fundamental to maintaining a competitive edge. HMVLs commitment to excellence in hiring, employee engagement, and professional growth, has strengthened its reputation as an employer of choice by fostering a culture grounded in diversity, high performance, future readiness, and continuous development.

During FY 2024-25, HMVL concentrated on enhancing a vibrant employee engagement calendar featuring wellness challenges, cultural celebrations, and initiatives aimed at boosting morale across the organization. These efforts have nurtured a high-performance culture, enriched the employee experience, and reinforced the Companys commitment to inclusive growth along with fostering transparent communications and leadership engagement across management hierarchy.

Core Company values are deeply embedded into leadership behavior, performance expectations, and recognition frameworks, cultivating a purpose-driven workplace that motivates high performance and meaningful employee contributions. As of March 31, 2025, Companys workforce strength stands at 1,146 employees, reflecting its dedication to sustaining a robust and dynamic talent pool.

Looking ahead, the Company is focused on building a future-ready workforce by investing in continuous upskilling and learning opportunities. As the industry evolves and embraces digital transformation, equipping employees with the skills needed to adapt is essential. HMVL is committed to empowering employees to take ownership of their learning journeys by providing access to comprehensive tools and resources that support both professional and personal growth. Alongside this, fostering a culture of collaboration, innovation, and inclusivity remains a priority; so does encouraging diverse ideas and creative problem-solving. This focus not only enhances employee engagement but also strengthens HMVLs organizational agility, enabling the Company to respond swiftly and confidently to changing market dynamics.

Safety of Women at Workplace

In line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013, Hindustan Media Ventures 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, HMVL 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, HMVL received no complaints of sexual harassment, reflecting its dedication to providing a secure workplace. 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

Hindustan Media Ventures Limited has established a robust risk management framework designed to identify, assess, and mitigate risks arising from both external and internal factors. The Company conducts periodic risk identification exercises covering a wide range of risks including financial, operational, sectoral, sustainability, information security, and cyber security. These risks are carefully evaluated for their likelihood and potential impact to ensure that the Company remains well-prepared to navigate uncertainties. Key risks that could impact HMVLs business include the accelerated shift in consumer preferences towards digital platforms, the evolving competitive landscape with newer advertising mediums, talent management challenges, geopolitical influences affecting newsprint cost and supply chains, as well as the critical need to manage cybersecurity and data privacy requirements effectively.

To proactively manage these risks, HMVL regularly reviews potential threats and integrates mitigating controls into its decision-making processes. Recognizing the industrys digital transformation, the Company has prioritized strengthening its product focus by aligning content and delivery with current market trends. Investments in new-age digital products such as the OTT platform, along with enhanced traditional Print initiatives, are central to this strategy. Furthermore, calibrated pricing actions are employed to optimize advertising revenues, while enhanced digital offerings aim to provide better value propositions to customers. These measures help HMVL stay competitive and reduce its exposure to market shifts.

Given the volatility in newsprint costs and supply chain disruptions driven by geopolitical scenarios, HMVL has adopted a multifaceted approach to mitigate related risks. This includes sourcing raw materials from diverse geographic locations, making tactical procurement decisions, utilizing an optimal mix of paper grades, and carefully balancing inventory levels to optimize costs and working capital. These strategies help the Company maintain supply stability while managing cost pressures in a dynamic environment.

HMVL has also made significant investments in strengthening its cybersecurity and data privacy infrastructure. Key initiatives include implementing Endpoint Detection & Response (EDR) systems, Data Leakage Protection (DLP) solutions, and ensuring comprehensive Business Continuity Plans (BCP) and Disaster Recovery Plans (DRP) for critical IT applications. Regular IT security awareness training for employees and periodic cyber security assessments help identify and close potential gaps, safeguarding the Company against evolving cyber threats and ensuring compliance with data privacy standards.

Talent management remains a critical focus area within the Companys risk management framework. HMVL continues to invest in employee welfare and engagement through initiatives such as regular employee connects, well-being programs, upskilling opportunities, reward and recognition schemes, and flexible work options. Transparent communication channels, including frequent leadership interactions via CXO connects, provide employees with platforms to voice their opinions and contribute to a supportive work environment. These efforts help retain talent, maintain high morale, and reduce risks associated with workforce instability in an increasingly competitive industry 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 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 whistle-blower 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 system is used for accounting across functions. The Company operates through a Shared Service Centre (SSC) model, 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 additiontointernalauditactivities,Companyhasalsodeveloped 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 once in every quarter to review internal control systems, accounting processes, financial information, internal audit findings and other related areas including their adequacies.

Way Ahead

Looking ahead, HMVL will continue to uphold its journalistic principles and strengthen its leadership in key Hindi-speaking markets, while driving balanced growth across both Print and Digital platforms. Having firmly established product–market fit for OTTplay, the Company will optimize further investments – moderating discretionary spend and prioritizing sustainable, high-return initiatives. OTTplay will pursue strategic partnerships and bundling arrangements to broaden its audience reach, deepen viewer engagement, and enhance content accessibility across diverse segments, thereby reinforcing its competitive position in the digital entertainment landscape.

In its core Print business, the Company will intensify circulation drives for Hindustan in order to expand readership and consolidate market share. Early signs of rising advertising rates in key regional markets underscore growing monetization potential, which – when coupled with planned print innovations – will strengthen operating margins and reaffirm the Companys legacy in traditional media. By aligning regional pricing strategies with evolving consumer preferences, HMVL aims to capture incremental revenue opportunities in Tier 2 and Tier 3 cities without compromising on quality.

The Companys forward-thinking, performance-oriented approach underlines its commitment to adaptability and sustained competitiveness amid changing market dynamics. Through a disciplined investment framework, targeted initiatives in both print and digital, and a relentless focus on stakeholder value, HMVL is well-positioned to seize emerging opportunities and deliver durable growth in the coming years.