Download latest annual report - HT Media

12
Times are tough,
but, as always,
opportunities abound
for companies with
sound ideas and
the wherewithal
to see these to fruition.
Dear Shareholders,
Four years ago, it was the US economy that gave us all
sleepless nights. Today, it is the Eurozone. The protracted
period of global uncertainty – albeit with some sharp
growth spikes locally – has even begun to have an impact
on economies once considered immune to such factors.
Russia, China and India are slowing. Brazil, the other
constituent of the famed BRIC economies, is in marginal
decline.
Times are tough, but, as always, opportunities abound for
companies with sound ideas and the wherewithal to see
these to fruition. Those companies that identify and
leverage these opportunities are the ones that will
successfully weather the slowdown.
FY 12 was a tough one for the Indian economy which
expanded by 6.5 percent, the lowest in recent memory. The
country received a double blow from the Eurozone crisis
and its own inability to create an environment conducive to
growth. Investment, both foreign and domestic, in India
waned and the Government seemed unable to curtail its
swelling fiscal deficit. The rupee plunged sharply against
the dollar, which emerged a safe-haven investment for
investors scared by happenings in the Eurozone and
emerging markets. The lack of a clear message from
New Delhi on second-generation reforms, including foreign
investment in key sectors, dampened investor sentiment
further. Still, there are clear signs emerging now that the
Government is prepared to do what is needed to attract
investment and improve business confidence.
The Media Story
The media industry in India continued to grow. English
language publications managed to hold on, regional
language ones expanded rapidly and new media acquired
some traction. Print media remains a force to be reckoned
with, accounting for 46% of the `300.1 billion spent on
advertising (TV accounted for 39%, Internet, 5%, radio, 4%,
and others, 6%).
Despite trying economic conditions, your Company
remained at the vanguard of the media industry in terms of
performance. We also made key investments that will see
us through the slowdown. Our growth rate was higher than