HT Media Annual Report FY 17

ENRICHING AND EMPOWERING

At HT Media, our objective has always been to empower people INDIA with information and insight that enrich their lives. Our insightful information is unbiased, and enables our readers to make informed JOVPJLZ^P[OHIYVHKLYWLYZWLJ[P]L>LLTWV^LY0UKPHI`ZOHWPUN public opinion with our impartial news and views.

A GLIMPSE OF HT MEDIA

/;4LKPHPZHTVUN0UKPH»ZWYLMLYYLKTLKPHJVTWHUPLZPUWYPU[ radio and digital segments. Our pivotal print businesses include º/PUK\Z[HU;PTLZ»º/PUK\Z[HU»HUKº4PU[»0U[OLKPNP[HSZWHJL^L manage multiple web portals. With FM Radio Stations ‘Fever’ and º9HKPV5HZOH»^LLUQV`HZPNUPÄJHU[WVZP[PVUPU[OLRL`THYRL[Z HT Media’s foray into education empowers and transforms the youth. Our ‘Bridge School of Management’ sets high standards for management studies, while ‘Studymate’ is a popular mode of tutorials for school students. Through information, education and entertainment, HT Media is committed to bring a positive change in the lives of its readers, listeners and students. OUR BRANDS THAT SPEAK FOR US

PRINT DIGITAL EDUCATION

HINDUSTAN TIMES SHINE.COM STUDYMATE 0UKPH»ZWYLMLYYLK,UNSPZO Leading job portal connecting An education initiative in newspaper; No.1 newspaper in job-seekers and recruiters Delhi-NCR for supplementary Delhi-NCR and No.2 in Mumbai in [\[VYPHSZMVYJSHZZLZ=000?00 terms of readership DIGITAL QUOTIENT Mobile marketing and engagement BRIDGE MINT solution provider across mobile, World-class management school A business daily, specialising in social media and internet space offering Business Management/ insightful coverage of business Predictive Business Analytics and economy; distributes a weekly HINDUSTANTIMES.COM programmes at its centres located newspaper ‘MintAsia’ in Singapore English news website in Gurgaon and Noida and Kuala Lumpur LIVEMINT.COM HT CAMPUS HINDUSTAN Business news website An education portal that offers The leading Hindi newspaper of comprehensive information on 0UKPH5VYLHKLYZOPWPU)POHY LIVEHINDUSTAN.COM courses offered in colleges/ Jharkhand and Uttarakhand and Hindi news website institutions in the country No. 2 in Uttar Pradesh and Delhi DESIMARTINI.COM HT CITY & HT CAFE Movie reviews and ratings site Daily supplements in HT Delhi and HT Mumbai, respectively; covering entertainment, city, campus and lifestyle RADIO OTHERS

BRUNCH The Sunday magazine supplement with Hindustan Times that covers travel, music, celebrities, food and gadgets, among others FEVER HT LEADERSHIP SUMMIT NANDAN AND KADAMBINI Leading FM radio station, ;OLMVY\T^OLYL0U[LYUH[PVUHS Legacy Hindi magazines for operating in Delhi, Mumbai, HUK0UKPHU]PZPVUHYPLZSH`V\[[OLPY children (Nandan) and family Bengaluru, Kolkata, Chennai, blueprint for the future reading (Kadambini) Hyderabad and seven cities of Uttar Pradesh

RADIO NASHA The brand-new FM station in Delhi and Mumbai, playing retro music

2 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

QUICK FACTS 215 MN 51 MN NO. 1

Pageviews across digital

Hindustan’s readership Weeks of leadership by Radio Nasha’s rank ranking in Bihar, Jharkhand Fever FM in Delhi in Delhi and Uttarakhand 4,000+

Students studying with Studymate

FINANCIAL PERFORMANCE

TOTAL INCOME (` In Cr.) EBITDA (Before Exceptional items) (` In Cr.)

FY 17 2,682 FY 17 528

FY 16 2,658 FY 16 479

FY 15 2,457 FY 15 436

FY 14 2,363 FY 14 475

FY 13 2,142 FY 13 376

4 yr CAGR 6% 4 yr CAGR 9%

NET WORTH (` In Cr.)

FY 17 2,232

FY 16 2,082

FY 15 1,902

FY 14 1,745

FY 13 1,596

ANNUAL REPORT 2016-17 3 CHAIRPERSON’S MESSAGE

DEAR SHAREHOLDERS, 0UKPHYLTHPULKVULVM[OL^VYSK»ZMHZ[LZ[ growing economy in 2016-17. Despite headwinds and short-term disruptions, the country’s economy grew 7.1% last year. 0[YLTHPUZHWYLMLYYLKKLZ[PUH[PVUMVYMVYLPNU investment, ahead of China and the US for the second successive year, according [V-+00U[LSSPNLUJLH\UP[VM[OL-PUHUJPHS Times.

;OL`LHY^HZL]LUTVYLZPNUPÄJHU[ areas in FY 2016-17 was to identify ILJH\ZLP[ZH^[OL0UKPHU a digital strategy to build a news government take steps towards new media company of future, and ÄZJHSHUK[H_WVSPJPLZZ\WWVY[LKI` KL]LSVW[OLJHWHIPSP[PLZYLX\PYLK a more robust statistical framework [VILJVTLVUL0U-@ to report economic numbers. Some we created a state-of-the-art of these new measures have since integrated newsroom and last year, been implemented, most notably, the our three news brands leveraged \UPÄLK.VVKZHUK:LY]PJLZ;H_MYVT [OPZUL^ZYVVT[V\W[OLX\HSP[`HUK 1st July, 2017. relevance of their digital offerings.

0U0UKPH»ZTLKPHHUK Our website hindustantimes.com entertainment industry grew by ended the year doing around 9.1%, powered by growing demand 100 million monthly page views and for entertainment and knowledge in TPSSPVUTVU[OS`\UPX\L]PZP[VYZ HUL_WHUKPUNLJVUVT`;OL0UKPHU while livemint.com became one of the digital media ecosystem has become leading destinations for business news especially vibrant, with non-linear in the country with around TV offerings competing against 30 million monthly page views and traditional broadcasters, and TPSSPVUTVU[OS`\UPX\L]PZP[VYZ KPNP[HSVUS`UL^ZZ[HY[\WZÄNO[PUN 0U[OLLU[LY[HPUTLU[ZLNTLU[ it out with established media desimartini.com became the companies. At stake are relevance, No.2 movie entertainment content Not surprisingly, one of salience, and of course, revenues. website in the country. our main focus areas in FY 2016-17 was to identify a NEW MEDIA, AND OLD This focus on digital hasn’t come digital strategy to build a news A growing economy, rising at the cost of our print business, media company of future, consumption, and the emergence which continues to remain one of and develop the capabilities of a thriving digital ecosystem our strengths. We have worked to YLX\PYLK[VILJVTLVUL WYLZLU[ZPNUPÄJHU[VWWVY[\UP[PLZ ensure that our three newspapers are to a company such as yours. Not PUZ[LW^P[O[OLUL^0UKPH>LOH]L surprisingly, one of our main focus HSZVTHKLZPNUPÄJHU[PU]LZ[TLU[Zin

4 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

We will continue to be innovative with our print offerings, grow our digital footprint, including with digital-only products, and expand our radio business.

[YHPUPUNV\YQV\YUHSPZ[Z6\YÅHNZOPW newspaper Hindustan Times continued to maintain its strong position in the English newspaper segment, including in the country’s two biggest markets of Delhi and Mumbai. Mint remains 0UKPH»ZZLJVUK^PKLS`YLHKI\ZPULZZ events such as the Hindustan Times footprint, including with digital-only newspaper and continues to win Leadership Summit and Hindustan products, and expand our radio national and international awards Shikhar Samagam provide a platform business. for its work. Our Hindi newspaper for thought leaders to discuss and Hindustan is the leader in Uttarakhand, deliberate issues of relevance to Our performance so far, and our Bihar and Jharkhand, and a strong the country and even the world. At initiatives going ahead, are both second in Uttar Pradesh and Delhi. another, our thematic and industry- KYP]LUI`WLVWSL0[OHURT` focused events such as the colleagues on the Board of Directors 0U-@^LZ[YLUN[OLULKV\Y 4PU[40;,T[LJO*VUMLYLUJLHUK for their support and guidance, and radio operations by launching the Mint Annual Banking Conclave our employees for their relentless FM Radio stations in seven cities deepen our engagement with key drive to take HT Media to the next in Uttar Pradesh and Hyderabad in interest groups. And at still another, SL]LS0^V\SKHSZVSPRL[VJVU[PU\L[V HKKP[PVU[VZLJVUKMYLX\LUJ`PU+LSOP our regular community outreach thank our shareholders and vendors and Mumbai, which were launched and socio-economic development for their continued support and last year. Fever FM continues to programmes nurture our deep-rooted partnership. LUQV`HZPNUPÄJHU[WVZP[PVUPU[OL bond with society. radio markets where it operates. Thanking you, Radio Nasha has gained immense POWERING AHEAD popularity, both in Delhi As we continue our journey, we will and Mumbai, since its launch. always align ourselves with our core Shobhana Bhartia values and the preferences of the Chairperson and Editorial Director REACHING OUT UL^0UKPH Our effort to engage with audiences and society at large extends into We will continue to be innovative with [OLVMÅPULKVTHPU([VULSL]LS our print offerings, grow our digital

ANNUAL REPORT 2016-17 5 MESSAGE FROM THE CEO

DEAR FRIENDS, 2016-17 was a year of structural change for the economy and your Company. Our policymakers pushed through initiatives aimed at the medium-to-long-term, even as they sought to ensure the country remained VUP[ZJ\YYLU[NYV^[O[YHQLJ[VY`;OLILULÄ[Z of these initiatives will become evident over [PTLI\[[OLYLPZUVKV\I[[OL`HYLYLX\PYLK [VI\PSK[OL0UKPHVMM\[\YL

At HT Media, our focus in 2016-17 SEGMENT PERFORMANCES was similar to consolidate our gains 0UWYPU[/PUK\Z[HU;PTLZ/; over the past few years, ensure continued to maintain its leadership our costs are in alignment with the in the Delhi-National Capital Region. realities of the marketplace, and build 0[YLTHPULK[OLZLJVUKTVZ[YLHK a digitally-oriented company of newspaper in Mumbai. Hindustan, the future. 0UKPH»ZSLHKPUN/PUKPKHPS`PZHSLHKLY in Bihar, Jharkhand and Uttarakhand Expectedly, given the pace of and No. 2 in Uttar Pradesh and Delhi. digital transformation of the media landscape, our print business came 0U[OLKPNP[HSZWHJL[OL*VTWHU` under pressure, even as our new OHZTHKLZPNUPÄJHU[WYVNYLZZI` businesses did well. Our new radio increasing revenue from ` 140 crore stations are up and running (and also in FY 2015-16 to ` 151.4 crore in generating revenue). The revenue and FY 2016-17. Desimartini.com VWLYH[PUNWYVÄ[VMV\YLU[PYLYHKPV witnessed growth of over 50% in 0U[OLKPNP[HSZWHJL[OL business has substantially grown visits and over 65% in page views, *VTWHU`OHZTHKLZPNUPÄJHU[ over the previous year. Additionally, vis-a-vis the previous year. Shine.com progress by increasing revenue our digital businesses continue registered revenue growth of 30%. from ` 140 crore in FY 2015-16 to grow. to ` 151.4 crore in FY 2016-17. Our radio business crossed the Desimartini.com witnessed The transition in the marketplace was ` 150 crore revenue mark, growing growth of over 50% in visits evident in our numbers – HT Media’s 36% over the previous year. The and over 65% in page views, VWLYH[PUNWYVÄ[,)0;+(NYL^  revenue growth was driven by the vis-a-vis the previous year. in 2016-17 over the previous year, successful and early launch of Shine.com registered revenue from ` 479 crore to ` 528 crore, even Z[H[PVUZHJX\PYLK\UKLYWOHZL000 growth of 30%. as consolidated revenue grew by just license auctions. 1% to ` 2,682 crore.

6 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

Our efforts through the year have left us well placed in our UL^I\ZPULZZLZ0U[OL`LHY ahead, we will ensure that our print business continues to deliver value, our radio business consolidates its leadership position, and our digital businesses continue to grow.

KEY INITIATIVES makeover in the course of the year. 6\YWYPVYP[`PU[OLSHZ[ÄUHUJPHS They are optimised for mobile, which year was the philosophy of ‘digital is rapidly emerging as the medium of ÄYZ[»>LZ\JJLZZM\SS`YVSSLKV\[V\Y JOVPJLPU0UKPH integrated newsroom, massively enhancing the digital output. The Our efforts through the year have left newsroom is powered by world-class us well placed in our new businesses. content management systems, and 0U[OL`LHYHOLHK^L^PSSLUZ\YL partnerships with digital giants, such that our print business continues as Google and Facebook. to deliver value, our radio business consolidates its leadership position, The infrastructure we have created, and our digital businesses continue HUK[OLJHWHIPSP[PLZ^LOH]LHJX\PYLK to grow. HUKJVU[PU\L[VHJX\PYLOH]LTHKL our newsroom processes more With warm wishes, LMÄJPLU[LUHISPUN\Z[VVMMLYUL^Z (often in real-time), views, analysis and videos. They have also enhanced our data analytics capabilities – Rajiv Verma helping us understand our audience *OPLM,_LJ\[P]L6MÄJLY better and serve both, them and our advertisers.

On the technology front, the organisation introduced a sales automation system for HT, Hindustan, Mint and the radio business to serve advertisers better. All our content ^LIZP[LZYLJLP]LKHZPNUPÄJHU[

ANNUAL REPORT 2016-17 7 CONNECTING WITH OUR READERS, DIGITALLY

As readership evolves from print to digital media, with a robust WLUL[YH[PVUVMTVIPSLPU[LYUL[HUKZTHY[WOVULZ0UKPH^P[ULZZLZ a surge in alternative screens for media consumption. To be in step ^P[O[OPZKPNP[HSKYP]L^LOH]LTHKLZPNUPÄJHU[KL]LSVWTLU[ZPU the digital front.

8 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

SIGNIFICANT DEVELOPMENTS IN KEY DRIVERS OF DIGITAL GROWTH The year ahead THE DIGITAL FRONT Synergy between Print and Digital Going forward, growth will be  ;OLUL^KPNP[HSÄYZ[UL^ZYVVT The integrated digital newsroom has enabled by outstanding storytelling ^VYRÅV^OHZZ\JJLLKLKPU won several international awards and continued investments in ZPNUPÄJHU[S`LUOHUJPUN[OL for its rich digital-native storytelling. X\HSP[`QV\YUHSPZT;OPZWYVNYLZZ Company’s digital output Stories are uploaded all day and the will be backed by strong brands, newsroom works in line with 24x7 investment in product & technology Eidos and Drupal content content consumption cycles. The and greater synergies between HT management systems have been content rolled out is optimised for brands. Delivering successful new put in place to support stronger search engines and social media, products and verticals, facilitated digital products, and greater keeping in mind HT’s audiences by an excellent distribution network synergy of content between print and the devices they use. Our to a growing internet audience base and digital everyday endeavour has resulted across all formats and devices, will PU[OLILNPUUPUNVMHTVIPSLÄYZ[ pave the way for future. All content sites were revamped thinking. Today, data and analytics ^P[OZPNUPÄJHU[S`IL[[LY

The digital content services business has grown by 30%, buoyed by new partnerships

AMPLIFIED PAGE VIEWS

Page views have grown by more than four times in the last 24 months to clock 215 million in March 2017

ANNUAL REPORT 2016-17 9 GROWING TO BE A HOLISTIC MEDIA HOUSE

The events organised under the HT Media banner, propel the Company’s commitment to become a holistic media conglomerate. We strive to inform, educate and entertain the audience through ]HYPLKMVYTH[ZPUJS\KPUNL]LU[Z;OLZLL]LU[ZOH]LILULÄ[[LK the participants, audiences and our partners. Moreover, they have strengthened the brand name, and become a steady stream of revenue.

10 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

HINDUSTAN TIMES LEADERSHIP HINDUSTAN SHIKHAR SAMAGAM SUMMIT Hindustan Media Ventures Limited The Hindustan Times Leadership hosted its second edition of Summit was initiated as an annual Hindustan Shikhar Samagam in conference in 2003. Over the years, November 2016 in Lucknow. The it has grown in representation and Samagam featured eminent speakers, credibility into a powerful forum, including former Uttar Pradesh bringing together leaders from Chief Minister Mr. Akhilesh Yadav, different walks of life and encouraging BJP President Mr. Amit Shah, former interactions and debates. The Chief of the Army Staff General Summit is a congregation of leaders Bikram Singh, Baba Ramdev, and opinion makers of global stature Mr. Hrithik Roshan and Mr. Raj from various walks of life. Babbar. They all came together to deliberate on the conclave’s theme – ;VW0UKPHUWVSP[PJHSSLHKLYZSPRL ‘Badalte Hindustan Ki Buland Awaaz’. former President Mr. Pranab Mukherjee, Prime Minister The Samagam generated a huge Mr. Narendra Modi, former Prime buzz around the entire Hindi Belt, Minister Dr. Manmohan Singh putting Hindustan in a strong thought have expressed their views at the leadership position. Summit. Thought leaders from the international arena, former US President Mr. George W. Bush, former UK Prime Minister Mr. Tony Blair, Dr. Condoleezza Rice, General Pervez Musharraf, and Academy Award winning Hollywood actor Ms. Nicole Kidman have also graced the Summit with their presence and enriched the podium with their views.

HINDUSTAN TIMES LEADERSHIP SUMMIT, 2016 witnessed Finance Minister Mr. Arun Jaitley, former Prime Minister of Britain Mr. David Cameron, 4Y:HJOPU;LUK\SRHYHUK4Y(TP[HIO)HJOJOHUZWLHRVUº;OL*OHUNL0UKPH5LLKZ»

ANNUAL REPORT 2016-17 11 NEWS STORIES THAT MADE SIGNIFICANT IMPACT

At HT, one of the highlights of 2016-17 has been the editorial [YHUZP[PVU[V[OLWOPSVZVWO`VMKPNP[HSÄYZ[*VUZVSPKH[PVUVM processes ensured better news planning and wider coverage of UL^ZMYVTHJYVZZ0UKPHHZ^LSSHZ[OL^VYSK;OYV\NOV\[[OL`LHY HT produced a steady stream of high impact, exclusive stories and series that covered a broad swathe of our social, political and economic lives.

12 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

HOMELESS IN DELHI STATE OF SCHOOLS Our reporters spent 20 nights 0UHÄ]LWHY[ZLYPLZ/;SPULK\W[OL tracking the homeless in Delhi. They issues of state-run schools that the unearthed the tale of an elderly NV]LYUTLU[ULLKLK[VÄ_ILMVYL woman, who travelled 400 kms to the mega parents teacher meeting Delhi, only to beg, so she could repay in July 2016. The issues highlighted, her 12-year-old debt. HT wrote about ranged from poor infrastructure, homeless women getting molested including overcrowded classrooms, I`JVWZHUKKY\NHKKPJ[ZÄNO[PUN to lack of teachers, furniture & books, a losing battle. Samaritans wanted to dirty toilets and no potable water. to donate money to the homeless Moreover, students faced rowdy and HT put them in touch with the classmates, lack of continuous and right authorities. These stories had a comprehensive evaluation and low strong digital component. The videos learning levels. shot on mobile phones clocked more than two million views. LET’S TALK ABOUT RAPE Several celebrities, such as actor/ director Farhan Akhtar and boxer Mary Kom wrote sensitive open letters to their children, talking about ‘rape’. The seven-part series was picked up by newspapers, TV channels and digital platforms, leading to high impact and acclaim for HT. We embarked on an in-depth analysis of this problem that plagues 0UKPH»ZJHWP[HS^OH[ULLKZ[VILKVUL [VÄNO[P[HUKIYPUNHIV\[[OLJOHUNL in mindset needed to combat it.

NEW STANDARDS OF JOURNALISM

Our text and data stories, visual arts, infographics, videos, photos and social media projects KPZWSH`LKPUUV]H[PVU\UZLLUPU0UKPHUQV\YUHSPZT

ANNUAL REPORT 2016-17 13 PROGRESSING TOWARDS A BETTER SOCIETY

HT Media is committed to bring a positive impact on communities, cultures, societies and environments it operates in. The Company supports multiple NGOs to initiate extensive social change, which ^PSSHJJLSLYH[L[OLZVJPVLJVUVTPJKL]LSVWTLU[VM0UKPH

14 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

HINDUSTAN TIMES PAATHSHALA HT Media has a deep commitment PU^VYRPUNMVY[OLJH\ZLVMX\HSP[` education for youth. The Company actively promotes education for underprivileged children through various initiatives undertaken and executed with the support of trusted NGO partners.

0U[LNYH[LK*VTT\UP[`+L]LSVWTLU[ – With the support of an NGO, community development programmes were successfully executed for women and children in 4 sub-regions of Delhi NCR - Tughlakabad, Lakkarpur, Mehtru ka dera and Noida. This programme ILULÄ[LKV]LYJOPSKYLU;OL focus areas of this community service consisted of the following: from the project. This was achieved with excellent facilities to develop I`ZL[[PUN\WÄ]LJSHZZYVVTZHJYVZZ the skills for leveraging employment a) Education of underprivileged the targeted geography, spreading opportunities. The participants children the message through children progress was tracked throughout This was divided into multiple leaders, who convinced other kids the year, which culminated into their programmes such as Early Childhood and parents to join the programme. placements on course completion. Care and Development, Primary 0[HSZVILULÄ[LKH[V[HSVM Education and Accelerated Learning adults, including school teachers, Protection of National Heritage - Centre. anganwadi workers and parents of HT Media sponsored the construction enrolled children. of a museum, ‘Gallery of Hope’ in b) Skill and Entrepreneurship Amritsar, which displays letters, Development Balwadis 0[PZHWYLZJOVVSY\U artefacts, stories and collectibles of *LY[PÄLK[YHPUPUNJV\YZLZ^LYLY\U for economically weaker sections of the 1947 Partition. This will serve for women and unemployed youth society. We supported the Balwadi as a memory of the Partition for of marginalised communities. The programme across 200 units in generations to come. The museum objective was to create sustainable +LSOP0[MVJ\ZLKVUWYVTV[PUN was inaugurated on October 24, income in the family to free children early-childhood education of over 2016 and more than 25,000 visitors from child labour and enable them  ILULÄJPHYPLZHUKKL]LSVWLK have already visited the same, to attend school. foundation skills among children. demonstrating its emotive appeal. Classroom activities were a Every Last Child in School combination of learning with play This project aimed to establish and an integrated approach that HUKY\USLHYUPUNJLU[YLZHUKLX\PW addressed the developmental needs children with school readiness skills. of these children. 0[^HZYVSSLKV\[PU4\TIHP»ZSHYNLZ[ slum, Deonar, and ensured basic Vocational training - HT Media education for children in the age sponsored 10 girls for vocational group of 6-14 years, which enabled training courses in tailoring, them to enrol back into schools. Over beautician and computer science, at a period of seven months, the project a state-of-the-art training institute in ZH^H[V[HSVM RPKZILULÄ[PUN +LOYHK\U;OPZPUZ[P[\[LPZLX\PWWLK

ANNUAL REPORT 2016-17 15 MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY The FY 2016-17 was characterised by a variety of The global economy is moving towards a path of institutional reforms, such as the implementation of the encouraging growth, after a sustained period of volatility. Insolvency and Bankruptcy Code, creation of Monetary According to the International Monetary Fund (IMF), Policy Committee, redesigning of the Fiscal Responsibility global growth is expected to rise from 3.1% in CY 2016 to and Budget Management (FRBM) framework, passage of 3.5% in CY 2017 and 3.6% in CY 2018. ;OL.VVKZHUK:LY]PJLZ;H_.:;HUKÄUHSS`[OLWVSPJ` thrust towards a less-cash formal economy. In addition, the +\YPUN[OLZLJVUKOHSMVM*@<:ÄYTZNYL^TVYL [YLUKVMILUPNUPUÅH[PVUHUKJVU[PU\LKPTWYV]LTLU[PU[^PU JVUÄKLU[ HS[OV\NO [OL <: LJVUVT` YLJVYKLK H SV^LY KLÄJP[Z M\Y[OLY IVSZ[LYLK [OL JV\U[Y`»Z THJYVLJVUVTPJ rate of unemployment. The UK also witnessed growth in parameters. domestic demand following Brexit. OUTLOOK The Eurozone had some good news to share with the world India’s GDP is expected to continue to grow above 7% HM[LY H Z\Z[HPULK WLYPVK VM SV^ NYV^[O HUK KLÅH[PVUHY` while in the long term, both demonetisation and GST are tendencies. Robust domestic demand pushed recovery likely to provide a boost to the Country’s GDP. In addition, up a notch in the second half of CY 2016, belying earlier long-term consumption growth will be driven by major expectations of a slowdown due to geopolitical uncertainties. factors: government reforms across all sectors of the If these tailwinds continue, the global economy is expected LJVUVT`" SV^ PU[LYLZ[ YH[LZ" ILUPNU PUÅH[PVU" MH]V\YHISL to pick up steam in the medium term. A single downside demographics (half of the population is below the age of to growth, going forward, is the rising trend towards 35), and an expanding addressable market size (India now protectionism, which may impact global trade. has 50 large consumption hubs).

At the other end of the spectrum are emerging markets and Despite temporary hardships for the economy, developing economies. These economies now account demonetisation has the potential to generate long-term for over 75% of global growth in output and consumption, ILULÄ[Z Z\JO HZ NYLH[LY KPNP[HSPZH[PVU [YHUZWHYLUJ` HUK almost double the share of just two decades ago. According formalisation of the economy. GST also marks a radical [V[OL04-[OLZPNUPÄJHU[PUJVTLNHWZPU[OLZLLJVUVTPLZ transformation in the indirect tax structure. It will unify ]PZn]PZ[OVZLPUHK]HUJLKLJVUVTPLZZ\NNLZ[ZPNUPÄJHU[ fragmented Indian markets under a uniform tax framework room for growth. Growth patterns in these economies and ensure better tax compliance. These initiatives will are not uniform, but the overall picture is one of cautious pave the way for a higher and cleaner GDP, going forward. optimism. INDUSTRY OVERVIEW INDIAN ECONOMY CY 2016 saw a mixed bag of outcomes for the Indian Media India’s GDP grew by 7.1% in FY 2016-17, owing to robust and Entertainment (M&E) industry. The expansion of the macroeconomic stability, amid several headwinds. digital ecosystem opened up new avenues of consumption and revenue earning options for citizens and entrepreneurs The country has recently emerged as the world’s sixth respectively. largest manufacturing country. Emerging urban clusters (urban Bharat) are driving this economic momentum. The India’s M&E industry grew at 9.1% in CY 2016, result is that more consumers with higher disposable backed by 11.2% growth in advertising revenues. income are helping drive India’s economic potential. The (Source: KPMG India – FICCI, Indian Media and country’s economic prospects appear optimistic with Entertainment Industry Report, 2017). The progress of the policymakers creating enablers for strong and sustainable industry was based on strong economic fundamentals and growth for the medium to long term. a steady growth in domestic consumption. Rural markets

ACCORDING TO THE IMF, GLOBAL THE COUNTRY’S ECONOMIC PROSPECTS APPEAR GROWTH IS EXPECTED TO TOUCH OPTIMISTIC WITH POLICYMAKERS CREATING ENABLERS 3.5% IN CY 2017 AND 3.6% IN FOR STRONG AND SUSTAINABLE GROWTH FOR THE 3.5% CY 2018. MEDIUM TO LONG TERM.

FY – Financial Year CY – Calendar Year

16 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

HSZVZPNUPÄJHU[S`JVU[YPI\[LKHJYVZZRL`ZLNTLU[Z0TWVY[HU[JVU[YPI\[VYZMVY[OLNYV^[OVM[OL4 ,PUK\Z[Y`HYL! a) More informed population below 30 years of age b) Improved advertising revenues c) Increased digitisation of media d) Increased internet usage, making it a preferred choice as an entertainment medium Going forward, the future of the M&E industry is dependent on the expansion of digital avenues. This is expected to bridge the content consumption gap across socio-economic classes and categories.

INDIA’S MEDIA AND ENTERTAINMENT INDUSTRY: SIZE

(` in billion) Overall industry size 2011 2012 2013 2014 2015 2016 Growth in (For calendar years) 2016 over 2015

TV 329.0 370.1 417.2 474.9 542.2 588.3 8.6% Print 208.8 224.1 243.1 263.4 283.4 303.3 7.0% Films 92.9 112.4 125.3 126.4 138.2 142.3 3.0% Radio 11.5 12.7 14.6 17.2 19.8 22.7 14.6% Music 9.0 10.6 9.6 9.8 10.8 12.2 13.0% OOH 17.8 18.2 19.3 22.0 24.4 26.1 7.0% Animation and VFX 31.0 35.3 39.7 44.9 51.1 59.5 16.4% Gaming 13.0 15.3 19.2 23.5 26.5 30.8 16.2% Digital Advertising 15.4 21.7 30.1 43.5 60.1 76.9 28.0% Total 728.4 821.0 918.1 1,025.5 1,156.5 1,262.1 9.1%

Source: KPMG in India’s analysis and estimates, 2016–17

PRINT There are over 16,000 newspapers and about 94,000 India’s print industry saw major volatility during the year. periodicals listed with RNI, an increase of nearly 5,400 Print continued to experience a slow growth rate of 7% publications as on March 31, 2016. in CY 2016 as English language newspapers faced competition from the rise in consumption of digital content. ADVERTISING IN PRINT Regional language newspapers drove the wagon for Indian The readership of the print medium is increasing at a slower print industry with a growth of 9.4%, followed by Hindi and pace with the global expansion of digital medium. As a English at 8.3% and 3.7%, respectively at an overall level. YLZ\S[HK]LY[PZLYZHYLYLZO\MÅPUN[OLPYZWLUKPUNI\KNL[ZHZ readership base changes. Regional and Hindi newspapers The print industry in India continues to grow, riding on the are better positioned with a share of nearly 65% of the back of demographic and socio-economic factors, rising overall ad spend in CY 2016 and 2X growth rate over the literacy levels, improved penetration and hyper-localisation ,UNSPZOUL^ZWHWLYZV]LY[OLSHZ[Ä]L`LHYZ of news.

PRINT MEDIA LANGUAGE MARKET MIX

(` in billion) Languages 2011 2012 2013 2014 2015 2016 Growth in CAGR % 2016 2011-2016

English 83.5 86.5 91.5 96.2 100.9 104.6 3.8% 4.7% Advertising 57.2 59.4 62.5 65.5 68.6 71.0 3.5% 4.4% Circulation 26.3 27.1 29.0 30.7 32.3 33.6 4.0% 5.0% Hindi 62.3 68.3 75.5 83.5 91.3 98.8 8.7% 9.9% Advertising 40.6 44.5 49.5 54.4 58.8 63.0 7.1% 9.2% Circulation 21.7 23.8 26.0 29.1 32.5 35.8 10.2% 10.5% Other Regional Languages 63.0 69.3 76.2 83.7 91.2 99.9 10.0% 9.5% Advertising 41.6 45.7 50.6 56.5 61.9 67.3 8.7% 10.1% Circulation 21.4 23.6 25.6 27.2 29.3 32.6 11.3% 8.8% Total Advertising print 139.4 149.6 162.6 176.4 189.3 201.3 6.3% 7.6% market

Source: KPMG in India’s analysis and estimates, 2016–17

ANNUAL REPORT 2016-17 17 About two-third of the print income encompasses Digital advertisement spend (` in billion) advertising revenues. Advertisers now increasingly prefer local newspapers, as these provide better opportunities 350 to directly connect with the readers in Tier II and Tier III 294.48 cities. 300 226.52 250

KEY GROWTH DRIVERS OF PRINT MEDIA 200 174.25 Change in demography and increase in penetration 134.03 billion 150

India has gone through a major demographic change in the ` 101.54 SHZ[ML^KLJHKLZ;OLYLOHZILLUHZPNUPÄJHU[NYV^[OPU 100 76.92 the literacy level across states, including literacy among 50 women. According to the data of Census 2011, India’s literacy rate stands at 74%, with rural literacy rate at 68.9% 0 2016 2017 2018 2019 2020 2021 HUK \YIHU SP[LYHJ` YH[L H[   ;OPZ OHZ ZPNUPÄJHU[S` Source: KPMG in India’s analysis and estimates, 2017 contributed to the growth in readership of newspapers. As digital infrastructure continues to develop and data The fact that Indian newspapers are cheaper vis-à-vis costs go down, digital consumption is likely to be more newspapers anywhere in the developed world, and the frequent and more mainstream. The robust penetration of low newspaper distribution cost, also facilitate growth in mobile internet and smartphone has provided a surge to an penetration. alternative screen for media consumption in India. Regional Newspapers and Hyper-localisation The increasing competition among telecommunication The diverse cultures and languages in the country companies to offer 4G services and their price wars have ensure a strong depth in regional language readership. resulted in data tariff reduction. These have encouraged Vernacular newspaper covers more local news and serves users to interact on digital platforms. as a medium to express grievances and aspirations of its readers. Moreover, localisation has led to the publishing of The digital shift is driven by changing preferences of multi-edition newspapers, combining national content with consumers. The Indian consumers are craving for content; regional news and expanding their content diversity with and the need is for engaging on-demand content. supplements. This hyperlocalisation has helped in adding more local advertisers to the overall pie. Radio Radio recorded a 14.5% growth in CY 2016. It is now a Technology and Efficient Distribution Chain ` 22.6 billion industry, led by volume enhancements Availability of good quality newsprint, advanced printing in small cities and a partial roll out in Batch I stations of technology and equipment has made growth of vernacular FM Radio (Phase III) license auctions. However, the industry newspapers commercially viable. This is leading to the continues to face some challenges: constant expansion of newspapers even into small cities and towns. India’s newspaper distribution chain is unique • Weak Batch II auctions of Phase III licenses and multi-tiered. Newspapers are sold through an extensive • Delay in making operational, majority of Batch I stations network of agents and vendors who offer door-to-door However, radio is expected to reach a CAGR of 16.1% delivery services to the readers. and emerge as the fastest growing traditional medium over the next 5 years. Factors such as new stations Digital becoming operational and introduction of new genres Digital advertising continued its high growth trajectory with will be instrumental to the success of radio. 28% growth in CY 2016, to reach 15% share in overall Size of the radio industry (` in billion) advertising revenues. With the government’s drive towards KPNP[HSPZH[PVUKPNP[HSHK]LY[PZPUNPZSPRLS`[VZLLZPNUPÄJHU[ growth. CAGR = 14.54% 22.67 19.80 In CY 2016, digital advertising contributed ` 76.9 billion; and 17.20 is expected to grow at a rapid pace with a CAGR of 31% 14.60 12.70 and crossing ` 294.5 billion by 2021. Mobile advertisement is also expected to grow from ` 16.9 billion in CY 2016 to reach ` 132 billion in CY 2021 at 50.9% CAGR.

2012 2013 2014 2015 2016 Year on year analysis of the radio industry size Source: KPMG in India industry discussion and analysis

18 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Education VU H ZPUNSL \UPÄLK WSH[MVYT [OH[ OHZ PUJYLHZLK [OLPY India’s education sector is critical to make India’s billion- productivity. The Company adopted Methode, a cutting plus population future-ready and truly global. The sector is edge software platform used by top international media divided into core and non-core segments. The core group houses for the purpose. consists of Primary, Secondary and Higher Education segments, while the non-core segment comprises Apart from various digital media platforms, the Company Pre-schools, vocational training and coaching institutes. is into other domains like education and jobs. While the (JJVYKPUN[VHYLWVY[I`THUHNLTLU[JVUZ\S[PUNÄYT Company uses Studymate to impart supplementary Technopak, the value of India’s education market is worth education to class VIII to XII students, it offers management $100 billion currently, while the digital or e-learning market education through Bridge School of Management. In is estimated at $2 billion. addition, the group possesses a job portal (Shine.com), and a mobile marketing and solution provider (Digital Quotient). Digital education is estimated to reach $5.7 billion by 2020 as the number of internet users is on a steep rise. India’s REVIEW OF OPERATIONS internet user base is estimated to reach 550 million by 2020 Print with an approximately 40% penetration. Hindustan Times Hindustan Times remained India’s second most-widely Opportunities and Threats read English newspaper with 4.5 million readers across the A digital revolution is sweeping across India, and the future nation. It remained the undisputed leader in Delhi-NCR, of the country’s Media and Entertainment (M&E) industry as it retained its No.1 position as the leading English daily. is heavily dependent on it. As smartphones are becoming The newspaper is published from different cities and has commonplace across urban, suburban and rural sectors supplements for respective cities. Moreover, it continues to of India, the digital medium is anticipated to bridge the maintain its No. 2 position among English dailies in India’s content consumption divide across socio-economic ÄUHUJPHSJHWP[HS4\TIHP classes and categories. Besides, the Government is giving further impetus to digital consumption and payments Mint through initiatives like Digital India and Skill India. According to the last IRS 2014 data available, Mint has These efforts would eventually lead to mass adoption of retained its No. 2 position among India’s business dailies. technology. However, the challenge for the M&E industry The new version of Mint was launched in September would be to align itself consistently with dynamic changes 2016, as a broadsheet. In FY 2016-17, Mint won three [OYV\NOPUUV]H[PVU;OLYLPZHSZVHULLKMVYHZPNUPÄJHU[ Ramnath Goenka awards for its excellent reporting on change in mindset and approach. The M&E players would India’s economic landscape. Besides, Mint’s India-centric ULLK[VILÅL_PISLHUKVWLYH[L^P[OHSVUN[LYTPU[LNYH[LK all Asia journal - MintAsia has made headways into the strategy amid this evolving paradigm. The focus should be Malaysian market. on building sustainable businesses.

COMPANY OVERVIEW Hindustan Hindustan is India’s most popular Hindi daily. Primarily, HT Media has emerged as one of India’s leading media companies with prominence across print, radio and digital with a foothold in the Hindi belt, the newspaper spins platforms. The Company has a rich legacy of empowering out 20 editions. Hindustan strengthened its competitive people through information and insight. position in its markets in the last year. It was recognised as the ‘Most Trusted Print Media Brand’ by the Brand Trust The Company is engaged in printing and publishing of Report, 2017. Hindustan, combined with FM Radio stations ‘Hindustan Times’, ‘Hindustan’ (through subsidiary) and in UP, forms a unique combination, which is of great value ‘Mint’. It operates FM radio stations under the brands to the advertisers and government alike. ‘Fever’ and ‘Radio Nasha’. The Entertainment & Digital Innovation businesses of the group includes multiple Digital web portals (hindustantimes.com, livehindustan.com, Shine.com livemint.com, desimartini.com), digital images repository, The job database portal operates in the entry to mid segment digital entertainment, and the strategic content integration jobs. It continues to grow at a rapid pace and already holds business along with the multimedia content business. No.2 position in the database segment. It holds more than three lac job openings on its site and the total number HT Media has integrated its editorial operations for real-time of job seekers is more than two crore. In FY 2016-17, reporting across multiple platforms. Having established a Shine.com has shown a revenue growth of approximately º+PNP[HS5L^ZYVVT»[OL*VTWHU`OHZYVSSLKV\[H\UPÄLK 30%, compared to the previous year. Besides, the brand Content Management System that prioritises transparency, has extended itself to a new line of business focused on JVTT\UPJH[PVULMÄJPLUJ`HUKHJJLZZ[VPUMVYTH[PVU;OPZ e-learning and career advancement courses, under the OHZLUHISLK[OLLKP[VYPHS[LHTZ[VTHUHNLUL^Z^VYRÅV^Z umbrella of Shine Career Plus which is looking promising.

ANNUAL REPORT 2016-17 19 Hindustantimes.com players. It is the No. 1 station in Kolkata in the ‘7 am – ;OL ÅHNZOPW VUSPUL ]LYZPVU VM /; OPUK\Z[HU[PTLZJVT TPKUPNO[»ZSV[4VYLV]LY-L]LY-4SLHKZPUÄ]LVM[OLLPNO[ OHZ LUHISLK H KPNP[HSÄYZ[ UL^ZYVVT [OH[ OHZ Z\JJLLKLK drive time programmes across the four metros. in massively increasing and enhancing the digital output. The all new application is leading to increased consumer Radio Nasha preference and better performance for hindustantimes.com. HT’s second FM radio offering Radio Nasha was rated No. 2 Hindustantimes.com ended the year with over 100 million PU+LSOP^P[OPU[OLÄYZ[`LHYVMP[ZSH\UJOIHJRLKI`HZ[YVUN monthly page views and 30 million monthly unique visitors. media-launch campaign. With the launch of Radio Nasha, HT Media is the only network to own two frequencies in the Livehindustan.com two largest markets of Delhi and Mumbai. The radio station The editorial team offers comprehensive and exclusive ^HZH^HYKLK[OLNSVIHSS`WYLZ[PNPV\Z,MÄL(^HYKMVY online content, which is updated round the clock with the its marketing effectiveness. latest in breaking news. Comprehensive multimedia content across sections, minute by minute business updates and Education analysis, special in-depth exclusive features on content Studymate across sections, and ball by ball cricket coverage, are It is the supplementary education offering under the some of the other features which distinguish this website Company’s subsidiary HT Learning Centers Limited from other Hindi news websites. (HTLC) that caters to students from class VIII to XII. Its key strengths are its pedagogical processes of Livemint.com teaching and assessment, high quality content, excellent Livemint.com is Mint’s digital platform. Its active user base manpower and training elements. It has superior is swelling with an increasing number of viewers. Its page infrastructure and a wide geographic reach in Delhi- views crossed 30 million monthly page views and 11 million NCR. It currently caters to CBSE classes, offering four monthly unique visitors mark in FY 2016-17. subjects in high school classes and seven subjects in senior school classes. Its spread increased to 29 locations Desimartini.com across Delhi-NCR in FY 2016-17, from 23 locations in Desimartini.com holds No. 2 position in India as a movie FY 2015-16. entertainment content website. It has increasingly become an important voice of the entertainment industry in the Bridge country. It enjoys a strong position, especially among the The Bridge School of Management, has launched a movie fraternity. The platform recorded a growth of over programme in General Management (Post Graduate 50% in visits, and over 65% in page views, vis-a-vis the Programme in Management-Business Immersion). In previous year. Besides, it acquired 45 million unique visitors February 2017, it launched two programmes in Digital who viewed over 365 million pages in FY 2016-17. Marketing and two programmes in Supply Chain HT Campus Management. In the year under review, the institute HT Campus is HT Media’s venture into online education, increased its student intake capacity by 86% for the long- providing valuable information to students on colleges and term programmes. In addition, its revenues grew by 87%, courses. compared to the previous year.

Radio FINANCIAL PERFORMANCE FY17 (CONSOLIDATED) Fever Revenue -L]LY -4 PZ [OL ÄYZ[ YHKPV UL[^VYR [V OH]L SH\UJOLK HSS The Company’s total revenue increased to ` 2,682 crore in stations acquired under Phase-III license auctions within FY 2016-17 from ` 2,658 crore in FY 2015-16, registering a one year of its acquisition. Fever FM leads the two 1% growth over the previous year. This growth was primarily biggest radio markets – Delhi and Mumbai and enjoys driven by increase in circulation revenue and other income. good listenership in Bengaluru, Kolkata and Chennai. Besides, it has launched radio stations in Hyderabad and EBITDA in seven cities of UP - Lucknow, Kanpur, Agra, Allahabad, EBITDA grew from ` 479 crore in FY 2015-16 to Aligarh, Bareilly and Gorakhpur - offering advertisers an ` 528 crore in FY 2016-17, registering a 10.2% growth over unparalleled reach. the previous year. This was primarily driven by growth in revenue while maintaining tight control on costs. In Delhi, it enjoyed absolute leadership for over 350 weeks with 19.1% market share, while in Mumbai, it is PAT (after minority interest) the No. 1 station with 16% market share. In Bengaluru, PAT decreased by 2% from ` 173 crore to ` 170 crore due Fever FM leads the non-Kannada space with 13.3% share; to an increase in amortisation from radio licenses as well as more than the combined share of all other non-Kannada higher interest costs.

20 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Dividend ;OL RL` OPNOSPNO[ VM -@  ^HZ [OL SH\UJO VM Ä]L A dividend of ` 0.4 per share was recommended by the +PNP[HS;YHPUPUN4VK\SLZMVY[OLÄYZ[[PTLPU[OL*VTWHU` Board. The initiative will support the existing staff to understand various aspects of digital media, as HT Media takes a MARKETING INITIATIVES leap into the world of digital content. The modules were HT Media is among the most reputed media brands of India. launched using the HR management system called ‘The At HT Media, we follow the highest standards of journalism People Centre’. based on the principle of unbiased and credible reporting to our readers. The organisation is trusted by readers as a The Company focused on the following HR policies in source of credible information. FY 2016-17:

HT Media was involved in a number of marketing initiatives • Performance-centric: HT values performance, during FY 2016-17, a few are mentioned below: and employees are paid basis their performance throughout the year • Organised special events to cater to the audience, in an innovative manner, the culmination of information, • Retention bonus: Critical employees were retained education and entertainment. Some of the major by offering them retention bonus events and campaigns organised by HT Media include Hindustan Times Leadership Summit, HT Paathshala, • Maternity leaves: The Company implemented Hindustan Times Most Stylish, Mint Annual Banking the policy on revision in the maternity leave as per Conclave, Hindustan Olympiad, among others Supreme Court order from 12 weeks to 26 weeks

• Fever FM launched highly appreciated media • Safety of women employees: The Company has campaigns like Fever Voice of change, Bharat Positive, in place, strict policies for women’s safety in the Radio Ki Sarkar and Radio ka pehla swayamvar workplace. It is fully compliant with the provisions of the Sexual Harassment of Women at Workplace ENTERTAINMENT & DIGITAL INNOVATION INITIATIVES (Prevention, Prohibition and Redressal) Act, 2013. The Company has various businesses that are The Company’s formulated policy in this regard complementary in nature, however they are distinct in terms is available on the employee intranet portal. The of their nature, regulatory and competitive environment, Internal Complaint Committee (ICC) is in place. Two YPZR WYVÄSL ^VYRMVYJL JHWHIPSP[` JHWP[HS YLX\PYLTLU[ complaints were reported during FY 2016-17, which and growth trajectory. As an initiative to capitalise the was adequately dealt with by ICC growth potential for the Entertainment & Digital Innovation Business, last year, the Multimedia Content Management • Rightsizing for the organisation: HT Media has Undertaking was consolidated under HT Digital Streams created a logical and necessary workforce plan for Limited (subsidiary company). There is an increased each function and business. It is based on each role, focus on the Entertainment & Digital Innovation Business and requirements of each function. The Company as a whole, which encapsulates multiple web portals engaged external consultants for the purpose. (hindustantimes.com, livehindustan.com, livemint.com and This has helped the Company acquire an optimum desimartini.com) etc. Manpower Plan for the year under review

(ZWHY[VM[OLKPNP[HSÄYZ[Z[YH[LN`[OL*VTWHU`OHZM\Y[OLY • Rolled out competency framework: HT Media strengthened the business of syndication and dissemination PKLU[PÄLKHMYHTL^VYRMVYRL`JVTWL[LUJPLZYLX\PYLK of news, knowledge, information, entertainment and at every work level. This helped to recognise key content of general interest, in English, Hindi or any other print functions including media marketing (ad sales), language through various digital and electronic media; and JPYJ\SH[PVUTHYRL[PUNÄUHUJLHUK/9;OPZMYHTL^VYR management of advertising time and space on digital news was used for the development of employees to take portals. over larger roles

HUMAN RESOURCE • Training dedicated to each employee: As HT Media HT Media considers employees as its most vital and transformed to a digital base, more than 50% staff valuable assets and major strength. The employees are was trained on various programmes with an average trained for necessary soft and hard skills on a regular basis. of 9.2 hours of training per person

ANNUAL REPORT 2016-17 21 • Cross-functional roles: HT Media moves its valued PU[LYUHS MHJ[VYZ ( YPZR PKLU[PÄJH[PVU L_LYJPZL PZ JHYYPLK resources from one role to another to provide out periodically to identify various strategic, operational, exposure and professional learning across functions ÄUHUJPHS HUK JVTWSPHUJLYLSH[LK YPZRZ HUK [OLZL HYL to train them better evaluated for their likelihood and potential impact.

As on 31st March 2017, HT Media’s people strength stood Few risks and uncertainties that can affect the business at 2,312. HYL HK]LYZL THJYVLJVUVTPJ JVUKP[PVUZ PUÅ\LUJPUN revenue growth, technological changes impacting media TECHNOLOGY consumption patterns, competition and volatility in In FY 2016-17, the Company adopted the following commodity and forex rates affecting prices of major raw technology initiatives to strengthen its competencies: material.

• Content Management System: The Company has Potential risks are reviewed periodically, and are managed LZ[HISPZOLK H \UPÄLK JVU[LU[ THUHNLTLU[ Z`Z[LT as an integral part of decision-making. To sustain its I`HKVW[PUN4L[OVKLHUL^Z^VYRÅV^THUHNLTLU[ competitive edge and to stay ahead of the curve, the system used by several media houses globally. This Company has taken various initiatives. These initiatives has enabled the Company to integrate its editorial include enhancing the existing technological capabilities VWLYH[PVUZ\UKLYH\UPÄLKRUV^SLKNLIHZL[OH[HSSV^Z and digital properties, training and empowering employees, LHZ`ÅV^VMPUMVYTH[PVUHUKKH[H expanding geographic presence and continue investing in print facilities. • Successful transition of mastheads: The HT and Mint mastheads were successfully transitioned to INTERNAL CONTROL Methode, to be aligned to the new content system The Company has an effective system of internal control • Implemented automation in sales: The organisation corresponding with its size, nature of business and implemented a sales automation system for HT, Mint complexity of operations. It ensures accurate, reliable and Radio to provide better customer focus to its HUK [PTLS` JVTWPSH[PVU VM ÄUHUJPHS HUK THUHNLTLU[ advertisers information reports and optimum utilisation of organisation resources. The internal control mechanism comprises a • Rolled out new student management system: ^LSSKLÄULK VYNHUPZH[PVUHS Z[Y\J[\YL ^P[O JSLHYS` KLÄULK HT Media adopted a new student management authority levels and documented policies, guidelines and system for its education business procedures covering all business areas and functions. These systems have been designed to safeguard the RISK GOVERNANCE FRAMEWORK assets and interests of the Company, and also ensure The Company has a robust risk management framework compliance with the Company’s policies, procedures and to manage and mitigate risks arising from external and applicable regulations.

22 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

A robust ERP system (SAP) is used for accounting across ROAD AHEAD locations. This ERP system also has Shared Service Centre India’s M&E industry is projected to grow at a faster supporting centralised and standardised procurement pace of 14% over the period 2016–21 with advertising to payment processes. These systems enhance the revenue expected to increase at 15.3% CAGR during the YLSPHIPSP[`VMÄUHUJPHSHUKVWLYH[PVUHSPUMVYTH[PVUWYV]PKL same period. However, in 2017, advertising revenues are automatic controls and better segregation of duties. Also, expected to grow at a marginally slower rate of 13.1% due to the lingering effects of demonetisation and initial purchase committees function in locations to strengthen volatility arising from GST implementation. :V\YJL0UKPHU the approval mechanism and operate an effective purchase 4LKPHHUK,U[LY[HPUTLU[0UK\Z[Y`9LWVY[. process. The Company has instituted online compliance management tool, and concurrent audit of the same Both, English and Hindi publications are adopting innovative [OYV\NO H WYVMLZZPVUHS H\KP[ ÄYT MVY LUZ\YPUN LMMLJ[P]L methods to constantly align with the reading preferences compliance oversight. The Company also has a well- of new India. On the other hand, the Company’s radio KLÄULKWYVJLZZMVYMVYT\SH[PUNHUKYL]PL^PUNP[ZHUU\HSHUK segment is expected to grow attractively, going forward. long-term business plans and monitoring the progress of Fever FM will continue to outperform the industry on the all its operating activities and projects on a regular basis. back of innovation, execution, strong brand pull, quality content, and great music. The year ahead would be a The internal control system is supplemented with an year to consolidate further on the successful launches of extensive program of internal audits and their reviews by Radio Nasha and other new stations under FM Radio the management. The in-house internal audit function (Phase III) licensing regime. Z\WWVY[LK I` WYVMLZZPVUHS L_[LYUHS H\KP[ ÄYTZ JVUK\J[Z HT Media continues to strengthen its digital strategy, and with comprehensive risk focused audits across locations and the Government’s focus on digitalisation across the board, functions to maintain a proper system of control. the Company’s digital landscape will continue to grow.

ANNUAL REPORT 2016-17 23 BOARD’S REPORT

Dear Members,

Your Directors are pleased to present their Report, together with the Audited Financial Statements (Standalone and *VUZVSPKH[LKMVY[OLÄUHUJPHS`LHYLUKLKVU4HYJO

FINANCIAL RESULTS (STANDALONE) @V\Y*VTWHU`»ZWLYMVYTHUJLK\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOHSVUN^P[OWYL]PV\Z`LHY»ZÄN\YLZPZ summarized below:

(` in Lacs) Particulars 2016-17 2015-16

Total Income 158,893.20 1,60,462.30 Earnings before interest, tax, depreciation and amortization (EBITDA) from 24,034.72 31,238.48 continuing operations Add: Exceptional Item - 2,104.00 Less: Depreciation and amortization expense 9,746.79 7,088.88 Less: Finance costs 7,868.40 5,098.16 7YVÄ[3VZZILMVYL[H_MYVTJVU[PU\PUNVWLYH[PVUZ 6,419.53 21,155.44 Less: Tax Expense • Current Tax - 5,723.05 • Adjustment of current tax related to earlier periods (824.53) (396.23) • Deferred tax charge / (credit) 1,093.43 960.03 Total tax expense 268.90 6,286.85 (7YVÄ[3VZZMVY[OL`LHYMYVTJVU[PU\PUNVWLYH[PVUZHM[LY[H_ 6,150.63 14,868.59 7YVÄ[3VZZMYVTKPZJVU[PU\LKVWLYH[PVUZ - (8,447.00) Less: Tax charge/ (credit) including deferred tax of discontinued operations - (2,923.34) )7YVÄ[3VZZMYVTKPZJVU[PU\LKVWLYH[PVUZHM[LY[H_ - (5,523.66) 7YVÄ[MVY[OL`LHY() 6,150.63 9,344.93 Add: Other Comprehensive Income for the year (net of tax) (5,501.63) (115.36) Total Comprehensive Income for the year (net of tax) 649.00 9,229.57 Opening balance in Retained Earnings 1,07,669.37 99,418.18 (KK!7YVÄ[3VZZMVY[OL`LHY 6,150.63 9,344.93 Less: Items of other Comprehensive Income recognized directly in Retained Earnings ‹ 9LTLHZ\YLTLU[ZVMWVZ[LTWSV`TLU[ILULÄ[VISPNH[PVUUL[VM[H_ 60.63 115.36 Dividend paid 930.99 930.99 Tax on Dividend 56.30 56.30 Adjustment of accumulated surplus of HT Media Employee Welfare Trust (8.37) (8.91) Total Retained Earnings 1,12,780.45 1,07,669.37

The Company has adopted the Indian Accounting DIVIDEND :[HUKHYKZ ¸0UK (:¹ UV[PÄLK \UKLY [OL *VTWHUPLZ Your Directors are pleased to recommend a dividend of (Indian Accounting Standards) Rules, 2015 w.e.f. ` 0.40 per Equity Share of ` 2/- each i.e. @ 20% (previous April 1, 2016. Financial Statements for the year ended and year – ` 0.40 per Equity Share of ` 2/- each i.e. @ 20%), for as at March 31, 2016 have been restated to conform to [OLÄUHUJPHS`LHYLUKLKVU4HYJOHUKZLLR`V\Y Ind AS. Please refer note no. 51 to the Standalone Financial approval for the same. Statements for further explanation on the transition to Ind AS.

24 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

The proposed equity dividend payout (including Corporate :OHYL)HZLK,TWSV`LL)LULÄ[Z9LN\SH[PVUZYLHK +P]PKLUK +PZ[YPI\[PVU ;H_ ^V\SK LU[HPS HU V\[ÅV^ VM with SEBI’s circular no. CIR/CFD/POLICY CELL/2/2015 ` 11.21 Crore (previous year ` 9.87 Crore). dated June 16, 2015 (“SEBI ESOP Regulations”) is available on the Company’s website ]Pa. www.htmedia.in. During the year, the Board has framed a Dividend Distribution The ‘HTML Employee Stock Option Scheme’ and ‘HTML Policy, pursuant to the provisions of Regulation 43A of the Employee Stock Option Scheme – 2009’ are in compliance SEBI (Listing Obligations and Disclosure Requirements) with the SEBI ESOP Regulations. Regulations, 2015 (“SEBI Regulations”), which appears as “Annexure-A”, and is also available on the Company’s SUBSIDIARY COMPANIES AND JOINT VENTURE website ]Pa. www.htmedia.in. During the year under review, HT Overseas Pte. Ltd. (HT Overseas) (step-down subsidiary) entered into a joint COMPANY PERFORMANCE AND FUTURE OUTLOOK venture agreement with Sportority Limited (90MiN, a leading (KL[HPSLKHUHS`ZPZHUKPUZPNO[PU[V[OLÄUHUJPHSWLYMVYTHUJL soccer media website) and NBM Capital L.P. to incorporate, and operations of your Company for the year under review ‘Sports Asia Pte. Ltd.’ (Sports Asia) in Singapore. and future outlook, is appearing in Management Discussion Sports Asia is authorized to operate website and various and Analysis, which forms part of the Annual Report. other social media applications containing football content, targeting users in India and nearby countries. HT Overseas SCHEME OF ARRANGEMENT will hold 50.50% of the capital of Sports Asia. With a view to create a separate and focussed entity to avail future emerging opportunities in the digital India Education Services Private Limited (IESPL), media segment, the Multimedia Content Management was operating as a 50:50 Joint Venture between the Undertaking of the Company was transferred and Company and Apollo Global Singapore Holdings Pte. Ltd. vested to and in HT Digital Streams Limited (HTDSL), as (Apollo Global). In view of differences in the strategy of the JV a ‘going concern’ on a slump exchange basis, pursuant Partners for future operations of IESPL, your Company has to a Scheme of Arrangement u/s 391-394 of the acquired 49% equity share capital of IESPL, held by Apollo Companies Act, 1956 between the Company and HTDSL Global; and thus, the JV agreement stands terminated. and the respective shareholders and creditors (“Scheme”). Accordingly, IESPL is a subsidiary of your Company. The Scheme was sanctioned by the Hon’ble Delhi High Court and Hon’ble High Court of Judicature at Patna with A composite Scheme of Capital Reduction and effect from the Appointed Date i.e., April 1, 2016. Arrangement (“Scheme”) under the applicable provisions of the Companies Act, 1956 and the Pursuant to the Scheme, HTDSL has issued and allotted to *VTWHUPLZ(J[IL[^LLU-PYLÅ`L=LU[\YLZ3PTP[LK the Company on December 31, 2016 (being the Effective -PYLÅ` /; +PNP[HS 4LKPH /VSKPUNZ 3PTP[LK /; +PNP[HS Date), its 1,14,12,104 nos. Equity Shares of ` 10/- each and HT Mobile Solutions Limited (HT Mobile) (“Subsidiary which constitutes 57.17% of the Equity Shares Capital Companies”) and their respective shareholders and of HTDSL along with the Company’s then existing creditors, is pending sanction by the Hon’ble National shareholding. Company Law Tribunal. The Scheme, PU[LYHSPH, provides MVYJHWP[HSYLK\J[PVUVM/;+PNP[HSHUK-PYLÅ`HUKKLTLYNLY RISK MANAGEMENT VM /; *HTW\Z

EMPLOYEE STOCK OPTION SCHEME (YLWVY[VU[OLWLYMVYTHUJLHUKÄUHUJPHSWVZP[PVUVMLHJO The information required to be disclosed pursuant to the of the subsidiary companies and joint venture in prescribed provisions of the Securities and Exchange Board of India Form AOC-1 is annexed to the Consolidated Financial

ANNUAL REPORT 2016-17 25 Statements and hence, not reproduced here. The ‘Policy on various criteria outlined in the ‘Guidance Note on Board for determining Material Subsidiary(ies)’, is available on the Evaluation’ issued by SEBI on January 5, 2017. Company’s website ]Pa. www.htmedia.in. The Directors were evaluated on various parameters such The contribution of the subsidiary companies and joint as, value addition to discussions, level of preparedness, venture to the overall performance of your Company familiarization with relevant aspects of Company’s is outlined in note no. 53 of the Consolidated Financial business/ activities etc. Similarly, the Board as a whole was :[H[LTLU[ZMVY[OLÄUHUJPHS`LHYLUKLK4HYJO evaluated on parameters which included its composition, strategic direction, focus on governance, risk management DIRECTORS AND KEY MANAGERIAL PERSONNEL HUKÄUHUJPHSJVU[YVSZ During the year under review, on the recommendation of Nomination and Remuneration Committee, the Board of A summary report of the feedback of Directors on the Directors at its meeting held on May 26, 2016, appointed questionnaire(s) was considered by the Nomination and Shri Dinesh Mittal as Whole-time Director, for a period of Remuneration Committee and the Board of Directors. The Ä]L`LHYZ^LM4H`^OPJO^HZHWWYV]LKI` Board would endeavour to use the results of the evaluation the Members at the 14th Annual General Meeting (AGM). process constructively, improve its own effectiveness and deliver superior performance. In accordance with the provisions of the Companies Act, 2013, Shri Priyavrat Bhartia, retires by AUDITORS rotation at the ensuing AGM and being eligible, has offered Auditors himself for re-appointment. Your Directors commend the In order to comply with the requirement of mandatory re-appointment of Shri Priyavrat Bhartia for approval of the rotation of Auditors by the conclusion of the ensuing AGM, Members at the ensuing AGM. and to appoint a new Auditor in place of S.R. Batliboi & CO. LLP, Chartered Accountants [Firm Registration All the Independent Directors of the Company have No. 301003E/ E300005] (“SRB”), the Audit Committee and JVUÄYTLK [OH[ [OL` TLL[ [OL JYP[LYPH VM PUKLWLUKLUJL Board of Directors at their respective meetings held on as prescribed under both, the Companies Act, 2013 and May 19, 2017, have recommended the appointment SEBI Regulations. The Independent Directors have also of Price Waterhouse & Co Chartered Accountants LLP JVUÄYTLK [OH[ [OL` OH]L JVTWSPLK ^P[O [OL º*VKL VM (PwC) [Firm Registration No. 304026E/E-300009], as Conduct’ of the Company. (\KP[VYZ VM [OL *VTWHU` [V OVSK VMÄJL MVY H [LYT VM  Ä]L JVUZLJ\[P]L `LHYZ MYVT [OL JVUJS\ZPVU VM LUZ\PUN During the year under review, Shri Shamit Bhartia AGM till the conclusion of sixth AGM from the ensuing AGM YLSPUX\PZOLK VMÄJL VM 1VPU[ 4HUHNPUN +PYLJ[VY Z\IQLJ[[VYH[PÄJH[PVUVM[OLPYHWWVPU[TLU[I`[OL4LTILYZH[ w.e.f. February 1, 2017. However, he continues to be a every AGM to be held in the intervening period, if so required Non-executive Director of the Company. by Companies Act, 2013). The Company has received a JLY[PÄJH[L MYVT 7^* [V [OL LMMLJ[ [OH[ [OLPY HWWVPU[TLU[ Brief resume, nature of expertise, details of directorship as Auditors shall be in accordance with the provisions of held in other companies of Shri Priyavrat Bhartia proposed Sections 139 and 141 of the Companies Act, 2013. to be re-appointed, along with his shareholding in the Company as stipulated under Secretarial Standard-2 and The Auditor’s Report of SRB on Annual Financial Regulation 36 of SEBI Regulations is provided in the Notice :[H[LTLU[Z:[HUKHSVULHUK*VUZVSPKH[LKMVY[OLÄUHUJPHS of ensuing AGM. `LHYLUKLKVU4HYJOPZHU\UTVKPÄLKVWPUPVU PL P[ KVLZ UV[ JVU[HPU HU` X\HSPÄJH[PVU YLZLY]H[PVU VY PERFORMANCE EVALUATION adverse remark. In line with the requirements under the Companies Act, 2013 and SEBI Regulations, the Board undertook an annual formal Secretarial Auditor evaluation of its own performance and that of its Committees Pursuant to the provisions of Section 204 of the & Directors. Companies Act, 2013 and rules made thereunder, the Board of Directors had appointed Shri Arun Kumar The Nomination and Remuneration Committee framed Soni, Company Secretary in Practice (C.P. No. 1726) as questionnaires for evaluation of performance of the Board Secretarial Auditor, to conduct the Secretarial Audit for as a whole, Board Committees ]Pa (\KP[ *VTTP[[LL [OLÄUHUJPHS`LHY;OL:LJYL[HYPHS(\KP[9LWVY[PZ :[HRLOVSKLYZƬ 9LSH[PVUZOPW *VTTP[[LL *VYWVYH[L annexed herewith as “Annexure-B”. The Secretarial Audit :VJPHS 9LZWVUZPIPSP[` *VTTP[[LL HUK 5VTPUH[PVU HUK 9LWVY[ KVLZ UV[ JVU[HPU HU` X\HSPÄJH[PVU YLZLY]H[PVU VY 9LT\ULYH[PVU*VTTP[[LL; Directors and the Chairperson, adverse remark.

26 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

During the year under review, the Auditors and the VM [OL WYVÄ[ VM [OL *VTWHU` MVY [OL `LHY LUKLK VU Secretarial Auditor have not reported to the Audit March 31, 2017; Committee, any instance of fraud under Section 143(12) of the Companies Act, 2013 and Rules made thereunder. PPP WYVWLY HUK Z\MÄJPLU[ JHYL OHZ ILLU [HRLU for the maintenance of adequate accounting RELATED PARTY TRANSACTIONS records in accordance with the provisions of the All contracts /arrangements /transactions entered into by Companies Act, 2013, for safeguarding the assets of the Company with related parties during the year under the Company and for preventing and detecting fraud review, were in ordinary course of business of the Company and other irregularities; and on arms’ length terms. The related party transactions were placed before the Audit Committee for review and iv. the annual accounts have been prepared on a approval. During the year, the Company did not enter into ‘going concern’ basis; any contract /arrangement /transaction with related party, which could be considered material in accordance with ] WYVWLY PU[LYUHS ÄUHUJPHS JVU[YVSZ ^LYL PU WSHJL HUK the Company’s ‘Policy on Materiality of and dealing with [OH[ Z\JO PU[LYUHS ÄUHUJPHS JVU[YVSZ ^LYL HKLX\H[L Related Party transactions’ and accordingly, the disclosure and operating effectively; and of related party transactions in Form AOC-2 is not applicable. The said policy is available on the Company’s vi. systems have been devised to ensure compliance with website ]Pa.www.htmedia.in. the provisions of all applicable laws, and that such systems were adequate and operating effectively. Reference of the Members is invited to note no. 36 of the Standalone Annual Financial Statements, which sets out DISCLOSURES UNDER THE COMPANIES ACT, 2013 the related party disclosures as per Ind AS-24. Borrowings and Debt Servicing: During the year under review, your Company has met all its obligations towards CORPORATE SOCIAL RESPONSIBILTY repayment of principal and interest on loans availed. As a responsible corporate citizen, your Company is committed to undertake socially useful programmes for Particulars of loans given, investments made, welfare and sustainable development of the community N\HYHU[LLZZLJ\YP[PLZNP]LU!The details of investments at large. The Company has in place the Corporate Social made and loans/guarantees/securities given, as applicable, Responsibility (CSR) Committee of the Directors, in terms of are given in the notes to the Annual Standalone Financial Section 135 of the Companies Act, 2013. The composition Statements. and terms of reference of the CSR Committee are provided in the Report on Corporate Governance which forms part Board Meetings: A yearly calendar of meetings is of the Annual Report. The CSR Committee has formulated prepared and circulated in advance to the Directors. During and recommended to the Board, a CSR Policy outlining [OL ÄUHUJPHS `LHY LUKLK VU 4HYJO   [OL )VHYK CSR projects/activities to be undertaken by the Company, TL[ Ä]L [PTLZ VU 4H`   [^V ZLWHYH[L TLL[PUNZ during the year under review. The CSR Policy is available August 05, 2016, November 02, 2016 and January 24, 2017. on the Company’s website ]Pa. www.htmedia.in. For further details of these meetings, Members may please refer Report on Corporate Governance which forms part of The Annual Report on CSR for FY 17 is annexed herewith this Annual Report. as “Annexure-C”. Committees of the Board: At present, seven standing DIRECTORS’ RESPONSIBILITY STATEMENT committees of the Board of Directors are in place ]Pa. Audit Pursuant to Section 134 of the Companies Act, 2013, your Committee, Nomination and Remuneration Committee, Directors state that: CSR Committee, Banking and Finance Committee, Investment Committee, Stakeholder’s Relationship i. in the preparation of the annual accounts for the Committee and Risk Management Committee. During the ÄUHUJPHS`LHYLUKLKVU4HYJO[OLHWWSPJHISL year under review, the recommendations of the aforesaid Accounting Standards have been followed and there Committees were accepted by the Board. are no material departures; Remuneration Policy: The Remuneration Policy of the ii. such accounting policies have been selected and Company on appointment and remuneration of Directors, applied consistently and judgments and estimates Key Managerial Personnel & senior management as have been made, that are reasonable and prudent prescribed under Section 178(3) of the Companies Act, so as to give a true and fair view of the state of 2013 and SEBI Regulations, is available on the Company’s affairs of the Company as on March 31, 2017; and website ]Pa. www.htmedia.in.

ANNUAL REPORT 2016-17 27 Vigil Mechanism: The Vigil Mechanism as envisaged in GENERAL the Companies Act, 2013 & rules made thereunder, and the Your Directors state that no disclosure is required in respect SEBI Regulations, is addressed in the Company’s “Whistle of the following matters as there were no transactions/ Blower Policy”. In terms of the Policy, directors/employees/ events in relation thereto, during the year under review: stakeholders of the Company may report concerns about unethical behaviour, actual or suspected fraud or any 1. Details relating to deposits covered under Chapter V violation of the Company’s Code of Conduct. The Policy of the Companies Act, 2013. provides for adequate safeguards against victimization of the Whistle Blower. The Policy is available on the 2. Issue of equity shares with differential rights as to Company’s website ]Pa. www.htmedia.in. dividend, voting or otherwise.

Particulars of employees and related disclosures: 3. Issue of shares (including sweat equity shares) to In accordance with the provisions of Section 197(12) employees of the Company under any scheme of the of the Companies Act, 2013 read with Rule 5(2) & (3) Company. of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, details of employees There was no change in the share capital of the Company remuneration are set out in the “Annexure-D” to this during the year under review. Report. In terms of the provisions of Section 136(1) of the Companies Act, 2013, the Board’s Report is being sent to The Company has not transferred any amount to the the Members without this annexure. However, the same is General Reserve during the year under review. available for inspection by the Members at the Registered 6MÄJL VM [OL *VTWHU` K\YPUN I\ZPULZZ OV\YZ  KH`Z No material changes/commitments have occurred after before the ensuing AGM. Members interested in obtaining [OL LUK VM [OL ÄUHUJPHS `LHY  HUK [PSS [OL KH[L VM a copy of the said Annexure, may write to the Company [OPZYLWVY[^OPJO^V\SKHMMLJ[[OLÄUHUJPHSWVZP[PVUVM`V\Y :LJYL[HY`H[[OL9LNPZ[LYLK6MÄJLVM[OL*VTWHU` Company.

Disclosures under Section 197(12) of the Companies 5V ZPNUPÄJHU[ VY TH[LYPHS VYKLYZ ^LYL WHZZLK I` [OL Act, 2013 read with Rule 5(1) of the Companies (Appointment Regulators or Courts or Tribunals which impact the and Remuneration of Managerial Personnel) Rules, 2014 is ‘going concern’ status and Company’s operations in future. annexed herewith as “Annexure-E”. @V\Y *VTWHU` OHZ PU WSHJL HKLX\H[L PU[LYUHS ÄUHUJPHS Extract of Annual Return: Extract of the Annual Return for JVU[YVSZ^P[OYLMLYLUJL[V[OLÄUHUJPHSZ[H[LTLU[Z+\YPUN [OLÄUHUJPHS`LHYLUKLKVU4HYJOPU-VYT4.;  the year, such controls were tested and no reportable is annexed herewith as “Annexure-F”. material weakness in the design or operations were observed. Corporate Governance: The report on Corporate Governance in terms of the SEBI Regulations, forms part ACKNOWLEDGEMENT VM [OPZ (UU\HS 9LWVY[ ;OL JLY[PÄJH[L PZZ\LK I` *VTWHU` Your Directors place on record their sincere appreciation Secretary in Practice, is annexed herewith as “Annexure-G”. of the co-operation extended by all stakeholders, including Ministry of Information & Broadcasting and other Conservation of energy, technology absorption and government authorities, shareholders, investors, readers, foreign exchange earnings & outgo: The information advertisers, browsers, listeners, customers, banks, on conservation of energy, technology absorption and vendors and suppliers. Your Directors also place on record foreign exchange earnings & outgo is annexed herewith as their deep appreciation of the committed services of the “Annexure-H”. executives and employees of the Company.

Business Responsibility Report: In terms of the provisions For and on behalf of the Board of Regulation 34 of the SEBI Regulations, the Business Responsibility Report is available on the Company’s website ]Pa. www.htmedia.in. (Shobhana Bhartia) Place: New Delhi Chairperson & Editorial Director Date: July 18, 2017 DIN: 00020648

28 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Annexure - A to Board’s Report

DIVIDEND DISTRIBUTION POLICY

1.0 PREFACE 1.1 HT Media Limited (“the Company”) has adopted the Dividend Distribution Policy (“the Policy”) for due consideration [OLYLVM^OPSLYLJVTTLUKPUNKLJSHYPUNPU[LYPTHUKVYÄUHSZWLJPHSKP]PKLUK[VP[ZZOHYLOVSKLYZ

1.2 The Policy is neither an alternative, nor in any way, abrogates the powers of the Board of Directors to recommend or declare dividend taking into consideration any other relevant factor(s) not outlined herein.

1.3 The Policy has been framed and adopted in compliance of Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations”).

1.4 The Policy has been adopted by the Board of Directors (the “Board”) of the Company in its meeting held on January 24, 2017.

1.5 The Policy shall come into force for accounting periods commencing from April 1, 2016.

2.0 OBJECTIVE 2.1 The Policy addresses the requirement of the Listing Regulations to outline the following –

• circumstances under which shareholders of the Company may or may not expect dividend;

• [OLÄUHUJPHSWHYHTL[LYZ[OH[ZOHSSILJVUZPKLYLK^OPSLKLJSHYPUNKP]PKLUK"

• internal and external factors that shall be considered for declaration of dividend;

• policy as to how the retained earnings shall be utilized; and

• parameters that shall be adopted with regard to various classes of shares.

3.0 CIRCUMSTANCES UNDER WHICH SHAREHOLDERS OF THE COMPANY MAY OR MAY NOT EXPECT DIVIDEND 3.1 Dividend will generally be recommended by the Board of Directors once in a year, after the announcement of the full year results and before the Annual General Meeting (AGM) of the members, as may be permitted under the law. The Board of Directors may also declare interim dividend as may be permitted by law. Further, the Board of Directors may additionally recommend special dividend in special circumstances.

3.2 The circumstances wherein shareholders of the Company may or not expect dividend shall depend upon one or more factors outlined hereunder and/or any other consideration that may emerge from time to time.

4.0 FINANCIAL PARAMETERS THAT SHALL BE CONSIDERED WHILE DECLARING DIVIDEND  +P]PKLUKZOHSSILYLJVTTLUKLKKLJSHYLKVUS`PUJHZLVMHKLX\HJ`VMWYVÄ[JHSJ\SH[LKPU[OLTHUULYWYLZJYPILK under the Companies Act, 2013.

 6US`PUL_JLW[PVUHSJPYJ\TZ[HUJLZPUJS\KPUNI\[UV[SPTP[LK[VSVZZHM[LY[H_PUHU`WHY[PJ\SHYÄUHUJPHS`LHY[OL Board of Directors may consider utilizing retained earnings for declaration of dividend, subject to the provisions of law in the said behalf.

ANNUAL REPORT 2016-17 29  ;OLÄUHUJPHSWHYHTL[LYZ[VILJVUZPKLYLK^OPSLYLJVTTLUKPUNKLJSHYPUNKP]PKLUKZOHSSPUJS\KLHTVUNZ[V[OLYZ WYVÄ[Z LHYULK Z[HUKHSVUL KPZ[YPI\[HISL YLZLY]LZ ,HYUPUN 7LY :OHYL ,7:" 9L[\YU VU (ZZL[Z 9V(" 9L[\YU VU Capital Employed (RoCE), alternative use of cash, debt repayment schedule etc.

5.0 INTERNAL AND EXTERNAL FACTORS THAT SHALL BE CONSIDERED FOR DECLARATION OF DIVIDEND 5.1 While determining the quantum of dividend pay-out, the Board of Directors shall take into account, amongst others, one or more of the following factors.

Internal factors:7YVÄ[HIPSP[`JHZOÅV^WVZP[PVUHJJ\T\SH[LKYLZLY]LZLHYUPUNZZ[HIPSP[`KP]PKLUKOPZ[VY`WH`V\[ sustainability, capex/opex plans, merger/acquisition, investment in new business, deployment of funds in short-term marketable investments, funds required to service debt, cost of raising fund from alternate source, etc.

External factors: Economic environment, business cycles, tax regime, industry outlook, interest rate structure, economic and regulatory framework, government policies etc.

6.0 POLICY AS TO HOW THE RETAINED EARNINGS SHALL BE UTILIZED 6.1 Subject to the provisions of applicable laws and regulations, retained earnings may be utilized for one or more WLYTP[[LKOLHKZPUJS\KPUNI\[UV[SPTP[LK[VKLJSHYH[PVUVMKP]PKLUKPU[LYPTÄUHSJHWP[HSPaH[PVUVMZOHYLZI\`IHJR of shares, repayment of debt, capex/opex, organic and/or inorganic growth, investment in new business, general corporate purposes (including contingencies) etc.

7.0 PARAMETERS THAT SHALL BE ADOPTED WITH REGARD TO VARIOUS CLASSES OF SHARES 7.1 At present, the Company has issued only one class of shares i.e. Equity Shares. These Equity Shares rank WHYPWHZZ\ with each other.

30 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Annexure - B to Board’s Report

SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2017

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, 5. The compliance of the provisions of corporate and The Members, other applicable laws, rules, regulation, standards is HT Media Limited the responsibility of management. My examination Hindustan Times House ^HZ SPTP[LK [V [OL ]LYPÄJH[PVU VM WYVJLK\YLZ VU [LZ[ 18-20, Kasturba Gandhi Marg basis. New Delhi – 110001 6. The Secretarial Audit report is neither an assurance I have conducted the secretarial audit of the compliance as to the future viability of the Company nor of the of applicable statutory provisions and the adherence to LMÄJHJ`VYLMMLJ[P]LULZZ^P[O^OPJO[OLTHUHNLTLU[ good corporate practices by HT Media Limited (hereinafter has conducted the affairs of the Company. called ‘the Company’). Secretarial Audit was conducted in a manner that provided me a reasonable basis for I have examined the books, papers, minute books, forms evaluating the corporate conducts/statutory compliances HUK YL[\YUZ ÄSLK HUK V[OLY YLJVYKZ THPU[HPULK I` [OL and expressing my opinion thereon. *VTWHU`MVY[OLÄUHUJPHS`LHYLUKLKVU4HYJO according to the provisions of: )HZLKVUT`]LYPÄJH[PVUVM[OL*VTWHU`»ZIVVRZWHWLYZ TPU\[L IVVRZ MVYTZ HUK YL[\YUZ ÄSLK HUK V[OLY YLJVYKZ (i) The Companies Act, 2013 (the Act) and the Rules maintained by the Company and also the information made thereunder; WYV]PKLK I` [OL *VTWHU` P[Z VMÄJLYZ HNLU[Z HUK authorized representatives during the conduct of secretarial (ii) The Securities Contracts (Regulation) Act, 1956 audit, I hereby report that in my opinion, the Company (‘SCRA’) and the Rules made thereunder; has, during the audit period ended on March 31, 2017 complied with the statutory provisions listed hereunder (iii) The Depositories Act, 1996 and the Regulations and and also that the Company has proper Board-processes Bye-laws framed thereunder; and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: (iv) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the I report that - extent of Foreign Direct Investment, Overseas Direct 1. The maintenance of secretarial records is the Investment and External Commercial Borrowings; responsibility of the management of the Company. My responsibility is to express an opinion on these (v) The following Regulations and Guidelines prescribed secretarial records based on my audit. under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’): 2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance (a) The Securities and Exchange Board of India about the correctness of the contents of the secretarial (Substantial Acquisition of Shares and Takeovers) YLJVYKZ ;OL ]LYPÄJH[PVU ^HZ KVUL VU [LZ[ IHZPZ [V Regulations, 2011; LUZ\YL [OH[ JVYYLJ[ MHJ[Z HYL YLÅLJ[LK PU ZLJYL[HYPHS records. I believe that the processes and practices (b) The Securities and Exchange Board of India followed by me provide a reasonable basis for my (Prohibition of Insider Trading) Regulations, 2015; opinion. (c) The Securities and Exchange Board of India  0OH]LUV[]LYPÄLK[OLJVYYLJ[ULZZHUKHWWYVWYPH[LULZZ (Issue of Capital and Disclosure Requirements) VM ÄUHUJPHS YLJVYKZ HUK IVVRZ VM HJJV\U[Z VM [OL Regulations, 2009*; Company. (d) The Securities and Exchange Board of India 4. Wherever required, I have obtained the management :OHYL)HZLK,TWSV`LLZ)LULÄ[Z9LN\SH[PVUZ representation, about the compliance of laws, rules 2014; and regulation and happenings of events etc.

ANNUAL REPORT 2016-17 31 (e) The Securities and Exchange Board of India the period under review were carried out in compliance (Issue and Listing of Debt Securities) Regulations, with the provisions of the Act. 2008*; Adequate notice is given to all directors to schedule the (f) The Securities and Exchange Board of India Board Meetings, agenda and detailed notes on agenda (Registrars to an Issue and Share Transfer were sent at least seven days in advance, and a system Agents) Regulations, 1993 regarding compliance exists for seeking and obtaining further information and of the Companies Act and dealing with client*; JSHYPÄJH[PVUZVU[OLHNLUKHP[LTZILMVYL[OLTLL[PUNHUK for meaningful participation at the meeting. (g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009*; Majority decision is carried through and based on the information given by the Company, I report that there were (h) The Securities and Exchange Board of India no instances of any dissenting members’ views being (Buyback of Securities) Regulations, 1998* and recorded or captured as part of the minutes.

(i) Secuities Exchange Board of India (Listing I further report that there are adequate systems and Obligations and Disclosure Requirements) processes in the Company commensurate with the size Regulations, 2015. and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and * Not applicable because the Company did not carry out the activities guidelines. covered by the regulations/guidelines during the audit period I further report that during the audit period, the Company ]P ;OL *VTWHU` OHZ PKLU[PÄLK [OL MVSSV^PUN SH^Z HZ has approved following at the Annual General Meeting held ZWLJPÄJHSS`HWWSPJHISL[V[OL*VTWHU`! on September 20, 2016:

(a) The Press and Registration of Books Act, 1867; • Offer or invite subscription to Non-Convertible Debentures/Bonds aggregating upto ` 400 Crore (b) Press Council Act, 1978; • Adoption of a new set of Articles of Association of the (c) Telecom Regulatory Authority of India Act, 1997; Company

(d) Indian Telegraphy Act, 1885; • Appointment of Whole-time Director of the Company

(e) Indian Wireless Telegraphy Act, 1933; and I further report that, a Scheme of Arrangement under Sections 391- 394 of the Companies Act, 1956 between (f) Information Technology Act, 2000. the Company and HT Digital Streams Limited (‘HTDSL’) and their respective shareholders and creditors for transfer vii) I have also examined compliance with the applicable and vesting of the Multimedia Content Management clauses of the Secretarial Standards issued by The Undertaking of the Company, to and in HTDSL, as a ‘going Institute of Company Secretaries of India. concern’ on a slump exchange basis, has been sanctioned by the Hon’ble High Court of Delhi. During the period under review, the Company has generally complied with the provisions of the Act, Rules, Regulations, Sd/- Guidelines, Standards, etc. mentioned above. Arun Kumar Soni Place: New Delhi ACS No. 5441 I further report that- Date: July 18, 2017 CP No. 1726 The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during

32 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Annexure - C to Board’s Report

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) FOR FY 17

1. A brief outline of the Company’s CSR Policy, including overview of projects or programs proposed to be undertaken and a reference to the web-link to the CSR Policy and projects or programs: The Company strives to achieve excellence when it comes to undertaking business in a socially, ethically and environmentally responsible manner. The formulation of Corporate Social Responsibility (CSR) Policy, is one such step forward in that direction. The Policy outlines the Company’s philosophy as a responsible corporate citizen and also lays down the guidelines and mechanism for undertaking socially useful programs for welfare & sustainable development of the community, in and around area of operations of the Company and other parts of the country. The Policy applies to the CSR projects or programs undertaken by the Company in India, in relation to one or more activities outlined in Schedule VII of the Companies Act, 2013. The overview of projects or programs undertaken during the year under review, is provided in the table at item 5(c) below. The CSR Policy is available on the Company’s website ]Pa. www.htmedia.in 2. Composition of CSR Committee – CSR Committee of Directors comprises of Smt. Shobhana Bhartia (Chairperson), Shri N. K. Singh and Shri Priyavrat Bhartia.  (]LYHNLUL[WYVÄ[VM[OL*VTWHU`MVY[OLSHZ[ÄUHUJPHS`LHYZ! ` 16,144 Lacs 4. Prescribed CSR expenditure (2% of amount as in item 3 above): ` 323 Lacs  +L[HPSZVM*:9ZWLU[K\YPUN[OLÄUHUJPHS`LHY!  H ;V[HSHTV\U[[VILZWLU[MVY[OLÄUHUJPHS`LHY!` 330 Lacs b. Amount unspent: Nil c. Manner in which the amount spent during FY 17 is detailed below:

(` in Lacs) Sl. CSR project or activity Sector in which the Projects or Amount Amount spent Cumulative Amount spent: No. PKLU[PÄLK project is covered programs outlay on the projects expenditure Direct or (1) Local area (budget) or programs upto the through or Other project or Sub-heads: reporting Implementing (2) Specify programs (1) Direct period Agency the state and wise expenditure district where on projects or projects or programs program were (2) Overheads undertaken Direct expenditure

1. Execute projects in the Clause (ii) of Schedule VII 246.50 246.50 246.50 education space for Promoting healthcare, underprivileged children promoting education, & women, including including special vocational training education & of youth, women & employment enhancing differently abled through vocation skills various NGO Partners especially among children, women, elderly and the differently abled (a) Integrated Community Faridabad, Through Development Program (Haryana) Implementing through Accelerated Noida, (U.P.) & Agency Learning Centre, Delhi (Shine early childhood (Local area) Foundation- care & development `126.50 Lacs)* programme, mid-day meal, non-primary education to the PKLU[PÄLKJOPSKYLUHUK imparting vocational training to youth.

ANNUAL REPORT 2016-17 33 (` in Lacs) Sl. CSR project or activity Sector in which the Projects or Amount Amount spent Cumulative Amount spent: No. PKLU[PÄLK project is covered programs outlay on the projects expenditure Direct or (1) Local area (budget) or programs upto the through or Other project or Sub-heads: reporting Implementing (2) Specify programs (1) Direct period Agency the state and wise expenditure district where on projects or projects or programs program were (2) Overheads undertaken Direct expenditure

(b) Balwadi Programme- Delhi Through Promoting early (Local area) Implementing childhood education, Agency physical, language, (Pratham Delhi social and cognitive Education development among Initiative - children `50 Lacs)* (c) Sponsoring girls for Dehradun, Through vocational skills in a Uttarakhand Implementing vocational training (Other area) Agency institute (Himalayan School Society - `6 Lacs)* (d) To support education Delhi NCR Through of under privileged (Local area) Implementing children Agency (HT Foundation for Change - `14 Lacs)* (e) Every last child in school- Mumbai, Through Sponsoring the program Maharashtra Implementing to support school (Local area) Agency enrollment of children, (Save The run learning centres & Children - workshops `50 Lacs)* 2. Sponsoring the Gallery Clause (v) of Schedule VII Amritsar, 50.00 50.00 50.00 Through of Hope at Partition Punjab Implementing Protection of national Museum, housing the (Other area) Agency heritage, art & culture (The Teamwork Z[VYPLZHY[LMHJ[ZVMÄJPHS including restoration documents of partition Fine Arts of building and sites of era and subsequent Society)* historical importance. exhibitions. 3. To support education of Clause (ii) of Schedule VII Delhi NCR 33.50 33.50 33.50 Through under privileged children (Local area) Implementing Promoting education Agency (HT among children Foundation for Change) Total 330.00 330.00 330.00

*Amount contributed to the implementation agencies is being utilized by them in phased manner.

6. 0UJHZL[OL*VTWHU`OHZMHPSLK[VZWLUK[^VWLYJLU[VM[OLH]LYHNLUL[WYVÄ[VM[OLSHZ[ÄUHUJPHS`LHYZVY any part thereof, the Company shall provide the reasons for not spending the amount in its Board’s Report – Not Applicable

7. The responsibility statement of the Corporate Social Responsibility Committee of the Board of Directors of the Company is given below:

‘The implementation and monitoring of Corporate Social Responsibility (CSR) Policy, is in compliance with CSR objectives and policy of the Company’.

Place: New Delhi (Rajiv Verma) (Shobhana Bhartia) Date: July 18, 2017 *OPLM,_LJ\[P]L6MÄJLY Chairperson of CSR Committee

34 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Annexure - E to Board’s Report

Details pertaining to remuneration as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

(i) The ratio of remuneration of each Director to the median remuneration of the employees and the percentage increase PU YLT\ULYH[PVU VM LHJO +PYLJ[VY*OPLM ,_LJ\[P]L 6MÄJLY*OPLM -PUHUJPHS 6MÄJLY HUK *VTWHU` :LJYL[HY` PU [OL ÄUHUJPHS`LHYLUKLKVU4HYJOPZHZ\UKLY

Remuneration Ratio of remuneration of each Director % increase in 5HTLVM+PYLJ[VY247 KLZPNUH[PVU for FY 17 to median remuneration of remuneration in FY 17 (`3HJZ employees in FY 17 @

Smt. Shobhana Bhartia 119.30» -78.78% 18.76 *OHPYWLYZVU ,KP[VYPHS+PYLJ[VY Shri K.N. Memani 12.70* -4.51% 1.99 0UKLWLUKLU[+PYLJ[VY Shri N.K. Singh 19.30* -9.81% 3.03 0UKLWLUKLU[+PYLJ[VY Shri Vikram Singh Mehta 11.20* Not Applicable 1.76 0UKLWLUKLU[+PYLJ[VY Shri Shamit Bhartia$ 312.77 Not Applicable 49.18 5VUL_LJ\[P]L+PYLJ[VY Shri Rajiv Verma 450.91# 12.40% Not Applicable *OPLM,_LJ\[P]L6MNjJLY Shri Dinesh Mittal^ 256.90 17.66% 40.39 >OVSL[PTL+PYLJ[VY.YV\W.LULYHS *V\UZLS *VTWHU`:LJYL[HY` Shri Piyush Gupta 299.64 11.76% Not Applicable .YV\W*OPLM-PUHUJPHS6MNjJLY

@The median remuneration of employees of the Company during FY 17 was ` 6.36 lacs »0U]PL^VM[OLJOHSSLUNLZMHJLKI`[OLTLKPHPUK\Z[Y`HUK[OL YLZ\S[HU[WYLZZ\YLVU[OLYL]LU\LWYVÄ[ZVM[OL*VTWHU`:T[:OVIOHUH)OHY[PHOHZ refunded ` 400 lacs out of the remuneration paid to her during FY 17, and has also foregone remuneration for the months of February & March, 2017 *VTWYPZLZVMWYVÄ[YLSH[LKJVTTPZZPVUHUKZP[[PUNMLLMVYH[[LUKPUN)VHYK*VTTP[[LLTLL[PUNZHZHWWSPJHISL $Ceased to be Joint Managing Director w.e.f. February 1, 2017 #Does not include bonus of ` 351.60 lacs paid in the current year relating to previous year ^ Appointed as Whole-time Director w.e.f. May 26, 2016. However, the above remuneration pertains to the period from April 1, 2016 to March 31, 2017 received as Key Managerial Personnel Note: Perquisites have been valued as per Income Tax Act, 1961

(ii) There was an increase of 6% in the median remuneration of employees of the Company in FY 17.

(iii) As on March 31, 2017, there were 2,312 permanent employees on the rolls of the Company.

(iv) Average percentage increase in remuneration of employees, other than managerial personnel, during FY 17 is 6.6%. During the same period, percentage change in remuneration of managerial personnel is given in table above.

] 0[PZOLYLI`HMÄYTLK[OH[[OLYLT\ULYH[PVUWHPKPZHZWLY[OL9LT\ULYH[PVU7VSPJ`HUKWOPSVZVWO`VM[OL*VTWHU`

ANNUAL REPORT 2016-17 35 Annexure - F to Board’s Report

Form No. MGT - 9 EXTRACT OF ANNUAL RETURN For the financial year ended March 31, 2017

[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS

Sl. Particulars Details No.

i *VYWVYH[L0KLU[PÄJH[PVU5\TILY*05 L22121DL2002PLC117874 ii Registration Date December 3, 2002 iii Name of the Company HT Media Limited iv Category/ Sub-Category of the Company Public Company/Limited by Shares v (KKYLZZVM[OL9LNPZ[LYLK6MÄJLHUKJVU[HJ[KL[HPSZ Hindustan Times House 18-20, Kasturba Gandhi Marg New Delhi – 110001 Tel: +91-11-66561608 Fax: +91-11-66561445 Email : [email protected] vi Whether listed company Yes/No vii Name, address and contact details of Registrar and Karvy Computershare Private Limited Transfer Agent Karvy Selenium Tower B, Plot no. 31 & 32 Financial District, Nanakramguda Serilingampally Mandal Hyderabad - 500032 Tel: +91-40-67162222, Fax: +91-40-23001153 Email : [email protected]

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY All the business activities contributing 10% or more of the total turnover of the Company shall be stated:-

Sl. Name and NIC Code of % to total No. Description of [OL7YVK\J[ turnover of the THPUWYVK\J[Z Service Company services

1 Printing and publishing of Newspapers 181 & 581* 85% 2 FM Radio Broadcasting 601* 11%

:V\YJL!5H[PVUHS0UK\Z[YPHS*SHZZPÄJH[PVU

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

/VSKPUN Sl. Name and address % of equity Applicable *05.35 :\IZPKPHY` No. of the Company shares held Section Associate

1 The Hindustan Times Limited* U74899DL1927PLC000155 Holding 69.50 2(46) HT House 18-20, Kasturba Gandhi Marg New Delhi-110001 2 Hindustan Media Ventures Limited L21090BR1918PLC000013 Subsidiary 74.30 2(87) Budh Marg Patna – 800001 3 HT Music and Entertainment Company U92131DL2005PLC142194 Subsidiary 100.00 2(87) Limited Hindustan Times House 18-20, Kasturba Gandhi Marg New Delhi-110001

36 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

4 HT Digital Media Holdings Limited U74900DL2007PLC168717 Subsidiary 100.00 2(87) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 5 HT Education Limited U80902DL2008PLC177056 Subsidiary 100.00 2(87) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 6 HT Learning Centers Limited@ U80900DL2010PLC198772 Subsidiary 58.08@ 2(87) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 7 -PYLÅ`L=LU[\YLZ3PTP[LK# U74140DL2007PLC164566 Subsidiary 0.00 2(87) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 8 HT Mobile Solutions Limited# U74900DL2009PLC187795 Subsidiary 0.00 2(87) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 9 HT Digital Information Private Limited U74900DL2011PTC226816 Subsidiary 100.00 2(87) (formerly ED World Private Limited) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 10 Topmovies Entertainment Limited U92120DL2013PLC252652 Subsidiary 100.00 2(87) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 11 HT Global Education U80904DL2011NPL219159 Subsidiary 100.00 2(87) Hindustan Times House 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001 12 HT Digital Streams Limited% U74900BR2015PLC025243 Subsidiary 57.17 2(87) Budh Marg Patna – 800001 13 HT Overseas Pte. Ltd.# Foreign Company Subsidiary 0.00 2(87) 77A Boat Quay (20101750W) Singapore-049865 (Incorporated in Singapore) 14 Sports Asia Pte. Ltd.** Foreign Company Subsidiary 0.00 2(87) 77A Boat Quay (201615661Z) Singapore-049865 (Incorporated in Singapore) 15 India Education Services Private Limited U80301DL2011PTC226705 Associate 50.00 2(6) Hindustan Times House (Joint Venture) 2nd Floor 18-20, Kasturba Gandhi Marg New Delhi-110001

*The Hindustan Times Limited is a subsidiary of Earthstone Holding (Two) Limited %Balance shares held by Hindustan Media Ventures Limited #Indirect subsidiary of HT Media Limited (shares held through HT Digital Media Holdings Limited) @Balance shares held by HT Education Limited **50.50% shares will be held by HT Overseas

ANNUAL REPORT 2016-17 37 IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY) (i) Category-wise Share Holding

Sl. Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year No. % (ZVU (ZVU Change Demat Physical Total % of Total Demat Physical Total % of Total during Shares Shares the year

(A) Promoters (1) Indian (a) Individual /HUF 22 0 22 0.00 22 0 22 0.00 0.00 (b) Central Government 0 0 0 0.00 0 0 0 0.00 0.00 (c) State Government(s) 0 0 0 0.00 0 0 0 0.00 0.00 (d) Bodies Corporate 16,17,54,490 0 16,17,54,490 69.50 16,17,54,490 0 16,17,54,490 69.50 0.00 (e) Banks/Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00 (f) Any Others 0 0 0 0.00 0 0 0 0.00 0.00 Sub-Total A(1) 16,17,54,512 0 16,17,54,512 69.50 16,17,54,512 0 16,17,54,512 69.50 0.00 (2) Foreign (a) NRIs -Individuals 0 0 0 0.00 0 0 0 0.00 0.00 (b) Other-Individuals 0 0 0 0.00 0 0 0 0.00 0.00 (c) Bodies Corporate 22,581 0 22,581 0.01 22,581 0 22,581 0.01 0.00 (d) Banks/Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00 (e) Others 0 0 0 0.00 0 0 0 0.00 0.00 Sub-Total A(2) 22,581 0 22,581 0.01 22,581 0 22,581 0.01 0.00 Total shareholding of 16,17,77,093 0 16,17,77,093 69.51 16,17,77,093 0 16,17,77,093 69.51 0.00 7YVTV[LYZ($(( (B) Public Shareholding (1) Institutions (a) Mutual Funds 2,04,33,381 0 2,04,33,381 8.78 2,16,55,745 0 2,16,55,745 9.30 0.52 (b) Banks/ Financial Institutions 1,79,974 0 1,79,974 0.08 1,56,315 0 1,56,315 0.07 (0.01) (c) Central Government 0 0 0 0.00 0 0 0 0.00 0.00 (d) State Government(s) 0 0 0 0.00 0 0 0 0.00 0.00 (e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00 (f) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00 (g) Foreign Institutional 2,89,23,190 0 2,89,23,190 12.42 1,69,25,416 0 1,69,25,416 7.27 (5.15) Investors (FIIs) (h) Foreign Venture Capital 0 0 0 0.00 0 0 0 0.00 0.00 Funds (i) Others 0 0 0 0.00 0 0 0 0.00 0.00 Sub-Total B(1) : 4,95,36,545 0 4,95,36,545 21.28 3,87,37,476 0 3,87,37,476 16.64 (4.64) (2) Non-Institutions (a) Bodies Corporate (i) Indian 61,36,703 0 61,36,703 2.63 1,27,71,520 0 1,27,71,520 5.49 2.86 (ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00 (b) Individuals (i) Individual shareholders 56,43,952 13,142 56,57,094 2.43 83,63,650 16,886 83,80,536 3.60 1.17 holding nominal share capital upto ` 1 Lac (ii) Individual shareholders 58,83,929 0 58,83,929 2.53 68,78,948 0 68,78,948 2.95 0.42 holding nominal share capital in excess of ` 1 Lac (c) Others (i) Clearing Members 3,91,153 0 3,91,153 0.17 4,10,331 0 4,10,331 0.18 0.01 (ii) Non Resident Indians 11,37,427 0 11,37,427 0.49 15,63,920 0 15,63,920 0.67 0.18 (iii) Trusts 80 0 80 0.00 200 0 200 0 0.00 (iv) Smt. Namrata Bhartia 22,28,290 0 22,28,290 0.96 22,28,290 0 22,28,290 0.96 0.00 (As Trustee of HT Media Employee Welfare Trust)* Sub-Total B(2) 2,14,21,534 13,142 2,14,34,676 9.21 3,22,16,859 16,886 3,22,33,745 13.85 4.64 Total Public Shareholding 7,09,58,079 13,142 7,09,71,221 30.49 7,09,54,335 16,886 7,09,71,221 30.49 0.00 )$)) (C) Shares held by Custodians 0 0 0 0 0 0 0 0 0.00 for GDRs & ADRs .YHUK;V[HS()*! 23,27,35,172 13,142 23,27,48,314 100.00 23,27,31,428 16,886 23,27,48,314 100.00 0.00

0U[LYTZVM:,)0:OHYL)HZLK,TWSV`LL)LULÄ[Z9LN\SH[PVUZ[OLZOHYLOVSKPUNVM:T[5HTYH[H)OHY[PH(Z;Y\Z[LLVM/;4LKPH,TWSV`LL>LSMHYL;Y\Z[ OHZILLUJH[LNVYPaLK\UKLYº5VUWYVTV[LY5VU7\ISPJ»JH[LNVY`PU[OLZ[VJRL_JOHUNLÄSPUNZ/V^L]LY[VJVUMVYT[V[OLMVYTH[VM-VYT4.; [OLZHTLOHZ been categorized under ‘Public’ category.

38 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

(ii) Shareholding of Promoters

Sl. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year No. (ZVU (ZVU % change in No. of % of total % of Shares No. of Shares % of total % of Shares shareholding Shares Shares of the WSLKNLK Shares of the WSLKNLK during the company encumbered company encumbered year to total to total shares shares

1 The Hindustan Times Limited 16,17,54,490 69.50 0.00 16,17,54,490 69.50 0.00 0.00 2 Go4i.Com (Mauritius) Limited 22,581 0.01 0.00 22,581 0.01 0.00 0.00 3 Smt. Shobhana Bhartia 20* 0.00 0.00 20* 0.00 0.00 0.00 4 Shri Priyavrat Bhartia 1 0.00 0.00 1 0.00 0.00 0.00 5 Shri Shamit Bhartia 1 0.00 0.00 1 0.00 0.00 0.00 Total 16,17,77,093 69.51 0.00 16,17,77,093 69.51 0.00 0.00

*19 shares held as nominee of Go4i.com (Mauritius) Limited

(iii) Change in Promoters’ Shareholding – Nil (iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and holders of GDRs and ADRs)

Cumulative shareholding Shareholding Sl. during the year Name of Shareholders No. No. of % of total shares No. of Shares % of total shares Shares of the Company of the company

1. Government Pension Fund Global At the beginning of the year 97,85,517 4.20 97,85,517 4.20 Bought during the year 0 0.00 97,85,517 4.20 Sold during the year 28,25,517 1.21 69,60,000 2.99 At the end of the year 69,60,000 2.99 69,60,000 2.99 2. 9LSPHUJL*HWP[HS;Y\Z[LL*VTWHU`3PTP[LK(J[OYV\NO]HYPV\ZZJOLTLZVMT\[\HSM\UKZ At the beginning of the year 93,35,114 4.01 93,35,114 4.01 Bought during the year 88,60,117 3.81 1,81,95,231 7.82 Sold during the year 1,05,42,208 4.53 76,53,023 3.29 At the end of the year 76,53,023 3.29 76,53,023 3.29 3. ICICI Lombard General Insurance Company Limited* At the beginning of the year 5,75,000 0.25 5,75,000 0.25 Bought during the year 72,37,933 3.11 78,12,933 3.36 Sold during the year 0 0.00 78,12,933 3.36 At the end of the year 78,12,933 3.36 78,12,933 3.36 4. -YHURSPU;LTWSL[VU4\[\HS-\UK(J[OYV\NO]HYPV\ZZJOLTLZVMT\[\HSM\UKZ At the beginning of the year 44,45,742 1.91 44,45,742 1.91 Bought during the year 80,41,310 3.46 1,24,87,052 5.37 Sold during the year 9,00,125 0.39 1,15,86,927 4.98 At the end of the year 1,15,86,927 4.98 1,15,86,927 4.98 5. Stichting Depositary APG Emerging Markets Equity Pool# At the beginning of the year 42,70,516 1.83 42,70,516 1.83 Bought during the year 0 0.00 42,70,516 1.83 Sold during the year 42,70,516 1.83 0 0.00 At the end of the year 0 0.00 0 0.00 6. Bajaj Allianz Life Insurance Company Limited At the beginning of the year 35,35,351 1.52 35,35,351 1.52 Bought during the year 90,000 0.04 36,25,351 1.56 Sold during the year 7,62,000 0.33 28,63,351 1.23 At the end of the year 28,63,351 1.23 28,63,351 1.23 7. Kuwait Investment Authority Fund 223# At the beginning of the year 32,38,161 1.39 32,38,161 1.39 Bought during the year 0 0.00 32,38,161 1.39 Sold during the year 32,38,161 1.39 0 0.00 At the end of the year 0 0.00 0 0.00

ANNUAL REPORT 2016-17 39 Cumulative shareholding Shareholding Sl. during the year Name of Shareholders No. No. of % of total shares No. of Shares % of total shares Shares of the Company of the company

8. 4PYHL(ZZL[;H_:H]LY-\UK(J[OYV\NO]HYPV\ZZJOLTLZVMT\[\HSM\UKZ# At the beginning of the year 28,46,045 1.22 28,46,045 1.22 Bought during the year 0 0.00 28,46,045 1.22 Sold during the year 28,46,045 1.22 0 0.00 At the end of the year 0 0.00 0 0.00 9. +5)-\UK(J+5)-\UK(ZPHU:THSS*HW# At the beginning of the year 23,00,000 0.99 23,00,000 0.99 Bought during the year 0 0.00 23,00,000 0.99 Sold during the year 23,00,000 0.99 0 0.00 At the end of the year 0 0.00 0 0.00 10. Smt. Namrata Bhartia (As Trustee of HT Media Employee Welfare Trust) At the beginning of the year 22,28,290 0.96 22,28,290 0.96 Bought during the year 0 0.00 22,28,290 0.96 Sold during the year 0 0.00 22,28,290 0.96 At the end of the year 22,28,290 0.96 22,28,290 0.96 11. Smt. Rohini Nilekani* At the beginning of the year 19,32,900 0.83 19,32,900 0.83 Bought during the year 3,00,000 0.13 22,32,900 0.96 Sold during the year 0 0.00 22,32,900 0.96 At the end of the year 22,32,900 0.96 22,32,900 0.96 12. Shri Nandan M Nilekani* At the beginning of the year 19,31,561 0.83 19,31,561 0.83 Bought during the year 0 0.00 19,31,561 0.83 Sold during the year 0 0.00 19,31,561 0.83 At the end of the year 19,31,561 0.83 19,31,561 0.83 13. :\UKHYHT4\[\HS-\UK(J[OYV\NO]HYPV\ZZJOLTLZVMT\[\HSM\UKZ At the beginning of the year 18,32,309 0.79 18,32,309 0.79 Bought during the year 75,000 0.03 19,07,309 0.82 Sold during the year 75,000 0.03 18,32,309 0.79 At the end of the year 18,32,309 0.79 18,32,309 0.79 14. Danske Invest SICAV-SIF- Emerging and Frontier Markets SMID At the beginning of the year 18,53,448 0.80 18,53,448 0.80 Bought during the year 1,25,000 0.05 19,78,448 0.85 Sold during the year 3,68,800 0.16 16,09,648 0.69 At the end of the year 16,09,648 0.69 16,09,648 0.69

5V[PU[OLSPZ[VM[VWZOHYLOVSKLYZHZVU(WYPS;OLZHTLOHZILLUYLÅLJ[LKHIV]LHZ[OLZOHYLOVSKLY^HZVULVM[OL[VWZOHYLOVSKLYZHZVU March 31, 2017. #*LHZLK[VILPU[OLSPZ[VM[VWZOHYLOVSKLYZHZVU4HYJO;OLZHTLPZYLÅLJ[LKHIV]LHZ[OLZOHYLOVSKLY^HZVULVM[OL[VWZOHYLOVSKLYZ as on April 1, 2016. Notes: 1. Year in the above table means the period from April 1, 2016 to March 31, 2017 2. Any member desirous of obtaining date-wise particulars of sale/purchase by the above shareholders may write to [OL*VTWHU`:LJYL[HY`H[[OL9LNPZ[LYLK6MÄJLVM[OL*VTWHU`

40 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

(v) Shareholding of Directors and Key Managerial Personnel (KMP)

Cumulative Shareholding Shareholding Sl. during the year 5HTLVM+PYLJ[VY247 No. No. of % of total shares No. of Shares % of total shares Shares of the Company of the Company

1. Smt. Shobhana Bhartia (Chairperson & Editorial Director) At the beginning of the year* 20 0.00 20 0.00 Bought during the year - - 20 0.00 Sold during the year - - 20 0.00 At the end of the year 20 0.00 20 0.00 2. Shri Priyavrat Bhartia (Director) At the beginning of the year 1 0.00 1 0.00 Bought during the year - - 1 0.00 Sold during the year - - 1 0.00 At the end of the year 1 0.00 1 0.00 3. Shri Shamit Bhartia (Director) At the beginning of the year 1 0.00 1 0.00 Bought during the year - - 1 0.00 Sold during the year - - 1 0.00 At the end of the year 1 0.00 1 0.00 4. :OYP9HQP]=LYTH*OPLM,_LJ\[P]L6MÄJLY At the beginning of the year 1 0.00 1 0.00 Bought during the year - - 1 0.00 Sold during the year - - 1 0.00 At the end of the year 1 0.00 1 0.00 5. Shri Dinesh Mittal (Whole-time Director, Group General Counsel & Company Secretary)# At the beginning of the year 1 0.00 1 0.00 Bought during the year - - 1 0.00 Sold during the year - - 1 0.00 At the end of the year 1 0.00 1 0.00

9LNPZ[LYLKV^ULYZOPWVM ZOHYLZOLSKVUILOHSMVM.VPJVT4H\YP[P\Z3PTP[LKILULÄJPHSV^ULY #Appointed as Whole-time Director w.e.f. May 26, 2016

Note: Year in the above table means the period from April 1, 2016 to March 31, 2017

V. INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment

(` In Lacs) Secured Loans Unsecured Deposits Total Indebtedness excluding deposits Loans

Indebtedness at the beginning of the ÄUHUJPHS`LHY i) Principal Amount 7,163.28 84,514.75 - 91,678.03 ii) Interest due but not paid ---- iii) Interest accrued but not due - 121.87 - 121.87 ;V[HSPPPPPP 7,163.28 84,636.62 - 91,799.90 Change in Indebtedness during the ÄUHUJPHS`LHY • Additions 86,850.26 3,76,491.72 - 4,63,341.99 • (Reduction) (90,163.37) (3,64,090.73) - (4,54,254.11) Net Change (3,313.11) 12,400.99 - 9,087.88 Indebtedness at the end of the ÄUHUJPHS`LHY i) Principal Amount 3,850.17 97,037.61 - 1,00,887.78 ii) Interest due but not paid ---- iii) Interest accrued but not due - 69.12 - 69.12 ;V[HSPPPPPP 3,850.17 97,106.73 - 1,00,956.90 Note : Arithmetic difference in the above table is attributed to different exchange rates considered for conversion of foreign currency denominated loans into Indian Rupees.

ANNUAL REPORT 2016-17 41 VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and/or Manager

(` in Lacs) 5HTLVM4+>;+4HUHNLY Sl. Smt. Shobhana Bhartia Shri Shamit Bhartia Shri Dinesh Mittal Particulars of remuneration Total No. (Chairperson & (Director)$ (WTD,GGCS & CS)^ Editorial Director)#

1. Gross salary (a) Salary as per provisions 80.00 288.00 125.22 493.22 contained in Section 17(1) of the Income Tax Act, 1961 (b) Value of perquisites u/s 17(2) 3.30 3.17 1.22 7.69 of the Income Tax Act, 1961 J7YVÄ[ZPUSPL\VMZHSHY`\Z ---- 17(3) of the Income Tax Act, 1961 2. Stock Option (No. of options ---- granted during the year) 3. Sweat Equity - - - - 4. Commission - - - - 5. 6[OLYZ9L[PYLTLU[)LULÄ[Z 36.00 21.60 7.66 65.26 Total (A) 119.30 312.77 134.10 566.17 Ceiling as per the Act* 807.99

# 0U]PL^VM[OLJOHSSLUNLZMHJLKI`[OLTLKPHPUK\Z[Y`HUK[OLYLZ\S[HU[WYLZZ\YLVU[OLYL]LU\LWYVÄ[ZVM[OL*VTWHU`:T[:OVIOHUH)OHY[PHOHZ refunded ` 400 lacs out of the remuneration paid to her during FY 17, and has also foregone remuneration for the months of February & March, 2017 $9LSPUX\PZOLKVMÄJLVM1VPU[4HUHNPUN+PYLJ[VY^LM-LIY\HY`*VU[PU\PUNHZ5VUL_LJ\[P]L+PYLJ[VY ^Appointed as Whole-time Director w.e.f. May 26, 2016, hence remuneration is for the period from May 26, 2016 to March 31, 2017  VM5L[7YVÄ[ZVM[OL*VTWHU`JHSJ\SH[LKHZWLY:LJ[PVU VM[OL*VTWHUPLZ(J[

B. Remuneration to other directors

(` in Lacs) Sl. Particulars of remuneration Name of Directors No. Total 1 Independent Directors Shri K.N. Memani Shri N.K. Singh Shri Ajay Relan Shri Vikram Singh Mehta

• Fee for attending Board / 2.70 9.30 - 1.20 13.20 Committee meetings • Commission 10.00 10.00 - 10.00 30.00 • Others - - - - - Total 12.70 19.30 - 11.20 43.20 2 Other Non-executive Directors No remuneration was paid during FY 17 Total (B) 12.70 19.30 - 11.20 43.20 ;V[HS4HUHNLYPHS9LT\ULYH[PVU() 609.37 Overall ceiling as per the Act* 888.79

 VM5L[7YVÄ[ZVM[OL*VTWHU`JHSJ\SH[LKHZWLY:LJ[PVU VM[OL*VTWHUPLZ(J[

42 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

(` in Lacs) Key Managerial Personnel Shri Rajiv Verma Shri Piyush Gupta Shri Dinesh Mittal Sl. Particulars of remuneration (Chief Executive (Group Chief (Whole-time Director, Group Total No. 6MÄJLY -PUHUJPHS6MÄJLY General Counsel & Company Secretary)

1. Gross salary (a) Salary as per provisions 421.09 287.70 246.62 955.41 contained in Section 17(1) of the Income Tax Act, 1961 (b) Value of perquisites u/s 17(2) 5.82 1.79 1.28 8.89 of the Income Tax Act, 1961 J7YVÄ[ZPUSPL\VMZHSHY`\Z -- -- 17(3) of the Income-Tax Act, 1961 2. Stock Option (No. of options -- -- granted during the year) 3. Sweat Equity - - - - 4. Commission - - - - 5. 6[OLYZ9L[PYLTLU[)LULÄ[Z 24.00 10.15 9.00 43.15 Total 450.91@ 299.64 256.90 1,007.45

@Does not include bonus of ` 351.60 lacs paid in current year relating to previous year +Key Managerial Personnel for full year, hence remuneration is for the period from April 1, 2016 to March 31, 2017

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: NIL

ANNUAL REPORT 2016-17 43 Annexure - G to Board’s Report

CERTIFICATE OF COMPLIANCE OF CORPORATE GOVERNANCE

The Members HT Media Limited New Delhi

I have examined the compliance of conditions of Corporate Governance by HT Media Limited, for the year ended on March 31, 2017, as stipulated in Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The compliance of conditions of Corporate Governance is the responsibility of the management. My examination was limited to the procedures and implementation thereof, adopted by the Company for ensuring compliance of the conditions of the Corporate .V]LYUHUJL0[PZULP[OLYHUH\KP[UVYHUL_WYLZZPVUVMVWPUPVUVU[OLÄUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`

In my opinion and to the best of my information and according to the explanations given to me, I certify that the Company has complied ^P[O[OLJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJLHZZ[PW\SH[LKPU[OLWYV]PZPVUZHZZWLJPÄLKPU*OHW[LY0=VM:LJ\YP[PLZHUK,_JOHUNL)VHYK of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

0M\Y[OLYZ[H[L[OH[Z\JOJVTWSPHUJLPZULP[OLYHUHZZ\YHUJLHZ[V[OLM\[\YL]PHIPSP[`VM[OL*VTWHU`UVY[OLLMÄJPLUJ`VYLMMLJ[P]LULZZ with which the management has conducted the affairs of the Company.

Sd/- Arun Kumar Soni Place: New Delhi Company Secretary in Practice Date: May 18, 2017 CP No. 1726

44 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Annexure - H to Board’s Report

Information on conservation of energy, technology absorption and foreign exchange earnings & outgo as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014.

(A) CONSERVATION OF ENERGY- (ii) Benefits derived like product improvement, cost reduction, product development or import substitution: (i) Steps taken or impact on conservation of energy: HT is now able to print glazed paper innovations for Actions were taken to use LED lighting and implement 4\TIHP ^P[O [OL L_PZ[PUN WYLZZ [OYV\NO <= YL[YVÄ[ other energy saving initiatives e.g. improvement in In-house UV print facility has reduced the cost of UV JVTWYLZZLKHPYHUK/=(*LMÄJPLUJ`^OPJOOH]LYLK\JLK printing, compared to outsourced printing in previous factory electrical consumption by 1.5% (approx.) resulting years, besides providing speedy response to market. into annual saving of ` 12 Lacs (approx.). (iii) In case of imported technology (imported during the (ii) Steps taken by the company for utilizing alternate last three years reckoned from the beginning of the sources of energy: financial year) : A long term agreement was signed with the vendor to a) Details of technology imported: UV curing system install roof top 500 KW solar power system at Greater Noida factory. This will provide annual saving of b) Year of import: 2015 `12 Lacs and reduce CO2 emission by 726 ton per annum. c) Whether the technology being fully absorbed : Yes (iii) Capital investment on energy conservation equipment: d) If not fully absorbed, areas where absorption has not taken place, and the reasons thereof : Not All capex and operating investments for the solar applicable power system were made by the vendor. The Company has signed a 20 years agreement with the vendor to (iv) Expenditure incurred on Research and Development: share lower electricity unit cost savings generated by NIL solar power vs. grid electricity. (C) FOREIGN EXCHANGE EARNINGS AND OUTGO – (B) TECHNOLOGY ABSORPTION- -VYLPNU,_JOHUNLLHYULKPU[LYTZVMHJ[\HSPUÅV^Z (i) Efforts made towards technology absorption: during the year: ` 3,843.64 Lacs 9L[YVÄ[[LK <= WYPU[PUN MHJPSP[` VU L_PZ[PUN 9LNPVTHU press at Mumbai factory to develop glazed newsprint -VYLPNU,_JOHUNLV\[NVPU[LYTZVMHJ[\HSV\[ÅV^Z print capability. during the year: ` 32,408.32 Lacs

ANNUAL REPORT 2016-17 45 REPORT ON CORPORATE GOVERNANCE

0U`V\Y*VTWHU`*VYWVYH[L.V]LYUHUJLLUJVTWHZZLZ]HYPV\ZSLNHSJVU[YHJ[\HSHUKPU[LYUHSMYHTL^VYRZ[OH[KLÄUL [OLVWLYH[PVUZHUKPUÅ\LUJLKLJPZPVUTHRPUN;OLZLMYHTL^VYRZOH]LILLUZL[^P[OZ[YPJ[HKOLYLUJL[V[OLWYPUJPWSLZ VM (JJV\U[HIPSP[` ;YHUZWHYLUJ` ;Y\Z[LLZOPWHUK ,MÄJPLUJ` ^OPJO HSZV \UKLYSPUL [OL *VTWHU`»Z PU[LYMHJL ^P[O HSS P[Z stakeholders.

A report on Corporate Governance, in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Regulations”), is outlined below.

BOARD OF DIRECTORS Composition of the Board In accordance with the SEBI Regulations, more than one-half of the Board of Directors comprises of Non-executive Directors. As on March 31, 2017, the Board comprised of eight Directors, including six Non-executive Directors. Your Company also complies with the requirement of at least one-half of the Board to comprise of Independent Directors. The Chairperson of the Board is an Executive (Woman) Director.

The composition of the Board of Directors as on March 31, 2017, was as follows –

Name of the Director Date of appointment Relationship between Directors, +PYLJ[VY0KLU[PÄJH[PVU inter-se Number (DIN)

PROMOTER DIRECTORS Smt. Shobhana Bhartia December 3, 2002 Mother of Shri Priyavrat Bhartia and 00020648 *OHPYWLYZVU ,KP[VYPHS+PYLJ[VY Shri Shamit Bhartia +LZPNUH[LKHZ4HUHNPUN+PYLJ[VY Shri Priyavrat Bhartia October 28, 2005 Son of Smt. Shobhana Bhartia and 00020603 5VU,_LJ\[P]L+PYLJ[VY Brother of Shri Shamit Bhartia Shri Shamit Bhartia# December 3, 2002 Son of Smt. Shobhana Bhartia and 00020623 5VU,_LJ\[P]L+PYLJ[VY Brother of Shri Priyavrat Bhartia NON-EXECUTIVE INDEPENDENT DIRECTORS Shri K. N. Memani May 5, 2004 None 00020696 Shri N.K. Singh December 9, 2004 None 00020669 Shri Ajay Relan August 24, 2009 None 00002632 Shri Vikram Singh Mehta June 20, 2015 None 00041197 WHOLE-TIME DIRECTOR Shri Dinesh Mittal* May 26, 2016 None 00105769

#9LSPUX\PZOLK[OLVMÄJLVM1VPU[4HUHNPUN+PYLJ[VY^LM-LIY\HY`*VU[PU\PUNHZ5VU,_LJ\[P]L+PYLJ[VY * Appointed as Whole-time Director w.e.f. May 26, 2016

6\Y +PYLJ[VYZ OVSK X\HSPÄJH[PVUZ HUK WVZZLZZ YLX\PZP[L L_WLYPLUJL PU NLULYHS JVYWVYH[L THUHNLTLU[ ÄUHUJL SLNHS IHURPUNLJVUVTPJZHUKV[OLYHSSPLKÄLSKZ^OPJOLUHISL[OLT[VJVU[YPI\[LLMMLJ[P]LS`[V[OL*VTWHU`+L[HPSLKWYVÄSL of each of the Directors is available on the Company’s website ]Pa. www.htmedia.in.

None of the Director serve as Independent Director in more than seven listed companies, or three listed companies, in case he/she serves as Whole-time Director in any listed company. Two Non-executive Directors ]Pa Shri Priyavrat Bhartia and Shri Shamit Bhartia hold 1 Equity Share each, of the Company.

46 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

DIRECTORS’ ATTENDANCE AND DIRECTORSHIPS HELD ;OLTLL[PUNZVM[OL)VHYKHYLNLULYHSS`OLSKH[[OLYLNPZ[LYLKVMÄJLVM[OL*VTWHU`PU5L^+LSOP+\YPUN[OLÄUHUJPHS `LHYLUKLKVU4HYJOÄ]L)VHYKTLL[PUNZ^LYLOLSK;OLKL[HPSZHYLHZMVSSV^Z!

Date of Board Meeting Board strength Number of Directors present Number of Independent Directors present

May 26, 2016@ 7 6* 4 out of 4 May 26, 2016@ 8 7* 4 out of 4 August 5, 2016 8 7 3 out of 4 November 2, 2016 8 6 2 out of 4 January 24, 2017 8 8 4 out of 4

@ Two Board Meetings were held on May 26, 2016 *Shri Vikram Singh Mehta attended these meetings via video-conferencing

Attendance record of the Directors at the above Board Meetings and details of other Directorships/Committee positions held by them as on March 31, 2017, in Indian public limited companies, are as follows:

Name of the Director Number of Board Meetings Number of other Committee positions attended during FY 17 Directorships held held in other companies ^ Chairperson Member1

Smt. Shobhana Bhartia 5 8 2 - Shri K.N. Memani 4 5 1 2 Shri N.K. Singh 5 - - - Shri Ajay Relan 4 3 1 2 Shri Vikram Singh Mehta# 47-2 Shri Priyavrat Bhartia 3 9 - 4 Shri Shamit Bhartia 5 9 - - Shri Dinesh Mittal* 3 5 1 -

^Only Audit Committee and Stakeholders’ Relationship Committee have been considered 1Does not include chairmanships #Participated in two Board meetings via video-conferencing *Appointed as Whole-time Director w.e.f. May 26, 2016

Smt. Shobhana Bhartia, Shri K.N. Memani, Shri Priyavrat Bhartia and Shri Dinesh Mittal attended the last Annual General Meeting of the Members of the Company held on September 20, 2016.

BOARD PROCEDURE Detailed agenda, setting out the business(es) to be transacted at the Board/Committee meeting(s) is supplied in advance and decisions are taken after due deliberations. In case where it is not practicable to forward the document(s) with the agenda papers, the same are circulated before the meeting or placed at the meeting. The Directors are provided with video-conferencing facility, as and when desired, to enable them to attend/participate in the Board/Committee meeting(s).

8\HSP[`KLIH[LZHUKWHY[PJPWH[PVUI`HSS+PYLJ[VYZHUKVMÄJPHSZHYLLUJV\YHNLKH[)VHYK*VTTP[[LLTLL[PUNZ;OL)VHYK engages with the management during business reviews and provides constructive suggestions and guidance on various issues, including strategy, as required from time to time. The Board gives due attention to governance and compliance YLSH[LKPZZ\LZPUJS\KPUN[OLLMÄJHJ`VMZ`Z[LTZVMPU[LYUHSÄUHUJPHSJVU[YVSZYPZRTHUHNLTLU[H]VPKHUJLVMJVUÅPJ[VM interest, and redressal of employee/ stakeholder grievances, among others.

The information provided to the Board from time to time, PU[LYHSPH, includes the items mentioned under Regulation 17(7) of the SEBI Regulations.

ANNUAL REPORT 2016-17 47 DETAILS OF REMUNERATION PAID TO DIRECTORS +\YPUN [OL ÄUHUJPHS `LHY LUKLK VU 4HYJO   [OL 5VUL_LJ\[P]L 0UKLWLUKLU[ +PYLJ[VYZ ^LYL WHPK ZP[[PUN MLL @ ` 30,000/- per meeting, for attending meetings of the Board and Committee(s) thereof. The Non-executive Directors HYLHSZVLSPNPISLMVYWYVÄ[YLSH[LKJVTTPZZPVUUV[L_JLLKPUN VM[OLUL[WYVÄ[ZVM[OL*VTWHU`MVY[OLÄUHUJPHS`LHY computed in the manner prescribed under Companies Act, 2013, subject to a limit of ` 10 Lacs per Director per annum. *VUZPKLYPUN [OL ]HS\HISL JVU[YPI\[PVUZ THKL I` LHJO VM [OL 0UKLWLUKLU[ +PYLJ[VYZ [OL )VHYK KLJPKLK [V WH` WYVÄ[ YLSH[LK JVTTPZZPVU [V [OL 0UKLWLUKLU[ +PYLJ[VYZ VU \UPMVYT IHZPZ ;OL KL[HPSZ VM ZP[[PUN MLL WHPK HUK WYVÄ[ YLSH[LK commission paid/ payable to Directors during/for FY 17 are as under-

(` in Lacs) Name of the Director Sitting fee Commission paid during FY 17 Commission payable for FY 17 WLY[HPUPUN[VWYVÄ[MVY-@

Shri K.N. Memani 2.70 10.00 10.00 Shri N.K. Singh 9.30 10.00 10.00 Shri Ajay Relan* Nil Nil Nil Shri Vikram Singh Mehta 1.20 10.00 10.00 Shri Priyavrat Bhartia@ Nil Nil Nil Shri Shamit Bhartia@# Nil Nil Nil

* Shri Ajay Relan has voluntarily decided not to accept sitting fee and commission @;OLZL+PYLJ[VYZOH]LKLJPKLKUV[[VHJJLW[WYVÄ[YLSH[LKJVTTPZZPVU #9LSPUX\PZOLK[OLVMÄJLVM1VPU[4HUHNPUN+PYLJ[VY^LM-LIY\HY`*VU[PU\PUNHZ5VUL_LJ\[P]L+PYLJ[VY

The Chairperson & Editorial Director, the Joint Managing Director and the Whole-time Director were appointed for a period VMÄ]L`LHYZMYVT[OLPYYLZWLJ[P]LKH[LZVMHWWVPU[TLU[;OLKL[HPSZVMYLT\ULYH[PVUWHPK[V:T[:OVIOHUH)OHY[PH Chairperson & Editorial Director, Shri Shamit Bhartia, Joint Managing Director and Shri Dinesh Mittal, Whole-time Director, .YV\W.LULYHS*V\UZLS *VTWHU`:LJYL[HY`K\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOHYLHZ\UKLY!

(` in Lacs) Name of the Director Salary & Allowances Perquisites 9L[PYLTLU[ILULÄ[Z

Smt. Shobhana Bhartia# 80.00 3.30 36.00 Shri Shamit Bhartia@ 288.00 3.17 21.60 Shri Dinesh Mittal* 125.22 1.22 7.66

#0U]PL^VM[OLJOHSSLUNLZMHJLKI`[OLTLKPHPUK\Z[Y`HUK[OLYLZ\S[HU[WYLZZ\YLVU[OLYL]LU\LWYVÄ[ZVM[OL*VTWHU`:T[:OVIOHUH)OHY[PHOHZ refunded `400 lacs out of the remuneration paid to her during FY 17, and has also foregone remuneration for the months of February & March, 2017 @9LSPUX\PZOLK[OLVMÄJLVM1VPU[4HUHNPUN+PYLJ[VY^LM-LIY\H Y`*VU[PU\PUNHZ5VUL_LJ\[P]L+PYLJ[VY(JJVYKPUNS`[OLHIV]LYLT\ULYH[PVUPZ for the period from April 1, 2016 to January 31, 2017 *Appointed as Whole-time Director w.e.f. May 26, 2016. Accordingly, the above remuneration is for the period May 26, 2016 to March 31, 2017

Notes: 9L[PYLTLU[ILULÄ[ZPUJS\KLJVU[YPI\[PVU[V7YV]PKLU[-\UK (2) Chairperson & Editorial Director and the Joint Managing Director have not been paid any bonus. Shri Dinesh Mittal, Whole-time Director, Group General Counsel & Company Secretary has been granted Stock Options, details whereof are as under:

Particulars HTML Employee Stock HTML Employee Stock Option Option Scheme Scheme - 2009

Date of grant 25-Sep-2007 8-Oct-2009 No. of Options granted 63,119 48,633 Vesting schedule Surrendered and Already vested cancelled in 2009 in 2011 No. of vested stock options at the end of FY 17 - 48,633 Exercise Price per Option (in `) - 117.55 Exercise Period Within 10 years from the date of vesting of last tranche of the options

48 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

i. Under both the schemes, each Option entitles the holder thereof to one equity share of ` 2/- each upon vesting/ exercise; PP ;OL6W[PVUZ^LYLNYHU[LKH[[OL¸THYRL[WYPJL¹HZKLÄULKPULYZ[^OPSLHWWSPJHISL:,)0,TWSV`LL:[VJR6W[PVU Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. (3) Perquisites include car, telephone, medical reimbursements, club fee etc., calculated as per Income Tax Rules. (4) Remuneration excludes provision for leave encashment and gratuity. (5) There is no separate provision for payment of severance fees. (6) There are two variable components in the remuneration drawn by Shri Dinesh Mittal, Whole-time Director, Group General Counsel & Company Secretary ]Pa. (a) Enterprise Goal Award – this is paid quarterly based on enterprise HJOPL]PUN [OL X\HY[LY [HYNL[Z ¶   SPURLK ^P[O YL]LU\L HUK   ^P[O HJOPL]LTLU[ VM WYVÄ[" HUK I =HYPHISL 7LYMVYTHUJL)VU\Z[OPZPZSPURLK^P[OWLYZVUHSSLHKLYZOPWWLYMVYTHUJLHUKJVU[YPI\[PVUV]LY[OLÄUHUJPHS`LHY

During the year under review, none of the Non-executive Directors had any material pecuniary relationship or transactions ]PZn]PZ[OL*VTWHU`V[OLY[OHUWH`TLU[VMZP[[PUNMLLHUKWYVÄ[YLSH[LKJVTTPZZPVUPMHU`HZTLU[PVULKHIV]L

BOARD COMMITTEES As at year end, there were seven standing committees of the Board of Directors, which were delegated requisite powers to discharge their functions.

The committees of the Board are as follows – (a) Audit Committee (b) Stakeholders’ Relationship Committee (c) Nomination & Remuneration Committee (d) Banking and Finance Committee (e) Investment Committee (f) Risk Management Committee (g) Corporate Social Responsibility (CSR) Committee

;OLYVSLHUKJVTWVZP[PVUVM[OLJVTTP[[LLZPUJS\KPUN[OLU\TILYVMTLL[PUNZOLSKK\YPUN[OLÄUHUJPHS`LHYLUKLKVU March 31, 2017 and attendance of Directors thereat, are given hereunder. (a) Audit Committee Audit Committee of the Board of Directors comprised of four members, including three Independent Directors.

The terms of reference of the Audit Committee are in accordance with the Companies Act, 2013 and the SEBI Regulations. The Audit Committee acts as a link between the Statutory and Internal Auditors and the Board of Directors of the Company.

The role of Audit Committee, PU[LYHSPHPUJS\KLZV]LYZPNO[VM*VTWHU`»ZÄUHUJPHSYLWVY[PUNWYVJLZZHUKKPZJSVZ\YL VMÄUHUJPHSPUMVYTH[PVU[VLUZ\YL[OH[[OLÄUHUJPHSZ[H[LTLU[ZHYLJVYYLJ[Z\MÄJPLU[HUKJYLKPISL"YLJVTTLUKPUN the appointment, re-appointment, remuneration and terms of appointment of auditors and approval of payment for V[OLYZLY]PJLZYLUKLYLKI`Z[H[\[VY`H\KP[VYZ"YL]PL^PUN^P[O[OLTHUHNLTLU[X\HY[LYS`YLZ\S[ZHUKHUU\HSÄUHUJPHS Z[H[LTLU[ZILMVYLZ\ITPZZPVU[V[OL)VHYKMVYHWWYV]HS"HWWYV]HSVYZ\IZLX\LU[TVKPÄJH[PVUVM[YHUZHJ[PVUZ^P[O related parties; review and monitor the auditor’s independence and performance and effectiveness of audit process; scrutiny of inter corporate loans and investments; valuation of undertakings or assets of the Company, whenever it PZULJLZZHY`"L]HS\H[PVUVMPU[LYUHSÄUHUJPHSJVU[YVSZHUKYPZRTHUHNLTLU[Z`Z[LT"YL]PL^PUN^P[O[OLTHUHNLTLU[ performance of statutory and internal auditors and adequacy of the internal control systems; and reviewing the functioning of the whistle blower mechanism.

ANNUAL REPORT 2016-17 49 +\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOMV\YTLL[PUNZVM[OL(\KP[*VTTP[[LL^LYLOLSK;OLJVTWVZP[PVUVM Audit Committee, date on which the meetings were held and attendance of Directors at the said meetings was as follows:

Name of the Director Category Meetings attended May 25 , 2016 August 5, 2016 November 2, January 24, 2016 2017

Shri K.N. Memani Non-executive 99 - 9 (Chairman) Independent Director Shri N.K. Singh Non-executive - 999 Independent Director Shri Ajay Relan Non-executive 9 - 9* 9 Independent Director Shri Shamit Bhartia Non-executive Director 9999

*Shri Ajay Relan chaired the meeting The Chairman of the Audit Committee is a Non-executive Independent Director and Chartered Accountant by X\HSPÄJH[PVU/LH[[LUKLK[OLSHZ[(UU\HS.LULYHS4LL[PUNVM[OL*VTWHU`OLSKVU:LW[LTILY[VHKKYLZZ [OLZOHYLOVSKLYZ»X\LYPLZWLY[HPUPUN[VÄUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`

(SS[OLTLTILYZVM[OL(\KP[*VTTP[[LLHYLÄUHUJPHSS`SP[LYH[L;OL(\KP[*VTTP[[LLZH[PZÄLZ[OLJYP[LYPHVM[^V[OPYK of its members being Independent Directors.

*OPLM,_LJ\[P]L6MÄJLY.YV\W*OPLM-PUHUJPHS6MÄJLYHUK0U[LYUHS(\KP[VYH[[LUKLK[OLTLL[PUNZVM(\KP[*VTTP[[LL The representatives of Auditors are permanent invitees to the meetings of Audit Committee.

The Company Secretary acts as Secretary to the Committee.

(b) STAKEHOLDERS’ RELATIONSHIP COMMITTEE Stakeholders’ Relationship Committee (SRC) of the Board of Directors comprised of three Directors. The Chairman of the Committee is a Non-executive Independent Director.

+\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOUPULTLL[PUNZVM[OL:9*^LYLOLSK;OLJVTWVZP[PVUVM:9* date on which the meetings were held and attendance of Directors at the meetings was as follows:

Name of the Category Meetings attended Director April June July September October November December December March 28, 2016 22, 2016 21, 2016 5, 2016 3, 2016 3, 2016 1, 2016 21, 2016 1, 2017

Shri N.K. Singh Non-executive 9 - 99999 -- (Chairman) Independent Director Shri Ajay Relan Non-executive - 9*- - 99 99* 9* Independent Director Shri Priyavrat Non-executive 999 9 - 9 - 99 Bhartia Director

*Shri Ajay Relan chaired these meetings

SRC has been constituted, PU[LYHSPH to supervise and look into the redressal of complaints of shareholders and other security holders of the Company, including complaints related to transfer of shares, non-receipt of Annual Report/declared dividends, etc. The Committee discharges such other function(s) as may be delegated by the Board from time to time.

:OYP+PULZO4P[[HS>OVSL[PTL+PYLJ[VY.YV\W.LULYHS*V\UZLSHUK*VTWHU`:LJYL[HY`PZ[OL*VTWSPHUJL6MÄJLY of the Company.

50 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

During the year under review, the status of redressal of investor complaints was as follows:

Opening Balance Received Resolved Closing Balance

019190

The status of redressal of investors complaints is reported to the Board of Directors from time to time.

(c) NOMINATION & REMUNERATION COMMITTEE Nomination & Remuneration Committee (NRC) comprises of three Non-executive Directors. Chairman of NRC is a Non-executive Independent Director. Chairperson & Editorial Director is a permanent invitee to the meetings of NRC.

+\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOHTLL[PUNVM59*^HZOLSKVU4H`;OLJVTWVZP[PVU of NRC, date on which meeting was held and attendance of the Directors at the said meeting was as follows:

Name of the Director Category Meeting on May 26, 2016 attended

Shri K.N. Memani (Chairman) Non-executive Independent Director 9 Shri Priyavrat Bhartia Non-executive Director - Shri N.K. Singh Non-executive Independent Director 9

The terms of reference of NRC are in accordance with the requirements of the Companies Act, 2013 and the SEBI Regulations, which, PU[LYHSPH PUJS\KL PKLU[PM`PUN WLYZVUZ ^OV HYL X\HSPÄLK [V ILJVTL KPYLJ[VYZ HUK ^OV TH` be appointed in senior management in accordance with the criteria laid down and recommend to the Board their appointment and removal; carry out evaluation of every director’s performance; formulate the criteria for determining X\HSPÄJH[PVUZWVZP[P]LZH[[YPI\[LZHUKPUKLWLUKLUJLVMHKPYLJ[VY"YLJVTTLUK[V[OL)VHYKHWVSPJ`YLSH[PUN[V[OL remuneration for the directors, key managerial personnel and other employees; and administration and superintendence of the “HTML Employee Stock Option Scheme” and “HTML Employee Stock Option Scheme 2009”. The Board of Directors, have adopted the Remuneration Policy for Directors, Senior Management Personnel including Key Managerial Personnel and other employees. The Remuneration Policy has been framed to attract, motivate and retain talent by offering an appropriate remuneration package, and also by way of providing a congenial & healthy work environment. Remuneration Policy is posted on Company’s website ]Pa. www.htmedia.in

(d) BANKING & FINANCE COMMITTEE Banking & Finance Committee (BFC) of the Board has been entrusted with functions/ vested with powers relating to IHURPUNHUKÄUHUJLTH[[LYZ +\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJO[OL)-*TL[LPNO[[PTLZ;OLJVTWVZP[PVUVM*VTTP[[LLKH[L on which meetings were held and attendance of the Directors at the meetings was as follows:

Name of the Director Category Meetings attended

May July August September November January February February 30, 2016 20, 2016 04, 2016 01, 2016 21, 2016 10, 2017 06, 2017 23, 2017

Smt. Shobhana Bhartia Chairperson & 999 9 9 9 9 9 (Chairperson) Editorial Director Shri N.K. Singh Non-executive 9 -- - 99-- Independent Director Shri Shamit Bhartia Non-execuitve - 99 9 9 - 99 Director (e) INVESTMENT COMMITTEE Investment Committee is entrusted with functions/ vested with powers of recommending to the Board for approval, the proposal(s) of prospective advertiser(s) body corporate(s), to invest in their share capital; approving proposals to acquire TV]HISLPTTV]HISLWYVWLY[`PLZZ\IQLJ[[VZWLJPÄLKSPTP[Z"HUKHWWYV]PUNWYVWVZHSZVMZHSLVMLX\P[`YLSH[LKPUZ[Y\TLU[Z VYTV]HISLPTTV]HISLWYVWLY[`PLZWYV]PKLK[OH[[OLJVUZPKLYH[PVUVMZHSLPZ^P[OPUZWLJPÄLKSPTP[Z

ANNUAL REPORT 2016-17 51 +\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOÄM[LLUTLL[PUNZVM[OL0U]LZ[TLU[*VTTP[[LL^LYLOLSK;OL composition of Investment Committee, date on which meetings were held and attendance of the Directors at the said meetings was as follows:

Name of the Category Meetings attended Director April May May June July July August August October November November January February March March 05, 06, 30, 28, 14, 22, 05, 23, 18, 2016 04, 2016 21, 2016 10, 17, 2017 08, 29, 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017

Smt. Shobhana Chairperson 9999 99 9 9 9 9 9 9 9 9 9 Bhartia & Editorial (Chairperson) Director

Shri N.K. Singh Non- 9999 9 - 99 9 9 9 9 9 -- executive Independent Director Shri Priyavrat Non- 9999 99 9 9 9 9 9 --99 Bhartia executive Director

(f) RISK MANAGEMENT COMMITTEE The Risk Management Committee is vested with the power to oversee risk assessment and management processes in the Company.

+\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOVULTLL[PUNVM[OL9PZR4HUHNLTLU[*VTTP[[LL^HZOLSKVU April 28, 2016. The composition of the Risk Management Committee and attendance of the Directors at the said meeting was as follows:

Name of the Director Category Meeting on April 28, 2016 attended

Shri K.N. Memani (Chairman) Non-executive Independent Director 9 Shri Priyavrat Bhartia Non-executive Director 9 Shri Dinesh Mittal* Whole-time Director Not applicable

*Shri Dinesh Mittal was inducted in the Committee w.e.f. May 26, 2016 The Company Secretary acts as Secretary to the Committee.

(g) CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE CSR Committee of the Board of Directors has been constituted in accordance with the requirements of Section 135 of the Companies Act, 2013.

+\YPUN[OLÄUHUJPHS`LHYLUKLKVU4HYJOVULTLL[PUNVM[OL*:9*VTTP[[LL^HZOLSKVU(\N\Z[ The composition of CSR Committee and attendance of the Directors at the said meeting was as follows:

Name of the Director Category Meeting on August 01, 2016 attended

Smt. Shobhana Bhartia (Chairperson) Chairperson & Editorial Director 9 Shri N.K. Singh Non-executive Independent Director 9 Shri Priyavrat Bhartia Non-executive Director 9

.YV\W*OPLM4HYRL[PUN6MÄJLYPZHWLYTHULU[PU]P[LL[V[OLTLL[PUNZVM*:9*VTTP[[LL;OL[LYTZVMYLMLYLUJLVM the CSR Committee,PU[LYHSPH, include formulation of CSR Policy indicating the activities to be undertaken by the Company covered under Schedule VII to the Companies Act, 2013; recommending to the Board the CSR Policy & amount of expenditure on CSR activities; and to monitor the CSR Policy of the Company from time to time.

52 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

GENERAL BODY MEETINGS Details of date, time and venue of the last three Annual General Meetings are as under:

Date & Time September 20, 2016 September 25, 2015 September 16, 2014 at 11.00 a.m. at 11.00 a.m. at 11.00 a.m. Venue Sri Sathya Sai International Centre, Pragati Vihar, Lodhi Road, New Delhi – 110 003

Special • Approval of offer or invite • Approval of payment of annual None resolution(s) subscriptions to Non – convertible commission to the Non-executive passed Debentures/Bonds aggregating upto Directors of the Company ` 400 Crore (enabling resolution – not implemented) • Adoption of new set of Articles of • Approval of borrowing(s) in excess of Association of the Company aggregate of paid-up share capital and free reserves in terms of Section 180(1)(c) of the Companies Act, 2013 • Appointment of Shri Dinesh Mittal as • Approval of offer or invite subscriptions Whole-time Director of the Company to Non – convertible Debentures/Bonds aggregating upto ` 400 Crore (enabling resolution – not implemented) • Approval of transfer of ‘Hindustan’ and certain other Hindi publication related trademarks to Hindustan Media Ventures Limited (subsidiary company) • Appointment of Shri Shamit Bhartia as Managing Director (designated as Joint Managing Director) of the Company • Revision of remuneration of Shri Rajiv Verma, Whole-time Director of the Company

No Extra-ordinary General Meeting was held during the No penalty or stricture was imposed on the Company by WHZ[  ÄUHUJPHS `LHYZ 5V :WLJPHS 9LZVS\[PVU YLX\PYPUN H any stock exchange, SEBI or other statutory authority for 7VZ[HS)HSSV[^HZWHZZLKK\YPUN[OLÄUHUJPHS`LHYLUKLK non-compliance on any matter related to capital markets, March 31, 2017. during last three years.

A proposal for alteration of the Objects Clause of ;OL *VTWHU` OHZ WYLWHYLK [OL ÄUHUJPHS Z[H[LTLU[Z Memorandum of Association of the Company shall be to comply in all material respects with the Accounting put up for approval of the members by way of passing :[HUKHYKZ UV[PÄLK \UKLY :LJ[PVU  VM [OL *VTWHUPLZ Special Resolution, through Postal Ballot process to, Act, 2013, read with Companies (Accounts) Rules, 2014. PU[LYHSPH, align the existing Objects Clause of Memorandum ;OL*,6*-6JLY[PÄJH[LPU[LYTZVM9LN\SH[PVU VM[OL of Association with the provisions of the Companies SEBI Regulations has been placed before the Board. Act, 2013. The procedure of voting by Postal Ballot and ;OL0UKLWLUKLU[+PYLJ[VYZOH]L[OLYLX\PZP[LX\HSPÄJH[PVUZ other requisite details shall be provided in the postal ballot and experience which enable them to contribute notice. effectively. Terms and conditions of appointment of DISCLOSURES Independent Directors are posted on Company’s website +\YPUN [OL ÄUHUJPHS `LHY LUKLK VU 4HYJO   HSS ]Pa. www.htmedia.in. [YHUZHJ[PVUZLU[LYLKPU[V^P[O9LSH[LK7HY[PLZHZKLÄULK The Company has complied with some of the under the Companies Act, 2013 and the SEBI Regulations non-mandatory requirements of the SEBI Regulations were in the ordinary course of business and on arm’s length on Corporate Governance. In the spirit of good [LYTZ ;OLYL ^LYL UV TH[LYPHSS` ZPNUPÄJHU[ [YHUZHJ[PVUZ corporate governance, the Company sends quarterly ^P[OYLSH[LKWHY[PLZ[OH[TH`OH]LHWV[LU[PHSJVUÅPJ[^P[O ÄUHUJPHS YLZ\S[Z ]PH LTHPS [V [OL 4LTILYZ ^OVZL LTHPS the interests of the Company at large. address is registered with DP/Company, after they are The required disclosures on related parties and transactions approved by the Board of Directors and disseminated with them, is appearing in Note no. 36 of Standalone Annual to the Stock Exchanges. The Auditors have submitted Financial Statements. The Company has formulated the [OL (\KP[VY»Z 9LWVY[ ^P[O \UTVKPÄLK VWPUPVU VU [OL ‘Policy on Materiality of and dealing with Related Party ÄUHUJPHS Z[H[LTLU[Z MVY [OL ÄUHUJPHS `LHY LUKLK VU Transactions’, which is posted on the Company’s website 4HYJO;OL*OHPYWLYZVU»ZVMÄJLPZZLWHYH[LMYVT ]Pa. www.htmedia.in. [OH[VM[OL*OPLM,_LJ\[P]L6MÄJLY

ANNUAL REPORT 2016-17 53 The Company has framed a Whistle Blower Policy (Vigil leadership team and business & functional heads for Mechanism) to provide opportunity to the directors/ better understanding of business strategy, operational employees/stakeholders of the Company to report concerns performance, product offerings, marketing initiatives about unethical behaviour, actual or suspected fraud by any etc. Details regarding familiarization programme for Director and/or employee of the Company or any violation Independent Directors is posted on the Company’s website of the Company’s Code of Conduct. The policy provides ]Pa. www.htmedia.in. for adequate safeguards against victimization of Whistle MEETING OF INDEPENDENT DIRECTORS Blower. The Policy is posted on the Company’s website During the year, a meeting of Independent Directors ]Pa. www.htmedia.in. During FY 17, no person was denied was held on January 24, 2017 without the presence of access to the Audit Committee. Non-Independent Directors and members of the management. Newsprint is a critical raw material for the Company’s print CODE OF CONDUCT business. The Company closely monitors the inventory The Company has adopted a “Code of Conduct” governing levels & demand, across newsprint categories, to ensure the conduct of Directors and Senior Management uninterrupted supply. A dynamic strategy of newsprint Personnel which is available on the website of the Company sourcing from both, overseas and domestic markets is in ]Pa. www.htmedia.in. place. With a decreasing global demand for newsprint, the prices of imported newsprint remained soft. However, the The Board Members and Senior Management Personnel prices of domestic newsprint hardened due to increased are expected to adhere to the Code, and have accordingly, raw material costs driven by demonetization. To avoid price HMÄYTLK JVTWSPHUJL VM [OL ZHTL K\YPUN -@  ;OL Å\J[\H[PVUZOVJRZHO`IYPKTVKLSVMWSHUULKW\YJOHZLZ KLJSHYH[PVUNP]LUI`*,6HMÄYTPUNJVTWSPHUJLVM[OL*VKL has been adopted, supported by long term commitments by the Board Members and Senior Management Personnel and spot purchases. of the Company during FY 17, is appearing at the end of this report as “Annexure –A”. The Company uses derivative products to hedge its forex exposure against imports, loans, investments and other INSIDER TRADING payables whenever required. The Company does not have In compliance of SEBI (Prohibition of Insider Trading any major forex exposure on account of exports, receivable Regulations), 2015, the Company has adopted the “Code and other income. The details of foreign exchange exposures of Conduct to Regulate, Monitor and Report Trading by as on March 31, 2017 are disclosed in Note no. 40 to the the Insiders” and “Code for Fair Disclosure of Unpublished Standalone Financial Statements. Price Sensitive Information”. All subsidiary companies are Board managed, vested with MEANS OF COMMUNICATION the responsibility to manage the companies in the best • Financial results - The quarterly, half yearly and interest of its stakeholders. The Company has formulated HUU\HS ÄUHUJPHS YLZ\S[Z VM [OL *VTWHU` HYL W\ISPZOLK “Policy for determining Material Subsidiary(ies)” which is in ‘Hindustan Times’ (English newspaper), ‘Hindustan’ posted on the Company’s website ]Pa. www.htmedia.in. (Hindi newspaper), and ‘Mint’ (English Business UL^ZWHWLY ;OL ÄUHUJPHS YLZ\S[Z HYL HSZV MVY^HYKLK During the year under review, the Company has to the investors via e-mail, where e-mail address is JVTWSPLK ^P[O HSS THUKH[VY` YLX\PYLTLU[Z ZWLJPÄLK PU available. Investors are encouraged to avail this service / Regulation 17 to 27 and clause (b) to (i) of Regulation 46 (2) of facility by providing their e-mail Id to DP / Company. the SEBI Regulations, as applicable. • Company’s Website – Important shareholders’ PERFORMANCE EVALUATION PUMVYTH[PVU Z\JO HZ (UU\HS 9LWVY[ ÄUHUJPHS YLZ\S[Z Details regarding the process of evaluation of the etc. are displayed on the website of the Company performance of the Board, its Committees, individual ]Pa. www.htmedia.in. +PYLJ[VYZHUK[OL*OHPYWLYZVUMVY[OLÄUHUJPHS`LHYLUKLK March 31, 2017, is provided in the Board’s Report. • 6MÄJPHS5L^ZYLSLHZLZWYLZLU[H[PVUZL[J¶ 6MÄJPHS news releases, shareholding pattern, press releases FAMILIARIZATION PROGRAMME and presentations made to Financial Analysts etc. are Your Company has put in place a structured induction also available on the Company’s website. and familiarization programme for Independent Directors. The Company, through such programme, familiarizes • :[VJR ,_JOHUNL ÄSPUNZ  (SS PUMVYTH[PVUZ HYL ÄSLK the Independent Directors with the background of the electronically on online portal of BSE & NSE ]Pa. BSE Company, nature of the industry in which the Company Corporate Compliance & Listing Centre and NSE operates, business model, business operations, etc. The Electronic Application Processing System (NEAPS)- programme also includes interactive sessions with senior the online portal of NSE.

54 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

• Investor Conference Calls - Every quarter, post the Registrar and Share Transfer Agent HUUV\UJLTLU[ VM ÄUHUJPHS YLZ\S[Z JVUMLYLUJL JHSSZ Karvy Computershare Private Limited are held with institutional investors and analysts. Karvy Selenium Tower B These calls are addressed by CEO, Group CFO and Plot No. 31 & 32 Head of Investor Relations. Transcripts of the calls Financial District, Nanakramguda are also posted on the website of the Company Serilingampally Mandal ]Pa. www.htmedia.in. Hyderabad – 500 032 Tel: + 91-40-6716 2222 • Management Discussion and Analysis - Management Fax: + 91-40-2300 1153 Discussion and Analysis covering the operations of the E-mail: [email protected] Company, forms part of this Annual Report. • Designated E-mail Id – The Company has a SHARE TRANSFER SYSTEM designated e-mail Id ]Pa. investor@hindustantimes. The equity shares of the Company are compulsorily traded com, for sending investor requests/complaints. in demat form. Systems are in place to ensure that requests for transfer of shares in physical form are processed and GENERAL SHAREHOLDER INFORMATION K\S` [YHUZMLYYLK ZOHYL JLY[PÄJH[LZ HYL YL[\YULK [V [OL 15th Annual General Meeting transferee within the time prescribed by law in the said Day, Date & Time: Monday, September 25, 2017 at 11.00 AM behalf, subject to the share transfer documents being valid Venue: Siri Fort Auditorium I, A-25, Balbir Saxena and complete in all respects. Marg, Siri Fort Institutional Area, Gulmohar Park, New Delhi - 110049 The Board has authorized the Stakeholders’ Relationship *VTTP[[LL [V Z\IKLSLNH[L P[Z WV^LYZ [V [OL 6MÄJLYZ VM [OL FINANCIAL YEAR Company for prompt redressal of investor requests/complaints. April 1 of each year to March 31 of next year. As required under Regulation 7(3) of the SEBI Regulations, Financial Calendar (Tentative) [OL*VTWHU`VI[HPUZHJLY[PÄJH[LVUOHSM`LHYS`IHZPZMYVT a Company Secretary-in-Practice, regarding share transfer Results for quarter ending June 30, 2017 Mid July, 2017 MVYTHSP[PLZ^OPJOPZÄSLK^P[O[OL:[VJR,_JOHUNLZ Results for quarter and half-year ending Mid October, 2017 September 30, 2017 Listing of Equity Shares on Stock Exchanges and Stock Results for quarter and nine months Mid January, 2018 Codes period ending December 31, 2017 Results for the quarter and year ending End May, 2018 The Equity Shares of the Company are listed on the March 31, 2018 following Stock Exchanges: Annual General Meeting Mid September, 2018 Name of the Stock Exchange :JYPW*VKL Book Closure Trading Symbol The Book Closure period for the purpose of AGM and BSE Limited (BSE) 532662 payment of dividend for FY 17 will be from Monday, Phiroze Jeejeebhoy Towers, Dalal Street Mumbai - 400 001 September 18, 2017 to Monday, September 25, 2017 (both National Stock Exchange of India Limited (NSE) HTMEDIA days inclusive). Exchange Plaza, C-1, G-Block Dividend Payment Date (Tentative) Bandra-Kurla Complex, Bandra (East) Mumbai - 400 051 The Board of Directors of the Company have recommended a dividend @ ` 0.40 per Equity Share of ` 2/- each ;OL HUU\HS SPZ[PUN MLL MVY [OL ÄUHUJPHS `LHY   OHZ PL' MVY[OLÄUHUJPHS`LHYLUKLKVU4HYJO been paid to both, BSE and NSE. subject to the approval of the shareholders at the ensuing Annual The ISIN of the Equity Shares of the Company is General Meeting. The dividend, if approved, shall be paid/ ‘INE501G01024’. despatched on or after Tuesday, the September 26, 2017.

ANNUAL REPORT 2016-17 55 Stock Price Data BSE NSE HT MEDIA SENSEX HT MEDIA NIFTY 50 Month High Low High Low High Low High Low (in `) (in `) (in `) (in `)

Apr ’16 90.90 74.60 26,100.54 24,523.20 91.10 74.85 7,992.00 7,516.85 May ’16 91.00 79.00 26,837.20 25,057.93 91.30 79.00 8,213.60 7,678.35 Jun ’16 84.00 75.00 27,105.41 25,911.33 83.80 74.75 8,308.15 7,927.05 Jul ’16 87.95 77.10 28,240.20 27,034.14 88.70 77.50 8,674.70 8,287.55 Aug ’16 93.40 76.00 28,532.25 27,627.97 93.90 75.90 8,819.20 8,518.15 Sep ’16 90.00 78.15 29,077.28 27,716.78 89.90 78.30 8,968.70 8,555.20 Oct ’16 95.35 81.50 28,477.65 27,488.30 95.80 83.00 8,806.95 8,506.15 Nov ’16 96.30 70.50 28,029.80 25,717.93 96.50 70.50 8,669.60 7,916.40 Dec ’16 79.00 69.50 26,803.76 25,753.74 79.00 68.90 8,274.95 7,893.80 Jan ’17 86.95 72.50 27,980.39 26,447.06 86.70 72.00 8,672.70 8,133.80 Feb ’17 88.00 80.00 29,065.31 27,590.10 88.40 80.00 8,982.15 8,537.50 Mar ’17 86.85 80.65 29,824.62 28,716.21 86.80 80.80 9,218.40 8,860.10

Performance in comparison to broad-based indices (month-end closing)

Movement of HT Media Share at BSE during FY 17

120 30000

) 100 25000 `

80 20000

60 15000

40 10000 BSE SENSEX

20 5000 HT Media Share (in 0 0 Jul-16 Apr-16 Oct-16 Jan-17 Jun-16 Mar-17 Feb-17 Aug-16 Sep-16 Dec-16 Nov-16 May-16

HT Media Share at BSE BSE Sensex

Movement of HT Media Share at NSE during FY 17

120 10000 9000

) 8000 ` 80 7000 6000 5000

40 Nifty 50 4000 3000 0 2000 HT Media Share (in Jul-16 Apr-16 Jan-17 Oct-16 Jun-16 Mar-17 Feb-17 Dec-16 Aug-16 Sep-16 Nov-16 May-16

HT Media Share at NSE Nifty 50

56 HT MEDIA LIMITED 01-1516-58 59-290 ACAbout HT MediaB Statutory Reports Financial Statements

Distribution of Shareholding by size as on March 31, 2017 No. of Equity Shares held No. of shareholders % of total no. of No. of % of total no. of shareholders Equity Shares held Equity Shares

Upto 500 35,313 93.17 23,79,319 1.02 501 – 1,000 1,102 2.91 9,19,937 0.40 1,001 – 5,000 1,062 2.80 25,57,060 1.10 5,001 – 10,000 196 0.52 14,41,442 0.62 10,001 & above 226 0.60 22,54,50,556 96.86 Total 37,899 100.00 23,27,48,314 100.00

Category of Shareholders as on March 31, 2017 (in both physical and demat form) Category No. of % of Shareholding Equity Shares held

Promoters & Promoter Group (A) 16,17,77,093 69.51 Public Shareholding (B) Banks, Financial Institutions and Insurance Companies 1,56,315 0.07 Foreign Institutional Investors (FIIs) 1,69,25,416 7.27 Mutual Funds 2,16,55,745 9.30 Non-Resident Indians 15,63,920 0.67 Bodies Corporate 1,27,71,520 5.49 Public 1,45,41,198 6.25 Clearing members 4,10,331 0.18 HUF 7,11,496 0.30 Others (Trusts) 200 0.00 NBFC 6,790 0.00 Total Public Shareholding (B) 6,87,42,931 29.53 Non Promoter –Non Public (C) Shares held by Employes Trusts - Smt. Namrata Bhartia (As trustee of HT 22,28,290 0.96 Media Employee Welfare Trust) ;V[HS:OHYLOVSKPUN()* 23,27,48,314 100.00

Dematerialization of shares and liquidity as on March 31, 2017 Category No. of Equity Shares held % of Shareholding

Equity Shares held in Demat form 23,27,31,428 99.99 Equity Shares held in Physical form 16,886 0.01 Total 23,27,48,314 100.00 Details of un-credited shares since inception (i.e. IPO) Opening Balance at the Cases disposed off during Closing Balance as at Year beginning of FY relevant FY the end of FY No. of cases No. of shares No. of cases No. of shares No. of cases No. of shares

2005-06 2,115 39,940 2,003 38,009 112 1,931 2006-07* 112 1,931 (of face value 44 737 (of face value 68 1,194 (of face value of ` 10/- each) of ` 10/- each) of ` 10/- each) 68 5,970 (of face value 5 425 (of face value 63 5,545 (of face value of ` 2/- each) of ` 2/- each) of ` 2/- each) 2007-08 63 5,545 9 765 54 4,780 2008-09 54 4,780 13 1,030 41 3,750 2009-10 41 3,750 5 535 36 3,215 2010-11 36 3,215 0 0 36 3,215 2011-12 36 3,215 0 0 36 3,215 2012-13 36 3,215 0 0 36 3,215 2013-14 36 3,215 0 0 36 3,215 2014-15 36 3,215 0 0 36 3,215 2015-16 36 3,215 0 0 36 3,215 2016-17 36 3,215 0 0 36 3,215

* During FY 07, Equity Shares of face value of `LHJO^LYLZ\IKP]PKLKPU[VÄ]LLX\P[`ZOHYLZVM` 2/- each

Note: The uncredited shares are lying in the suspense account in dematerialized form as per requirement of Regulation 39(4) of the SEBI Regulations. The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares.

ANNUAL REPORT 2016-17 57 5\TILY VM V\[Z[HUKPUN .+9Z(+9Z>HYYHU[Z VY HU` (b) Payment of Dividend Warrants - In order to prevent convertible instruments fraudulent encashment of dividend warrants, holders No GDRs/ADRs/Warrants or any convertible instruments of shares in demat and physical form, are requested to have been issued by the Company during FY 17. provide their correct bank account details, to the DP or R&T Agent, as the case may be. Address for correspondence Company Secretary R&T Agent and/or the Company will not entertain HT Media Limited requests for noting of change of address/bank Hindustan Times House details/NECS Mandate in case of shares are held in 18-20, Kasturba Gandhi Marg demat form. New Delhi - 110 001 Tel: + 91 - 11 - 6656 1608 (2) Nomination facility Fax: + 91 - 11 - 6656 1445 In terms of Section 72 of the Companies Act, 2013, Email: [email protected] shareholders holding shares in demat and/or physical Website: www.htmedia.in form may, in their own interest, register their nomination with the DP or R&T Agent, as the case may be. *VTWSPHUJL6MÄJLY Shri Dinesh Mittal Plant Locations (as on March 31, 2017) Whole-time Director, Group General Counsel & Company Secretary City Address Tel: + 91 -11 - 6656 1608 GREATER NOIDA Plot no. 8, Udyog Vihar, Greater Noida, Gautam Budh Nagar – 201 306 Company Registration Details JALANDHAR B - 21, Industrial Focal Point Extension, ;OL *VTWHU` PZ YLNPZ[LYLK ^P[O [OL VMÄJL VM 9LNPZ[YHY Jalandhar – 140 004 of Companies, National Capital Territory of Delhi & MUMBAI Plot no. 6, TTC MIDC Industrial Area, Haryana, India. The Corporate Identity Number allotted Dighe, Thane-Belapur Road, Navi Mumbai – 400 708 to the Company by the Ministry of Corporate Affairs is MOHALI C-164-165, Phase VIII B, Industrial L22121DL2002PLC117874. Focal Point, Mohali – 160 071 NOIDA B-2, Sector-63, Noida – 201 307 COMPLIANCE CERTIFICATE (JLY[PÄJH[LKH[LK4H` VM:OYP(Y\U2\THY:VUP Note: The above list does not include locations where Company Secretary-in-Practice, regarding compliance of printing of the Company’s publications is done on conditions of ‘Corporate Governance’ as stipulated under job- work basis. Schedule V of the SEBI Regulations, is annexed to the ANNEXURE- A Board’s Report. Declaration of Compliance with ‘Code of Conduct’ of the Company ADDITIONAL INFORMATION FOR SHAREHOLDERS (1) Payment of dividend 0 9HQP] =LYTH *OPLM ,_LJ\[P]L 6MÄJLY VM [OL *VTWHU` KV OLYLI` JVUÄYT [OH[ HSS [OL )VHYK TLTILYZ HUK :LUPVY Shareholders may kindly note the following: Management Personnel, of the Company have complied with (a) National Electronic Clearing Services (NECS) [OLº*VKLVM*VUK\J[»K\YPUN[OLÄUHUJPHS`LHY facility - Shareholders holding shares in electronic form and desirous of availing NECS facility, are requested This declaration is based on and is in pursuance of the to ensure that their correct bank details including PUKP]PK\HS HMÄYTH[PVUZ YLJLP]LK PU ^YP[PUN MYVT [OL )VHYK MICR (Magnetic Ink Character Recognition) and IFSC members and the Senior Management Personnel of (Indian Financial System Code) of the bank, is noted the Company. in the records of the Depository Participant (DP).

Shareholders holding shares in physical form may contact the R&T Agent. Place: New Delhi (Rajiv Verma) Date: May 11, 2017 *OPLM,_LJ\[P]L6MÄJLY

58 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

INDEPENDENT AUDITOR’S REPORT

To HZ ZWLJPÄLK \UKLY :LJ[PVU  VM [OL (J[ ;OVZL The Members of HT Media Limited :[HUKHYKZYLX\PYL[OH[^LJVTWS`^P[OL[OPJHSYLX\PYLTLU[Z and plan and perform the audit to obtain reasonable REPORT ON THE STANDALONE IND-AS FINANCIAL HZZ\YHUJLHIV\[^OL[OLY[OLÄUHUJPHSZ[H[LTLU[ZHYLMYLL STATEMENTS from material misstatement. We have audited the accompanying standalone Ind-AS ÄUHUJPHSZ[H[LTLU[ZVM/;4LKPH3PTP[LK¸[OL*VTWHU`¹ An audit involves performing procedures to obtain audit ^OPJOJVTWYPZL[OL)HSHUJL:OLL[HZH[4HYJO L]PKLUJLHIV\[[OLHTV\U[ZHUKKPZJSVZ\YLZPU[OLÄUHUJPHS [OL:[H[LTLU[VM7YVÄ[HUK3VZZPUJS\KPUN[OLZ[H[LTLU[ statements. The procedures selected depend on the VM6[OLY*VTWYLOLUZP]L0UJVTL[OL*HZO-SV^:[H[LTLU[ H\KP[VY»ZQ\KNTLU[ PUJS\KPUN [OL HZZLZZTLU[ VM [OL YPZRZ HUK[OL:[H[LTLU[VM*OHUNLZPU,X\P[`MVY[OL`LHY[OLU VMTH[LYPHSTPZZ[H[LTLU[VM[OLZ[HUKHSVUL0UK(:ÄUHUJPHS LUKLK HUK H Z\TTHY` VM ZPNUPÄJHU[ HJJV\U[PUN WVSPJPLZ Z[H[LTLU[Z^OL[OLYK\L[VMYH\KVYLYYVY0UTHRPUN[OVZL and other explanatory information. YPZR HZZLZZTLU[Z [OL H\KP[VY JVUZPKLYZ PU[LYUHS ÄUHUJPHS JVU[YVS YLSL]HU[ [V [OL *VTWHU`»Z WYLWHYH[PVU VM [OL MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL Z[HUKHSVUL 0UK(: ÄUHUJPHS Z[H[LTLU[Z [OH[ NP]L H [Y\L STATEMENTS and fair view in order to design audit procedures that are ;OL *VTWHU`»Z)VHYK VM +PYLJ[VYZ PZ YLZWVUZPISL MVY [OL appropriate in the circumstances. An audit also includes TH[[LYZ Z[H[LK PU :LJ[PVU  VM [OL *VTWHUPLZ (J[ evaluating the appropriateness of accounting policies used  ¸[OL (J[¹ ^P[O YLZWLJ[ [V [OL WYLWHYH[PVU VM [OLZL and the reasonableness of the accounting estimates made Z[HUKHSVUL0UK(:ÄUHUJPHSZ[H[LTLU[Z[OH[NP]LH[Y\LHUK I`[OL*VTWHU`»Z+PYLJ[VYZHZ^LSSHZL]HS\H[PUN[OLV]LYHSS MHPY ]PL^ VM [OL ÄUHUJPHS WVZP[PVU ÄUHUJPHS WLYMVYTHUJL WYLZLU[H[PVUVM[OLZ[HUKHSVUL0UK(:ÄUHUJPHSZ[H[LTLU[Z PUJS\KPUN V[OLY JVTWYLOLUZP]L PUJVTL JHZO ÅV^Z HUK We believe that the audit evidence we have obtained is JOHUNLZ PU LX\P[` VM [OL *VTWHU` PU HJJVYKHUJL ^P[O Z\MÄJPLU[HUKHWWYVWYPH[L[VWYV]PKLHIHZPZMVYV\YH\KP[ HJJV\U[PUNWYPUJPWSLZNLULYHSS`HJJLW[LKPU0UKPHPUJS\KPUN VWPUPVUVU[OLZ[HUKHSVUL0UK(:ÄUHUJPHSZ[H[LTLU[Z [OL 0UKPHU (JJV\U[PUN :[HUKHYKZ 0UK(: ZWLJPÄLK \UKLY ZLJ[PVU  VM [OL (J[ YLHK ^P[O 9\SL  VM [OL OPINION *VTWHUPLZ (JJV\U[Z 9\SLZ  HUK [OL *VTWHUPLZ In our opinion and to the best of our information and 0UKPHU(JJV\U[PUN:[HUKHYKZ9\SLZHZHTLUKLK HJJVYKPUN[V[OLL_WSHUH[PVUZNP]LU[V\Z[OLZ[HUKHSVUL ;OPZYLZWVUZPIPSP[`HSZVPUJS\KLZTHPU[LUHUJLVMHKLX\H[L 0UK(:ÄUHUJPHSZ[H[LTLU[ZNP]L[OLPUMVYTH[PVUYLX\PYLK accounting records in accordance with the provisions of I`[OL(J[PU[OLTHUULYZVYLX\PYLKHUKNP]LH[Y\LHUKMHPY [OL(J[MVYZHMLN\HYKPUNVM[OLHZZL[ZVM[OL*VTWHU`HUK view in conformity with the accounting principles generally for preventing and detecting frauds and other irregularities; HJJLW[LKPU0UKPHVM[OLZ[H[LVMHMMHPYZVM[OL*VTWHU`HZ selection and application of appropriate accounting policies; H[4HYJOP[ZWYVÄ[PUJS\KPUNV[OLYJVTWYLOLUZP]L making judgments and estimates that are reasonable and PUJVTLP[ZJHZOÅV^ZHUK[OLJOHUNLZPULX\P[`MVY[OL WY\KLU["HUK[OLKLZPNUPTWSLTLU[H[PVUHUKTHPU[LUHUJL year ended on that date. VMHKLX\H[LPU[LYUHSÄUHUJPHSJVU[YVS[OH[^LYLVWLYH[PUN effectively for ensuring the accuracy and completeness EMPHASIS OF MATTER VM[OLHJJV\U[PUNYLJVYKZYLSL]HU[[V[OLWYLWHYH[PVUHUK >LKYH^H[[LU[PVU[V5V[L VM[OLZ[HUKHSVULÄUHUJPHS WYLZLU[H[PVUVM[OL0UK(:ÄUHUJPHSZ[H[LTLU[Z[OH[NP]LH statements in respect of the Scheme of Arrangement [Y\LHUKMHPY]PL^HUKHYLMYLLMYVTTH[LYPHSTPZZ[H[LTLU[ \Z    VM [OL *VTWHUPLZ (J[   IL[^LLU [OL whether due to fraud or error. *VTWHU` HUK /; +PNP[HS :[YLHTZ 3PTP[LK [OL :JOLTL HWWYV]LKI`[OL/VU»ISL/PNO*V\Y[ZVM+LSOPHUK7H[UH AUDITOR’S RESPONSIBILITY (ZWLY[OLHWWYV]LKZJOLTL[OL*VTWHU`OHZMVSSV^LK Our responsibility is to express an opinion on these [OL HWWSPJHISL (JJV\U[PUN :[HUKHYKZ ZWLJPÄLK \UKLY Z[HUKHSVUL 0UK(: ÄUHUJPHS Z[H[LTLU[Z IHZLK VU V\Y ZLJ[PVUVM[OL*VTWHUPLZ(J[YLHK^P[O9\SL audit. We have taken into account the provisions of the VM*VTWHUPLZ(JJV\U[Z9\SLZHUKV[OLY.LULYHSS` (J[ [OL HJJV\U[PUN HUK H\KP[PUN Z[HUKHYKZ HUK TH[[LYZ (JJLW[LK(JJV\U[PUN7YPUJPWSLZHZVU[OL(WWVPU[LK+H[L ^OPJOHYLYLX\PYLK[VILPUJS\KLKPU[OLH\KP[YLWVY[\UKLY PL4HYJO;OPZPZUV[ZPTPSHY[V[OLHJJV\U[PUNHZ [OLWYV]PZPVUZVM[OL(J[HUK[OL9\SLZTHKL[OLYL\UKLY per the currently applicable Indian Accounting Standards >LJVUK\J[LKV\YH\KP[VM[OLZ[HUKHSVUL0UK(:ÄUHUJPHS 0UK(:WYLZJYPILK\UKLY:LJ[PVUVM[OL*VTWHUPLZ Z[H[LTLU[ZPUHJJVYKHUJL^P[O[OL:[HUKHYKZVU(\KP[PUN (J[YLHK^P[OYLSL]HU[Y\SLZPZZ\LK[OLYL\UKLY6\Y PZZ\LKI`[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH VWPUPVUPZUV[X\HSPÄLKPUYLZWLJ[[V[OPZTH[[LY

ANNUAL REPORT 2016-17 59 REPORT ON OTHER LEGAL AND REGULATORY Z[HUKHSVUL 0UK(: ÄUHUJPHS Z[H[LTLU[Z ¶ 9LMLY REQUIREMENTS 5V[L J [V [OL Z[HUKHSVUL 0UK(: ÄUHUJPHS  (ZYLX\PYLKI`[OL*VTWHUPLZ(\KP[VY»ZYLWVY[6YKLY statements; ¸[OL6YKLY¹PZZ\LKI`[OL*LU[YHS.V]LYUTLU[ VM0UKPHPU[LYTZVMZ\IZLJ[PVUVMZLJ[PVUVM  PP ;OL *VTWHU` OHZ THKL WYV]PZPVU HZ YLX\PYLK [OL(J[^LNP]LPU[OL(UUL_\YLHZ[H[LTLU[VU[OL \UKLY[OLHWWSPJHISLSH^VYHJJV\U[PUNZ[HUKHYKZ TH[[LYZZWLJPÄLKPUWHYHNYHWOZHUKVM[OL6YKLY MVY TH[LYPHS MVYLZLLHISL SVZZLZ PM HU`VU SVUN [LYT JVU[YHJ[Z PUJS\KPUN KLYP]H[P]L JVU[YHJ[Z ¶  (ZYLX\PYLKI`ZLJ[PVUVM[OL(J[^LYLWVY[ 9LMLY5V[L[V[OLZ[HUKHSVUL0UK(:ÄUHUJPHS that: statements;

H >LOH]LZV\NO[HUKVI[HPULKHSS[OLPUMVYTH[PVUHUK  PPP ;OLYLOHZILLUUVKLSH`PU[YHUZMLYYPUNHTV\U[Z explanations which to the best of our knowledge and YLX\PYLK [V IL [YHUZMLYYLK [V [OL 0U]LZ[VY belief were necessary for the purpose of our audit; ,K\JH[PVUHUK7YV[LJ[PVU-\UKI`[OL*VTWHU`

I 0UV\YVWPUPVUWYVWLYIVVRZVMHJJV\U[HZYLX\PYLK P];OL*VTWHU`OHZWYV]PKLKYLX\PZP[LKPZJSVZ\YLZ I`SH^OH]LILLURLW[I`[OL*VTWHU`ZVMHYHZP[ PU5V[L[V[OLZLZ[HUKHSVUL0UK(:ÄUHUJPHS appears from our examination of those books. Z[H[LTLU[ZHZ[V[OLOVSKPUNVM:WLJPÄLK)HUR 5V[LZ VU 5V]LTILY   HUK +LJLTILY J ;OL )HSHUJL :OLL[ :[H[LTLU[ VM 7YVÄ[ HUK 3VZZ   HZ ^LSS HZ KLHSPUNZ PU :WLJPÄLK )HUR PUJS\KPUN [OL :[H[LTLU[ VM 6[OLY *VTWYLOLUZP]L 5V[LZK\YPUN[OLWLYPVKMYVT5V]LTILY  0UJVTL[OL*HZO-SV^:[H[LTLU[HUK:[H[LTLU[VM [V +LJLTILY   )HZLK VU V\Y H\KP[ *OHUNLZ PU ,X\P[` KLHS[ ^P[O I` [OPZ 9LWVY[ HYL PU procedures and relying on the management agreement with the books of account ; representation regarding the holding and nature VM JHZO [YHUZHJ[PVUZ PUJS\KPUN :WLJPÄLK )HUR K 0U V\Y VWPUPVU [OL HMVYLZHPK Z[HUKHSVUL 0UK(: 5V[LZ ^L YLWVY[ [OH[ [OLZL KPZJSVZ\YLZ HYL ÄUHUJPHS Z[H[LTLU[Z JVTWS` ^P[O [OL (JJV\U[PUN in accordance with the books of accounts :[HUKHYKZ ZWLJPÄLK \UKLY ZLJ[PVU  VM [OL (J[ THPU[HPULKI`[OL*VTWHU`HUKHZWYVK\JLK[V YLHK^P[O9\SLVM[OL*VTWHUPLZ(JJV\U[Z9\SLZ us by the Management.  *VTWHUPLZ 0UKPHU (JJV\U[PUN :[HUKHYKZ 9\SLZHZHTLUKLK" OTHER MATTER We did not audit the total assets of `    SHJZ HZ H[ L 6U[OLIHZPZVM^YP[[LUYLWYLZLU[H[PVUZYLJLP]LKMYVT 4HYJO[V[HSYL]LU\LVM`5PSHUKUL[JHZOPUÅV^Z [OL KPYLJ[VYZ HZ VU 4HYJO   HUK [HRLU VU amounting to ` SHJZMVY[OL`LHY[OLULUKLKPUJS\KLK YLJVYKI`[OL)VHYKVM+PYLJ[VYZUVULVM[OLKPYLJ[VYZ PU [OL HJJVTWHU`PUN Z[HUKHSVUL ÄUHUJPHS Z[H[LTLU[Z PU PZ KPZX\HSPÄLK HZ VU 4HYJO   MYVT ILPUN YLZWLJ[VM/;4LKPH,TWSV`LL>LSMHYL;Y\Z[º;Y\Z[»UV[ HWWVPU[LKHZHKPYLJ[VYPU[LYTZVMZLJ[PVUVM H\KP[LK I` \Z ^OVZL Z[HUKHSVUL ÄUHUJPHS Z[H[LTLU[Z the Act; HUKV[OLYÄUHUJPHSPUMVYTH[PVUOHZILLUH\KP[LKI`V[OLY H\KP[VYHUK[OVZLYLWVY[PZM\YUPZOLK[V\Z6\YVWPUPVUPU M >P[OYLZWLJ[[V[OLHKLX\HJ`VM[OLPU[LYUHSÄUHUJPHS so far as it relates to the affairs of the trust is based solely JVU[YVSZV]LYÄUHUJPHSYLWVY[PUNVM[OL*VTWHU`HUK VU YLWVY[ VM V[OLY H\KP[VY6\Y VWPUPVU PZ UV[ X\HSPÄLK PU [OLVWLYH[PUNLMMLJ[P]LULZZVMZ\JOJVU[YVSZYLMLY[V respect of this matter. V\YZLWHYH[L9LWVY[PU¸(UUL_\YL¹[V[OPZYLWVY[" -VY S.R. Batliboi & CO. LLP N >P[O YLZWLJ[ [V [OL V[OLY TH[[LYZ [V IL PUJS\KLK PU *OHY[LYLK(JJV\U[HU[Z [OL (\KP[VY»Z 9LWVY[ PU HJJVYKHUJL ^P[O 9\SL  VM 0*(0-PYT9LNPZ[YH[PVU5\TILY!,, [OL *VTWHUPLZ (\KP[ HUK (\KP[VYZ 9\SLZ  PU our opinion and to the best of our information and per Vishal Sharma Partner according to the explanations given to us: 4LTILYZOPW5\TILY! 

 P ;OL *VTWHU` OHZ KPZJSVZLK [OL PTWHJ[ VM Place of Signature : 5L^+LSOP +H[L : 4H`  WLUKPUNSP[PNH[PVUZVUP[ZÄUHUJPHSWVZP[PVUPUP[Z

60 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

ANNEXURE 1 REFERRED TO IN PARAGRAPH ‘REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS’ OF OUR REPORT OF EVEN DATE Re: HT Media Limited (‘the Company’)

P H ;OL *VTWHU` OHZ THPU[HPULK WYVWLY YLJVYKZ In our opinion and according to the information ZOV^PUN M\SS WHY[PJ\SHYZ PUJS\KPUN X\HU[P[H[P]L HUK L_WSHUH[PVUZ NP]LU [V \Z [OLYL HYL UV SVHUZ KL[HPSZHUKZP[\H[PVUVMÄ_LKHZZL[Z guarantees and securities given in respect of which WYV]PZPVUZVMZLJ[PVU VM[OL*VTWHUPLZ(J[ P I (SSÄ_LKHZZL[ZOH]LUV[ILLUWO`ZPJHSS`]LYPÄLK are applicable and hence not commented upon. by the management during the year but there PZHYLN\SHYWYVNYHTTLVM]LYPÄJH[PVU^OPJOPU ] ;OL*VTWHU`OHZUV[HJJLW[LKHU`KLWVZP[Z^P[OPU V\Y VWPUPVU PZ YLHZVUHISL OH]PUN YLNHYK [V [OL [OLTLHUPUNVM:LJ[PVUZ[VVM[OL(J[HUK[OL ZPaLVM[OL*VTWHU`HUK[OLUH[\YLVMP[ZHZZL[Z *VTWHUPLZ(JJLW[HUJLVM+LWVZP[Z9\SLZHZ No material discrepancies were noticed on such HTLUKLK(JJVYKPUNS`[OLWYV]PZPVUZVMJSH\ZL] ]LYPÄJH[PVU of the Order are not applicable.

P J (JJVYKPUN [V [OL PUMVYTH[PVU HUK L_WSHUH[PVUZ ]P ;V [OL ILZ[ VM V\Y RUV^SLKNL HUK HZ L_WSHPULK NP]LU I` [OL THUHNLTLU[ [OL [P[SL KLLKZ VM [OL *LU[YHS .V]LYUTLU[ OHZ UV[ ZWLJPÄLK [OL PTTV]HISL WYVWLY[PLZ PUJS\KLK PU WYVWLY[` THPU[LUHUJLVMJVZ[YLJVYKZ\UKLY:LJ[PVU VM WSHU[HUKLX\PWTLU[HYLOLSKPU[OLUHTLVM[OL [OL*VTWHUPLZ(J[MVY[OLWYVK\J[ZZLY]PJLZVM company. [OL*VTWHU`

PP ;OLTHUHNLTLU[OHZJVUK\J[LKWO`ZPJHS]LYPÄJH[PVU ]PP H 

]PP J (JJVYKPUN[V[OLYLJVYKZVM[OL*VTWHU`[OLK\LZV\[Z[HUKPUNVMPUJVTL[H_HUKZLY]PJL[H_VUHJJV\U[VM any dispute are as follows:

Amount Period to which the Name of Statute Nature of Dues Forum where the dispute is pending (` Lacs) amount relates

0UJVTL;H_(J[  0UJVTL;H_+LTHUK   (@ *VTTPZZPVULYVM0UJVTL;H_(WWLHSZ 0UJVTL;H_(J[  0UJVTL;H_+LTHUK  (@ *VTTPZZPVULYVM0UJVTL;H_(WWLHSZ -PUHUJL(J[  :LY]PJL;H_+LTHUK  -@[V  *\Z[VTZ,_JPZLHUK:LY]PJL;H_ HUK Appellate Tribunal

According to the information and explanations given to ]PPP(JJVYKPUN [V PUMVYTH[PVU HUK L_WSHUH[PVUZ NP]LU \Z[OLYLHYLUVK\LZVMZHSLZ[H_^LHS[O[H_K\[`VM I` [OL THUHNLTLU[ ^L HYL VM [OL VWPUPVU [OH[ [OL J\Z[VTZK\[`VML_JPZL]HS\LHKKLK[H_HUKJLZZ^OPJO *VTWHU` OHZ UV[ KLMH\S[LK PU YLWH`TLU[ VM K\LZ have not been deposited on account of any dispute. [V H ÄUHUJPHS PUZ[P[\[PVU IHUR VY NV]LYUTLU[ ;OL

ANNUAL REPORT 2016-17 61 *VTWHU` KPK UV[ OH]L HU` V\[Z[HUKPUN KLILU[\YLZ WHY[PLZHYLPUJVTWSPHUJL^P[OZLJ[PVUHUK VM during the year. *VTWHUPLZ(J[^OLYLHWWSPJHISLHUK[OLKL[HPSZ OH]L ILLU KPZJSVZLK PU [OL UV[LZ [V [OL ÄUHUJPHS P_ (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU Z[H[LTLU[ZHZYLX\PYLKI`[OLHWWSPJHISLHJJV\U[PUN I`[OLTHUHNLTLU[[OL*VTWHU`OHZUV[YHPZLKHU` standards. money byway of initial public offer / further public offer  KLI[ PUZ[Y\TLU[Z HUK [LYT SVHUZ OLUJL YLWVY[PUN _P] (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU \UKLYJSH\ZLP_PZUV[HWWSPJHISL[V[OL*VTWHU`HUK to us and on an overall examination of the balance hence not commented upon. ZOLL[ [OL JVTWHU` OHZ UV[ THKL HU` WYLMLYLU[PHS allotment or private placement of shares or fully or _ )HZLK\WVU[OLH\KP[WYVJLK\YLZWLYMVYTLKMVY[OL partly convertible debentures during the year under purpose of reporting the true and fair view of the review and hence not commented upon. ÄUHUJPHSZ[H[LTLU[ZHUKHJJVYKPUN[V[OLPUMVYTH[PVU HUK L_WSHUH[PVUZ NP]LU I` [OL THUHNLTLU[ ^L _] (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU report that no fraud by the company or no fraud on I` [OL THUHNLTLU[ [OL *VTWHU` OHZ UV[ LU[LYLK [OL JVTWHU` I` [OL VMÄJLYZ HUK LTWSV`LLZ VM [OL into any non-cash transactions with directors or *VTWHU` OHZ ILLU UV[PJLK VY YLWVY[LK K\YPUN [OL persons connected with him as referred to in section year.  VM*VTWHUPLZ(J[

_P (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU _]P (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU I` [OL THUHNLTLU[ ^L YLWVY[ [OH[ [OL THUHNLYPHS [V\Z[OLWYV]PZPVUZVMZLJ[PVU0(VM[OL9LZLY]L remuneration has been paid / provided in accordance )HUR VM 0UKPH (J[   HYL UV[ HWWSPJHISL [V [OL ^P[O [OL YLX\PZP[L HWWYV]HSZ THUKH[LK I` [OL *VTWHU` WYV]PZPVUZVMZLJ[PVU YLHK^P[O:JOLK\SL=[V[OL *VTWHUPLZ(J[ -VY S.R. Batliboi & CO. LLP *OHY[LYLK(JJV\U[HU[Z _PP0UV\YVWPUPVU[OL*VTWHU`PZUV[HUPKOPJVTWHU` 0*(0-PYT9LNPZ[YH[PVU5\TILY!,, ;OLYLMVYL [OL WYV]PZPVUZ VM JSH\ZL _PP VM [OL VYKLY HYL UV[ HWWSPJHISL [V [OL *VTWHU` HUK OLUJL UV[ per Vishal Sharma Partner commented upon. 4LTILYZOPW5\TILY! 

_PPP (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU Place of Signature : 5L^+LSOP +H[L : 4H`  I` [OL THUHNLTLU[ [YHUZHJ[PVUZ ^P[O [OL YLSH[LK

62 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF HT MEDIA LIMTED Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

>L OH]L H\KP[LK [OL PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS MEANING OF INTERNAL FINANCIAL CONTROLS OVER YLWVY[PUNVM/;4LKPH3PTP[LK¸[OL*VTWHU`¹HZVM4HYJO FINANCIAL REPORTING PUJVUQ\UJ[PVU^P[OV\YH\KP[VM[OLZ[HUKHSVULÄUHUJPHS (JVTWHU`»ZPU[LYUHSÄUHUJPHSJVU[YVSV]LYÄUHUJPHSYLWVY[PUN Z[H[LTLU[ZVM[OL*VTWHU`MVY[OL`LHYLUKLKVU[OH[KH[L is a process designed to provide reasonable assurance YLNHYKPUN [OL YLSPHIPSP[` VM ÄUHUJPHS YLWVY[PUN HUK [OL MANAGEMENT’S RESPONSIBILITY FOR INTERNAL WYLWHYH[PVUVMÄUHUJPHSZ[H[LTLU[ZMVYL_[LYUHSW\YWVZLZPU FINANCIAL CONTROLS accordance with generally accepted accounting principles. ;OL*VTWHU`»Z4HUHNLTLU[PZYLZWVUZPISLMVYLZ[HISPZOPUN ( JVTWHU`»Z PU[LYUHS ÄUHUJPHS JVU[YVS V]LY ÄUHUJPHS HUK THPU[HPUPUN PU[LYUHS ÄUHUJPHS JVU[YVSZ IHZLK VU [OL YLWVY[PUN PUJS\KLZ [OVZL WVSPJPLZ HUK WYVJLK\YLZ [OH[  PU[LYUHSJVU[YVSV]LYÄUHUJPHSYLWVY[PUNJYP[LYPHLZ[HISPZOLK WLY[HPU[V[OLTHPU[LUHUJLVMYLJVYKZ[OH[PUYLHZVUHISL I`[OL*VTWHU`JVUZPKLYPUN[OLLZZLU[PHSJVTWVULU[ZVM KL[HPS HJJ\YH[LS` HUK MHPYS` YLÅLJ[ [OL [YHUZHJ[PVUZ HUK PU[LYUHS JVU[YVS Z[H[LK PU [OL .\PKHUJL 5V[L VU (\KP[ VM KPZWVZP[PVUZ VM [OL HZZL[Z VM [OL JVTWHU`"  WYV]PKL 0U[LYUHS-PUHUJPHS*VU[YVSZ6]LY-PUHUJPHS9LWVY[PUNPZZ\LK reasonable assurance that transactions are recorded as I`[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH;OLZL ULJLZZHY`[VWLYTP[WYLWHYH[PVUVMÄUHUJPHSZ[H[LTLU[ZPU YLZWVUZPIPSP[PLZ PUJS\KL [OL KLZPNU PTWSLTLU[H[PVU HUK HJJVYKHUJL^P[ONLULYHSS`HJJLW[LKHJJV\U[PUNWYPUJPWSLZ THPU[LUHUJL VM HKLX\H[L PU[LYUHS ÄUHUJPHS JVU[YVSZ [OH[ and that receipts and expenditures of the company are were operating effectively for ensuring the orderly and being made only in accordance with authorisations of LMÄJPLU[ JVUK\J[ VM P[Z I\ZPULZZ PUJS\KPUN HKOLYLUJL [V management and directors of the company; [OL *VTWHU`»Z WVSPJPLZ [OL ZHMLN\HYKPUN VM P[Z HZZL[Z [OL WYL]LU[PVU HUK KL[LJ[PVU VM MYH\KZ HUK LYYVYZ [OL HUKWYV]PKLYLHZVUHISLHZZ\YHUJLYLNHYKPUNWYL]LU[PVU HJJ\YHJ` HUK JVTWSL[LULZZ VM [OL HJJV\U[PUN YLJVYKZ VY [PTLS` KL[LJ[PVU VM \UH\[OVYPZLK HJX\PZP[PVU \ZL VY HUK[OL[PTLS`WYLWHYH[PVUVMYLSPHISLÄUHUJPHSPUMVYTH[PVU KPZWVZP[PVU VM [OL JVTWHU`»Z HZZL[Z [OH[ JV\SK OH]L H HZYLX\PYLK\UKLY[OL*VTWHUPLZ(J[ TH[LYPHSLMMLJ[VU[OLÄUHUJPHSZ[H[LTLU[Z

AUDITOR’S RESPONSIBILITY INHERENT LIMITATIONS OF INTERNAL FINANCIAL 6\YYLZWVUZPIPSP[`PZ[VL_WYLZZHUVWPUPVUVU[OL*VTWHU`»Z CONTROLS OVER FINANCIAL REPORTING PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN IHZLK )LJH\ZL VM [OL PUOLYLU[ SPTP[H[PVUZ VM PU[LYUHS ÄUHUJPHS on our audit. We conducted our audit in accordance with JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN PUJS\KPUN [OL WVZZPIPSP[` [OL.\PKHUJL5V[LVU(\KP[VM0U[LYUHS-PUHUJPHS*VU[YVSZ VMJVSS\ZPVUVYPTWYVWLYTHUHNLTLU[V]LYYPKLVMJVU[YVSZ 6]LY -PUHUJPHS 9LWVY[PUN [OL ¸.\PKHUJL 5V[L¹ HUK [OL material misstatements due to error or fraud may occur and :[HUKHYKZVU(\KP[PUNHZZWLJPÄLK\UKLYZLJ[PVU UV[ILKL[LJ[LK(SZVWYVQLJ[PVUZVMHU`L]HS\H[PVUVM[OL VM [OL *VTWHUPLZ (J[  [V [OL L_[LU[ HWWSPJHISL [V PU[LYUHSÄUHUJPHSJVU[YVSZV]LYÄUHUJPHSYLWVY[PUN[VM\[\YL HUH\KP[VMPU[LYUHSÄUHUJPHSJVU[YVSZHUKIV[OPZZ\LKI` WLYPVKZ HYL Z\IQLJ[ [V [OL YPZR [OH[ [OL PU[LYUHS ÄUHUJPHS [OL 0UZ[P[\[L VM *OHY[LYLK (JJV\U[HU[Z VM 0UKPH ;OVZL JVU[YVS V]LY ÄUHUJPHS YLWVY[PUN TH` ILJVTL PUHKLX\H[L :[HUKHYKZHUK[OL.\PKHUJL5V[LYLX\PYL[OH[^LJVTWS` ILJH\ZL VM JOHUNLZ PU JVUKP[PVUZ VY [OH[ [OL KLNYLL VM ^P[OL[OPJHSYLX\PYLTLU[ZHUKWSHUHUKWLYMVYT[OLH\KP[ compliance with the policies or procedures may deteriorate. [V VI[HPU YLHZVUHISL HZZ\YHUJL HIV\[ ^OL[OLY HKLX\H[L PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN ^HZ OPINION established and maintained and if such controls operated 0U V\Y VWPUPVU [OL *VTWHU` OHZ PU HSS TH[LYPHS YLZWLJ[Z effectively in all material respects. HUHKLX\H[LPU[LYUHSÄUHUJPHSJVU[YVSZZ`Z[LTV]LYÄUHUJPHS YLWVY[PUN HUK Z\JO PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS Our audit involves performing procedures to obtain audit YLWVY[PUN ^LYL VWLYH[PUN LMMLJ[P]LS` HZ H[ 4HYJO   L]PKLUJL HIV\[ [OL HKLX\HJ` VM [OL PU[LYUHS ÄUHUJPHS IHZLKVU[OLPU[LYUHSJVU[YVSV]LYÄUHUJPHSYLWVY[PUNJYP[LYPH JVU[YVSZZ`Z[LTV]LYÄUHUJPHSYLWVY[PUNHUK[OLPYVWLYH[PUN LZ[HISPZOLK I` [OL *VTWHU` JVUZPKLYPUN [OL LZZLU[PHS LMMLJ[P]LULZZ6\YH\KP[VMPU[LYUHSÄUHUJPHSJVU[YVSZV]LY JVTWVULU[ZVMPU[LYUHSJVU[YVSZ[H[LKPU[OL.\PKHUJL5V[LVU ÄUHUJPHSYLWVY[PUNPUJS\KLKVI[HPUPUNHU\UKLYZ[HUKPUNVM (\KP[VM0U[LYUHS-PUHUJPHS*VU[YVSZ6]LY-PUHUJPHS9LWVY[PUN PU[LYUHSÄUHUJPHSJVU[YVSZV]LYÄUHUJPHSYLWVY[PUNHZZLZZPUN PZZ\LKI`[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH [OLYPZR[OH[HTH[LYPHS^LHRULZZL_PZ[ZHUK[LZ[PUNHUK evaluating the design and operating effectiveness of -VY S.R. Batliboi & CO. LLP internal control based on the assessed risk. The procedures *OHY[LYLK(JJV\U[HU[Z ZLSLJ[LKKLWLUKVU[OLH\KP[VY»ZQ\KNLTLU[PUJS\KPUN[OL 0*(0-PYT9LNPZ[YH[PVU5\TILY!,, assessment of the risks of material misstatement of the ÄUHUJPHSZ[H[LTLU[Z^OL[OLYK\L[VMYH\KVYLYYVY per Vishal Sharma Partner We believe that the audit evidence we have obtained is 4LTILYZOPW5\TILY!  Z\MÄJPLU[HUKHWWYVWYPH[L[VWYV]PKLHIHZPZMVYV\YH\KP[ Place of Signature : 5L^+LSOP VWPUPVU VU [OL PU[LYUHS ÄUHUJPHS JVU[YVSZ Z`Z[LT V]LY +H[L : 4H`  ÄUHUJPHSYLWVY[PUN

ANNUAL REPORT 2016-17 63 BALANCE SHEET AS AT MARCH 31, 2017

`PU3HJZ As at As at As at Particulars Notes March 31, 2017 March 31, 2016 April 1, 2015 I ASSETS 1) Non-current assets H7YVWLY[`WSHU[HUKLX\PWTLU[ 3      I*HWP[HS^VYRPUWYVNYLZZ 3        J0U]LZ[TLU[WYVWLY[` 4          K0U[HUNPISLHZZL[Z        L0U[HUNPISLHZZL[Z\UKLYKL]LSVWTLU[       M0U]LZ[TLU[PUZ\IZPKPHYPLZ (       N-PUHUJPHSHZZL[Z  P 0U]LZ[TLU[Z )           PP 3VHUZ *     PPP6[OLYÄUHUJPHSHZZL[Z +         O0UJVTL;H_(ZZL[Z5L[         P 6[OLYUVUJ\YYLU[HZZL[Z 8      Total Non-current assets 2,85,845.04 2,22,921.95 1,93,988.76 2) Current assets H0U]LU[VYPLZ       I-PUHUJPHSHZZL[Z  P0U]LZ[TLU[Z )        PP;YHKLYLJLP]HISLZ (       PPP*HZOHUKJHZOLX\P]HSLU[Z )         P]6[OLYIHURIHSHUJLZ *     ]3VHUZ *   -   ]P6[OLYÄUHUJPHSHZZL[Z +         J6[OLYJ\YYLU[HZZL[Z 11       Total current assets 59,671.31 1,00,312.42 59,483.41 Total Assets 3,45,516.35 3,23,234.37 2,53,472.17 II EQUITY AND LIABILITIES 1) Equity H,X\P[`ZOHYLJHWP[HS     I6[OLYLX\P[` 13        Total equity 1,69,836.89 1,60,367.36 1,52,883.69 2) Liabilities Non-current liabilities H-PUHUJPHSSPHIPSP[PLZ  P )VYYV^PUNZ 14A      I7YV]PZPVUZ       J+LMLYYLK[H_SPHIPSP[PLZ5L[       K6[OLYUVUJ\YYLU[SPHIPSP[PLZ         Total non- current liabilties 7,370.08 8,535.56 10,712.68 Current liabilities H-PUHUJPHSSPHIPSP[PLZ  P)VYYV^PUNZ 14A         PP ;YHKL7H`HISLZ 14B         PPP6[OLYÄUHUJPHSSPHIPSP[PLZ *       I7YV]PZPVUZ        J*\YYLU[[H_SPHIPSP[`UL[ 18    K6[OLYJ\YYLU[SPHIPSP[PLZ         Total current liabilties 1,68,309.38 1,54,331.45 89,875.80 Total liabilities 1,75,679.46 1,62,867.01 1,00,588.48 Total Equity and Liabilities 3,45,516.35 3,23,234.37 2,53,472.17 :\TTHY`VMZPNUPÄJHU[HJJV\U[PUNWVSPJPLZ  ;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date

-VY S.R. Batliboi & CO. LLP -VYHUKVUILOHSMVM[OL)VHYKVM+PYLJ[VYZVM/;4LKPH3PTP[LK *OHY[LYLK(JJV\U[HU[Z 0*(0-PYT9LNPZ[YH[PVU5\TILY!,,

per Vishal Sharma 7P`\ZO.\W[H +PULZO4P[[HS Partner .YV\W*OPLM-PUHUJPHS6MÄJLY >OVSL[PTL+PYLJ[VY.YV\W.LULYHS*V\UZLS 4LTILYZOPW5\TILY!  *VTWHU`:LJYL[HY` +05! 

Place : 5L^+LSOP 9HQP]=LYTH Shobhana Bhartia +H[L : 4H`  *OPLM,_LJ\[P]L6MÄJLY *OHPYWLYZVU ,KP[VYPHS+PYLJ[VY +05! 

64 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2017

`PU3HJZ Year ended Year ended Particulars Notes March 31, 2017 March 31, 2016 I INCOME  H 9L]LU\LMYVTVWLYH[PVUZ      IOther Income      Total Income 1,58,893.20 1,60,462.30 II EXPENSES  H *VZ[VMTH[LYPHSZJVUZ\TLK       I 0UJYLHZLKLJYLHZLPUPU]LU[VYPLZ     J ,TWSV`LLILULÄ[ZL_WLUZL        K -PUHUJLJVZ[Z        L +LWYLJPH[PVUHUKHTVY[PaH[PVUL_WLUZL        MOther expenses        Total expenses 1,52,473.67 1,41,410.86 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX FROM CONTINUING     III OPERATIONS(I-II) IV EXCEPTIONAL ITEMS GAIN/(LOSS)  -  V PROFIT BEFORE TAX FROM CONTINUING OPERATIONS(III+IV) 6,419.53 21,155.44 EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION VI (EBITDA) BEFORE EXCEPTIONAL ITEMS *VU[PU\PUNVWLYH[PVUZB00000K00LD     +PZJVU[PU\LKVWLYH[PVUZ  -    Total earnings before interest, tax, depreciation and amortization 24,034.72 22,857.35 (EBITDA) before exceptional items VII TAX EXPENSE *\YYLU[[H_  -  Adjustment of current tax related to earlier periods      +LMLYYLK[H_JOHYNLJYLKP[      Total tax expense 268.90 6,286.85 VIII PROFIT FROM CONTINUING OPERATIONS AFTER TAX(V-VII) 6,150.63 14,868.59 7YVÄ[SVZZMYVTKPZJVU[PU\LKVWLYH[PVUZ  -   ;H_JOHYNLJYLKP[PUJS\KPUNKLMMLYLK[H_VMKPZJVU[PU\LKVWLYH[PVUZ  -   IX PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS (AFTER TAX) - (5,523.66) X PROFIT FOR THE YEAR (VIII+IX) 6,150.63 9,344.93 XI OTHER COMPREHENSIVE INCOME  0[LTZ[OH[^PSSUV[[VILYLJSHZZPÄLK[VWYVÄ[VYSVZZ 9LTLHZ\YLTLU[NHPUSVZZVUKLÄULKILULÄ[WSHUZ      -Income tax effect   (60.63) (115.36) 5L[SVZZNHPUVU-=;6*0MVYPU]LZ[TLU[PU1VPU[=LU[\YL*VTWHU`  - -Income tax effect - - (5,441.00) - 6[OLYJVTWYLOLUZP]LPUJVTLMVY[OL`LHYUL[VM[H_ (5,501.63) (115.36) XII TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX(X+XI) 649.00 9,229.57 XIII EARNINGS/(LOSS) PER SHARE FOR CONTINUING AND DISCONTINUED OPERATIONS )HZPJ5VTPUHS]HS\LVMZOHYL` 31   +PS\[LK5VTPUHS]HS\LVMZOHYL` 31   Earnings/(loss) per share for continuing operations )HZPJ5VTPUHS]HS\LVMZOHYL` 31    +PS\[LK5VTPUHS]HS\LVMZOHYL` 31    Earnings/(loss) per share for discontinued operations )HZPJ5VTPUHS]HS\LVMZOHYL` 31 -  +PS\[LK5VTPUHS]HS\LVMZOHYL` 31 -  :\TTHY`VMZPNUPÄJHU[HJJV\U[PUNWVSPJPLZ  ;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date

-VY S.R. Batliboi & CO. LLP -VYHUKVUILOHSMVM[OL)VHYKVM+PYLJ[VYZVM/;4LKPH3PTP[LK *OHY[LYLK(JJV\U[HU[Z 0*(0-PYT9LNPZ[YH[PVU5\TILY!,,

per Vishal Sharma 7P`\ZO.\W[H +PULZO4P[[HS Partner .YV\W*OPLM-PUHUJPHS6MÄJLY >OVSL[PTL+PYLJ[VY.YV\W.LULYHS*V\UZLS 4LTILYZOPW5\TILY!  *VTWHU`:LJYL[HY` +05! 

Place : 5L^+LSOP 9HQP]=LYTH Shobhana Bhartia +H[L : 4H`  *OPLM,_LJ\[P]L6MÄJLY *OHPYWLYZVU ,KP[VYPHS+PYLJ[VY +05!  ANNUAL REPORT 2016-17 65 CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2017

`PU3HJZ

Particulars March 31, 2017 March 31, 2016

Operating activities 7YVÄ[ILMVYL[H_MYVTJVU[PU\PUNVWLYH[PVUZ    7YVÄ[SVZZILMVYL[H_MYVTKPZJVU[PU\LKVWLYH[PVUZ -   7YVÄ[ILMVYL[H_ 6,419.53 12,708.44 (KQ\Z[TLU[Z[VYLJVUJPSLWYVÄ[ILMVYL[H_[VUL[JHZOÅV^Z! +LWYLJPH[PVUHUKHTVY[PaH[PVUL_WLUZL       0TWHPYTLU[3VZZVUKPZWVZHSVMWYVWLY[`WSHU[HUKLX\PWTLU[ 0U[HUNPISLZ   0TWHPYTLU[VM0U]LZ[TLU[PU:\IZPKPHYPLZ,_JLW[PVUHSP[LT -   Provision for contingencies -  -HPY]HS\LVM0U]LZ[TLU[[OYV\NOWYVÄ[HUKSVZZPUJS\KPUN3VZZVUZHSLVMPU]LZ[TLU[Z     +P]PKLUKPUJVTL   Interest Income from mutual funds and others    Interest income from deposits and others     7YVÄ[VU:HSLVM0U]LZ[TLU[7YVWLY[PLZ   

66 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2017

`PU3HJZ

Particulars March 31, 2017 March 31, 2016

+P]PKLUKZYLJLP]LK   Interest received    7YVJLLKZVMKLWVZP[ZTH[\YLKUL[     5L[JHZOÅV^Z\ZLKPUPU]LZ[PUNHJ[P]P[PLZ) (21,497.63) (75,041.30) Financing activities 7YVJLLKZMYVT:OVY[[LYTIVYYV^PUNZ5L[      9LWH`TLU[VM3VUN[LYTIVYYV^PUNZ     Interest Paid     +P]PKLUK7HPK      +P]PKLUKKPZ[YPI\[PVU[H_WHPK   5L[JHZOÅV^ZMYVT\ZLKPUÄUHUJPUNHJ[P]P[PLZ* 1,078.73 56,534.94 Net increase/ (decrease) in cash and cash equivalents (D= A+B+C) (1,297.95) (4,733.99) Cash and cash equivalents at the beginning of the year (E ) 6,856.24 11,590.23 Cash and cash equivalents at year end (D+E) 5,558.28 6,856.24

Components of Cash & Cash Equivalents as at end of the year *HZOHUKJOLX\LZVUOHUK    With banks - on deposit accounts     - on current accounts    Total cash and cash equivalents 6,588.54 8,380.24 Less: Bank Overdraft   Cash and cash equivalents as per Cash Flow Statement 5,558.28 6,856.24

;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date

-VY S.R. Batliboi & CO. LLP -VYHUKVUILOHSMVM[OL)VHYKVM+PYLJ[VYZVM/;4LKPH3PTP[LK *OHY[LYLK(JJV\U[HU[Z 0*(0-PYT9LNPZ[YH[PVU5\TILY!,,

per Vishal Sharma 7P`\ZO.\W[H +PULZO4P[[HS Partner .YV\W*OPLM-PUHUJPHS6MÄJLY >OVSL[PTL+PYLJ[VY.YV\W.LULYHS*V\UZLS 4LTILYZOPW5\TILY!  *VTWHU`:LJYL[HY` +05! 

Place : 5L^+LSOP 9HQP]=LYTH Shobhana Bhartia +H[L : 4H`  *OPLM,_LJ\[P]L6MÄJLY *OHPYWLYZVU ,KP[VYPHS+PYLJ[VY +05! 

ANNUAL REPORT 2016-17 67 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2017

A. EQUITY SHARE CAPITAL (REFER NOTE 12)  ,X\P[`:OHYLZVM`LHJOPZZ\LKZ\IZJYPILKHUKM\SS`WHPK\W

Particulars Number of shares Amount (` in Lacs)

Balance as at April 1, 2015 23,05,20,024 4,610.40 *OHUNLZPUZOHYLJHWP[HSK\YPUN[OL`LHY - - Balance as at March 31, 2016 23,05,20,024 4,610.40 *OHUNLZPUZOHYLJHWP[HSK\YPUN[OL`LHY - - Balance as at March 31, 2017 23,05,20,024 4,610.40

B. OTHER EQUITY ATTRIBUTABLE TO EQUITY HOLDERS (REFER NOTE 13)

(` in Lacs) Reserves & Surplus OCI Total Particulars Capital Capital Securities General Retained FVTOCI reserve (Refer redemption premium Reserve earnings for Investment Note 29) reserve in Joint Venture Company (Refer Note 30)

Balance as at April 1, 2015 7,234.45 2,045.45 32,430.66 7,144.55 99,418.18 - 148,273.29 3PJLUZLMLLZHTVY[PaLK9LMLY - -  - - - (767.52) UV[L *OHUNLK\YPUN[OL`LHY - - - -    - 9,344.93 Other comprehensive income - - - -  - (115.36) +P]PKLUK - - - -    - (930.99) +P]PKLUKKPZ[YPI\[PVU[H_ - - - -  - (56.30) Adjustment of accumulated - - - -    - 8.91 Z\YWS\ZVM/;4LKPH,TWSV`LL Welfare Trust Balance as at March 31, 2016 7,234.45 2,045.45 31,663.14 7,144.55 1,07,669.37 - 1,55,756.96 3PJLUZLMLLZHTVY[PaLK9LMLY - -  - - - (567.75) UV[L *OHUNLK\YPUN[OL`LHY  - - -  - 16,517.83 Other comprehensive income - - - -   (5,501.63) +P]PKLUK - - - -    - (930.99) +P]PKLUKKPZ[YPI\[PVU[H_ - - - -  - (56.30) Adjustment of accumulated - - - -   - 8.37 Z\YWS\ZVM/;4LKPH,TWSV`LL Welfare Trust Balance as at March 31, 2017 17,601.65 2,045.45 31,095.39 7,144.55 1,12,780.45 (5,441.00) 1,65,226.49

;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date

-VY S.R. Batliboi & CO. LLP -VYHUKVUILOHSMVM[OL)VHYKVM+PYLJ[VYZVM/;4LKPH3PTP[LK *OHY[LYLK(JJV\U[HU[Z 0*(0-PYT9LNPZ[YH[PVU5\TILY!,,

per Vishal Sharma 7P`\ZO.\W[H +PULZO4P[[HS Partner .YV\W*OPLM-PUHUJPHS6MÄJLY >OVSL[PTL+PYLJ[VY.YV\W.LULYHS*V\UZLS 4LTILYZOPW5\TILY!  *VTWHU`:LJYL[HY` +05! 

Place : 5L^+LSOP 9HQP]=LYTH Shobhana Bhartia +H[L : 4H`  *OPLM,_LJ\[P]L6MÄJLY *OHPYWLYZVU ,KP[VYPHS+PYLJ[VY +05! 

68 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

1. CORPORATE INFORMATION PU HJJVYKHUJL ^P[O 0UK(: 9LMLY 5V[L  VU /; 4LKPH 3PTP[LK ¸/;43¹ VY ¸[OL *VTWHU`¹ PZ H ÄYZ[ [PTL HKVW[PVU MVY PUMVYTH[PVU VU OV^ [OL public company domiciled in India and incorporated *VTWHU`OHZHKVW[LK0UK(: \UKLY[OLWYV]PZPVUZVM[OL*VTWHUPLZ(J[ 0[Z ZOHYLZHYLSPZ[LKVU[OL5H[PVUHSZ[VJRL_JOHUNL5:, The accounting policies are applied consistently HUK )VTIH` Z[VJR L_JOHUNL ):, ;OL *VTWHU` [V HSS [OL WLYPVKZ WYLZLU[LK PU [OL ÄUHUJPHS W\ISPZOLZ º/PUK\Z[HU ;PTLZ» HU ,UNSPZO KHPS` HUK Z[H[LTLU[Z PUJS\KPUN [OL WYLWHYH[PVU VM [OL º4PU[»H)\ZPULZZWHWLYKHPS`L_JLW[VU:\UKH`HUK VWLUPUN0UK(:)HSHUJL:OLL[HZH[(WYPS \UKLY[HRLZ JVTTLYJPHS WYPU[PUN QVIZ ;OL *VTWHU` being the date of transition to Ind-AS. is also engaged into the business of providing LU[LY[HPUTLU[ YHKPV IYVHKJHZ[ HUK HSS V[OLY YLSH[LK ;OL Z[HUKHSVUL ÄUHUJPHS Z[H[LTLU[Z OH]L ILLU HJ[P]P[PLZ[OYV\NOP[Z9HKPV:[H[PVUZVWLYH[PUN\UKLY WYLWHYLKVUHOPZ[VYPJHSJVZ[IHZPZL_JLW[MVY[OL IYHUK UHTL º-L]LY »º-L]LY» HUK º9HKPV 5HZOH» following assets and liabilities which have been ;OL KPNP[HS I\ZPULZZ VM [OL *VTWHU` JVTWYPZLZ VM measured at fair value: ]HYPV\ZVUSPULWSH[MVYTZZ\JOHZºZOPULJVT»L[J;OL YLNPZ[LYLKVMÄJLVM[OL*VTWHU`PZSVJH[LKH[    +LYP]H[P]LÄUHUJPHSPUZ[Y\TLU[Z 2.4HYN5L^+LSOP   *LY[HPUÄUHUJPHSHZZL[ZHUKSPHIPSP[PLZTLHZ\YLK ;OL*VTWHU`KLYP]LZYL]LU\LWYPTHYPS`MYVT[OLZHSL H[MHPY]HS\LYLMLYHJJV\U[PUNWVSPJ`YLNHYKPUN VM[OLHIV]LTLU[PVULKW\ISPJH[PVUZHK]LY[PZLTLU[Z ÄUHUJPHSPUZ[Y\TLU[Z W\ISPZOLK [OLYLPU I` \UKLY[HRPUN WYPU[PUN QVIZ and airtime advertisements aired at the aforesaid   +LÄULKILULÄ[WSHUZWSHUHZZL[ZTLHZ\YLKH[ radio stations. Internet business also contributes fair value. [V [OL *VTWHU`»Z YL]LU\L I` ^H` VM KPZWSH` VM advertisements on these websites. (SSHTV\U[ZKPZJSVZLKPU[OLÄUHUJPHSZ[H[LTLU[Z and notes have been rounded off to the nearest Information on related party relationship of the SHJZHZWLY[OLYLX\PYLTLU[VM:JOLK\SL000\USLZZ *VTWHU`PZWYV]PKLKPU5V[L otherwise stated.

;OLÄUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`MVY[OL`LHY ;OL Z[HUKHSVUL ÄUHUJPHS Z[H[LTLU[Z HYL LUKLK 4HYJO   HYL H\[OVYPZLK MVY PZZ\L PU WYLZLU[LKPU0UKPHU9\WLLZ`) which is also the HJJVYKHUJL^P[OHYLZVS\[PVUVM[OL)VHYKVM+PYLJ[VYZ *VTWHU`»ZM\UJ[PVUHSJ\YYLUJ` VU4H`  2.2 Summary of significant accounting policies 2. SIGNIFICANT ACCOUNTING POLICIES FOLLOWED BY COMPANY a) Foreign currencies 2.1 Basis of preparation Transactions in foreign currencies are initially ;OL Z[HUKHSVUL ÄUHUJPHS Z[H[LTLU[Z VM [OL YLJVYKLK I` [OL *VTWHU` H[ [OLPY YLZWLJ[P]L *VTWHU` OH]L ILLU WYLWHYLK PU HJJVYKHUJL functional currency spot rates at the date ^P[O 0UKPHU (JJV\U[PUN :[HUKHYKZ º0UK(:» [OL [YHUZHJ[PVU ÄYZ[ X\HSPÄLZ MVY YLJVNUP[PVU UV[PÄLK\UKLY[OL*VTWHUPLZ0UKPHU(JJV\U[PUN /V^L]LY MVY WYHJ[PJHS YLHZVUZ [OL *VTWHU` :[HUKHYK 9\SLZ  HUK *VTWHUPLZ 0UKPHU uses an average rate if the average approximates (JJV\U[PUN:[HUKHYK(TLUKTLU[9\SLZ the actual rate at the date of the transaction.

 -VY  HSS WLYPVKZ \W [V HUK PUJS\KPUN [OL `LHY Monetary assets and liabilities denominated in foreign LUKLK4HYJO[OL*VTWHU`WYLWHYLK currencies are translated at the functional currency P[Z ÄUHUJPHS Z[H[LTLU[Z PU HJJVYKHUJL ^P[O spot rates of exchange at the reporting date. [OL (JJV\U[PUN :[HUKHYKZ UV[PÄLK \UKLY [OL :LJ[PVU  VM [OL *VTWHUPLZ (J[  YLHK ,_JOHUNL KPMMLYLUJLZ HYPZPUN VU [OL ZL[[SLTLU[ [VNL[OLY ^P[O WHYHNYHWO  VM [OL *VTWHUPLZ of monetary items or on restatement of the (JJV\U[Z 9\SLZ  º0UKPHU .((7» ;OL *VTWHU`»Z TVUL[HY` P[LTZ H[ YH[LZ KPMMLYLU[ ÄUHUJPHS Z[H[LTLU[Z MVY [OL `LHY LUKLK 4HYJO from those at which they were initially recorded HYL[OLÄYZ[[OL*VTWHU`OHZWYLWHYLK K\YPUN[OL`LHYVYYLWVY[LKPUWYL]PV\ZÄUHUJPHS

ANNUAL REPORT 2016-17 69 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Z[H[LTLU[Z HYL YLJVNUPaLK HZ PUJVTL VY HZ The fair value of an asset or a liability is measured expenses in the year in which they arise. using the assumptions that market participants ^V\SK \ZL ^OLU WYPJPUN [OL HZZL[ VY SPHIPSP[` ,_JOHUNL KPMMLYLUJLZ WLY[HPUPUN [V SVUN [LYT assuming that market participants act in their MVYLPNU J\YYLUJ` SVHUZ VI[HPULK VY YLÄUHUJLK economic best interest. VUVYILMVYL4HYJO! (MHPY]HS\LTLHZ\YLTLU[VMHUVUÄUHUJPHSHZZL[ ,_JOHUNL KPMMLYLUJLZ VU SVUN[LYT MVYLPNU [HRLZPU[VHJJV\U[HTHYRL[WHY[PJPWHU[»ZHIPSP[` J\YYLUJ`TVUL[HY`P[LTZYLSH[PUN[VHJX\PZP[PVU [V NLULYH[L LJVUVTPJ ILULÄ[Z I` \ZPUN [OL of depreciable assets are adjusted to the asset in its highest and best use or by selling it carrying cost of the assets and depreciated to another market participant that would use the over the balance life of the assets in accordance asset in its highest and best use. ^P[O VW[PVU H]HPSHISL \UKLY 0UK(:  -PYZ[ [PTLHKVW[PVU ;OL*VTWHU`\ZLZ]HS\H[PVU[LJOUPX\LZ[OH[HYL appropriate in the circumstances and for which ,_JOHUNL KPMMLYLUJLZ WLY[HPUPUN [V SVUN [LYT Z\MÄJPLU[KH[HHYLH]HPSHISL[VTLHZ\YLMHPY]HS\L MVYLPNU J\YYLUJ` SVHUZ VI[HPULK VY YLÄUHUJLK maximising the use of relevant observable inputs VUVYHM[LY(WYPS! and minimising the use of unobservable inputs.

- The exchange differences pertaining to All assets and liabilities for which fair value is long term foreign currency working capital TLHZ\YLKVYKPZJSVZLKPU[OLÄUHUJPHSZ[H[LTLU[Z SVHUZ VI[HPULK VY YLÄUHUJLK VU VY HM[LY HYL JH[LNVYPZLK ^P[OPU [OL MHPY ]HS\L OPLYHYJO` (WYPS   PZ JOHYNLK VMM VY JYLKP[LK [V KLZJYPILK HZ MVSSV^Z IHZLK VU [OL SV^LZ[ :[H[LTLU[ VM 7YVÄ[ HUK 3VZZ HJJV\U[ \UKLY SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V [OL MHPY ]HS\L Ind-AS. measurement as a whole:

Non-monetary items that are measured in • Level 1 · 8\V[LK \UHKQ\Z[LK THYRL[ terms of historical cost in a foreign currency are prices in active markets for identical assets translated using the exchange rates at the dates or liabilities of the initial transactions. • Level 2 · =HS\H[PVU [LJOUPX\LZ MVY ^OPJO b) Fair value measurement [OL SV^LZ[ SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V ;OL *VTWHU` TLHZ\YLZ ÄUHUJPHS PUZ[Y\TLU[Z the fair value measurement is directly or Z\JO HZ KLYP]H[P]LZ HUK JLY[HPU PU]LZ[TLU[Z H[ indirectly observable fair value at each reporting/ balance sheet date. • Level 3 · =HS\H[PVU [LJOUPX\LZ MVY ^OPJO -HPY]HS\LPZ[OLWYPJL[OH[^V\SKILYLJLP]LK[V [OL SV^LZ[ SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V sell an asset or paid to transfer a liability in an the fair value measurement is unobservable orderly transaction between market participants at the measurement date. The fair value -VY HZZL[Z HUK SPHIPSP[PLZ [OH[ HYL YLJVNUPZLK PU measurement is based on the presumption that [OLÄUHUJPHSZ[H[LTLU[ZVUHYLJ\YYPUNIHZPZ[OL the transaction to sell the asset or transfer the *VTWHU` KL[LYTPULZ ^OL[OLY [YHUZMLYZ OH]L liability takes place either: occurred between levels in the hierarchy by re- HZZLZZPUN JH[LNVYPZH[PVU IHZLK VU [OL SV^LZ[ • In the principal market for the asset or SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V [OL MHPY ]HS\L SPHIPSP[`VY TLHZ\YLTLU[ HZ H ^OVSL H[ [OL LUK VM LHJO reporting period. •0U[OLHIZLUJLVMHWYPUJPWHSTHYRL[PU[OLTVZ[ advantageous market for the asset or liability -VY [OL W\YWVZL VM MHPY ]HS\L KPZJSVZ\YLZ [OL *VTWHU`OHZKL[LYTPULKJSHZZLZVMHZZL[ZHUK The principal or the most advantageous market SPHIPSP[PLZVU[OLIHZPZVM[OLUH[\YLJOHYHJ[LYPZ[PJZ T\Z[ILHJJLZZPISLI`[OL*VTWHU` and risks of the asset or liability and the level of the fair value hierarchy as explained above.

70 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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This note summarises accounting policy for fair Sale of Newspaper & Publications, Waste Paper and value. Other fair value related disclosures are Scrap given in the relevant notes : 9L]LU\L MYVT [OL ZHSL VM NVVKZ PZ YLJVNUPZLK ^OLU [OL ZPNUPÄJHU[ YPZRZ HUK YL^HYKZ VM • +PZJSVZ\YLZMVY]HS\H[PVUTL[OVKZZPNUPÄJHU[ ownership of the goods have passed to the LZ[PTH[LZHUKHZZ\TW[PVUZ5V[L  I\`LY\Z\HSS`VUKLSP]LY`VM[OLNVVKZ9L]LU\L from the sale of goods is measured at the fair • Quantitative disclosures of fair value ]HS\LVM[OLJVUZPKLYH[PVUYLJLP]LKVYYLJLP]HISL TLHZ\YLTLU[OPLYHYJO`5V[L  UL[ VM YL[\YUZ HUK HSSV^HUJLZ [YHKL KPZJV\U[Z and volume rebates. • 0U]LZ[TLU[ PU \UX\V[LK LX\P[` ZOHYLZ 5V[L( ) Management also extends a right to return to its customers which it believes is a form of variable   ‹ 0U]LZ[TLU[WYVWLY[PLZ5V[L consideration.

  ‹ -PUHUJPHS PUZ[Y\TLU[Z PUJS\KPUN [OVZL Printing Job Work JHYYPLKH[HTVY[PaLKJVZ[5V[L   9L]LU\LMYVTWYPU[PUNQVI^VYRPZYLJVNUPZLKI`  reference to stage of completion of job work as c) Revenue recognition WLY[LYTZVMHNYLLTLU[9L]LU\LMYVTQVI^VYR 9L]LU\L PZ YLJVNUPZLK [V [OL L_[LU[ [OH[ P[ PZ is measured at the fair value of the consideration WYVIHISL[OH[[OLLJVUVTPJILULÄ[Z^PSSÅV^[V YLJLP]LKVYYLJLP]HISLUL[VMHSSV^HUJLZ[YHKL [OL *VTWHU` HUK [OL YL]LU\L JHU IL YLSPHIS` KPZJV\U[ZHUK]VS\TLYLIH[LZPMHU` TLHZ\YLK YLNHYKSLZZ VM ^OLU [OL WH`TLU[ PZ ILPUN THKL 9L]LU\L PZ TLHZ\YLK H[ [OL MHPY Airtime Revenue ]HS\LVM[OLJVUZPKLYH[PVUYLJLP]LKVYYLJLP]HISL 9L]LU\LMYVTYHKPVIYVHKJHZ[PUNPZYLJVNUPaLK [HRPUNPU[VHJJV\U[JVU[YHJ[\HSS`KLÄULK[LYTZVM VU HU HJJY\HS IHZPZ VU [OL HPYPUN VM JSPLU[»Z payment and excluding taxes or duties collected JVTTLYJPHSZ 9L]LU\L MYVT YHKPV IYVHKJHZ[PUN VU ILOHSM VM [OL NV]LYUTLU[ ;OL *VTWHU` is measured at the fair value of the consideration has concluded that it is the principal in all of its YLJLP]LKVYYLJLP]HISLUL[VMHSSV^HUJLZ[YHKL revenue arrangements since it is the primary KPZJV\U[ZHUK]VS\TLYLIH[LZPMHU` obligor in all the revenue arrangements as it has pricing latitude and is also exposed to inventory Revenue from online advertising and credit risks. 9L]LU\L MYVT KPNP[HS WSH[MVYTZ I` KPZWSH` VM internet advertisements are typically contracted :LY]PJL [H_ :HSLZ [H_ HUK ]HS\L HKKLK [H_ for a period ranging between zero to twelve =(; PZ UV[ YLJLP]LK I` [OL *VTWHU` VU P[Z TVU[OZ 9L]LU\L PU [OPZ YLZWLJ[ PZ YLJVNUPaLK V^UHJJV\U[9H[OLYP[PZ[H_JVSSLJ[LKVU]HS\L V]LY [OL WLYPVK VM [OL JVU[YHJ[ PU HJJVYKHUJL added to the commodity by the seller on behalf with the established principles of accrual VM [OL NV]LYUTLU[ (JJVYKPUNS` P[ PZ L_JS\KLK accounting and is measured at the fair value of from revenue. [OL JVUZPKLYH[PVU YLJLP]LK VY YLJLP]HISL UL[ VM HSSV^HUJLZ[YHKLKPZJV\U[ZHUK]VS\TLYLIH[LZ ;OLZWLJPÄJYLJVNUP[PVUJYP[LYPHKLZJYPILKILSV^ PM HU`

Advertisements 9L]LU\L MYVT Z\IZJYPW[PVU VM WHJRHNLZ VM 9L]LU\L PZ YLJVNUPaLK HZ HUK ^OLU WSHJLTLU[ VM QVI WVZ[PUNZ VU ºZOPULJVT» PZ HK]LY[PZLTLU[PZW\ISPZOLKKPZWSH`LK9L]LU\L recognized at the time the job postings are from advertisement is measured at the fair value KPZWSH`LKIHZLK\WVUJ\Z[VTLY\ZHNLWH[[LYUZ VM[OLJVUZPKLYH[PVUYLJLP]LKVYYLJLP]HISLUL[VM or upon expiry of the subscription package HSSV^HUJLZ[YHKLKPZJV\U[ZHUK]VS\TLYLIH[LZ whichever is earlier and is measured at the fair ]HS\LVM[OLJVUZPKLYH[PVUYLJLP]LKVYYLJLP]HISL UL[ VM HSSV^HUJLZ [YHKL KPZJV\U[Z HUK ]VS\TL YLIH[LZPMHU`

ANNUAL REPORT 2016-17 71 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Revenue from Job Fair and Resume Services d) Government grants 9L]LU\L MYVT 1VI -HPY HUK 9LZ\TL ZLY]PJLZ .V]LYUTLU[ NYHU[Z HYL YLJVNUPZLK ^OLYL [OLYL is recognised upon completion terms of the is reasonable assurance that the grant will be contract with customers and is measured at received and all attached conditions will be the fair value of the consideration received or complied with. When the grant relates to an YLJLP]HISL UL[ VM HSSV^HUJLZ [YHKL KPZJV\U[Z L_WLUZL P[LT P[ PZ YLJVNUPZLK HZ PUJVTL VU H HUK]VS\TLYLIH[LZPMHU` systematic basis over the periods that the related JVZ[ZMVY^OPJOP[PZPU[LUKLK[VJVTWLUZH[LHYL Interest income L_WLUZLK>OLU[OLNYHU[YLSH[LZ[VHUHZZL[P[ -VY HSS KLI[ PUZ[Y\TLU[Z TLHZ\YLK LP[OLY H[ PZYLJVNUPZLKHZPUJVTLPULX\HSHTV\U[ZV]LY HTVY[PaLK JVZ[ PU[LYLZ[ PUJVTL PZ YLJVYKLK the expected useful life of the related asset. \ZPUN[OLLMMLJ[P]LPU[LYLZ[YH[L,09,09PZ[OL rate that exactly discounts the estimated future >OLU[OL*VTWHU`YLJLP]LZNYHU[ZMVYW\YJOHZL cash payments or receipts over the expected VMWYVWLY[`WSHU[HUKLX\PWTLU[[OLHZZL[HUK SPML VM [OL ÄUHUJPHS PUZ[Y\TLU[ VY H ZOVY[LY the grant are recorded at fair value amounts and WLYPVK^OLYLHWWYVWYPH[L[V[OLNYVZZJHYY`PUN YLSLHZLK[VZ[H[LTLU[VMWYVÄ[HUKSVZZV]LY[OL HTV\U[VM[OLÄUHUJPHSHZZL[VY[V[OLHTVY[PaLK expected useful life of the asset. JVZ[VMHÄUHUJPHSSPHIPSP[`>OLUJHSJ\SH[PUN[OL LMMLJ[P]L PU[LYLZ[ YH[L [OL *VTWHU` LZ[PTH[LZ e) Taxes [OL L_WLJ[LK JHZO ÅV^Z I` JVUZPKLYPUN HSS [OL Current income tax JVU[YHJ[\HS[LYTZVM[OLÄUHUJPHSPUZ[Y\TLU[MVY Tax expense is the aggregate amount included in L_HTWSLWYLWH`TLU[L_[LUZPVUJHSSHUKZPTPSHY [OLKL[LYTPUH[PVUVMWYVÄ[VYSVZZMVY[OLWLYPVK VW[PVUZ I\[ KVLZ UV[ JVUZPKLY [OL L_WLJ[LK in respect of current tax and deferred tax. credit losses. Interest income is included in other PUJVTLPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ *\YYLU[ PUJVTL [H_ PZ TLHZ\YLK H[ [OL HTV\U[ expected to be paid to the tax authorities in Dividends HJJVYKHUJL^P[O[OL0UJVTL;H_(J[  9L]LU\L PZ YLJVNUPZLK ^OLU [OL *VTWHU`»Z YPNO[ [V YLJLP]L [OL WH`TLU[ PZ LZ[HISPZOLK *\YYLU[ PUJVTL [H_ HZZL[Z HUK SPHIPSP[PLZ HYL which is generally when shareholders approve measured at the amount expected to be recovered the dividend. from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount Rental Income are those that are enacted or substantively 9LU[HS 0UJVTL HYPZPUN MYVT VWLYH[PUN SLHZLZ LUHJ[LKH[[OLYLWVY[PUNKH[L on investment properties is accounted for on a straight-line basis over the lease terms and is *\YYLU[PUJVTL[H_YLSH[PUN[VP[LTZYLJVNUPZLK PUJS\KLKPUYL]LU\LPU[OL:[H[LTLU[VM7YVÄ[HUK V\[ZPKLWYVÄ[VYSVZZPZYLJVNUPZLKV\[ZPKLWYVÄ[ Loss due to its operating nature unless either: VY SVZZ LP[OLY PU V[OLY JVTWYLOLUZP]L PUJVTL VYPULX\P[`*\YYLU[[H_P[LTZHYLYLJVNUPZLKPZ - Another systematic basis is more representative correlation to the underlying transaction either in VM[OL[PTLWH[[LYUPU^OPJO\ZLILULÄ[KLYP]LK 6*0VYKPYLJ[S`PULX\P[`4HUHNLTLU[WLYPVKPJHSS` MYVT[OLSLHZLKHZZL[PZKPTPUPZOLKL]LUPM[OL evaluates positions taken in the tax returns with WH`TLU[Z[V[OLSLZZVYZHYLUV[VU[OH[IHZPZ respect to situations in which applicable tax regulations are subject to interpretation and or establishes provisions where appropriate.

- The rentals are structured to increase in line Deferred tax ^P[OL_WLJ[LKNLULYHSPUÅH[PVU[VJVTWLUZH[L +LMLYYLK[H_PZWYV]PKLK\ZPUN[OLSPHIPSP[`TL[OVK MVY [OL SLZZVY»Z L_WLJ[LK PUÅH[PVUHY` JVZ[ on temporary differences between the tax increases. If rentals vary according to factors bases of assets and liabilities and their carrying V[OLY [OHU PUÅH[PVU [OLU [OPZ JVUKP[PVU PZ UV[ HTV\U[Z MVY ÄUHUJPHS YLWVY[PUN W\YWVZLZ H[ [OL met. reporting date.

72 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

+LMLYYLK [H_ SPHIPSP[PLZ HYL YLJVNUPZLK MVY HSS • When receivables and payables are stated taxable temporary differences. with the amount of sales tax included

+LMLYYLK [H_ HZZL[Z HYL YLJVNUPZLK MVY HSS ;OL UL[ HTV\U[ VM [H_ YLJV]LYHISL MYVT VY KLK\J[PISL [LTWVYHY` KPMMLYLUJLZ [OL JHYY` WH`HISL[V[OL[H_H[PVUH\[OVYP[`PZPUJS\KLKHZ forward of unused tax credits and any unused tax part of receivables or payables in the balance SVZZLZ+LMLYYLK[H_HZZL[ZHYLYLJVNUPZLK[V[OL sheet. L_[LU[[OH[P[PZWYVIHISL[OH[[H_HISLWYVÄ[^PSSIL available against which the deductible temporary f) Discontinued operations KPMMLYLUJLZHUK[OLJHYY`MVY^HYKVM\U\ZLK[H_ ( KPZWVZHS NYV\W X\HSPÄLZ HZ KPZJVU[PU\LK credits and unused tax losses can be utilised. operation if it is a component of an entity that LP[OLY OHZ ILLU KPZWVZLK VM VY PZ JSHZZPÄLK HZ The carrying amount of deferred tax assets is OLSKMVYZHSLHUK! reviewed at each reporting date and reduced to the extent that it is no longer probable that   ‹ 9LWYLZLU[ZHZLWHYH[LTHQVYSPULVMI\ZPULZZ Z\MÄJPLU[ [H_HISL WYVÄ[ ^PSS IL H]HPSHISL [V VYNLVNYHWOPJHSHYLHVMVWLYH[PVUZ allow all or part of the deferred tax asset to be \[PSPZLK

+LMLYYLK[H_HZZL[ZHUKSPHIPSP[PLZHYLTLHZ\YLK   ‹ 0Z H Z\IZPKPHY` HJX\PYLK L_JS\ZP]LS` ^P[O H at the tax rates that are expected to apply in the view to resale. year when the asset is realised or the liability is ZL[[SLK IHZLK VU [H_ YH[LZ HUK [H_ SH^Z [OH[ +PZJVU[PU\LK VWLYH[PVUZ HYL L_JS\KLK MYVT have been enacted or substantively enacted at the results of continuing operations and are the reporting date. WYLZLU[LK HZ H ZPUNSL HTV\U[ HZ WYVÄ[ VY SVZZ after tax from discontinued operations in the +LMLYYLK[H_YLSH[PUN[VP[LTZYLJVNUPZLKV\[ZPKL :[H[LTLU[VM7YVÄ[HUK3VZZ WYVÄ[VYSVZZPZYLJVNUPZLKV\[ZPKLWYVÄ[VYSVZZ +LMLYYLK[H_P[LTZHYLYLJVNUPZLKPUJVYYLSH[PVU (KKP[PVUHS KPZJSVZ\YLZ HYL WYV]PKLK PU 5V[L   [V [OL \UKLYS`PUN [YHUZHJ[PVU LP[OLY PU 6*0 VY (SSV[OLYUV[LZ[V[OLÄUHUJPHSZ[H[LTLU[ZTHPUS` KPYLJ[S`PULX\P[` PUJS\KL HTV\U[Z MVY JVU[PU\PUN VWLYH[PVUZ unless otherwise mentioned. +LMLYYLK[H_HZZL[ZHUKKLMLYYLK[H_SPHIPSP[PLZHYL offset if a legally enforceable right exists to set g) Property, plant and equipment off current tax assets against current tax liabilities ;OL*VTWHU`OHZHWWSPLKMVYVUL[PTL[YHUZP[PVU and the deferred taxes relate to the same taxable VW[PVUVMJVUZPKLYPUN[OLJHYY`PUNJVZ[VM7YVWLY[` entity and the same taxation authority. 7SHU[ HUK ,X\PWTLU[ VU [OL [YHUZP[PVU KH[L PL (WYPSHZ[OLKLLTLKJVZ[\UKLY0UK(: Sales/ value added taxes paid on acquisition of assets or on incurring expenses 7YVWLY[` WSHU[ HUK LX\PWTLU[ HUK *HWP[HS ,_WLUZLZHUKHZZL[ZHYLYLJVNUPZLKUL[VM[OL >VYRPU WYVNYLZZ HYL Z[H[LK H[ JVZ[ UL[ VM HTV\U[VMZHSLZ]HS\LHKKLK[H_LZWHPKL_JLW[! accumulated depreciation and accumulated PTWHPYTLU[SVZZLZPMHU`:\JOJVZ[PUJS\KLZ[OL • When the tax incurred on a purchase of JVZ[VMYLWSHJPUNWHY[VM[OLWSHU[HUKLX\PWTLU[ assets or services is not recoverable from and borrowing costs for long-term construction [OL [H_H[PVU H\[OVYP[` PU ^OPJO JHZL [OL projects if the recognition criteria are met. tax paid is recognised as part of the cost VMHJX\PZP[PVUVM[OLHZZL[VYHZWHY[VM[OL *VZ[ JVTWYPZLZ [OL W\YJOHZL WYPJL IVYYV^PUN L_WLUZLP[LTHZHWWSPJHISL costs if capitalization criteria are met and any

ANNUAL REPORT 2016-17 73 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

directly attributable cost of bringing the asset to Type of asset Useful lives estimated by its working condition for the intended use. Any management (Years) trade discounts and rebates are deducted in -HJ[VY`)\PSKPUNZ [V arriving at the purchase price. )\PSKPUNZV[OLY[OHU [V MHJ[VY`I\PSKPUNZ Recognition: Plant & Machinery [V ;OL JVZ[ VM HU P[LT VM WYVWLY[` WSHU[ HUK 0;,X\PWTLU[Z [V LX\PWTLU[ZOHSSILYLJVNUPZLKHZHUHZZL[PMHUK 6MÄJL,X\PWTLU[Z [V only if: -\YUP[\YLHUK-P[[PUNZ [V =LOPJSLZ 8   H P[PZWYVIHISL[OH[M\[\YLLJVUVTPJILULÄ[Z HZZVJPH[LK ^P[O [OL P[LT ^PSS ÅV^ [V [OL ;OL *VTWHU` IHZLK VU [LJOUPJHS HZZLZZTLU[ entity; and made by the management depreciates certain assets over estimated useful lives which are   I [OL JVZ[ VM [OL P[LT JHU IL TLHZ\YLK different from the useful life prescribed in reliably. :JOLK\SL SS [V [OL *VTWHUPLZ (J[  ;OL THUHNLTLU[ OHZ LZ[PTH[LK Z\WWVY[LK I` (SSV[OLYL_WLUZLZVUL_PZ[PUNHZZL[ZPUJS\KPUN [LJOUPJHSHZZLZZTLU[[OL\ZLM\SSP]LZVMJLY[HPU day- to- day repair and maintenance expenditure WSHU[HUKTHJOPULY`HZ[V`LHYZ;OLZL HUKJVZ[VMYLWSHJPUNWHY[ZHYLJOHYNLK[V[OL useful lives are higher than those indicated in :[H[LTLU[VM7YVÄ[HUK3VZZMVY[OLWLYPVKK\YPUN schedule II. The management believes that these which such expenses are incurred. LZ[PTH[LK \ZLM\S SP]LZ HYL YLHSPZ[PJ HUK YLÅLJ[ fair approximation of the period over which the >OLU ZPNUPÄJHU[ WHY[Z VM WSHU[ HUK LX\PWTLU[ assets are likely to be used. HYL YLX\PYLK [V IL YLWSHJLK H[ PU[LY]HSZ [OL *VTWHU`KLWYLJPH[LZ[OLTZLWHYH[LS`IHZLKVU +LWYLJPH[PVUVU[OLWYVWLY[`WSHU[HUKLX\PWTLU[ [OLPYZWLJPÄJ\ZLM\SSP]LZ3PRL^PZL^OLUHTHQVY is provided over the useful life of assets as PUZWLJ[PVUPZWLYMVYTLKP[ZJVZ[PZYLJVNUPZLKPU ZWLJPÄLK PU :JOLK\SL 00 [V [OL *VTWHUPLZ (J[ [OLJHYY`PUNHTV\U[VM[OLWSHU[HUKLX\PWTLU[ 7YVWLY[`7SHU[HUK,X\PWTLU[^OPJOHYL as a replacement if the recognition criteria are HKKLKKPZWVZLKVMMK\YPUN[OL`LHYKLWYLJPH[PVU ZH[PZÄLK(SSV[OLYYLWHPYHUKTHPU[LUHUJLJVZ[Z is provided on pro-rata basis with reference to HYLYLJVNUPZLKPU:[H[LTLU[VM7YVÄ[HUK3VZZHZ the month of addition/deletion. incurred. The present value of the expected cost for the decommissioning of an asset after its use (UP[LTVMWYVWLY[`WSHU[HUKLX\PWTLU[HUKHU` is included in the cost of the respective asset if ZPNUPÄJHU[WHY[PUP[PHSS`YLJVNUPZLKPZKLYLJVNUPZLK the recognition criteria for a provision are met. upon disposal or when no future economic ILULÄ[Z HYL L_WLJ[LK MYVT P[Z \ZL VY KPZWVZHS =HS\L MVY PUKP]PK\HS HZZL[Z HJX\PYLK MYVT º;OL Any gain or loss arising on de-recognition of the /PUK\Z[HU;PTLZ3PTP[LK»[OLOVSKPUNJVTWHU` HZZL[JHSJ\SH[LKHZ[OLKPMMLYLUJLIL[^LLU[OL in an earlier year is allocated based on the net disposal proceeds and the carrying amount valuation carried out by independent expert at VM[OLHZZL[PZPUJS\KLKPU[OLPUJVTLZ[H[LTLU[ [OL[PTLVMHJX\PZP[PVU6[OLYHZZL[ZHYLZ[H[LK when the asset is derecognised. at cost less accumulated depreciation and HJJ\T\SH[LKPTWHPYTLU[SVZZLZPMHU` 4VKPÄJH[PVU VY L_[LUZPVU [V HU L_PZ[PUN HZZL[ which is of capital nature and which becomes an ;OL*VTWHU`PKLU[PÄLZHUKKL[LYTPULZJVZ[VM integral part thereof is depreciated prospectively HZZL[ ZPNUPÄJHU[ [V [OL [V[HS JVZ[ VM [OL HZZL[ over the remaining useful life of that asset. having useful life that is materially different from that of the remaining life. ,_WLUKP[\YL KPYLJ[S` YLSH[PUN [V JVUZ[Y\J[PVU activity is capitalized. Indirect expenditure +LWYLJPH[PVUPZJHSJ\SH[LKVUHZ[YHPNO[SPULIHZPZ incurred during construction period is capitalized over the estimated useful lives of the assets as as a part of indirect construction cost to the extent follows:

74 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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the expenditure is related to construction or is i) Intangible assets incidental thereto. Other indirect costs incurred 0U[HUNPISL HZZL[Z HJX\PYLK ZLWHYH[LS` HYL during the construction periods which are not measured on initial recognition at cost. The related to construction activity nor are incidental JVZ[VMPU[HUNPISLHZZL[ZHJX\PYLKPUHI\ZPULZZ [OLYL[V HYL JOHYNLK [V :[H[LTLU[ VM 7YVÄ[ HUK combination is their fair value at the date 3VZZ 9LPU]LZ[LK PUJVTL LHYULK K\YPUN [OL VM HJX\PZP[PVU -VSSV^PUN PUP[PHS YLJVNUP[PVU construction period is adjusted against the total intangible assets are carried at cost less any of indirect expenditure. accumulated amortisation and accumulated impairment losses. Internally generated ;OLYLZPK\HS]HS\LZ\ZLM\SSP]LZHUKTL[OVKZVM PU[HUNPISLZ L_JS\KPUN JHWP[HSPZLK KL]LSVWTLU[ KLWYLJPH[PVUVMWYVWLY[`WSHU[HUKLX\PWTLU[HYL JVZ[Z HYL UV[ JHWP[HSPZLK HUK [OL YLSH[LK YL]PL^LKH[LHJOÄUHUJPHS`LHYLUKHUKHKQ\Z[LK L_WLUKP[\YL PZ YLÅLJ[LK PU WYVÄ[ VY SVZZ PU [OL WYVZWLJ[P]LS`PMHWWYVWYPH[L period in which the expenditure is incurred.

h) Investment properties =HS\L MVY PUKP]PK\HS ZVM[^HYL SPJLUZL HJX\PYLK 0U]LZ[TLU[ WYVWLY[PLZ HYL WYVWLY[PLZ SHUK from the holding company in an earlier year is HUK I\PSKPUNZ [OH[ HYL OLSK MVY SVUN[LYT allocated based on the valuation carried out by rental yields and/or for capital appreciation. HUPUKLWLUKLU[L_WLY[H[[OL[PTLVMHJX\PZP[PVU Investment properties are measured initially at JVZ[ PUJS\KPUN [YHUZHJ[PVU JVZ[Z :\IZLX\LU[ 6U [YHUZP[PVU [V 0UK(: [OL *VTWHU` OHZ [V PUP[PHS YLJVNUP[PVU PU]LZ[TLU[ WYVWLY[PLZ HYL elected to continue with the carrying value of all stated at cost less accumulated depreciation and VMP[Z0U[HUNPISLHZZL[ZYLJVNUPZLKHZH[(WYPS HJJ\T\SH[LKPTWHPYTLU[SVZZPMHU` TLHZ\YLKHZWLY[OL0UKPHU.((7HUK\ZL that carrying value as the deemed cost of the ;OL *VTWHU` KLWYLJPH[LZ I\PSKPUN JVTWVULU[ Intangible assets. VM PU]LZ[TLU[ WYVWLY[` V]LY  `LHYZ MYVT [OL date property is ready for possession. The useful lives of intangible assets are assessed HZLP[OLYÄUP[LVYPUKLÄUP[L ;OV\NO [OL *VTWHU` TLHZ\YLZ PU]LZ[TLU[ WYVWLY[`\ZPUNJVZ[IHZLKTLHZ\YLTLU[[OLMHPY 0U[HUNPISL HZZL[Z ^P[O ÄUP[L SP]LZ HYL HTVY[PaLK value of investment property is disclosed in the over the useful economic life and assessed for UV[LZ -HPY ]HS\LZ HYL KL[LYTPULK IHZLK VU HU impairment whenever there is an indication annual evaluation performed by an accredited that the intangible asset may be impaired. The external independent valuer. amortisation period and the amortisation method MVYHUPU[HUNPISLHZZL[^P[OHÄUP[L\ZLM\SSPMLHYL 6U [YHUZP[PVU [V 0UK(: [OL *VTWHU` OHZ reviewed at least at the end of each reporting elected to continue with the carrying value of WLYPVK *OHUNLZ PU [OL L_WLJ[LK \ZLM\S SPML VY all of its Investment properties recognised as at the expected pattern of consumption of future (WYPSTLHZ\YLKHZWLY[OL0UKPHU.((7 LJVUVTPJ ILULÄ[Z LTIVKPLK PU [OL HZZL[ HYL and use that carrying value as the deemed cost considered to modify the amortisation period of the Investment Properties. VY TL[OVK HZ HWWYVWYPH[L HUK HYL [YLH[LK as changes in accounting estimates. The Investment properties are derecognised either amortisation expense on intangible assets with when they have been disposed off or when they ÄUP[LSP]LZPZYLJVNUPZLKPU[OL:[H[LTLU[VM7YVÄ[ are permanently withdrawn from use and no and Loss. M\[\YL LJVUVTPJ ILULÄ[ PZ L_WLJ[LK MYVT [OLPY disposal. The difference between the net disposal 0U[HUNPISL HZZL[Z ^P[O PUKLÄUP[L \ZLM\S SP]LZ HYL proceeds and the carrying amount of the asset is UV[ HTVY[PaLK I\[ HYL [LZ[LK MVY PTWHPYTLU[ YLJVNUPZLKPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZPU HUU\HSS` LP[OLY PUKP]PK\HSS` VY H[ [OL JHZO the period of de-recognition. NLULYH[PUN\UP[SL]LS;OLHZZLZZTLU[VMPUKLÄUP[L life is reviewed annually to determine whether the PUKLÄUP[LSPMLJVU[PU\LZ[VILZ\WWVY[HISL0MUV[

ANNUAL REPORT 2016-17 75 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

[OLJOHUNLPU\ZLM\SSPMLMYVTPUKLÄUP[L[VÄUP[LPZ Company as a lessee made on a prospective basis. ( SLHZL PZ JSHZZPÄLK H[ [OL PUJLW[PVU KH[L HZ H ÄUHUJLSLHZLVYHUVWLYH[PUNSLHZL(SLHZL[OH[ .HPUZVYSVZZLZHYPZPUNMYVTKLYLJVNUP[PVUVMHU transfers substantially all the risks and rewards intangible asset are measured as the difference PUJPKLU[HS [V V^ULYZOPW [V [OL *VTWHU` PZ between the net disposal proceeds and the JSHZZPÄLKHZHÄUHUJLSLHZL carrying amount of the asset and are recognised PU [OL :[H[LTLU[ VM 7YVÄ[ HUK 3VZZ ^OLU [OL -PUHUJL SLHZLZ HYL JHWP[HSPZLK H[ [OL asset is derecognised. commencement of the lease at the inception KH[LMHPY]HS\LVM[OLSLHZLKWYVWLY[`VYPMSV^LY 0U[HUNPISL HZZL[Z ^P[O ÄUP[L SP]LZ HYL HTVY[PaLK at the present value of the minimum lease on straight line basis using the estimated useful payments. Lease payments are apportioned life as follows: IL[^LLU ÄUHUJL JOHYNLZ HUK YLK\J[PVU VM [OL lease liability so as to achieve a constant rate of Intangible assets Useful lives( in years) interest on the remaining balance of the liability. >LIZP[L+L]LSVWTLU[  -PUHUJLJOHYNLZHYLYLJVNUPZLKPUÄUHUJLJVZ[Z Software licenses  PU[OL:[H[LTLU[VM7YVÄ[HUK3VZZ\USLZZ[OL` 3PJLUZL-LLZ6UL[PTL  HYL KPYLJ[S` H[[YPI\[HISL [V X\HSPM`PUN HZZL[Z PU LU[Y`MLL which case they are capitalized in accordance 4\ZPJJVU[LU[ZMVY9HKPV 4 ^P[O [OL *VTWHU`»Z NLULYHS WVSPJ` VU [OL )\ZPULZZ IVYYV^PUN JVZ[Z 9LMLY UV[L  *VU[PUNLU[ rentals are recognised as expenses in the periods j) Borrowing costs in which they are incurred. )VYYV^PUN JVZ[ PUJS\KLZ PU[LYLZ[ HTVY[PaH[PVU of ancillary costs incurred in connection with A leased asset is depreciated over the useful life the arrangement of borrowings and exchange VM[OLHZZL[/V^L]LYPM[OLYLPZUVYLHZVUHISL differences arising from foreign currency JLY[HPU[`[OH[[OL*VTWHU`^PSSVI[HPUV^ULYZOPW borrowings to the extent they are regarded as an I` [OL LUK VM [OL SLHZL [LYT [OL HZZL[ PZ adjustment to the interest cost. depreciated over the shorter of the estimated useful life of the asset and the lease term. )VYYV^PUN JVZ[Z PM HU` KPYLJ[S` H[[YPI\[HISL [V [OLHJX\PZP[PVUJVUZ[Y\J[PVUVYWYVK\J[PVUVMHU Leasehold improvements represent expenses asset that necessarily takes a substantial period PUJ\YYLK[V^HYKZJP]PS^VYRZPU[LYPVYZM\YUPZOPUNZ of time to get ready for its intended use or sale etc. on the leased premises at various locations. HYLJHWP[HSPaLKPMHU`(SSV[OLYIVYYV^PUNJVZ[Z are expensed in the period in which they occur. Operating lease payments are recognised as an L_WLUZLPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZVUH k) Leases straight-line basis over the lease term. The determination of whether an arrangement is VYJVU[HPUZHSLHZLPZIHZLKVU[OLZ\IZ[HUJLVM Company as a lessor the arrangement at the inception of the lease. The 3LHZLZ HYL JSHZZPÄLK HZ ÄUHUJL SLHZLZ ^OLU HYYHUNLTLU[ PZ VY JVU[HPUZ H SLHZL PM M\SÄSTLU[ substantially all of the risks and rewards of of the arrangement is dependent on the use of V^ULYZOPW [YHUZMLY MYVT [OL *VTWHU` [V [OL H ZWLJPÄJ HZZL[ VY HZZL[Z HUK [OL HYYHUNLTLU[ SLZZLL(TV\U[ZK\LMYVTSLZZLLZ\UKLYÄUHUJL JVU]L`Z H YPNO[ [V \ZL [OL HZZL[ VY HZZL[Z leases are recorded as receivables at the L]LU PM [OH[ YPNO[ PZ UV[ L_WSPJP[S` ZWLJPÄLK PU HU *VTWHU`»ZUL[PU]LZ[TLU[PU[OLSLHZLZ-PUHUJL arrangement. lease income is allocated to accounting periods ZVHZ[VYLÅLJ[HJVUZ[HU[WLYPVKPJYH[LVMYL[\YU -VY HYYHUNLTLU[Z LU[LYLK PU[V WYPVY [V (WYPS  on the net investment outstanding in respect of  [OL *VTWHU` OHZ KL[LYTPULK ^OL[OLY [OL the lease. arrangement contains lease on the basis of facts and circumstances existing on the date of transition.

76 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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3LHZLZPU^OPJO[OL*VTWHU`KVLZUV[[YHUZMLY 0U HZZLZZPUN ]HS\L PU \ZL [OL LZ[PTH[LK M\[\YL substantially all the risks and rewards of JHZOÅV^ZHYLKPZJV\U[LK[V[OLPYWYLZLU[]HS\L V^ULYZOPWVMHUHZZL[HYLJSHZZPÄLKHZVWLYH[PUN \ZPUNHWYL[H_KPZJV\U[YH[L[OH[YLÅLJ[ZJ\YYLU[ SLHZLZ 9LU[HS PUJVTL MYVT VWLYH[PUN SLHZL PZ market assessments of the time value of money recognised on straight line basis over the term of HUK[OLYPZRZZWLJPÄJ[V[OLHZZL[0UKL[LYTPUPUN the relevant lease. MHPY ]HS\L SLZZ JVZ[Z VM KPZWVZHS YLJLU[ THYRL[ transactions are taken into account. If no such *VU[PUNLU[ YLU[Z HYL YLJVNUPZLK HZ YL]LU\L PU [YHUZHJ[PVUZ JHU IL PKLU[PÄLK HU HWWYVWYPH[L the period in which they are earned. valuation model is used. These calculations are JVYYVIVYH[LK I` ]HS\H[PVU T\S[PWSLZ X\V[LK l) Inventories ZOHYL WYPJLZ MVY W\ISPJS` [YHKLK *VTWHU`»Z VY Inventories are valued as follows : other available fair value indicators.

9H^ Lower of cost and net realizable value. ;OL *VTWHU` IHZLZ P[Z PTWHPYTLU[ JHSJ\SH[PVU TH[LYPHSZ /V^L]LYTH[LYPHSHUKV[OLYP[LTZOLSK VU KL[HPSLK I\KNL[Z HUK MVYLJHZ[ JHSJ\SH[PVUZ stores and for use in the production of inventories which are prepared separately for each of the spares are not written down below cost if the *VTWHU`»Z*.

ANNUAL REPORT 2016-17 77 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

recognised for the asset in prior years. Such M\UKZJOLTLHZHUL_WLUZL^OLUHULTWSV`LL YL]LYZHSPZYLJVNUPZLKPU[OL:[H[LTLU[VM7YVÄ[ renders the related service. If the contribution and Loss unless the asset is carried at a revalued payable to the scheme for service received before HTV\U[PU^OPJOJHZL[OLYL]LYZHSPZ[YLH[LKHZ the balance sheet date exceeds the contribution a revaluation increase. HSYLHK`WHPK[OLKLÄJP[WH`HISL[V[OLZJOLTL is recognized as a liability after deducting the 0U[HUNPISL HZZL[Z ^P[O PUKLÄUP[L \ZLM\S SP]LZ HYL contribution already paid. If the contribution [LZ[LKMVYPTWHPYTLU[HUU\HSS`H[[OL*.<SL]LS already paid exceeds the contribution due for HZHWWYVWYPH[LHUK^OLUJPYJ\TZ[HUJLZPUKPJH[L services received before the balance sheet that the carrying value may be impaired. KH[L [OLU L_JLZZ PZ YLJVNUPaLK HZ HU HZZL[ [V [OLL_[LU[[OH[[OLWYLWH`TLU[^PSSSLHK[VMVY n) Provisions L_HTWSLHYLK\J[PVUPUM\[\YLWH`TLU[VYHJHZO 7YV]PZPVUZ HYL YLJVNUPZLK ^OLU [OL *VTWHU` refund. OHZ H WYLZLU[ VISPNH[PVU SLNHS VY JVUZ[Y\J[P]L HZ H YLZ\S[ VM H WHZ[ L]LU[ P[ PZ WYVIHISL [OH[ Gratuity HU V\[ÅV^ VM YLZV\YJLZ LTIVK`PUN LJVUVTPJ .YH[\P[` PZ H KLÄULK ILULÄ[ ZJOLTL ;OL JVZ[ ILULÄ[Z^PSSILYLX\PYLK[VZL[[SL[OLVISPNH[PVU VM WYV]PKPUN ILULÄ[Z \UKLY [OL KLÄULK ILULÄ[ and a reliable estimate can be made of the plan is determined using the projected unit credit HTV\U[ VM [OL VISPNH[PVU >OLU [OL *VTWHU` method. expects some or all of a provision to be YLPTI\YZLK MVY L_HTWSL \UKLY HU PUZ\YHUJL ;OL*VTWHU`YLJVNUPaLZ[LYTPUH[PVUILULÄ[HZ JVU[YHJ[[OLYLPTI\YZLTLU[PZYLJVNUPZLKHZH HSPHIPSP[`HUKHUL_WLUZL^OLU[OL*VTWHU`OHZ ZLWHYH[LHZZL[I\[VUS`^OLU[OLYLPTI\YZLTLU[ HWYLZLU[VISPNH[PVUHZHYLZ\S[VMWHZ[L]LU[P[PZ is virtually certain. The expense relating to a WYVIHISL[OH[HUV\[ÅV^VMYLZV\YJLZLTIVK`PUN WYV]PZPVUPZWYLZLU[LKPU[OL:[H[LTLU[VM7YVÄ[ LJVUVTPJILULÄ[Z^PSSILYLX\PYLK[VZL[[SL[OL and Loss net of any reimbursement. obligation and a reliable estimate can be made of the amount of the obligation. If the termination 0M[OLLMMLJ[VM[OL[PTL]HS\LVMTVUL`PZTH[LYPHS ILULÄ[ZMHSSK\LTVYL[OHUTVU[OZHM[LY[OL provisions are discounted using a current pre-tax IHSHUJLZOLL[KH[L[OL`HYLTLHZ\YLKH[WYLZLU[ YH[L [OH[ YLÅLJ[Z ^OLU HWWYVWYPH[L [OL YPZRZ ]HS\LVMM\[\YLJHZOÅV^Z\ZPUN[OLKPZJV\U[YH[L ZWLJPÄJ[V[OLSPHIPSP[`>OLUKPZJV\U[PUNPZ\ZLK determined by reference to market yields at the the increase in the provision due to the passage balance sheet date on government bonds. VM[PTLPZYLJVNUPZLKHZHÄUHUJLJVZ[ 9LTLHZ\YLTLU[Z JVTWYPZPUN VM HJ[\HYPHS o) Retirement and other Employee Benefits NHPUZHUKSVZZLZ[OLLMMLJ[VM[OLHZZL[JLPSPUN Short term employee benefits and defined contribution excluding amounts included in net interest on plans: [OLUL[KLÄULKILULÄ[SPHIPSP[`HUK[OLYL[\YUVU (SS LTWSV`LL ILULÄ[Z WH`HISLH]HPSHISL ^P[OPU WSHUHZZL[ZL_JS\KPUNHTV\U[ZPUJS\KLKPUUL[ twelve months of rendering the service are PU[LYLZ[ VU [OL UL[ KLÄULK ILULÄ[ SPHIPSP[` HYL JSHZZPÄLK HZ ZOVY[[LYT LTWSV`LL ILULÄ[Z recognised immediately in the balance sheet )LULÄ[ZZ\JOHZZHSHYPLZ^HNLZHUKIVU\ZL[J with a corresponding debit or credit to retained HYL YLJVNUPZLK PU [OL :[H[LTLU[ VM 7YVÄ[ HUK LHYUPUNZ[OYV\NO6*0PU[OLWLYPVKPU^OPJO[OL` Loss in the period in which the employee renders VJJ\Y9LTLHZ\YLTLU[ZHYLUV[YLJSHZZPÄLK[V the related service. WYVÄ[VYSVZZPUZ\IZLX\LU[WLYPVKZ

9L[PYLTLU[ILULÄ[PU[OLMVYTVMWYV]PKLU[M\UK 7HZ[ZLY]PJLJVZ[ZHYLYLJVNUPZLKPUWYVÄ[VYSVZZ PZHKLÄULKJVU[YPI\[PVUZJOLTL;OL*VTWHU` on the earlier of: OHZ UV VISPNH[PVU V[OLY [OHU [OL JVU[YPI\[PVU WH`HISL [V [OL WYV]PKLU[ M\UK ;OL *VTWHU` • The date of the plan amendment or recognizes contribution payable to the provident J\Y[HPSTLU[HUK

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  ‹ ;OL KH[L [OH[ [OL *VTWHU` YLJVNUPZLZ Equity-settled transactions related restructuring cost ;OL JVZ[ VM LX\P[`ZL[[SLK [YHUZHJ[PVUZ PZ determined by the fair value at the date when Net interest is calculated by applying the discount the grant is made using an appropriate valuation YH[L[V[OLUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL[ TVKLS ;OL *VTWHU` OHZ H]HPSLK VW[PVU \UKLY 0UK(:  [V HWWS` PU[YPUZPJ ]HS\L TL[OVK [V ;OL*VTWHU`YLJVNUPZLZ[OLMVSSV^PUNJOHUNLZ the options already vested before the date of PU [OL UL[ KLÄULK ILULÄ[ VISPNH[PVU HZ HU [YHUZP[PVU HUK HWWSPLK 0UK(:  :OHYLIHZLK L_WLUZLPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZ! WH`TLU[ [V LX\P[` PUZ[Y\TLU[Z [OH[ YLTHPU unvested as of transition date. • Service costs comprising current service JVZ[Z WHZ[ZLY]PJL JVZ[Z NHPUZ HUK ;OH[ JVZ[ PZ YLJVNUPZLK [VNL[OLY ^P[O H losses on curtailments and non-routine corresponding increase in share-based payment settlements; and :)7YLZLY]LZPULX\P[`V]LY[OLWLYPVKPU^OPJO the performance and/or service conditions are • Net interest expense or income M\SÄSSLK PU LTWSV`LL ILULÄ[Z L_WLUZL ;OL J\T\SH[P]L L_WLUZL YLJVNUPZLK MVY LX\P[` Compensated Absences settled transactions at each reporting date until (JJ\T\SH[LK SLH]L ^OPJO PZ L_WLJ[LK [V IL [OL]LZ[PUNKH[LYLÅLJ[Z[OLL_[LU[[V^OPJO[OL \[PSPaLK ^P[OPU [OL UL_[  TVU[OZ PZ [YLH[LK ]LZ[PUN WLYPVK OHZ L_WPYLK HUK [OL *VTWHU`»Z HZ ZOVY[ [LYT LTWSV`LL ILULÄ[ ;OL *VTWHU` ILZ[LZ[PTH[LVM[OLU\TILYVMLX\P[`PUZ[Y\TLU[Z measures the expected cost of such absences that will ultimately vest. The Statement of as the additional amount that it expects to pay 7YVÄ[ HUK 3VZZ L_WLUZL VY JYLKP[ MVY H WLYPVK as a result of the unused entitlement that has represents the movement in cumulative expense accumulated at the reporting date. recognised as at the beginning and end of that WLYPVK HUK PZ YLJVNUPZLK PU LTWSV`LL ILULÄ[Z ;OL*VTWHU`[YLH[ZHJJ\T\SH[LKSLH]LL_WLJ[LK expense. [VILJHYYPLKMVY^HYKIL`VUK[^LS]LTVU[OZHZ SVUN [LYT LTWSV`LL ILULÄ[ MVY TLHZ\YLTLU[ Service and non-market performance conditions purposes. Such long- term compensated are not taken into account when determining the absences are provided for based on the actuarial NYHU[KH[LMHPY]HS\LVMH^HYKZI\[[OLSPRLSPOVVK valuation using the projected unit credit method of the conditions being met is assessed as part H[[OLWLYPVKLUK9LTLHZ\YLTLU[ZJVTWYPZPUN VM[OL*VTWHU`»ZILZ[LZ[PTH[LVM[OLU\TILYVM VM HJ[\HYPHS NHPUZ HUK SVZZLZ HYL PTTLKPH[LS` LX\P[`PUZ[Y\TLU[Z[OH[^PSS\S[PTH[LS`]LZ[4HYRL[ [HRLU [V [OL :[H[LTLU[ VM 7YVÄ[ HUK 3VZZ HUK WLYMVYTHUJL JVUKP[PVUZ HYL YLÅLJ[LK ^P[OPU HYL UV[ KLMLYYLK ;OL *VTWHU` WYLZLU[Z [OL the grant date fair value. Any other conditions leave as a current liability in the balance sheet H[[HJOLK[VHUH^HYKI\[^P[OV\[HUHZZVJPH[LK to the extent it does not have an unconditional ZLY]PJL YLX\PYLTLU[ HYL JVUZPKLYLK [V IL UVU YPNO[[VKLMLYP[ZZL[[SLTLU[MVYTVU[OZHM[LY vesting conditions. Non-vesting conditions are [OL YLWVY[PUN KH[L >OLYL *VTWHU` OHZ [OL YLÅLJ[LKPU[OLMHPY]HS\LVMHUH^HYKHUKSLHK[V unconditional legal and contractual right to defer an immediate expensing of an award unless there [OL ZL[[SLTLU[ MVY H WLYPVK IL`VUK  TVU[OZ are also service and/or performance conditions. the same is presented as non- current liability. No expense is recognised for awards that do not p) Share-based payments ultimately vest because non-market performance ,TWSV`LLZ PUJS\KPUN ZLUPVY L_LJ\[P]LZ VM [OL and/or service conditions have not been met. *VTWHU` YLJLP]L YLT\ULYH[PVU PU [OL MVYT VM Where awards include a market or non-vesting ZOHYLIHZLK WH`TLU[Z ^OLYLI` LTWSV`LLZ JVUKP[PVU[OL[YHUZHJ[PVUZHYL[YLH[LKHZ]LZ[LK YLUKLY ZLY]PJLZ HZ JVUZPKLYH[PVU MVY LX\P[` irrespective of whether the market or non- PUZ[Y\TLU[ZLX\P[`ZL[[SLK[YHUZHJ[PVUZ ]LZ[PUN JVUKP[PVU PZ ZH[PZÄLK WYV]PKLK [OH[ HSS other performance and/or service conditions are ZH[PZÄLK

ANNUAL REPORT 2016-17 79 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

>OLU [OL [LYTZ VM HU LX\P[`ZL[[SLK H^HYK HYL   I *VU[YHJ[\HS[LYTZVM[OLHZZL[NP]LYPZLVU TVKPÄLK [OL TPUPT\T L_WLUZL YLJVNUPZLK ZWLJPÄLKKH[LZ[VJHZOÅV^Z[OH[HYLZVSLS` is the expense had the terms had not been WH`TLU[ZVMWYPUJPWHSHUKPU[LYLZ[:770VU TVKPÄLK PM [OL VYPNPUHS [LYTZ VM [OL H^HYK HYL the principal amount outstanding. met. An additional expense is recognised for any TVKPÄJH[PVU [OH[ PUJYLHZLZ [OL [V[HS MHPY ]HS\L (M[LY PUP[PHS TLHZ\YLTLU[ Z\JO ÄUHUJPHS HZZL[Z VM [OL ZOHYLIHZLK WH`TLU[ [YHUZHJ[PVU VY PZ HYL Z\IZLX\LU[S` TLHZ\YLK H[ HTVY[PaLK JVZ[ V[OLY^PZLILULÄJPHS[V[OLLTWSV`LLHZTLHZ\YLK \ZPUN [OL LMMLJ[P]L PU[LYLZ[ YH[L ,09 TL[OVK H[ [OL KH[L VM TVKPÄJH[PVU >OLYL HU H^HYK PZ Amortized cost is calculated by taking into JHUJLSSLKI`[OLLU[P[`VYI`[OLJV\U[LYWHY[`HU` HJJV\U[HU`KPZJV\U[VYWYLTP\TVUHJX\PZP[PVU remaining element of the fair value of the award is and fees or costs that are an integral part of the L_WLUZLKPTTLKPH[LS`[OYV\NOWYVÄ[VYSVZZ ,09;OL,09HTVY[PZH[PVUPZPUJS\KLKPUÄUHUJL PUJVTL PU [OL WYVÄ[ VY SVZZ ;OL SVZZLZ HYPZPUN The dilutive effect of outstanding options is MYVT PTWHPYTLU[ HYL YLJVNUPZLK PU [OL WYVÄ[ VY YLÅLJ[LK HZ HKKP[PVUHS ZOHYL KPS\[PVU PU [OL loss. This category generally applies to trade computation of diluted earnings per share. HUK V[OLY YLJLP]HISLZ -VY TVYL PUMVYTH[PVU VU YLJLP]HISLZYLMLY5V[L  q) Financial instruments ( ÄUHUJPHS PUZ[Y\TLU[ PZ HU` JVU[YHJ[ [OH[ NP]LZ Debt instruments at FVTPL YPZL[VHÄUHUJPHSHZZL[VMVULLU[P[`HUKHÄUHUJPHS -=;73PZHYLZPK\HSJH[LNVY`MVYKLI[PUZ[Y\TLU[Z SPHIPSP[`VYLX\P[`PUZ[Y\TLU[VMHUV[OLYLU[P[` (U` KLI[ PUZ[Y\TLU[ ^OPJO KVLZ UV[ TLL[ [OL criteria for categorization as at amortized cost or Financial assets HZ-=;6*0PZJSHZZPÄLKHZH[-=;73 Initial recognition and measurement (SS ÄUHUJPHS HZZL[Z HYL YLJVNUPZLK PUP[PHSS` H[ 0UHKKP[PVU[OL*VTWHU`TH`LSLJ[[VKLZPNUH[L MHPY ]HS\L WS\Z PU [OL JHZL VM ÄUHUJPHS HZZL[Z a debt instrument which otherwise meets UV[YLJVYKLKH[MHPY]HS\L[OYV\NOWYVÄ[VYSVZZ HTVY[PaLKJVZ[VY-=;6*0JYP[LYPHHZH[-=;73 transaction costs that are attributable to the /V^L]LYZ\JOLSLJ[PVUPZHSSV^LKVUS`PMKVPUN HJX\PZP[PVUVM[OLÄUHUJPHSHZZL[ so reduces or eliminates a measurement VY YLJVNUP[PVU PUJVUZPZ[LUJ` YLMLYYLK [V HZ Subsequent measurement ºHJJV\U[PUNTPZTH[JO» -VY W\YWVZLZ VM Z\IZLX\LU[ TLHZ\YLTLU[ ÄUHUJPHSHZZL[ZHYLJSHZZPÄLKPUMV\YJH[LNVYPLZ! +LI[ PUZ[Y\TLU[Z PUJS\KLK ^P[OPU [OL -=;73 category are measured at fair value with all   ‹ +LI[PUZ[Y\TLU[ZH[HTVY[PaLKJVZ[ JOHUNLZ YLJVNUPaLK PU [OL :[H[LTLU[ VM 7YVÄ[ and Loss.   ‹ +LI[ PUZ[Y\TLU[Z KLYP]H[P]LZ HUK LX\P[` PUZ[Y\TLU[Z H[ MHPY ]HS\L [OYV\NO WYVÄ[ VY Equity investments SVZZ-=;73 (SS LX\P[` PU]LZ[TLU[Z PU ZJVWL VM 0UK(:   HYL TLHZ\YLK H[ MHPY ]HS\L ,X\P[` PUZ[Y\TLU[Z   ‹ ,X\P[` PUZ[Y\TLU[Z TLHZ\YLK H[ MHPY ]HS\L which are held for trading and contingent through other comprehensive income JVUZPKLYH[PVU YLJVNUPZLK I` HU HJX\PYLY PU H -=;6*0 I\ZPULZZ JVTIPUH[PVU [V ^OPJO 0UK(:  HWWSPLZ HYL 0UK(: JSHZZPÄLK HZ H[ -=;73 -VY Debt instruments at amortized cost HSS V[OLY LX\P[` PUZ[Y\TLU[Z [OL *VTWHU` TH` (ºKLI[PUZ[Y\TLU[»PZTLHZ\YLKH[[OLHTVY[PaLK make an irrevocable election to present in other cost if both the following conditions are met: JVTWYLOLUZP]L PUJVTL Z\IZLX\LU[ JOHUNLZ PU [OLMHPY]HS\L;OL*VTWHU`THRLZZ\JOLSLJ[PVU   H ;OL HZZL[ PZ OLSK ^P[OPU H I\ZPULZZ TVKLS on an instrument-by-instrument basis. The whose objective is to hold assets for JSHZZPÄJH[PVUPZTHKLVU0UP[PHSYLJVNUP[PVUHUKPZ JVSSLJ[PUNJVU[YHJ[\HSJHZOÅV^ZHUK irrevocable.

80 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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0M [OL *VTWHU` KLJPKLZ [V JSHZZPM` HU LX\P[` *VU[PU\PUNPU]VS]LTLU[[OH[[HRLZ[OLMVYTVMH PUZ[Y\TLU[ HZ H[ -=;6*0 [OLU HSS MHPY ]HS\L guarantee over the transferred asset is measured JOHUNLZVU[OLPUZ[Y\TLU[L_JS\KPUNKP]PKLUKZ at the lower of the original carrying amount of the HYLYLJVNUPaLKPU[OL6*0;OLYLPZUVYLJ`JSPUN asset and the maximum amount of consideration VM[OLHTV\U[ZMYVT6*0[V:[H[LTLU[VM7YVÄ[ [OH[[OL*VTWHU`JV\SKILYLX\PYLK[VYLWH` HUK3VZZL]LUVUZHSLVMPU]LZ[TLU[/V^L]LY [OL*VTWHU`TH`[YHUZMLY[OLJ\T\SH[P]LNHPUVY Impairment of financial assets SVZZ^P[OPULX\P[` 0U HJJVYKHUJL ^P[O 0UK(:   [OL *VTWHU` HWWSPLZ L_WLJ[LK JYLKP[ SVZZ ,*3 TVKLS MVY ,X\P[` PUZ[Y\TLU[Z PUJS\KLK ^P[OPU [OL -=;73 measurement and recognition of impairment loss category are measured at fair value with all VU[OLMVSSV^PUNÄUHUJPHSHZZL[ZHUKJYLKP[YPZR JOHUNLZ YLJVNUPaLK PU [OL :[H[LTLU[ VM 7YVÄ[ exposure: and Loss.   H -PUHUJPHSHZZL[Z[OH[HYLKLI[PUZ[Y\TLU[Z De-recognition HUK HYL TLHZ\YLK H[ HTVY[PaLK JVZ[ LN ( ÄUHUJPHS HZZL[ VY ^OLYL HWWSPJHISL H WHY[ VM SVHUZ KLI[ ZLJ\YP[PLZ KLWVZP[Z [YHKL H ÄUHUJPHS HZZL[ VY WHY[ VM H *VTWHU` VM ZPTPSHY receivables and bank balance ÄUHUJPHS HZZL[Z PZ WYPTHYPS` KLYLJVNUPZLK PL YLTV]LKMYVT[OL*VTWHU`»ZIHSHUJLZOLL[^OLU!   I 3LHZLYLJLP]HISLZ\UKLY0UK(:

  ‹ ;OL YPNO[Z [V YLJLP]L JHZO ÅV^Z MYVT [OL   J ;YHKLYLJLP]HISLZVYHU`JVU[YHJ[\HSYPNO[[V HZZL[OH]LL_WPYLKVY YLJLP]LJHZOVYHUV[OLYÄUHUJPHSHZZL[[OH[ result from transactions that are within the   ‹ ;OL *VTWHU` OHZ [YHUZMLYYLK P[Z YPNO[Z [V ZJVWLVM0UK(:HUK0UK(: YLMLYYLK YLJLP]L JHZO ÅV^Z MYVT [OL HZZL[ VY OHZ [V HZ ºJVU[YHJ[\HS YL]LU\L YLJLP]HISLZ» PU assumed an obligation to pay the received [OLZLÄUHUJPHSZ[H[LTLU[Z JHZO ÅV^Z PU M\SS ^P[OV\[ TH[LYPHS KLSH` [V H [OPYK WHY[` \UKLY H ºWHZZ[OYV\NO» ;OL*VTWHU`MVSSV^ZºZPTWSPÄLKHWWYVHJO» HYYHUNLTLU[" HUK LP[OLY H [OL *VTWHU` for recognition of impairment loss allowance has transferred substantially all the risks and on: YL^HYKZVM[OLHZZL[VYI[OL*VTWHU`OHZ neither transferred nor retained substantially • Trade receivables or contract revenue HSS [OL YPZRZ HUK YL^HYKZ VM [OL HZZL[ I\[ receivables; and has transferred control of the asset. • All lease receivables resulting from >OLU[OL*VTWHU`OHZ[YHUZMLYYLKP[ZYPNO[Z[V [YHUZHJ[PVUZ^P[OPU[OLZJVWLVM0UK(: YLJLP]LJHZOÅV^ZMYVTHUHZZL[VYOHZLU[LYLK PU[V H WHZZ[OYV\NO HYYHUNLTLU[ P[ L]HS\H[LZ ;OL HWWSPJH[PVU VM ZPTWSPÄLK HWWYVHJO KVLZ if and to what extent it has retained the risks UV[ YLX\PYL [OL *VTWHU` [V [YHJR JOHUNLZ PU and rewards of ownership. When it has neither JYLKP[ YPZR 9H[OLY P[ YLJVNUPZLZ PTWHPYTLU[ transferred nor retained substantially all of the SVZZ HSSV^HUJL IHZLK VU SPML[PTL ,*3Z H[ LHJO YPZRZ HUK YL^HYKZ VM [OL HZZL[ UVY [YHUZMLYYLK YLWVY[PUNKH[LYPNO[MYVTP[ZPUP[PHSYLJVNUP[PVU JVU[YVS VM [OL HZZL[ [OL *VTWHU` JVU[PU\LZ to recognise the transferred asset to the extent -VY YLJVNUP[PVU VM PTWHPYTLU[ SVZZ VU V[OLY VM [OL *VTWHU` JVU[PU\PUN PU]VS]LTLU[ 0U ÄUHUJPHSHZZL[ZHUKYPZRL_WVZ\YL[OL*VTWHU` [OH[ JHZL [OL *VTWHU` HSZV YLJVNUPZLZ HU determines that whether there has been a associated liability. The transferred asset and ZPNUPÄJHU[ PUJYLHZL PU [OL JYLKP[ YPZR ZPUJL PUP[PHS the associated liability are measured on a basis recognition. If credit risk has not increased [OH[ YLÅLJ[Z [OL YPNO[Z HUK VISPNH[PVUZ [OH[ [OL ZPNUPÄJHU[S` TVU[O ,*3 PZ \ZLK [V WYV]PKL *VTWHU`OHZYL[HPULK MVY PTWHPYTLU[ SVZZ /V^L]LY PM JYLKP[ YPZR OHZ PUJYLHZLKZPNUPÄJHU[S`SPML[PTL,*3PZ\ZLK0MPUH

ANNUAL REPORT 2016-17 81 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Z\IZLX\LU[WLYPVKJYLKP[X\HSP[`VM[OLPUZ[Y\TLU[ Loss. The balance sheet presentation for various PTWYV]LZZ\JO[OH[[OLYLPZUVSVUNLYHZPNUPÄJHU[ ÄUHUJPHSPUZ[Y\TLU[ZPZKLZJYPILKILSV^! PUJYLHZLPUJYLKP[YPZRZPUJLPUP[PHSYLJVNUP[PVU[OLU the entity reverts to recognising impairment loss   ‹ -PUHUJPHSHZZL[ZTLHZ\YLKHZH[HTVY[PaLK HSSV^HUJLIHZLKVUTVU[O,*3 JVZ[ JVU[YHJ[\HS YL]LU\L YLJLP]HISLZ HUK SLHZL YLJLP]HISLZ! ,*3 PZ WYLZLU[LK HZ 3PML[PTL ,*3 HYL [OL L_WLJ[LK JYLKP[ SVZZLZ HU HSSV^HUJL PL HZ HU PU[LNYHS WHY[ VM resulting from all possible default events over the measurement of those assets in the [OL L_WLJ[LK SPML VM H ÄUHUJPHS PUZ[Y\TLU[ balance sheet. The allowance reduces the ;OL TVU[O ,*3 PZ H WVY[PVU VM [OL SPML[PTL UL[JHYY`PUNHTV\U[

,*3PZ[OLKPMMLYLUJLIL[^LLUHSSJVU[YHJ[\HSJHZO -VY HZZLZZPUN PUJYLHZL PU JYLKP[ YPZR HUK ÅV^Z[OH[HYLK\L[V[OL*VTWHU`PUHJJVYKHUJL PTWHPYTLU[ SVZZ [OL *VTWHU` JVTIPULZ ^P[O[OLJVU[YHJ[HUKHSS[OLJHZOÅV^Z[OH[[OL ÄUHUJPHS PUZ[Y\TLU[Z VU [OL IHZPZ VM ZOHYLK LU[P[`L_WLJ[Z[VYLJLP]LPLHSSJHZOZOVY[MHSSZ credit risk characteristics with the objective of KPZJV\U[LKH[[OLVYPNPUHS,09>OLULZ[PTH[PUN facilitating an analysis that is designed to enable [OLJHZOÅV^ZHULU[P[`PZYLX\PYLK[VJVUZPKLY! ZPNUPÄJHU[PUJYLHZLZPUJYLKP[YPZR[VILPKLU[PÄLK on a timely basis.   ‹ (SS JVU[YHJ[\HS [LYTZ VM [OL ÄUHUJPHS PUZ[Y\TLU[ PUJS\KPUN WYLWH`TLU[ ;OL *VTWHU` KVLZ UV[ OH]L HU` W\YJOHZLK L_[LUZPVUJHSSHUKZPTPSHYVW[PVUZV]LY[OL VY VYPNPUH[LK JYLKP[PTWHPYLK 76*0 ÄUHUJPHS L_WLJ[LK SPML VM [OL ÄUHUJPHS PUZ[Y\TLU[ HZZL[Z PL ÄUHUJPHS HZZL[Z ^OPJO HYL JYLKP[ /V^L]LYPUYHYLJHZLZ^OLU[OLL_WLJ[LK impaired on purchase/ origination. SPML VM [OL ÄUHUJPHS PUZ[Y\TLU[ JHUUV[ IL LZ[PTH[LKYLSPHIS`[OLU[OLLU[P[`PZYLX\PYLK Financial liabilities to use the remaining contractual term of the Initial recognition and measurement ÄUHUJPHSPUZ[Y\TLU[ -PUHUJPHS SPHIPSP[PLZ HYL JSHZZPÄLK H[ PUP[PHS YLJVNUP[PVU HZ ÄUHUJPHS SPHIPSP[PLZ H[ MHPY ]HS\L   ‹ *HZOÅV^ZMYVT[OLZHSLVMJVSSH[LYHSOLSKVY [OYV\NO WYVÄ[ VY SVZZ SVHUZ HUK IVYYV^PUNZ other credit enhancements that are integral WH`HISLZ VY HZ KLYP]H[P]LZ KLZPNUH[LK HZ to the contractual terms OLKNPUN PUZ[Y\TLU[Z PU HU LMMLJ[P]L OLKNL HZ appropriate. (Z H WYHJ[PJHS L_WLKPLU[ [OL *VTWHU` \ZLZ H provision matrix to determine impairment loss (SSÄUHUJPHSSPHIPSP[PLZHYLYLJVNUPZLKPUP[PHSS`H[MHPY allowance on portfolio of its trade receivables. The ]HS\LHUKPU[OLJHZLVMSVHUZHUKIVYYV^PUNZ provision matrix is based on its historically observed HUK WH`HISLZ UL[ VM KPYLJ[S` H[[YPI\[HISL default rates over the expected life of the trade transaction costs. receivables and is adjusted for forward-looking LZ[PTH[LZ ([ L]LY` YLWVY[PUN KH[L [OL OPZ[VYPJHS ;OL*VTWHU`»ZÄUHUJPHSSPHIPSP[PLZPUJS\KL[YHKL observed default rates are updated and changes in HUK V[OLY WH`HISLZ SVHUZ HUK IVYYV^PUNZ the forward-looking estimates are analysed. PUJS\KPUNIHURV]LYKYHM[ZHUKKLYP]H[P]LÄUHUJPHS instruments. ,*3 PTWHPYTLU[ SVZZ HSSV^HUJL VY YL]LYZHS recognized during the period is recognized as Subsequent measurement PUJVTLL_WLUZLPU[OL:[H[LTLU[VM7YVÄ[HUK ;OLTLHZ\YLTLU[VMÄUHUJPHSSPHIPSP[PLZKLWLUKZ 3VZZ ;OPZ HTV\U[ PZ YLÅLJ[LK \UKLY [OL OLHK VU[OLPYJSHZZPÄJH[PVUHZKLZJYPILKILSV^! ºV[OLYL_WLUZLZ»PU[OL:[H[LTLU[VM7YVÄ[HUK

82 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Financial liabilities at fair value through profit or loss Embedded derivatives -PUHUJPHSSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYVÄ[VY An embedded derivative is a component of a SVZZPUJS\KLÄUHUJPHSSPHIPSP[PLZKLZPNUH[LK\WVU O`IYPKJVTIPULKPUZ[Y\TLU[[OH[HSZVPUJS\KLZ PUP[PHSYLJVNUP[PVUHZH[MHPY]HS\L[OYV\NOWYVÄ[VY a non-derivative host contract - with the effect SVZZ ;OPZ JH[LNVY` PUJS\KLZ KLYP]H[P]L ÄUHUJPHS [OH[ ZVTL VM [OL JHZO ÅV^Z VM [OL JVTIPULK PUZ[Y\TLU[Z LU[LYLK PU[V I` [OL *VTWHU` [OH[ instrument vary in a way similar to a stand-alone are not designated as hedging instruments in derivative. An embedded derivative causes some OLKNLYLSH[PVUZOPWZHZKLÄULKI`0UK(:  VYHSSVM[OLJHZOÅV^Z[OH[V[OLY^PZL^V\SKIL YLX\PYLKI`[OLJVU[YHJ[[VILTVKPÄLKHJJVYKPUN -PUHUJPHS SPHIPSP[PLZ KLZPNUH[LK \WVU PUP[PHS [V H ZWLJPÄLK PU[LYLZ[ YH[L ÄUHUJPHS PUZ[Y\TLU[ YLJVNUP[PVU H[ MHPY ]HS\L [OYV\NO WYVÄ[ HUK SVZZ WYPJL JVTTVKP[` WYPJL MVYLPNU L_JOHUNL YH[L are designated as such at the initial date of PUKL_ VM WYPJLZ VY YH[LZ JYLKP[ YH[PUN VY JYLKP[ YLJVNUP[PVUHUKVUS`PM[OLJYP[LYPHPU0UK(:  PUKL_VYV[OLY]HYPHISLWYV]PKLKPU[OLJHZLVM HYLZH[PZÄLK-VYSPHIPSP[PLZKLZPNUH[LKHZ-=;73 H UVUÄUHUJPHS ]HYPHISL [OH[ [OL ]HYPHISL PZ UV[ fair value gains/ losses attributable to changes ZWLJPÄJ[VHWHY[`[V[OLJVU[YHJ[9LHZZLZZTLU[ PUV^UJYLKP[YPZRHYLYLJVNUPaLKPU6*0;OLZL only occurs if there is either a change in the terms NHPUZ SVZZ HYL UV[ Z\IZLX\LU[S` [YHUZMLYYLK VM [OL JVU[YHJ[ [OH[ ZPNUPÄJHU[S` TVKPÄLZ [OL [V :[H[LTLU[ VM 7YVÄ[ HUK 3VZZ /V^L]LY [OL JHZOÅV^Z[OH[^V\SKV[OLY^PZLILYLX\PYLKVYH *VTWHU` TH` [YHUZMLY [OL J\T\SH[P]L NHPU VY YLJSHZZPÄJH[PVUVMHÄUHUJPHSHZZL[V\[VM[OLMHPY SVZZ^P[OPULX\P[`(SSV[OLYJOHUNLZPUMHPY]HS\L ]HS\L[OYV\NOWYVÄ[HUKSVZZ of such liability are recognised in the Statement VM7YVÄ[HUK3VZZ If the hybrid contract contains a host that is a ÄUHUJPHS HZZL[ ^P[OPU [OL ZJVWL VM 0UK(:   Loans and borrowings [OL *VTWHU` KVLZ UV[ ZLWHYH[L LTILKKLK (M[LY PUP[PHS YLJVNUP[PVU PU[LYLZ[ILHYPUN SVHUZ KLYP]H[P]LZ 9H[OLY P[ HWWSPLZ [OL JSHZZPÄJH[PVU HUK IVYYV^PUNZ HYL Z\IZLX\LU[S` TLHZ\YLK H[ YLX\PYLTLU[Z JVU[HPULK PU 0UK(:   [V [OL HTVY[PaLKJVZ[\ZPUN[OL,S9TL[OVK.HPUZHUK LU[PYL O`IYPK JVU[YHJ[ +LYP]H[P]LZ LTILKKLK SVZZLZHYLYLJVNUPZLKPUWYVÄ[HUKSVZZ^OLU[OL in all other host contracts are accounted for as liabilities are derecognised as well as through the separate derivatives and recorded at fair value if ,09HTVY[PZH[PVUWYVJLZZ their economic characteristics and risks are not closely related to those of the host contracts Amortized cost is calculated by taking into and the host contracts are not held for trading HJJV\U[HU`KPZJV\U[VYWYLTP\TVUHJX\PZP[PVU VYKLZPNUH[LKH[MHPY]HS\L[OV\NOWYVÄ[HUKSVZZ and fees or costs that are an integral part of the These embedded derivatives are measured at ,09;OL,S9HTVY[PZH[PVUPZPUJS\KLKHZÄUHUJL fair value with changes in fair value recognised JVZ[ZPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZ PUWYVÄ[HUKSVZZ\USLZZKLZPNUH[LKHZLMMLJ[P]L hedging instruments. This category generally applies to borrowings. -VYTVYLPUMVYTH[PVUYLMLY5V[L Offsetting of financial instruments -PUHUJPHSHZZL[ZHUKÄUHUJPHSSPHIPSP[PLZHYLVMMZL[ De-recognition and the net amount is reported in the balance ( ÄUHUJPHS SPHIPSP[` PZ KLYLJVNUPZLK ^OLU [OL sheet if there is a currently enforceable legal right obligation under the liability is discharged or to offset the recognised amounts and there is an JHUJLSSLKVYL_WPYLZ>OLUHUL_PZ[PUNÄUHUJPHS PU[LU[PVU[VZL[[SLVUHUL[IHZPZ[VYLHSPZL[OL liability is replaced by another from the same assets and settle the liabilities simultaneously. SLUKLY VU Z\IZ[HU[PHSS` KPMMLYLU[ [LYTZ VY [OL terms of an existing liability are substantially r) Derivative financial Instruments TVKPÄLK Z\JO HU L_JOHUNL VY TVKPÄJH[PVU Initial recognition and subsequent measurement is treated as the de-recognition of the original *VTWHU` \ZLZ KLYP]H[P]L ÄUHUJPHS PUZ[Y\TLU[Z liability and the recognition of a new liability. The Z\JOHZMVY^HYKJ\YYLUJ`JVU[YHJ[ZJHSSZWYLHK difference in the respective carrying amounts is VW[PVUZ JV\WVU VUS` Z^HWZ HUK PU[LYLZ[ YH[L YLJVNUPZLKPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZ swaps to hedge its foreign currency risks and

ANNUAL REPORT 2016-17 83 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

PU[LYLZ[ YH[L YPZRZ YLZWLJ[P]LS` :\JO KLYP]H[P]L KLWVZP[Z HZ KLÄULK HIV]L UL[ VM V\[Z[HUKPUN ÄUHUJPHS PUZ[Y\TLU[Z HYL PUP[PHSS` YLJVNUPZLK bank overdrafts as they are considered as at fair value on the date on which a derivative PU[LNYHSWHY[VM*VTWHU`»ZJHZOTHUHNLTLU[ JVU[YHJ[ PZ LU[LYLK PU[V HUK HYL Z\IZLX\LU[S` YLTLHZ\YLKH[MHPY]HS\L+LYP]H[P]LZHYLJHYYPLK u) Measurement of EBITDA HZÄUHUJPHSHZZL[Z^OLU[OLMHPY]HS\LPZWVZP[P]L ;OL *VTWHU` OHZ LSLJ[LK [V WYLZLU[ LHYUPUNZ HUKHZÄUHUJPHSSPHIPSP[PLZ^OLU[OLMHPY]HS\LPZ ILMVYL PU[LYLZ[ L_WLUZL [H_ KLWYLJPH[PVU HUK negative. HTVY[PaH[PVU ,)0;+( HZ H ZLWHYH[L SPUL P[LT VU[OLMHJLVM[OL:[H[LTLU[VM7YVÄ[HUK3VZZ ;OLW\YJOHZLJVU[YHJ[Z[OH[TLL[[OLKLÄUP[PVU ;OL*VTWHU`TLHZ\YLZ,)0;+(MYVTJVU[PU\PUN VMHKLYP]H[P]L\UKLY0UK(: HYLYLJVNUPZLK VWLYH[PVUZ VU [OL MHJL VM :[H[LTLU[ VM 7YVÄ[ PU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ HUK 3VZZ 0U [OL TLHZ\YLTLU[ [OL *VTWHU` does not include depreciation and amortization ;OLW\YJOHZLJVU[YHJ[Z[OH[TLL[[OLKLÄUP[PVU L_WLUZLÄUHUJLJVZ[ZHUK[H_L_WLUZL VMHKLYP]H[P]L\UKLY0UK(: HYLYLJVNUPZLK PU[OL:[H[LTLU[VM7YVÄ[HUK3VZZ v) Investments in subsidiaries, joint ventures and associates Any gain or losses arising from changes in the (U PU]LZ[VY YLNHYKSLZZ VM [OL UH[\YL VM P[Z MHPY]HS\LVMKLYP]H[P]LZHYL[HRLUKPYLJ[S`[VWYVÄ[ PU]VS]LTLU[ ^P[O HU LU[P[` [OL PU]LZ[LL ZOHSS and loss. KL[LYTPUL ^OL[OLY P[ PZ H WHYLU[ *VTWHU` I` assessing whether it controls the investee. s) Cash dividend and non- cash distribution to equity holders of the parent Company An investor controls an investee when it is ;OL *VTWHU` YLJVNUPZLZ H SPHIPSP[` [V THRL L_WVZLKVYOHZYPNO[Z[V]HYPHISLYL[\YUZMYVT JHZOVYUVUJHZOKPZ[YPI\[PVUZ[VLX\P[`OVSKLYZ its involvement with the investee and has the VM[OLWHYLU[*VTWHU`^OLU[OLKPZ[YPI\[PVUPZ ability to affect those returns through its power authorised and the distribution is no longer at the over the investee. KPZJYL[PVUVM[OL*VTWHU`(ZWLY[OLJVYWVYH[L SH^ZPU0UKPHHKPZ[YPI\[PVUPZH\[OVYPZLK^OLUP[PZ ;O\ZHUPU]LZ[VYJVU[YVSZHUPU]LZ[LLPMHUKVUS` approved by the shareholders. A corresponding if the investor has all the following: HTV\U[PZYLJVNUPZLKKPYLJ[S`PULX\P[`   H WV^LYV]LY[OLPU]LZ[LL" Non-cash distributions are measured at the fair value of the assets to be distributed with fair value   I L_WVZ\YLVYYPNO[Z[V]HYPHISLYL[\YUZMYVT YLTLHZ\YLTLU[YLJVNUPZLKKPYLJ[S`PULX\P[` its involvement with the investee and



-VY[OLW\YWVZLVMZ[H[LTLU[VMJHZOÅV^JHZO  ;OL *VTWHU` OHZ LSLJ[LK [V YLJVNUPaL P[Z JHZOLX\P]HSLU[ZJVUZPZ[VMJHZOHUKZOVY[[LYT investments in subsidiary and associate companies

84 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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at cost in accordance with the option available in HJJVTWHU`PUN KPZJSVZ\YLZ HUK [OL KPZJSVZ\YL 0UK(:º:LWHYH[L-PUHUJPHS:[H[LTLU[Z»,_JLW[ VM JVU[PUNLU[ SPHIPSP[PLZ

Investment carried at cost will be tested for The areas involving critical estimates or PTWHPYTLU[HZWLY0UK(: judgement are as below:

0U]LZ[TLU[PU1VPU[]LU[\YLZOHSSILYLJVNUPaLKH[ Assessment of lease contracts -=;6*0HSSMHPY]HS\LJOHUNLZVU[OLPUZ[Y\TLU[ :PNUPÄJHU[ Q\KNLTLU[ PZ YLX\PYLK [V HWWS` L_JS\KPUNKP]PKLUKZHYLYLJVNUPaLKPU[OL6*0 SLHZL HJJV\U[PUN Y\SLZ \UKLY (WWLUKP_ * [V ;OLYL PZ UV YLJ`JSPUN VM [OL HTV\U[Z MYVT 6*0 0UK(:!KL[LYTPUPUN^OL[OLYHU(YYHUNLTLU[ [V:[H[LTLU[VM7YVÄ[HUK3VZZL]LUVUZHSLVM contains a Lease. In assessing the applicability PU]LZ[TLU[/V^L]LY[OL*VTWHU`TH`[YHUZMLY [V HYYHUNLTLU[Z LU[LYLK PU[V I` [OL *VTWHU` [OLJ\T\SH[P]LNHPUVYSVZZ^P[OPULX\P[` management has exercised judgement to L]HS\H[L[OLYPNO[[V\ZL[OL\UKLYS`PUNHZZL[Z w) Earnings per Share substance of the transaction including legally Basic earnings per share LUMVYJLK HYYHUNLTLU[Z HUK V[OLY ZPNUPÄJHU[ Basic earnings per share are calculated by terms and conditions of the arrangement to dividing: conclude whether the arrangements meet the JYP[LYPH\UKLY(WWLUKP_*[V0UK(:   [OLWYVÄ[H[[YPI\[HISL[VV^ULYZVM[OL*VTWHU` Contingent Liability and commitments I`[OL^LPNO[LKH]LYHNLU\TILYVMLX\P[`ZOHYLZ ;OL *VTWHU` PZ PU]VS]LK PU ]HYPV\Z SP[PNH[PVUZ V\[Z[HUKPUNK\YPUN[OLÄUHUJPHS`LHYHKQ\Z[LKMVY ;OL THUHNLTLU[ VM [OL *VTWHU` OHZ \ZLK IVU\Z LSLTLU[Z PU LX\P[` ZOHYLZ PZZ\LK K\YPUN its judgement while determining the litigations the year and excluding treasury shares. outcome of which are considered probable and in respect of which provision needs to be created. Diluted earnings per share +PS\[LK LHYUPUNZ WLY ZOHYL HKQ\Z[ [OL ÄN\YLZ Taxes used in the determination of basic earnings per 

ANNUAL REPORT 2016-17 85 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

+LMLYYLK[H_HZZL[ZHYLYLJVNUPZLKMVY\U\ZLK[H_ -\Y[OLY KL[HPSZ HIV\[ NYH[\P[` VISPNH[PVUZ HYL losses to the extent that it is probable that taxable given in Note 33. WYVÄ[^PSSILH]HPSHISLHNHPUZ[^OPJO[OLSVZZLZJHU IL\[PSPZLK:PNUPÄJHU[THUHNLTLU[Q\KNLTLU[PZ Fair value measurement of financial instruments YLX\PYLK[VKL[LYTPUL[OLHTV\U[VMKLMLYYLK[H_ >OLU [OL MHPY ]HS\LZ VM ÄUHUJPHS HZZL[Z HUK HZZL[Z [OH[ JHU IL YLJVNUPZLK IHZLK \WVU [OL ÄUHUJPHSSPHIPSP[PLZYLJVYKLKPU[OLIHSHUJLZOLL[ SPRLS`[PTPUNHUK[OLSL]LSVMM\[\YL[H_HISLWYVÄ[Z JHUUV[ILTLHZ\YLKIHZLKVUX\V[LKWYPJLZPU together with future tax planning strategies. HJ[P]LTHYRL[Z[OLPYMHPY]HS\LPZTLHZ\YLK\ZPUN ]HS\H[PVU [LJOUPX\LZ PUJS\KPUN [OL +*- TVKLS Defined benefit plans The inputs to these models are taken from ;OL JVZ[ VM [OL KLÄULK ILULÄ[ NYH[\P[` WSHU HUK VIZLY]HISL THYRL[Z ^OLYL WVZZPISL I\[ ^OLYL V[OLY WVZ[LTWSV`TLU[ TLKPJHS ILULÄ[Z HUK [OPZ PZ UV[ MLHZPISL H KLNYLL VM Q\KNLTLU[ PZ the present value of the gratuity obligation are YLX\PYLKPULZ[HISPZOPUNMHPY]HS\LZ1\KNLTLU[Z determined using actuarial valuations. An actuarial include considerations of inputs such as valuation involves making various assumptions that SPX\PKP[`YPZRJYLKP[YPZRHUK]VSH[PSP[`*OHUNLZPU may differ from actual developments in the future. assumptions about these factors could affect the These include the determination of the discount YLWVY[LKMHPY]HS\LVMÄUHUJPHSPUZ[Y\TLU[Z:LL YH[LM\[\YLZHSHY`PUJYLHZLZHUKTVY[HSP[`YH[LZ+\L 5V[L MVYM\Y[OLYKPZJSVZ\YLZ to the complexities involved in the valuation and P[ZSVUN[LYTUH[\YLHKLÄULKILULÄ[VISPNH[PVUPZ Impairment of financial assets highly sensitive to changes in these assumptions. All ;OL PTWHPYTLU[ WYV]PZPVUZ MVY ÄUHUJPHS HZZL[Z assumptions are reviewed at each reporting date. are based on assumptions about risk of default HUK L_WLJ[LK SVZZ YH[LZ ;OL *VTWHU` \ZLZ The parameter most subject to change is the judgement in making these assumptions and discount rate. In determining the appropriate ZLSLJ[PUN[OLPUW\[Z[V[OLPTWHPYTLU[JHSJ\SH[PVU KPZJV\U[ YH[L MVY WSHUZ VWLYH[LK PU 0UKPH [OL IHZLK VU *VTWHU`»Z WHZ[ OPZ[VY` L_PZ[PUN management considers the interest rates of market conditions as well as forward looking government bonds in currencies consistent estimates at the end of each reporting period. with the currencies of the post-employment ILULÄ[VISPNH[PVU Impairment of non- financial assets ;OL *VTWHU` HZZLZZLZ H[ LHJO YLWVY[PUN KH[L The mortality rate is based on publicly available whether there is an indication that an asset TVY[HSP[`[HISLZMVY[OLZWLJPÄJJV\U[YPLZ;OVZL TH` IL PTWHPYLK 0M HU` PUKPJH[PVU L_PZ[Z VY mortality tables tend to change only at interval in when annual impairment testing for an asset is YLZWVUZL[VKLTVNYHWOPJJOHUNLZ-\[\YLZHSHY` YLX\PYLK [OL *VTWHU` LZ[PTH[LZ [OL HZZL[»Z increases and gratuity increases are based on YLJV]LYHISL HTV\U[ (U HZZL[»Z YLJV]LYHISL L_WLJ[LKM\[\YLPUÅH[PVUYH[LZMVY[OLYLZWLJ[P]L HTV\U[PZ[OLOPNOLYVMHUHZZL[»ZVY*.<»ZMHPY countries. value less costs of disposal and its value in use. 0[ PZ KL[LYTPULK MVY HU PUKP]PK\HS HZZL[ \USLZZ

86 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

[OLHZZL[KVLZUV[NLULYH[LJHZOPUÅV^Z[OH[HYL Volume discounts and pricing incentives largely independent of those from other assets or ;OL*VTWHU`HJJV\U[ZMVY]VS\TLKPZJV\U[ZHUK group of assets. Where the carrying amount of an pricing incentives to customers as a reduction HZZL[ VY *.< L_JLLKZ P[Z YLJV]LYHISL HTV\U[ of revenue based on the rateable allocation of the asset is considered impaired and is written the discounts/ incentives amount to each of down to its recoverable amount. In assessing the underlying revenue transaction that results ]HS\LPU\ZL[OLLZ[PTH[LKM\[\YLJHZOÅV^ZHYL in progress by the customer towards earning discounted to their present value using a pre- [OL KPZJV\U[ PUJLU[P]L (SZV ^OLU [OL SL]LS VM [H_ KPZJV\U[ YH[L [OH[ YLÅLJ[Z J\YYLU[ THYRL[ discount varies with increases in levels of revenue assessments of the time value of money and [YHUZHJ[PVUZ[OL*VTWHU`YLJVNUPaLZ[OLSPHIPSP[` [OL YPZRZ ZWLJPÄJ [V [OL HZZL[ 0U KL[LYTPUPUN IHZLK VU P[Z LZ[PTH[L VM [OL J\Z[VTLY»Z M\[\YL MHPY]HS\LSLZZJVZ[ZVMKPZWVZHSYLJLU[THYRL[Z purchases. If it is probable that the criteria for the transactions are taken into account. If no such KPZJV\U[^PSSUV[ILTL[VYPM[OLHTV\U[[OLYLVM [YHUZHJ[PVUZ JHU IL PKLU[PÄLK HU HWWYVWYPH[L JHUUV[ILLZ[PTH[LKYLSPHIS`[OLUKPZJV\U[PZUV[ valuation model is used. These calculations are recognized until the payment is probable and the JVYYVIVYH[LK I` ]HS\H[PVU T\S[PWSLZ X\V[LK HTV\U[JHUILLZ[PTH[LKYLSPHIS`;OL*VTWHU` share prices for publicly traded subsidiaries or recognizes changes in the estimated amount of other available fair value indicators. obligations for discounts in the period in which the change occurs. Share Based Payment ;OL *VTWHU` TLHZ\YLZ [OL JVZ[ VM LX\P[` Property, Plant and Equipment settled transactions with employees by reference ;OL *VTWHU` IHZLK VU [LJOUPJHS HZZLZZTLU[ [V[OLMHPY]HS\LVM[OLLX\P[`PUZ[Y\TLU[ZH[[OL HUK THUHNLTLU[ LZ[PTH[L KLWYLJPH[LZ JLY[HPU KH[L H[ ^OPJO [OL` HYL NYHU[LK ,Z[PTH[PUN MHPY assets and over estimated useful lives which value for share-based payment transactions are different from the useful life prescribed in YLX\PYLZ KL[LYTPUH[PVU VM [OL TVZ[ HWWYVWYPH[L :JOLK\SL 00 [V [OL *VTWHUPLZ (J[  ;OL ]HS\H[PVUTVKLS^OPJOPZKLWLUKLU[VU[OL[LYTZ THUHNLTLU[ OHZ LZ[PTH[LK Z\WWVY[LK I` and conditions of the grant. This estimate also [LJOUPJHS HZZLZZTLU[ [OL \ZLM\S SP]LZ VM JLY[HPU YLX\PYLZ KL[LYTPUH[PVU VM [OL TVZ[ HWWYVWYPH[L WSHU[ HUK THJOPULY` HZ  [V  `LHYZ ;OLZL inputs to the valuation model including the useful lives are higher than those indicated in L_WLJ[LK SPML VM [OL ZOHYL VW[PVU ]VSH[PSP[` HUK Schedule II. The management believes that these dividend yield and making assumptions about LZ[PTH[LK\ZLM\SSP]LZHYLYLHSPZ[PJHUKYLÅLJ[MHPY them. The assumptions and models used for approximation of the period over which the assets estimating fair value for share-based payment are likely to be used. transactions are disclosed in Note 34.

ANNUAL REPORT 2016-17 87 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

3. PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS

(` in Lacs) Particulars Leasehold Buildings Improvement Plant and 6MÄJL Furniture Vehicles Total Land to Leasehold Machinery Equipments and Premises (Refer Fixtures (Refer Note ii) Note iv, v)

Cost Deemed cost as at April 1, 2015 1,574.62 6,867.91 1,328.81 37,661.52 491.97 498.65 238.32 48,661.80 Additions                  +PZWVZHSZ(KQ\Z[TLU[Z -            ,_JOHUNLKPMMLYLUJLZ - -     - - -   B*HWP[HSPaLK+L*HWP[HSPaLKD As at March 31, 2016 1,799.38 6,887.70 3,113.58 39,963.49 838.10 880.11 418.23 53,900.58 Additions - -          +PZWVZHSZ(KQ\Z[TLU[Z - -             Transfer of Assets of - - -    - -  +PZJVU[PU\LK6WLYH[PVUZ 9LMLY5V[L  ,_JOHUNLKPMMLYLUJLZ - -    - - -  B*HWP[HSPaLK+L*HWP[HSPaLKD As at March 31, 2017 1,799.38 6,887.70 3,662.60 40,234.09 1,229.23 955.59 423.74 55,192.33 Depreciation/ Impairment As at April 1, 2015 ------*OHYNLMVY[OL`LHY               +PZWVZHSZ -        -   As at March 31, 2016 32.39 304.05 498.87 5,082.15 217.87 168.32 49.74 6,353.39 *OHYNLMVY[OL`LHY               +PZWVZHSZ - -           Impairment - - -    - - -    9LMLY5V[LP]ILSV^ Transfer of Assets of - - -  - - -  +PZJVU[PU\LK6WLYH[PVUZ 9LMLY5V[L  As at March 31, 2017 67.80 606.61 1,076.62 10,072.42 487.60 322.76 105.35 12,739.17 Net Block As at March 31, 2017 1,731.58 6,281.09 2,585.97 30,161.67 741.63 632.83 318.39 42,453.16 As at March 31, 2016 1,766.99 6,583.65 2,614.71 34,881.34 620.23 711.79 368.49 47,547.20 As at April 1, 2015 1,574.62 6,867.91 1,328.81 37,661.52 491.97 498.65 238.32 48,661.80 i. Asset under construction *HWP[HS ^VYR PU WYVNYLZZ HZ H[ 4HYJO   JVTWYPZLZ L_WLUKP[\YL THPUS` MVY [OL )\PSKPUN PU [OL JV\YZL VM JVUZ[Y\J[PVU;V[HSHTV\U[VM*>07PZ` SHJZ4HYJO!`  3HJZ(WYPS!`  3HJZ

`PU3HJZ Net Book Value March 31, 2017 March 31, 2016 April 1, 2015

7YVWLY[`7SHU[ ,X\PWTLU[      *HWP[HS>VYRPUWYVNYLZZ        Total 45,705.65 50,034.17 51,702.69

88 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

ii. Certain Improvements to Leasehold Premises are held under joint ownership with others:

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

.YVZZ)SVJR       Accumulated depreciation    - Net block 21.33 52.21 118.74 +LWYLJPH[PVUMVY[OL`LHY    - iii. Refer Note 14A for charge created on property, plant & equipment as security against borrowings. iv. Certain assets have been impaired based on difference of fair value less costs of disposal and value in use. Additional information for which impairment loss has been recognied are as under:

  5H[\YLVMHZZL[!7SHU[HUK4HJOPULY`

  (TV\U[VM0TWHPYTLU[!`  SHJZ   9LHZVUVM0TWHPYTLU[!*OHUNLPU:WLJPÄJH[PVUVM5L^ZWHWLY   9LJV]LYHISL(TV\U[!5VTPUHS(ZZ\TLK v. Plant & Machinery having a gross value of ` SHJZ4HYJO!` SHJZHUK(WYPS!` SHJZ [V^HYKZ*VTWHU`»ZWYVWVY[PVUH[LZOHYLMVYYPNO[[V\ZLPU[OL*VTTVU0UMYHZ[Y\J[\YLMVYJOHUULS[YHUZTPZZPVUMVY P[ZMV\YZ[H[PVUZI\PS[VUSHUKV^ULKI`7YHZHY)OHY[PHUK\ZLKI`HSS[OLIYVHKJHZ[LYZH[YLZWLJ[P]LZ[H[PVUZHZWLY [OL[LYTZVMIPKKVJ\TLU[VU-49HKPV)YVHKJHZ[PUN7OHZL00  vi. Ind-AS 101 Exemption : ;OL*VTWHU`OHZH]HPSLK[OLL_LTW[PVUH]HPSHISL\UKLY0UK(:^OLYLHZ[OLJHYY`PUN ]HS\LVMWYVWLY[`WSHU[HUKLX\PWTLU[OHZILLUJHYYPLKMVY^HYKLKH[[OLHTV\U[HZKL[LYTPULK\UKLY[OL.((7 UL[ VMM 0UK(: HKQ\Z[TLU[ Z\JO HZ KLYP]H[P]L JVU[YHJ[Z YLJVNUPaLK H[ 4;4 HUK NV]LYUTLU[ NYHU[Z 9LNHYKPUN HWWSPJH[PVUVMKLLTLKJVZ[[OL*VTWHU`OHZKPZJSVZLK[OLJVZ[HZH[(WYPSUL[VMHJJ\T\SH[LKKLWYLJPH[PVU /V^L]LYPUMVYTH[PVUYLNHYKPUNNYVZZISVJRVMHZZL[ZHJJ\T\SH[LKKLWYLJPH[PVUOHZILLUKPZJSVZLKI`[OL*VTWHU` separately as follows :

`PU3HJZ Gross Block Accumulated Net Block Particulars As at depreciation As As at April 1, 2015 at April 1, 2015 April 1, 2015

Leasehold Land      Buildings         Improvement to Leasehold Premises          Plant and Machinery       6MÄJL,X\PWTLU[Z        -\YUP[\YLHUK-P_[\YLZ        =LOPJSLZ      Total 92,633.82 43,972.02 48,661.80

ANNUAL REPORT 2016-17 89 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

4. INVESTMENT PROPERTY

`PU3HJZ Particulars Amount

Opening balance at April 1, 2015 24,796.58 (KKP[PVUZHJX\PZP[PVUZ     (KKP[PVUZZ\IZLX\LU[L_WLUKP[\YL   +PZWVZHSZ  Closing balance at March 31, 2016 31,107.06 (KKP[PVUZHJX\PZP[PVUZ    (KKP[PVUZZ\IZLX\LU[L_WLUKP[\YL  +PZWVZHSZ  Closing balance at March 31, 2017 34,936.48 Depreciation and impairment Opening balance at April 1, 2015 - +LWYLJPH[PVU5V[L  0TWHPYTLU[5V[L    9L]LYZHSVM0TWHPYTLU[+LWYLJPH[PVUVUKPZWVZHSZ  Closing balance at March 31, 2016 514.57 +LWYLJPH[PVU5V[L   0TWHPYTLU[5V[L   Closing balance at March 31, 2017 1,367.57 Net Block As at March 31, 2017 33,568.91 As at March 31, 2016 30,592.49 As at April 1, 2015 24,796.58

-VY0U]LZ[TLU[7YVWLY[`L_PZ[PUNHZVU(WYPSPLP[ZKH[LVM[YHUZP[PVU[V0UK(:[OLJVTWHU`OHZ\ZLK0UKPHU .((7JHYY`PUN]HS\LHZKLLTLKJVZ[Z

`PU3HJZ Gross Block As at April 1, 2015 Accumulated depreciation As at April 1, 2015 Net Block As at April 1, 2015

     

Information regarding income and expenditure of investment property

`PU3HJZ Particulars March 31, 2017 March 31, 2016

9LU[HSPUJVTLKLYP]LKMYVTPU]LZ[TLU[WYVWLY[PLZ 31.41  +PYLJ[VWLYH[PUNL_WLUZLZPUJS\KPUNYLWHPYZHUKTHPU[LUHUJLNLULYH[PUNYLU[HSPUJVTL    +PYLJ[VWLYH[PUNL_WLUZLZPUJS\KPUNYLWHPYZHUKTHPU[LUHUJL[OH[KPKUV[NLULYH[LYLU[HS    income Loss arising from investment properties before depreciation and indirect expenses    3LZZ¶+LWYLJPH[PVU    Loss arising from investment properties before indirect expenses   

(ZH[4HYJO4HYJOHUK(WYPS[OLMHPY]HS\LZVM[OLWYVWLY[PLZHYL`SHJZ` lacs and ` SHJZYLZWLJ[P]LS`;OLZL]HS\H[PVUZHYLIHZLKVU]HS\H[PVUZWLYMVYTLKI`HUHJJYLKP[LKPUKLWLUKLU[ valuer who are specialist in valuing these types of investment properties. A valuation model in accordance with Ind-AS 113 has been applied

90 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

(Z H[ 4HYJO   4HYJO   HUK (WYPS   [OL *VTWHU` OHZ UV YLZ[YPJ[PVUZ VU [OL YLHSPZHIPSP[` VM P[Z investment properties and there exists contractual obligations of `3HJZ4HYJO!`  3HJZHUK(WYPS !` 3HJZ[VW\YJOHZL[OLPU]LZ[TLU[WYVWLY[`^OLYLHZ[OLYLHYLUVJVU[YHJ[\HSVISPNH[PVU[VKL]LSVW investment property or for repairs and enhancements.

Estimation of Fair Value The valuation has been determined basis the market approach by reference to sales in the market of comparable properties. /V^L]LY^OLYLZ\JOPUMVYTH[PVUPZUV[H]HPSHISLJ\YYLU[WYPJLZPUHUHJ[P]LTHYRL[MVYWYVWLY[PLZVMKPMMLYLU[UH[\YLVY YLJLU[WYPJLZVMZPTPSHYWYVWLY[PLZPUSLZZHJ[P]LTHYRL[ZHKQ\Z[LK[VYLÅLJ[[OVZLKPMMLYLUJLZOHZILLUJVUZPKLYLK[V determine the valuation. All resulting fair value estimates for investment properties are included in Level II.

5. INTANGIBLE ASSETS AND INTANGIBLE ASSETS UNDER DEVELOPMENT

`PU3HJZ Particulars Website Software License Fees Software for Total Development Licenses (Refer Note 47) Radio Business

Cost Deemed cost as at April 1, 2015 262.38 1,390.28 1,378.29 20.25 3,051.20 Additions           +PZWVZHSZ(KQ\Z[TLU[Z -  -- ,_JOHUNLKPMMLYLUJLZ -  -- BJHWP[HSPZLK+LJHWP[HSPZLKD As at March 31, 2016 283.17 3,522.54 26,818.10 27.26 30,651.07 Additions -       +PZWVZHSZ(KQ\Z[TLU[Z -  -- Transfer of Assets of -   --  discontinued operations 9LMLY5V[L  ,_JOHUNLKPMMLYLUJLZB*HWP[HSPaLK -  -- +L*HWP[HSPaLKD As at March 31, 2017 283.17 4,720.34 43,879.88 51.53 48,934.92 Depreciation As at April 1, 2015 - *OHYNLMVY[OL`LHY          *OHYNLMVY[OL`LHYHKQ\Z[LK -- -  through securities Premium 9LMLY5V[L +PZWVZHSZ -  - - 0TWHPYTLU[*OHYNLJYLKP[ -   --  As at March 31, 2016 73.64 531.81 838.39 11.08 1,454.92 *OHYNLMVY[OL`LHY          *OHYNLMVY[OL`LHYHKQ\Z[LK -- -  through Securities Premium 9LMLY5V[L +PZWVZHSZ -  -- ;YHUZMLYVM(ZZL[ZVM+PZJVU[PU\LK -  -- 6WLYH[PVUZ9LMLY5V[L  0TWHPYTLU[*OHYNLJYLKP[ -   --  As at March 31, 2017 143.37 1,324.86 3,694.35 25.53 5,188.11 Net Block - As at March 31, 2017 139.80 3,395.49 40,185.53 26.00 43,746.82 As at March 31, 2016 209.53 2,990.73 25,979.71 16.18 29,196.15 As at April 1, 2015 262.38 1,390.28 1,378.29 20.25 3,051.20

ANNUAL REPORT 2016-17 91 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

`PU3HJZ Net Book Value March 31, 2017 March 31, 2016 April 1, 2015

Intangible Assets       Intangible Assets under development      Total 43,807.30 30,036.28 3,583.33

Ind-AS 101 Exemption :;OL*VTWHU`OHZH]HPSLK[OLL_LTW[PVUH]HPSHISL\UKLY0UK(:^OLYLHZ[OLJHYY`PUN]HS\LVM PU[HUNPISLHZZL[ZOHZILLUJHYYPLKMVY^HYKLKH[[OLHTV\U[HZKL[LYTPULK\UKLY[OL0UKPHU.((79LNHYKPUNHWWSPJH[PVUVM KLLTLKJVZ[[OL*VTWHU`OHZKPZJSVZLK[OLJVZ[HZH[(WYPSUL[VMHJJ\T\SH[LKKLWYLJPH[PVU/V^L]LYPUMVYTH[PVU YLNHYKPUNNYVZZISVJRVMHZZL[ZHJJ\T\SH[LKKLWYLJPH[PVUOHZILLUKPZJSVZLKI`[OL*VTWHU`ZLWHYH[LS`HZMVSSV^Z!

`PU3HJZ Gross Block Accumulated Net Block Particulars as depreciation as as at at April 1, 2015 at April 1, 2015 April 1, 2015

>LIZP[L+L]LSVWTLU[      Software Licenses         3PJLUZL-LLZ       :VM[^HYLMVY9HKPV)\ZPULZZ    4\ZPJ*VU[LU[Z     - Total 16,992.83 13,941.63 3,051.20

6A INVESTMENT IN SUBSIDIARY `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Investment in Subsidiary (at cost) Quoted /PUK\Z[HU4LKPH=LU[\YLZ3PTP[LK/4=3          SHJ4HYJO!SHJ(WYPS!SHJLX\P[` shares of `LHJOM\SS`WHPK\W Unquoted /;+PNP[HS4LKPH/VSKPUNZ3PTP[LK         SHJ4HYJO! SHJ(WYPS!SHJLX\P[` shares of `LHJOM\SS`WHPK\W /;4\ZPJHUK,U[LY[HPUTLU[*VTWHU`3PTP[LK     SHJ4HYJO! SHJ(WYPS!SHJ LX\P[`ZOHYLZVM` 1 each fully paid up Ivy Talent India Private Limited - -  5PS4HYJO!5PS(WYPS!3HJZ,X\P[`:OHYLZVM` LHJOM\SS`WHPK /;,K\JH[PVU3PTP[LK        SHJZ4HYJO! SHJ(WYPS! SHJLX\P[` shares of `LHJOM\SS`WHPK\W /;3LHYUPUN*LU[YLZ3[K     SHJ4HYJO!SHJ(WYPS! SHJLX\P[` shares of `LHJOM\SS`WHPK\W /;+PNP[HS0UMVYTH[PVU7YP]H[L3PTP[LK    SHJ4HYJO!SHJ(WYPS!SHJLX\P[`ZOHYLZVM `LHJOM\SS`WHPK\W

92 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6A. INVESTMENT IN SUBSIDIARY (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

/;.SVIHS,K\JH[PVU    SHJZ4HYJO!SHJ(WYPS!SHJLX\P[`ZOHYLZVM `LHJOM\SS`WHPK\W /;+PNP[HS4LKPH/VSKPUNZ3PTP[LK - -  5PS4HYJO!5PS(WYPS!SHJALYV*V\WVU*VTW\SZVYPS` *VU]LY[PISL+LILU[\YLZVM`LHJOM\SS`WHPK ;VWTV]PLZ,U[LY[HPUTLU[3PTP[LK        SHJ4HYJO! SHJ(WYPS! SHJLX\P[`ZOHYLZ of `LHJOM\SS`WHPK\W -PYLÅ`L=LU[\YLZ3PTP[LK       SHJ4HYJO! SHJ(WYPS!SHJ  optionally convertible cumulative preference shares of `LHJOM\SS` paid up HT Mobile Solutions Ltd.   - SHJZ4HYJO!SHJ(WYPS!5PS VW[PVUHSS` convertible cumulative preference shares of `LHJOM\SS`WHPK\W /;+PNP[HS:[YLHTZ3[K9LMLY5V[L      - SHJZ4HYJO!SHJ(WYPS!5PSLX\P[`ZOHYLZVM `LHJOM\SS`WHPK\W ;VWTV]PLZ,U[LY[HPUTLU[3PTP[LK    SHJ4HYJO!SHJ(WYPS!SHJ VW[PVUHSS` convertible cumulative preference shares of `LHJOM\SS`WHPK\W Share Application Money Pending allotment : /;4\ZPJHUK,U[LY[HPUTLU[*VTWHU`3PTP[LK  - - HT Overseas Pte. Limited   - - /;+PNP[HS4LKPH/VSKPUNZ3PTP[LK -  - Total (A) 36,116.28 23,330.23 19,786.27 Provision for Impairment in value of investment (B)       Total Investment in Subsidiary (A) - (B)       Non - Current       Current - - - (NNYLNH[LIVVR]HS\LVMX\V[LKPU]LZ[TLU[Z          (NNYLNH[LTHYRL[]HS\LVMX\V[LKPU]LZ[TLU[Z     (NNYLNH[LIVVR]HS\LVM\UX\V[LKPU]LZ[TLU[Z         Aggregate amount of impairment in value of investments      

Impairment of investments

;OL*VTWHU`OHZYLJVNUPZLKHUPTWHPYTLU[VM` SHJZ4HYJO!` SHJZ(WYPS`  SHJZVUHIV]LPU]LZ[TLU[;OLPTWHPYTLU[PZYLJVNUPZLKPU:[H[LTLU[VM7YVÄ[HUK3VZZ

ANNUAL REPORT 2016-17 93 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

(A) Investment at Fair Value through other comprehensive income (I) Investment in joint venture Unquoted 0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LK 9LMLY5V[L      SHJ4HYJO!SHJ(WYPS!SHJLX\P[` shares of `LHJOM\SS`WHPK\W Total Investment at Fair Value through other comprehensive income (A) 479.00 4,607.00 3,514.50 (B) Investment at Fair Value through profit and loss (I) Investment in venture capital funds Unquoted )S\TL=LU[\YLZ-\UK0(    SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK\W ;YPMLJ[H=LU[\YL+LI[-\UK0     -  SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM`LHJO fully paid up ;HUKLT-\UK000337 -     7HYHNVU7HY[ULYZ.YV^[O-\UK0   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM`LHJOM\SS` paid up (II) Investment in equity instruments Quoted 2VV]Z73*  - -  SHJ4HYJO!5PS(WYPS!5PSLX\P[`ZOHYLZVM.)7 LHJOM\SS`WHPK\W Kwality Ltd.   - - SHJ4HYJO!5PS(WYPS!5PSLX\P[`ZOHYLZVM`LHJO fully paid up Unquoted Press Trust of India    SHJ4HYJO!SHJ(WYPS!SHJLX\P[`ZOHYLZ of `LHJOM\SS`WHPK\W

94 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

:\UPS4HU[YP9LHS[`3PTP[LK -     5PS4HYJO!SHJ(WYPS!SHJLX\P[`ZOHYLZVM `LHJOM\SS`WHPK\W Kinobeo Software Private Limited   4HYJO!(WYPS!5PSLX\P[`ZOHYLZVM`LHJOM\SS` paid up 9VZLI`Z0U[LYPVYZ0UKPH3[K - - - 5PS4HYJO!5PS(WYPS!SHJLX\P[`ZOHYLZVM`LHJO fully paid up Olive Telecomunication Pvt Ltd - - - 5PS4HYJO!5PS(WYPS!SHJLX\P[`ZOHYLZVM`LHJO fully paid up 7YPRUP[9L[HPS3[K - -  5PS4HYJO!5PS(WYPS!SHJLX\P[`ZOHYLZVM`LHJO fully paid up (III) Investment in preference shares Unquoted Kinobeo Software Private Limited      - SHJ4HYJO!SHJ(WYPS!5PS**7:VM`LHJO fully paid up *VYHaH;LJOUVSVNPLZ7YP]H[L3PTP[LK   - - SHJ4HYJO!5PS(WYPS!5PS :LYPLZ)***7: of `LHJOM\SS`WHPK\W (IV) Investment in debt instruments Unquoted *`IPa)YPNO[Z[HY9LZ[H\YHU[Z7YP]H[L3PTP[LK   - SHJ4HYJO!SHJ(WYPS!5PS *VU]LY[PISL debentures of `LHJOM\SS`WHPK Kwality Ltd. 4HYJO!5PS(WYPS!5PSM\SS`JVU]LY[PISLKLILU[\YLZVM   - - `LHJOM\SS`WHPK =0U]LZ[TLU[PUT\[\HSM\UKZHUKÄ_LKTH[\YP[`WSHUZ Quoted 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ.YV^[O     SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ+H`Z7SHU+*\T\SH[P]L      SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*-47+(WYPS:LYPLZ.YV^[O      SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*-47+(WYPS:LYPLZ.YV^[O      SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\-47:LYPLZ+H`Z7SHU:*\T\SH[P]L     SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK

ANNUAL REPORT 2016-17 95 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

/+-*-47+1HU\HY`:LYPLZ .YV^[O    SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU1*\T\SH[P]L     SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK :)0+LI[-\UK:LYPLZ(TVU[OZ.YV^[O     SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK +:7)SHJR9VJR:[YH[LNPJ)VUK-\UK0UZ[P[\[PVUHS7SHU.YV^[O      SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*/PNO0U[LYLZ[-\UK+`UHTPJ.YV^[O         SHJ4HYJO! SHJ(WYPS!\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS+`UHTPJ)VUK-\UK.YV^[O       SHJ4HYJO! SHJ(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML:OVY[;LYT-\UK.YV^[O       SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML+`UHTPJ)VUK-\UK9L[.YV^[O           SHJ4HYJO! SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0+-*:\WLY:H]LY0UJVTL-\UK4LKP\T;LYT7SHU.YV^[O         SHJ4HYJO!  SHJ(WYPS!  SHJ\UP[ZVM `LHJOM\SS`WHPK 0+-*+`UHTPJ)VUKM\UK.YV^[O          SHJ4HYJO! SHJ(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH:OVY[4H[\YP[`-\UK(UU\HS)VU\Z       SHJ4HYJO! SHJ(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML6W[PTPaLY-\UK.YV^[O      SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK :)0*VYWVYH[L)VUK-\UK.YV^[O     - SHJZ4HYJO!SHJZ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK :\UKHYHT:LSLJ[+LI[:OVY[;LYT(ZZL[7SHU.YV^[O   - SHJZ4HYJO!SHJZ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS)HURPUNHUK7:<+LI[-\UK.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL)HURPUN 7:<+LI[-\UK.YV^[O       -  SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK

96 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

0+-**VYWVYH[L)VUK-\UK.YV^[O    - SHJ4HYJO! SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK (_PZ:OVY[;LYT-\UK.YV^[O     -  SHJ4HYJO!  SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK ;(;(:OVY[;LYT)VUK-\UK.YV^[O    - SHJ4HYJO! SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 3 ;:OVY[;LYT6WWVY[\UP[PLZ-\UK.YV^[O     -  SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK <;0+`UHTPJ)VUK-\UK.YV^[O     -  SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL0U[LY]HS-\UK0=:LYPLZ.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK <;0-P_LK0UJVTL-\UK:LYPLZ??00?000+H`Z.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU0*\T\SH[P]L      - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ  +H`Z7SHU1*\T\SH[P]L     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK :\UKHYHT-P_LK;LYT7SHU/0.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK /+-*-47+-LIY\HY`:LYPLZ.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK <;0-P_LK;LYT0UVTJL-\UK:LYPLZ??0==0 +H`Z.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU5*\T\SH[P]L     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK???:LYPLZ.YV^[O    - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK <;0-P_LK;LYT0UVTJL-\UK:LYPLZ??0==000 +H`Z.YV^[O      - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK :)0+LI[-\UK:LYPLZ)+H`Z.YV^[O   - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK

ANNUAL REPORT 2016-17 97 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

<;0-P_LK;LYT0UVTJL-\UK:LYPLZ??0==00 +H`Z.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ53 +H`Z.YV^[O    - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK :)0+LI[-\UK:LYPLZ)+H`Z.YV^[O     - SHJ4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK???0:LYPLZ.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK :\UKHYHT-P_LK;LYT7SHU/:.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK <;0-;0-:LYPLZ??=0=.YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 2V[HR-47:LYPLZ.YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ 7SHU1.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK <;0-P_LK;LYT0UJVTL-\UK:LYPLZ??=00.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH-P_LK+\YH[PVUM\UK:LYPLZ .YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML-;7:LYPLZ59.YV^[O   - -   SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-P_LK4H[\YP[`7SHU:LYPLZ 7SHU2.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJLÄ_LK/VYPaVU-\UK???0:LYPLZ .YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-P_LK4H[\YP[`7SHU:LYPLZ 7SHU4.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH-P_LK+\YH[PVU-\UK:LYPLZ.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJLÄ_LK/VYPaVU-\UK???0:LYPLZ .YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK

98 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

;(;(+`UHTPJ)VUK-\UK.YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS0UJVTL6WWVY[\UP[PLZ-\UK.YV^[O   - -  SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH7YLTPLY)VUK-\UK.YV^[O   - -  SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK /+-*)HURPUNHUK7:<+LI[-\UK.YV^[O  - -  SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 2V[HR)VUK:OVY[;LYT7SHU.YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK /+-*:OVY[;LYT6WWVY[\UP[PLZ-\UK.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL:OVY[;LYT-\UK.YV^[O  - -  SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0U]LZJV0UKPH:OVY[;LYT-\UK.YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK +:7)SHJR9VJR)HURPUNHUK7:<+LI[-\UK.YV^[O  - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML;YLHZ\Y`6W[PTPaLY7SHU.YV^[O   - -  SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK +:7)SHJRYVJR:;-.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-SL_PISL0UJVTL.YV^[O  - -  SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL4VUL`4HUHNLY-\UK.YV^[O   - - SHJ4HYJO!5PS(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK /+-*4LKP\T;LYT6WWVY[\UP[PLZ-\UK.YV^[O    -    SHJ4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK <;0:OVY[;LYT0UJVTL-\UK.YV^[O   -   SHJ4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS:OVY[;LYT.YV^[O   -   SHJ4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK

ANNUAL REPORT 2016-17 99 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

0*0*07Y\KLU[PHS*VYWVYH[L)VUK-\UK.YV^[O   -    SHJ4HYJO!5PS(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK :)0+LI[-\UK:LYPLZ TVU[OZ.YV^[O -      5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL0U[LY]HS-\UK00:LYPLZ.YV^[O -   5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK +:7)SHJR9VJR-47:LYPLZ4.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK ;H[H-47:LYPLZ:JOLTL+.YV^[O -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*-47+1\S`:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH-47:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ  +H`Z7SHU+*\T\SH[P]L -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*-47+(\N\Z[:LYPLZ.YV^[O -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU-*\T\SH[P]L -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ .YV^[O  -   5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 2V[HR-47:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML-47:LYPLZ/4 KH`Z.YV^[O -   5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ.YV^[O -      5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK

100 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU/*\T\SH[P]L  -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU1*\T\SH[P]L -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ/0KH`Z.YV^[O -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH-P_LK4H[\YP[`7SHU:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ/* KH`Z.YV^[O -   5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK??000:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*-47 +5V]LTILY:LYPLZ .YV^[O -   5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK :\UKHYHT-P_LK;LYT7SHU-3@9:.YV^[O -       5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL@LHYS`0U[LY]HS-\UK:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ+H`Z7SHU/*\T\SH[P]L -      5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH-47:LYPLZ.YV^[O -     5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK

ANNUAL REPORT 2016-17 101 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

174VYNHU-47:LYPLZ.YV^[O -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK??=0:LYPLZ.YV^[O -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL+`UHTPJ)VUK-\UK.YV^[O -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK +/-37YHTLYPJH3V^+\YH[PVU-\UK(UU\HS)VU\Z -    5PS4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 144VUL`4HUHNLY-\UK:\WLY7SHU)VU\Z6W[PVU)VU\Z

102 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

<;0.PS[(K]HU[HNL-\UK3;7.YV^[O -  - 5PS4HYJO!SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK /+-*.PS[-\UK3VUN;LYT.YV^[O -    - 5PS4HYJO! SHJ(WYPS!5PS\UP[ZVM `LHJOM\SS`WHPK (_PZ-P_LK;LYT7SHU:LYPLZ+H`Z.YV^[O - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK ;H[H-47:LYPLZ:JOLTL+.YV^[O - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 2V[HR-47:LYPLZ +H`Z.YV^[O - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 2V[HR-47:LYPLZ +H`Z.YV^[O - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK +>::OVY[4H[\YP[`9LN\SHY7SHU.YV^[O - -   5PS4HYJO!5PS(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK ;LTWSL[VU0UKPH0UJVTL6WWVY[\UP[PLZM\UK.YV^[O - -    5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK ;LTWSL[VU0UKPH:;079L[HPS.YV^[O - -   5PS4HYJO!5PS(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK +:7)SHJR9VJR0UJVTL6WWVY[\UP[PLZ-\UK.YV^[O - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS9LN\SHY:H]PUNZ-\UK.YV^[O - -  5PS4HYJO!5PS(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK /+-**VYWVYH[L+LI[-\UK9LN\SHY.YV^[O - -   5PS4HYJO!5PS(WYPS! SHJ\UP[ZVM `LHJOM\SS`WHPK -YHURSPU0UKPH*VYWVYH[L)VUK6WWVY[\UP[PLZ-\UK.YV^[O - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPNHYL0U]LZJV(YIP[YHNL-\UK)VU\Z - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML4LKP\T;LYT7SHU.YV^[O - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL9LN\SHY:H]PUNZ-\UK.YV^[O - -    5PS4HYJO!5PS(WYPS!  SHJ\UP[ZVM `LHJOM\SS`WHPK

ANNUAL REPORT 2016-17 103 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

/+-*:OVY[;LYT7SHU.YV^[O - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-P_LK4H[\YP[`7SHU:LYPLZ@LHYZ7SHU3 - -  *\T\SH[P]L 5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 174VYNHU0UKPH0UJVTL-\UK:LYPLZ.YV^[O - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS:LYPLZ@LHYZ7SHU4 - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\-47:LYPLZ@LHYZ7SHU0.YV^[O - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ->.YV^[O KH`Z - -    5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-P_LK/VYPaVU-\UK??00:LYPLZ.YV^[O - -    5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ2A +H`Z.YV^[O - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU;*\T\SH[P]L - -    5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*-47 +(WYPS:LYPLZ.YV^[O - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK 9LSPHUJL-/-??=0:LYPLZ.YV^[O - -   5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK /+-*-47+(WYPS:LYPLZ.YV^[O - -  5PS4HYJO!5PS(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK (VI) Share Application Money Pending Allotment 1/::]LUKNHHYK3HIVYH[VYPLZ3[K   - - ;V[HS0U]LZ[TLU[H[-HPY=HS\L[OYV\NOWYVÄ[HUKSVZZ) 1,27,089.73 1,09,934.71 94,499.21 (C) Investment at Amortized Cost Investment in Bonds Quoted ,__VU4VIPS*VYWVYH[PVU      SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM<:+ LHJOM\SS`WHPK\W

104 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6B. INVESTMENTS (CONTD.) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

4PJYVZVM[*VYW      SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM<:+ LHJOM\SS`WHPK\W 5H[PVUHS/PNO^H`(\[OVYP[`VM0UKPH3[K        SHJ4HYJO!SHJ(WYPS!SHJ\UP[ZVM `LHJOM\SS`WHPK\W 7V^LY-PUHUJL*VYWVYH[PVU         SHJ4HYJO! SHJ(WYPS! SHJ

 ;OLJVTWHU`PZTLHZ\YPUNP[ZPU]LZ[TLU[PUQVPU[]LU[\YLH[-=;6*0HZWLY0UK(:HUK0UK(:  ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@  ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O*P[PIHURHNHPUZ[,*)MHJPSP[`PU-@  SHJZ\UP[ZVM0+-*+`UHTPJ)VUK-\UK.YV^[OVMMHJL]HS\L`WLY\UP[LHJOHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU -@ ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@ 3HJ\UP[ZVM+:7)SHJR9VJR:[YH[LNPJ)VUK-\UK0UZ[P[\[PVUHS7SHU.YV^[O^P[OMHJL]HS\LVM`WLY\UP[LHJOHYLWSLKNLK^P[O+L\[ZJOL )HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@  ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@  3HJ\UP[ZVM0+-**VYWVYH[L)VUK-\UK.YV^[OVMMHJL]HS\L`WLY\UP[LHJOHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU -@ EE ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O*P[PIHURHNHPUZ[,*)MHJPSP[`PU-@ EEE;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@

ANNUAL REPORT 2016-17 105 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6C. LOANS `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

6D. OTHER FINANCIAL ASSETS `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

I. Derivatives at fair value through profit and loss

-VYL_KLYP]H[P]LJVU[YHJ[ - -   Total - - 196.59

+LYP]H[P]L PUZ[Y\TLU[Z H[ MHPY ]HS\L [OYV\NO WYVÄ[ HUK SVZZ YLÅLJ[ [OL WVZP[P]L JOHUNL PU MHPY ]HS\L VM [OVZL MVYLPNU L_JOHUNL MVY^HYK JVU[YHJ[Z HUK MVYLPNU J\YYLUJ` VW[PVUZ [OH[ HYL UV[ KLZPNUH[LK PU OLKNL YLSH[PVUZOPWZ I\[ HYL UL]LY[OLSLZZPU[LUKLK[VYLK\JL[OLSL]LSVMMVYLPNUJ\YYLUJ`YPZRMVYL_WLJ[LKZHSLZHUKW\YJOHZLZ

II. Other Financial Assets at amortized cost

Balance with Banks : 4HYNPUTVUL`OLSKHZZLJ\YP[`    Interest accrued on Inter-company deposits and others       3LHZL9LJLP]HISL    - - 6[OLY9LJLP]HISLZPUJS\KLZYLJLP]HISLMYVTYLSH[LKWHY[PLZ9LMLY5V[L(      Income Accrued but not due     Total 3,752.51 738.13 666.87

9LWYLZLU[Z7YLZLU[]HS\LVMTPUPT\TSLHZLYLU[HSZYLJLP]HISLZPUYLZWLJ[VMHZZL[NP]LUVUÄUHUJLSLHZL[V[OL/VSKPUN*VTWHU`9LMLY5V[L

Total Other Financial Assets(I+II) 3,752.51 738.13 863.47 Non - Current 1,810.69 240.81 282.49 Current 1,941.82 497.32 580.98

9LWYLZLU[ZKLWVZP[YLJLPW[ZWSLKNLK^P[OIHURZHUKOLSKHZTHYNPUTVUL`VM`SHJZ4HYJO!`SHJZ(WYPS!`SHJZ

Total Financial Assets 1,42,310.77 1,19,558.42 1,03,107.35 Non - Current 1,22,074.47 67,287.41 88,637.35 Current 20,236.30 52,271.01 14,469.99

106 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Break up of financial assets carried at amortized cost `PU3HJZ Particulars Note March 31, 2017 March 31, 2016 April 1, 2015

Investments )       Trade receivables (      *HZOHUKJHZOLX\P]HSLU[Z )        Other Bank Balances *    Loans *    6[OLY-PUHUJPHSHZZL[Z +      Total 39,037.28 37,555.07 36,121.14

Break up of financial assets at fair value through profit and loss `PU3HJZ Particulars Note March 31, 2017 March 31, 2016 April 1, 2015

Investments )         6[OLY-PUHUJPHSHZZL[Z + - -    Total 1,27,089.71 1,09,934.71 94,695.76

Break up of financial assets at fair value through other comprehensive income `PU3HJZ Particulars Note March 31, 2017 March 31, 2016 April 1, 2015

Investments )     Total 479.00 4,607.00 3,514.50

7. INCOME TAX ASSETS (NET) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

0UJVTL;H_(ZZL[ZUL[        Total 6,319.20 5,121.83 4,585.19 Non - Current 6,319.20 5,121.83 4,585.19 Current - - -

8. OTHER NON- CURRENT ASSETS `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

*HWP[HS(K]HUJL       Advances other than capital advances Prepaid expenses       3VUN;LYT(K]HUJLZ9LJV]LYHISL     Total 2,349.23 20,615.54 2,566.58

ANNUAL REPORT 2016-17 107 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

9. INVENTORIES `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

9H^4H[LYPHSZPUJS\KLZZ[VJRPU[YHUZP[VM`  SHJZ4HYJO!          `SHJZ(WYPS!` SHJZ]HS\LKH[SV^LYVMJVZ[HUK UL[YLHSPZHISL]HS\L >VYRPU7YVNYLZZ]HS\LKH[SV^LYVMJVZ[HUKUL[YLHSPZHISL]HS\L       :[VYLZHUKZWHYLZ]HS\LKH[SV^LYVMJVZ[HUKUL[YLHSPZHISL]HS\L      :JYHWHUK^HZ[LWHWLYZ([UL[YLHSPaHISL]HS\L     -PUPZOLKZ[VJR]HS\LKH[SV^LYVMJVZ[HUKUL[YLHSPZHISL]HS\L    Total Inventories 10,791.37 11,398.62 10,885.62

10A. TRADE RECEIVABLES `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Trade receivables          9LJLP]HISLZMYVTYLSH[LKWHY[PLZ5V[L(      Total 17,705.08 24,156.55 19,632.34

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

:LJ\YLKJVUZPKLYLKNVVK     

5V[YHKLVYV[OLYYLJLP]HISLHYLK\LMYVTKPYLJ[VYZVYV[OLYVMÄJLYZVM[OLJVTWHU`LP[OLYZL]LYHSS`VYQVPU[S`^P[OHU` other person.

;YHKLYLJLP]HISLZHYLUVUPU[LYLZ[ILHYPUNHUKJYLKP[WLYPVKNLULYHSS`MHSSZPU[OLYHUNLVM[V KH`Z[LYTZ

10B. CASH AND CASH EQUIVALENTS `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Balance with banks : - On current accounts       +LWVZP[Z^P[OVYPNPUHSTH[\YP[`VMSLZZ[OHU[OYLLTVU[OZ       *OLX\LZKYHM[ZVUOHUK      *HZOVUOHUK      Total 6,588.54 8,380.24 11,590.23

:OVY[[LYTKLWVZP[ZHYLTHKLMVY]HY`PUNWLYPVKZVMIL[^LLUVULKH`HUK[OYLLTVU[OZKLWLUKPUNVU[OLPTTLKPH[L JHZOYLX\PYLTLU[ZVM[OL*VTWHU`HUKLHYUPU[LYLZ[H[[OLYLZWLJ[P]LZOVY[[LYTKLWVZP[YH[LZ  

108 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OL*VTWHU`OHZWSLKNLKHWHY[VMP[ZZOVY[[LYTKLWVZP[Z[VM\SÄSJVSSH[LYHSYLX\PYLTLU[Z  

([4HYJO[OL*VTWHU`OHKH]HPSHISL` SHJZ4HYJO!`  SHJZHUK(WYPS! `SHJZVM\UKYH^UJVTTP[[LKIVYYV^PUNMHJPSP[PLZ 

10C. OTHER BANK BALANCES `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Other bank balances 

;OLZLIHSHUJLZHYLUV[H]HPSHISLMVY\ZLI`[OLJVTWHU`HZ[OL`YLWYLZLU[JVYYLZWVUKPUN\UJSHPTLKKP]PKLUKSPHIPSP[PLZ

-VY[OLW\YWVZLVM[OLZ[H[LTLU[VMJHZOÅV^ZJHZOHUKJHZOLX\P]HSLU[ZJVTWYPZL[OLMVSSV^PUN!

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Balance with banks : - On current accounts       +LWVZP[Z^P[OVYPNPUHSTH[\YP[`VMSLZZ[OHU[OYLLTVU[OZ       *OLX\LZKYHM[ZVUOHUK      *HZOVUOHUK      6,588.54 8,380.24 11,590.23 3LZZ)HURV]LYKYHM[UV[L(   - Total 5,558.28 6,856.24 11,590.23

11. OTHER CURRENT ASSETS `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Prepaid expenses        Advances given       Balance with government authorities     Total 4,348.40 4,104.43 2,903.69

12. SHARE CAPITAL Authorised Share Capital Particulars Number of shares Amount (` in Lacs)

At April 1, 2015   0UJYLHZLKLJYLHZLK\YPUN[OL`LHY - - At March 31, 2016   0UJYLHZLKLJYLHZLK\YPUN[OL`LHY - - At March 31, 2017  

ANNUAL REPORT 2016-17 109 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Terms/rights attached to equity shares ;OL*VTWHU`OHZVUS`VULJSHZZVMLX\P[`ZOHYLZOH]PUNWHY]HS\LVM`WLYZOHYL,HJOOVSKLYVMLX\P[`ZOHYLZPZ LU[P[SLK[VVUL]V[LWLYZOHYL;OL*VTWHU`KLJSHYLZHUKWH`ZKP]PKLUKZPU0UKPHUY\WLLZ;OLKP]PKLUKWYVWVZLKI`[OL )VHYKVM+PYLJ[VYZPZZ\IQLJ[[V[OLHWWYV]HSVM[OLZOHYLOVSKLYZPU[OLLUZ\PUN(UU\HS.LULYHS4LL[PUN

0U[OLL]LU[VMSPX\PKH[PVUVM[OL*VTWHU`[OLOVSKLYZVMLX\P[`ZOHYLZ^PSSILLU[P[SLK[VYLJLP]LYLTHPUPUNHZZL[ZVM[OL *VTWHU`HM[LYKPZ[YPI\[PVUVMHSSWYLMLYLU[PHSHTV\U[Z;OLKPZ[YPI\[PVU^PSSILPUWYVWVY[PVU[V[OLU\TILYVMLX\P[`ZOHYLZ held by the shareholders.

Issued and subscribed capital Equity shares of ` 2 each issued, subscribed and fully paid

Particulars Number of shares Amount (` in Lacs)

At April 1, 2015     *OHUNLZK\YPUN[OL`LHY - - At March 31, 2016     *OHUNLZK\YPUN[OL`LHY - - At March 31, 2017    

Reconciliation of the equity shares outstanding at the beginning and at the end of the year :

Particulars March 31, 2017 March 31, 2016 April 1, 2015 Number of Amount Number of Amount Number of Amount shares (` in Lacs) shares (` in Lacs) shares (` in Lacs)

Shares outstanding at the       beginning of the year Shares Issued during the year ------Shares bought back during the year ------Less: Adjustment on account of ------,X\P[`:OHYLZOLSKI`/;4LKPH ,TWSV`LL>LSMHYL;Y\Z[ Shares outstanding at the end 23,05,20,024 4,610.40 23,05,20,024 4,610.40 23,05,20,024 4,610.40 of the year

;OLHIV]LYLJVUJPSPH[PVUPZUL[VMMVM[OLHNNYLNH[LMHJL]HS\LVM,X\P[`:OHYLZVM`3HJZ5VVMZOHYLZ 3HJZOLSKI`/;4LKPH,TWSV`LL Welfare Trust.

Shares held by holding/ ultimate holding company and/ or their subsidiaries/ associates 6\[VMLX\P[`ZOHYLZPZZ\LKI`[OLJVTWHU`ZOHYLZOLSKI`P[ZOVSKPUNJVTWHU`Z\IZPKPHY`VMOVSKPUNJVTWHU`HYLHZ below:

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

;OL/PUK\Z[HU;PTLZ3PTP[LK[OLOVSKPUNJVTWHU` SHJ4HYJOSHJ(WYPSSHJ       LX\P[`ZOHYLZVM`LHJOM\SS`WHPK

110 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Details of shareholders holding more than 5% shares in the Company

Particulars March 31, 2017 March 31, 2016 April 1, 2015

Number of Number of Number of % holding % holding % holding shares shares shares

,X\P[`ZOHYLZVM`LHJOM\SS` paid ;OL/PUK\Z[HU;PTLZ3PTP[LK[OL          holding company .V]LYUTLU[7LUZPVU-\UK - - - -   .SVIHS

(ZVU4HYJO.V]LYUTLU[7LUZPVU-\UK.SVIHSOHZ ZOHYLZILPUN VM[OLZOHYLJHWP[HS   (ZVU4HYJO.V]LYUTLU[7LUZPVU-\UK.SVIHSOHZ  ZOHYLZILPUN VM[OLZOHYLJHWP[HS   (ZWLYYLJVYKZVM[OL*VTWHU`PUJS\KPUNP[ZYLNPZ[LYVMZOHYLOVSKLYZTLTILYZHUKV[OLYKLJSHYH[PVUYLJLP]LKMYVT[OL ZOHYLOVSKLYZYLNHYKPUNILULÄJPHSPU[LYLZ[[OLHIV]LZOHYLOVSKPUNYLWYLZLU[ZIV[OSLNHSHUKILULÄJPHSV^ULYZOPWZVM shares.

Aggregate number of equity shares issued as bonus, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

Particulars March 31, 2017 March 31, 2016 April 1, 2015 Number of shares Number of shares Number of shares

,X\P[`ZOHYLZHSSV[LKHZM\SS`WHPK\W[V.VPJVT4H\YP[P\Z3PTP[LK    W\YZ\HU[[VH:JOLTLVM(YYHUNLTLU[HUK+LTLYNLY\Z  VM [OL*VTWHUPLZ(J[  ,X\P[`ZOHYLZHSSV[LKHZM\SS`WHPK\W[V;OL/PUK\Z[HU;PTLZ3PTP[LK       W\YZ\HU[[VH:JOLTLVM(YYHUNLTLU[HUK9LZ[Y\J[\YPUN\Z   YLHK^P[OZLJ[PVUZVM[OL*VTWHUPLZ(J[  :OHYLZIV\NO[IHJRHUKL_[PUN\PZOLKK\YPUN[OL@LHY,UKLK4HYJO     :P_LX\P[`ZOHYLZHSSV[[LK[VLYZ[^OPSLZOHYLOVSKLYZVM-PYLÅ`    L=LU[\YLZ3PTP[LKVU4HYJOW\YZ\HU[[V[OL:JOLTLVM (YYHUNLTLU[HUK9LZ[Y\J[\YPUN\Z  YLHK^P[O:LJ[PVUZ VM[OL*VTWHUPLZ(J[ IL[^LLU/;4LKPH3PTP[LK HUK-PYLÅ`L=LU[\YLZ3PTP[LKHUK[OLPYYLZWLJ[P]LZOHYLOVSKLYZHUK creditors

Shares reserved for issue under options -VYKL[HPSZVMLX\P[`ZOHYLZYLZLY]LKMVY[OLPZZ\L\UKLY,TWSV`LL:[VJR6W[PVUZ,:67VM[OL*VTWHU`YLMLYUV[L

ANNUAL REPORT 2016-17 111 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

13. OTHER EQUITY `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Securities Premium      *HWP[HS9LKLTW[PVU9LZLY]L    *HWP[HS9LZLY]L    .LULYHS9LZLY]L    -=;6*0MVYPU]LZ[TLU[PU1VPU[=LU[\YL*VTWHU`  - - 9L[HPULK,HYUPUNZ         Total 165,226.49 155,756.96 148,273.29

Securities Premium (Refer Note 44) `PU3HJZ Particulars Amount

At April 1, 2015 32,430.66 3LZZ!3PJLUZLMLLZHTVY[PaLK9LMLY5V[L  At March 31, 2016 31,663.14 3LZZ!3PJLUZLMLLZHTVY[PaLK9LMLY5V[L  At March 31, 2017 31,095.39

Capital Redemption Reserve `PU3HJZ Particulars Amount

At April 1, 2015 2,045.45 *OHUNLZK\YPUN[OLWLYPVK - At March 31, 2016 2,045.45 *OHUNLZK\YPUN[OLWLYPVK - At March 31, 2017 2,045.45

P +\YPUN[OL-@HUHTV\U[VM`SHJZOH]LILLU[YHUZMLYYLKMYVT:[H[LTLU[VM7YVÄ[HUK3VZZ[V *HWP[HS9LKLTW[PVU9LZLY]LVUHJJV\U[VM 5VUJ\T\SH[P]L9LKLLTHISLWYLMLYLUJLZOHYLZVM` LHJO^LYLYLKLLTLKVU:LW[LTILY

PP ;OL )VHYK VM +PYLJ[VYZ H[ [OLPY TLL[PUN OLSK VU 4H`   HWWYV]LK I\`IHJR VM M\SS` WHPK\W LX\P[` ZOHYLZ VM [OL *VTWHU` OH]PUN H MHJL ]HS\L VM `  MYVT [OL L_PZ[PUN ZOHYLOVSKLYZILULÄJPHS V^ULYZ V[OLY [OHU [OL WYVTV[LYZWLYZVUZ ^OV HYL PU JVU[YVS VM [OL *VTWHU` MYVT [OL VWLU THYRL[ [OYV\NO Z[VJR L_JOHUNLZ H[ H WYPJL UV[ L_JLLKPUN `  WLY LX\P[` ZOHYL WH`HISL PU JHZO MVY HU HNNYLNH[L HTV\U[ not exceeding `  SHJZ ;OL )\` IHJR :JOLTL LU]PZHNLK [OL )\` )HJR VM ZOHYLZ VM TPUPT\T VM    LX\P[` ZOHYLZ HUK H TH_PT\T VM  LX\P[` ZOHYLZ 7\YZ\HU[ [V HIV]L K\YPUN [OL `LHY LUKLK 4HYJO   [OL *VTWHU` OHZ IV\NO[ HUK L_[PUN\PZOLK  LX\P[` ZOHYLZ VM `  LHJO The shares extinguished have been bought for an aggregate consideration of `    SHJZ ;OL L_JLZZ VM HNNYLNH[L JVUZPKLYH[PVU WHPK MVY )\`)HJR V]LY [OL MHJL ]HS\L VM ZOHYLZ ZV IV\NO[ IHJR HUK L_[PUN\PZOLK amounting to `  SHJZPZHKQ\Z[LKHNHPUZ[[OL:OHYL7YLTP\T(JJV\U[-\Y[OLYHUHTV\U[VM`SHJZ LX\P]HSLU[ [V UVTPUHS ]HS\L VM ZOHYLZ IV\NO[ IHJR OHZ ILLU [YHUZMLYYLK [V *HWP[HS 9LKLTW[PVU 9LZLY]L MYVT .LULYHS9LZLY]L

112 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Capital Reserve `PU3HJZ Particulars Amount

At April 1, 2015 7,234.45 *OHUNLZK\YPUN[OLWLYPVK - At March 31, 2016 7,234.45 *OHUNLZK\YPUN[OLWLYPVK9LMLY5V[L   At March 31, 2017 17,601.65

General Reserve `PU3HJZ Particulars Amount

At April 1, 2015 7,144.55 *OHUNLZK\YPUN[OLWLYPVK - At March 31, 2016 7,144.55 *OHUNLZK\YPUN[OLWLYPVK - At March 31, 2017 7,144.55

FVTOCI Reserve `PU3HJZ Particulars Amount

At April 1, 2015 - *OHUNLZK\YPUN[OLWLYPVK - At March 31, 2016 - *OHUNLZK\YPUN[OLWLYPVK  At March 31, 2017 (5,441.00)

*OHUNLPU-=;6*09LZLY]LYLWYLZLU[ZMHPY]HS\LVM0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LK1VPU[]LU[\YLJVUZPKLYLKPUIVVRZ

Retained Earnings `PU3HJZ Particulars Amount

At April 1, 2015 99,418.18 5L[7YVÄ[MVY[OLWLYPVK    Add: Items of other comprehensive income recognised directly in retained earnings 9LTLHZ\YLTLU[ZVMWVZ[LTWSV`TLU[ILULNj[VISPNH[PVUUL[VM[H_  3LZZ!+P]PKLUK7HPK    3LZZ!+P]PKLUKKPZ[YPI\[PVU[H_  (KK!(KQ\Z[TLU[VMHJJ\T\SH[LKZ\YWS\ZVM/;4LKPH,TWSV`LL>LSMHYL;Y\Z[    At March 31, 2016 107,669.37 5L[7YVÄ[MVY[OLWLYPVK  Add: Items of other comprehensive income recognised directly in retained earnings 9LTLHZ\YLTLU[ZVMWVZ[LTWSV`TLU[ILULNj[VISPNH[PVUUL[VM[H_  3LZZ!+P]PKLUK7HPK    3LZZ!+P]PKLUKKPZ[YPI\[PVU[H_  (KK!(KQ\Z[TLU[VMHJJ\T\SH[LKZ\YWS\ZVM/;4LKPH,TWSV`LL>LSMHYL;Y\Z[   At March 31, 2017 112,780.45

;OLKPZHNNYLNH[PVUVMJOHUNLZPU6*0I`LHJO[`WLVMYLZLY]LZPULX\P[`PZKPZJSVZLKPU5V[L

ANNUAL REPORT 2016-17 113 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

14A. BORROWINGS `PU3HJZ

Particulars Effective March 31, March 31, April 1, Maturity Interest Rate 2017 2016 2015

Non- current Borrowings From Banks Secured Loan -VYLPNU*\YYLUJ`5VU9LWH[YPHISL <:+TVU[O3PIVY 1\S`        -*593VHUMYVT*P[P)HUR9LMLYUV[L   ZWYLHKWH ILSV^ ,_[LYUHS*VTTLYJPHS)VYYV^PUNMYVT*P[P <:+TVU[OZ3PIVY 1\UL -     )HUR9LMLYUV[LILSV^  ZWYLHKWH 1,702.18 3,933.60 6,757.27 Current Borrowings From Banks Secured Buyer's credit from BNP Paribas 9LMLYUV[LILSV^ 9LMLYUV[LILSV^ - -   )\`LYZJYLKP[MYVT9V`HS)HURVM 9LMLYUV[LILSV^ 9LMLYUV[LILSV^ - -  Scotland Buyer's credit from Kotak Mahindra Bank 9LMLYUV[LILSV^ 9LMLYUV[LILSV^ - -    -VYLPNU*\YYLUJ`5VU9LWH[YPHISL <:+TVU[O3PIVY 1HU\HY`        -*593VHUMYVT*P[P)HUR9LMLYUV[L   ZWYLHKWH ILSV^ ,_[LYUHS*VTTLYJPHS)VYYV^PUNMYVT*P[P <:+TVU[OZ3PIVY 1\UL      )HUR9LMLYUV[LILSV^  ZWYLHKWH Unsecured Buyer's credit from Bank of Tokyo and 9LMLYUV[LILSV^ 9LMLYUV[LILSV^     Mitsubishi )\`LYZJYLKP[MYVT*0;0)HUR 9LMLYUV[LILSV^ 9LMLYUV[LILSV^ -    )\`LYZJYLKP[MYVT+):)HUR 9LMLYUV[LILSV^ 9LMLYUV[LILSV^     Buyer's credit from Yes Bank 9LMLYUV[LILSV^ 9LMLYUV[LILSV^ -   )\`LYZJYLKP[MYVT+L\[ZJOL)HUR 9LMLYUV[L ILSV^ 9LMLYUV[L ILSV^ -  - )HUR6]LYKYHM[MYVT*0;0)HUR  9\UUPUN(JJV\U[WH`HISLVU   - +LTHUK =LUKVYÄUHUJPUNMYVT*0;0)HUR 9LMLYUV[L ILSV^ 9LMLYUV[L ILSV^ - -  =LUKVYÄUHUJPUNMYVT+L\[ZJOL)HUR 9LMLYUV[LILSV^ 9LMLYUV[LILSV^ - -  *VTTLYJPHS7HWLYZMYVT/+-*)HUR    1\UL[V1\UL    - *VTTLYJPHS7HWLYZMYVT0*0*0)HUR  1\UL[V1\UL -   - *VTTLYJPHS7HWLYZ9LSPHUJL*HWP[HS;Y\Z[  (WYPS -   - *VTTLYJPHS7HWLYZMYVT;(;(4-   4H`[V4H`  - - *VTTLYJPHS7HWLYZMYVT<;04-  4H`   - - *VTTLYJPHS7HWLYZMYVT30*4-  1\UL   - - 99,185.60 87,744.46 20,308.53 3LZZ!(TV\U[JS\IILK\UKLYºV[OLY         J\YYLU[ÄUHUJPHSSPHIPSP[PLZ»*\YYLU[ 4H[\YP[PLZVM3VUN;LYT)VYYV^PUN Net Current Borrowings 97,037.61 84,514.77 17,808.73 Aggregate Secured Loans       (NNYLNH[L

114 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

NOTE 1- BUYER’S CREDIT FROM BANK OF TOKYO AND NOTE 7- BUYER’S CREDIT FROM YES BANK (UNSECURED) MITSUBISHI (UNSECURED) 6\[Z[HUKPUN)\`LY»Z*YLKP[SVHUMYVT@LZ)HUR

ANNUAL REPORT 2016-17 115 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

LOAN COVENANTS ;OLJVTWHU`OHZJVTWSPLK^P[OHSS[OLSVHUJV]LUHU[Z9LMLY5V[L

14B. TRADE PAYABLES `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Trade Payable 4PJYV:THSSHUK4LKP\T,U[LYWYPZLZ9LMLY5V[L 3.13    9LSH[LK7HY[PLZ9LMLY5V[L(     - Others      Total 30,269.73 32,238.31 37,877.94 Non- Current - - - Current 30,269.73 32,238.31 37,877.94

;LYTZHUKJVUKP[PVUZVM[OLHIV]LÄUHUJPHSSPHIPSP[PLZ! ;YHKLWH`HISLZHYLUVUPU[LYLZ[ILHYPUNHUKHYLUVYTHSS`ZL[[SLKPU[OLYHUNLVM[V KH`Z[LYTZ -VYL_WSHUH[PVUZPU[OL*VTWHU`»ZJYLKP[YPZRTHUHNLTLU[WYVJLZZYLMLY5V[L 14C. OTHER FINANCIAL LIABILITIES `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

0+LYP]H[P]LZH[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZ -VYL_KLYP]H[P]LJVU[YHJ[     - -VYLPNUJ\YYLUJ`VW[PVUZ     Total (I) 162.34 198.67 - 006[OLYÄUHUJPHSSPHIPSP[PLZH[HTVY[PaLKJVZ[ *\YYLU[TH[\YP[`VMSVUN[LYTSVHUZ9LMLY5V[L(         Book Overdraft - -  Sundry deposits        Interest accrued but not due on borrowings and others    

FOREX DERIVATIVE CONTRACT COUPON ONLY SWAP >OPSL[OL*VTWHU`LU[LYLKPU[VMVYLPNUL_JOHUNLMVY^HYK ;OL*VTWHU`OHKLU[LYLKPU[VJV\WVUVUS`Z^HW[VOLKNL contracts with the intention of reducing the foreign exchange HNHPUZ[ L_WVZ\YL [V ]HYPHISL PU[LYLZ[ V\[ÅV^ VU ,_[LYUHS YPZR VM MVYLPNU J\YYLUJ` IVUKZ IVYYV^PUNZ HUK WH`HISLZ *VTTLYJPHS)VYYV^PUN:^HW[LYTZHYL[VWH`Ä_LKPU[LYLZ[ These contracts are not designated in hedge relationships '  WH VU UV[PVUHS ` amount and receive a variable HUKHYLTLHZ\YLKH[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZ PU[LYLZ['[OYLLTVU[OZ30)69 VU<:+UV[PVUHSHTV\U[

CALL SPREAD OPTION TO BUY USD INTEREST RATE SWAP ;OL*VTWHU`OHKLU[LYLKPU[VJHSSZWYLHKVW[PVU[VI\`<:+[V ;OL*VTWHU`OHKLU[LYLKPU[VPU[LYLZ[YH[LZ^HW[VOLKNL OLKNLWYPUJPWHSYLWH`TLU[VM,_[LYUHS*VTTLYJPHS)VYYV^PUN HNHPUZ[ L_WVZ\YL [V ]HYPHISL PU[LYLZ[ V\[ÅV^ VU -VYLPNU HUK-VYLPNU*\YYLUJ`5VU9LWH[YPHISL-*59IVYYV^PUN *\YYLUJ`5VU9LWH[YPHISL-*59)VYYV^PUN:^HW[LYTZ HYL [V WH` Ä_LK PU[LYLZ[ '   WH VU UV[PVUHS <:+ HTV\U[HUKYLJLP]LH]HYPHISLPU[LYLZ['VULTVU[O30)69  VU<:+UV[PVUHSHTV\U[

116 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

BREAK UP OF FINANCIAL LIABILITIES CARRIED AT AMORTIZED COST `PU3HJZ Particulars Note March 31, 2017 March 31, 2016 April 1, 2015

)VYYV^PUNZUVUJ\YYLU[ 14A      )VYYV^PUNZJ\YYLU[ 14A        *\YYLU[TH[\YP[`VMSVUN[LYTSVHUZ 14A         Book Overdraft * - -  Sundry deposits *        Interest accrued but not due on borrowings and others *    

15. PROVISIONS `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

7YV]PZPVUMVYLTWSV`LLILULÄ[Z 7YV]PZPVUMVY3LH]L)LULÄ[Z      7YV]PZPVUMVY.YH[\P[`9LMLY5V[L      Other Provisions Provision for contingencies     Total 2,416.67 3,634.08 2,176.37 Non- Current 119.37 146.90 126.16 Current 2,297.30 3,487.18 2,050.21

Provision for contingencies ;OLWYV]PZPVUMVYJVU[PUNLUJPLZYLWYLZLU[Z[OLILZ[LZ[PTH[LVM[OLTHUHNLTLU[MVYHUVISPNH[PVUVU[OL*VTWHU`PU YLSH[PVU[VHJSHPTW\Z\HU[[V[OLI\ZPULZZW\YJOHZLHNYLLTLU[KH[LK6J[VILYMVYW\YJOHZLVM[OLWYPU[PUNI\ZPULZZ MYVTP[ZOVSKPUNJVTWHU`0UMVYTH[PVU\Z\HSS`YLX\PYLKI`0UK(:7YV]PZPVUZ*VU[PUNLU[3PHIPSP[PLZHUK*VU[PUNLU[ (ZZL[ZPZUV[KPZJSVZLKVU[OLNYV\UKZ[OH[P[JHUILL_WLJ[LK[VWYLQ\KPJL[OLPU[LYLZ[ZVM[OL*VTWHU`

Movement in provisions

`PU3HJZ

Particulars Provision for contingencies

As at April 1, 2015 992.40 Arising during the year  (TV\U[9L]LYZLK - As at April 1, 2016 2,463.40 Arising during the year - (TV\U[9L]LYZLK[HRLUPU¸

ANNUAL REPORT 2016-17 117 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

16. INCOME TAX ;OLTHQVYJVTWVULU[ZVMPUJVTL[H_L_WLUZLMVY[OL`LHYLUKLK4HYJOHUK4HYJOHYL! Statement of profit and loss : Profit and loss section `PU3HJZ Particulars March 31, 2017 March 31, 2016

Current income tax : *\YYLU[PUJVTL[H_JOHYNL -  Adjustments in respect of current income tax of previous year     Tax expense of discontinued operations -   Deferred tax : 9LSH[PUN[VVYPNPUH[PVUHUKYL]LYZHSVM[LTWVYHY`KPMMLYLUJLZ     0UJVTL[H_L_WLUZLYLWVY[LKPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ 268.90 3,363.51

OCI section : +LMLYYLK[H_YLSH[LK[VP[LTZYLJVNUPZLKPU6*0K\YPUNPU[OL`LHY!

`PU3HJZ Particulars March 31, 2017 March 31, 2016

0UJVTL[H_JOHYNLJYLKP[VUYLTLHZ\YLTLU[ZVMKLÄULKILULÄ[WSHUZ   Income tax charged to OCI (16.06) (77.61)

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for March 31, 2017 and March 31, 2016:

`PU3HJZ Particulars March 31, 2017 March 31, 2016

(JJV\U[PUNWYVÄ[ILMVYL[H_MYVTJVU[PU\PUNVWLYH[PVUZ    7YVÄ[SVZZILMVYL[H_MYVTHKPZJVU[PU\LKVWLYH[PVU -   (JJV\U[PUNWYVÄ[ILMVYLPUJVTL[H_ 6,419.53 12,708.44 ([0UKPHZZ[H[\[VY`PUJVTL[H_YH[LVM  4HYJO!      Non- taxable income : Income from Investments & Sale of Investment property     Non-deductible expenses for tax purposes: Loss/Provision on Investments     Other non deductible expenses   

Adjustments in respect of current income tax of previous years     Adjustments in respect of defered income tax of previous years    (KQ\Z[TLU[ZPUYLZWLJ[VM9L]LYZHSVM)YV\NO[MVY^HYK*HWP[HS3VZZLZ -  Adjustments related to difference of tax base and book base    At the effective income tax rate 268.90 3,363.51 0UJVTL[H_L_WLUZLYLWVY[LKPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ 268.90 6,286.85 Income tax attributable to a discontinued operation -   Total Tax Expense 268.90 3,363.51

118 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

DEFERRED TAX Deferred tax relates to the following:

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Deferred tax liabilities +PMMLYLUJLZPUKLWYLJPH[PVUPUISVJRVMÄ_LKHZZL[ZHZWLY[H_IVVRZHUK       ÄUHUJPHSIVVRZ Others      Gross deferred tax liabilities 8,192.66 5,846.41 6,048.23 +LMLYYLK[H_HZZL[Z ,MMLJ[VML_WLUKP[\YLKLIP[LK[VZ[H[LTLU[VMWYVÄ[HUKSVZZPU[OLJ\YYLU[      year/earlier years but allowed for tax purposes in following years Provision for doubtful debts and advances      *HYY`MVY^HYKVM\UHIZVYILKKLWYLJPH[PVUHUKSVZZLZ   -  Others     Gross deferred tax assets 4,443.15 3,174.27 4,258.51 Deferred tax liabilities (net) 3,749.51 2,672.14 1,789.72

Reflected in the balance sheet as follows:

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Deferred tax liabilities, net 3,749.51 2,672.14 1,789.72

Reconciliation of deferred tax liabilities (net):

`PU3HJZ Particulars March 31, 2017 March 31, 2016

Opening balance as of April 1    ;H_L_WLUZLPUJVTLK\YPUN[OLWLYPVKYLJVNUPZLKPUWYVÄ[HUKSVZZ     ;H_L_WLUZLPUJVTLK\YPUN[OLWLYPVKYLJVNUPZLKPU6*S   Closing balance as at March 31 3,749.51 2,672.14

The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

+\YPUN[OL`LHYLUKLK4HYJOHUK4HYJO[OLJVTWHU`OHZWHPKKP]PKLUK[VP[ZZOHYLOVSKLYZ;OPZ OHZYLZ\S[LKPUWH`TLU[VM+P]PKLUK+PZ[YPI\[PVU;H_[V[OL[H_H[PVUH\[OVYP[PLZ;OLJVTWHU`ILSPL]LZ[OH[+P]PKLUK +PZ[YPI\[PVU ;H_ YLWYLZLU[Z HKKP[PVUHS WH`TLU[ [V [H_H[PVU H\[OVYP[` VU ILOHSM VM [OL ZOHYLOVSKLYZ /LUJL +P]PKLUK +PZ[YPI\[PVU;H_WHPKPZJOHYNLK[VLX\P[`

ANNUAL REPORT 2016-17 119 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

17. OTHER NON-CURRENT LIABILITIES `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

(K]HUJLZMYVT*\Z[VTLYZ     

.V]LYUTLU[.YHU[Z       *\YYLU[WVY[PVUVM.V]LYUTLU[.YHU[Z       Non-current portion of Government Grants 1,446.18 1,565.23 1,684.28 +LMLYYLK9L]LU\L      *\YYLU[WVY[PVUVM+LMLYYLK9L]LU\L      Non-current portion of Deferred Revenue - - - Total 1,799.02 1,782.92 2,039.53

Government Grants

`PU3HJZ Particulars March 31, 2017 March 31, 2016

At April 1 1,684.28 1,803.33 9LSLHZLK[VZ[H[LTLU[VMWYVÄ[HUKSVZZ     At March 31 1,565.23 1,684.28 Non- current 1,446.18 1,565.23 Current 119.05 119.05

;OL*VTWHU`OHZVI[HPULKSPJLUZLZ\UKLY[OL,_WVY[7YVTV[PVU*HWP[HS.VVKZº,7*.»:JOLTLMVYPTWVY[PUNJHWP[HS NVVKZH[HJVUJLZZPVUHSYH[LVMJ\Z[VTZK\[`

18. CURRENT TAX LIABILITY (NET) `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

*\YYLU[[H_SPHIPSP[`UL[    Total 434.27 1,026.71 634.13

19. OTHER CURRENT LIABILITIES `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

(K]HUJLZMYVT*\Z[VTLYZ           *\Z[VTLYZHUKHNLU[ZIHSHUJLZ        Statutory dues       *\YYLU[WVY[PVUVM.V]LYUTLU[.YHU[Z       *\YYLU[WVY[PVUVM+LMLYYLK9L]LU\L      Total 34,092.06 27,514.98 20,886.82

120 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

20. REVENUE FROM OPERATIONS `PU3HJZ Particulars March 31, 2017 March 31, 2016

Sale of products - Sale of newspaper and publications     Sale of services - Advertisement revenue    - Airtime sales      - Income from digital services     1VI^VYRYL]LU\LHUKJVTTPZZPVUPUJVTL     Other operating revenues :HSLVMZJYHW^HZ[LWHWLYZHUKVSKW\ISPJH[PVU      - Others       Total 1,43,204.23 1,52,672.87 3LZZ!+PZJVU[PU\LK6WLYH[PVUZ9LMLY5V[L  -   Total for Continuing Operations 1,43,204.23 1,49,884.55

21. OTHER INCOME `PU3HJZ Particulars March 31, 2017 March 31, 2016

Interest income on - Bank deposits    - Loan to subsidiary   - Others   Dividend income on - Investment in Subsidiary   Other non - operating income Interest income from mutual funds    7YVÄ[VUZHSLVMPU]LZ[TLU[WYVWLY[PLZ    0UJVTLMYVT.V][.YHU[     0UJVTLVUHZZL[ZNP]LUVUÄUHUJPHSSLHZL   -

;OL*VTWHU`OHZVI[HPULKSPJLUZLZ\UKLY[OL,_WVY[7YVTV[PVU*HWP[HS.VVKZº,7*.»:JOLTLMVYPTWVY[PUNJHWP[HSNVVKZH[HJVUJLZZPVUHSYH[L VMJ\Z[VTZK\[`

ANNUAL REPORT 2016-17 121 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

22. COST OF MATERIALS CONSUMED `PU3HJZ Particulars March 31, 2017 March 31, 2016

Consumption of raw material Inventory at the beginning of the year       Add: Purchase during the year     Less : Sale of damaged newsprint    44,178.82 47,761.85 Less: Inventory at the end of the year        Total 35,150.82 38,133.04

23. (INCREASE)/DECREASE IN INVENTORIES `PU3HJZ Particulars March 31, 2017 March 31, 2016

Inventory at the beginning of the year -PUPZOLK.VVKZ   - Work -in- progress     - Scrap and waste papers    Inventory at the end of the year -PUPZOLK.VVKZ   - Work -in- progress      - Scrap and waste papers   (Increase)/ decrease in inventories -PUPZOLK.VVKZ    - Work -in- progress   - Scrap and waste papers   1.88 Total 4.71 0.74

24. EMPLOYEE BENEFITS EXPENSE `PU3HJZ Particulars March 31, 2017 March 31, 2016

:HSHYPLZ^HNLZHUKIVU\Z      *VU[YPI\[PVU[VWYV]PKLU[HUKV[OLYM\UKZ     .YH[\P[`L_WLUZL9LMLY5V[L     Workmen and Staff welfare expenses     Total 32,795.04 38,889.46 3LZZ!+PZJVU[PU\LK6WLYH[PVUZ9LMLY5V[L  -    Total for Continuing Operations 32,795.04 33,398.08

25. FINANCE COSTS `PU3HJZ Particulars March 31, 2017 March 31, 2016

Interest on debts and borrowings    ,_JOHUNLKPMMLYLUJLYLNHYKLKHZHUHKQ\Z[TLU[[VIVYYV^PUNJVZ[Z      Bank charges     Total 7,868.40 5,100.44 3LZZ!+PZJVU[PU\LK6WLYH[PVUZ9LMLY5V[L  -   Total for Continuing Operations 7,868.40 5,098.16

122 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

26. DEPRECIATION AND AMORTIZATION EXPENSE `PU3HJZ Particulars March 31, 2017 March 31, 2016

+LWYLJPH[PVUVM[HUNPISLHZZL[ZUV[L     (TVY[PaH[PVUVMPU[HUNPISLHZZL[ZUV[L    +LWYLJPH[PVUVU0U]LZ[TLU[7YVWLY[PLZUV[L    Total 9,746.79 7,152.47 3LZZ!+PZJVU[PU\LK6WLYH[PVUZ9LMLY5V[L  -   Total for Continuing Operations 9,746.79 7,088.88

27. OTHER EXPENSES `PU3HJZ Particulars March 31, 2017 March 31, 2016

*VUZ\TW[PVUVMZ[VYLZHUKZWHYLZ     Printing and service charges     News service and dispatches    :LY]PJL*OHYNLZVU(K9L]LU\L     Power and fuel    (K]LY[PZPUNHUKZHSLZWYVTV[PVU9LMLY5V[L    -YLPNO[HUK-VY^HYKPUNJOHYNLZ     9LU[     9H[LZHUK[H_LZ       Insurance      9LWHPYZHUKTHPU[LUHUJL! - Plant and machinery     - Building      - Others     Travelling and conveyance    *VTT\UPJH[PVUJVZ[Z       Legal and professional fees    7H`TLU[[VH\KP[VY9LMLY5V[LILSV^    +PYLJ[VYZZP[[PUNMLLZ    ,_JOHUNLKPMMLYLUJLZUL[   0TWHPYTLU[MVYKV\I[M\SKLI[ZHUKHK]HUJLZPUJS\KLZIHKKLI[Z^YP[[LUVMM      3VZZVUZHSLVM7YVWLY[`7SHU[HUK,X\PWTLU[HUK0U[HUNPISLZ   -HPY]HS\LVM0U]LZ[TLU[[OYV\NOWYVÄ[HUKSVZZUL[PUJS\KPUN7YVÄ[3VZZVUZHSLVM3VUN     [LYTPU]LZ[TLU[Z9LMLY5V[LILSV^MVYKL[HPS 7YVNYHTTPUN*VZ[    License fees     5L^Z*VU[LU[ZV\YJPUNMLLZ   - Impairment towards value of investment properties      Provision for contingencies -  +VUH[PVUZ9LMLY5V[L    318.34 Miscellaneous expenses      Total 66,907.91 63,370.29 3LZZ!+PZJVU[PU\LK6WLYH[PVUZ9LMLY5V[L  -   Total for Continuing Operations 66,907.91 57,691.96

ANNUAL REPORT 2016-17 123 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7\YZ\HU[[V[OLZHUJ[PVUVM[OL:JOLTLVM(YYHUNLTLU[\Z  VM[OL*VTWHUPLZ(J[ IL[^LLU[OL*VTWHU`HUK/;+PNP[HS:[YLHTZ3PTP[LK /;+:3HUK[OLPYYLZWLJ[P]LZOHYLOVSKLYZ JYLKP[VYZMVY[YHUZMLYHUK]LZ[PUNVM4\S[PTLKPH*VU[LU[4HUHNLTLU[

Payment to auditors `PU3HJZ Particulars March 31, 2017 March 31, 2016

As auditor : - Audit fee   3PTP[LK9L]PL^   - Tax audit fee   In other capacities : *LY[PÄJH[PVUMLLZ   - Other services  9LPTI\YZLTLU[VML_WLUZLZ 18.38  Service tax on above  18.43 Total 121.37 142.94

Detail of Fair value of Investment through profit and loss (net) `PU3HJZ Particulars March 31, 2017 March 31, 2016

.HPUVUMHPY]HS\H[PVUVM0U]LZ[TLU[ZYLJVNUPaLKK\YPUN[OL`LHY   - Loss on fair valuation of Investments recognized during the year     Actual Loss on Investments sold during the year    (J[\HS7YVÄ[VU0U]LZ[TLU[ZZVSKK\YPUN[OL`LHY   - 9L]LYZHSVMPTWHPYTLU[3VZZVU0U]LZ[TLU[ZZVSKK\YPUN[OL`LHY   Total 420.28 916.31

28. EXCEPTIONAL ITEMS `PU3HJZ Particulars March 31, 2017 March 31, 2016

0UJVTLMYVTZHSLVM¸/PUK\Z[HUHUKHSSPLKIYHUKZ¹[V/PUK\Z[HU4LKPH=LU[\YLZ3PTP[LK9LMLY -  5V[LP Income (A) - 6,200.00 7YV]PZPVUMVYKPTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z9LMLY5V[LPP -   Expenses (B) - 4,096.00 Net Income/(Expense) (A)-(B) - 2,104.00

124 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Note:- shareholders & creditors for transfer and vesting of P +\YPUN [OL WYL]PV\Z `LHY *VTWHU` OHZ ZVSK [OL 4\S[PTLKPH*VU[LU[4HUHNLTLU[

ANNUAL REPORT 2016-17 125 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Details of assets and liability transferred are as below:-

Particulars Amount (` in Lacs)

1. Non-current assets      7YVWLY[`WSHU[HUKLX\PWTLU[ 0U[HUNPISL(ZZL[Z  2. Current assets   H -PUHUJPHSHZZL[Z     P ;YHKLYLJLP]HISLZ       PP 3VHUZ     I 6[OLYJ\YYLU[HZZL[Z  Total Current Assets 1,324.37 Total Assets (A) 1,651.82 3. Current liabilities   H 7YV]PZPVUZ     I 6[OLYJ\YYLU[SPHIPSP[PLZ  Total Current liabilities 2,119.01 Total liabilities (B) 2,119.01 Net Asset transferred to the Company (A-B) (467.20) Add: Purchase Consideration (9,900.00) Accounted in Capital Reserve (10,367.20)

J ;OLYL]LU\LZLHYULKHUKL_WLUZLZPUJ\YYLKMVY[OLUPULTVU[OZWLYPVKPLMYVT[OL(WWVPU[LK+H[L[V[OL,MMLJ[P]L +H[L^LYL[YHUZMLYYLK[V/;+:3VU[OLLMMLJ[P]LKH[L^OPJOYLZ\S[LKPU[VSV^LYWYVÄ[HM[LY[H_HTV\U[VM`  Lacs during the current year.

;OL ÄUHUJPHSZ MVY `LHY LUKLK 4HYJO    KV UV[ PUJS\KL ÄUHUJPHSZ VM 44*4

`PU3HJZ

Particulars Year Ended March 31, 2016

Total Income 2,788.58 Expenses ,TWSV`LLILULÄ[ZL_WLUZL    -PUHUJL*VZ[Z   +LWYLJPH[PVUHUKHTVY[PZH[PVUL_WLUZL   Other expenses   Total Expenses 11,235.58 7YVÄ[3VZZILMVYL;H_ (8,447.00) ;H_,_WLUZL*YLKP[   5L[7YVÄ[3VZZMVY[OLWLYPVK (5,523.66)

126 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Cash Flows

`PU3HJZ

Particulars Year Ended March 31, 2016

Operating     Investing - -PUHUJPUN     5L[JHZOV\[ÅV^PUÅV^ -

30. OTHER COMPREHENSIVE INCOME ;OLKPZHNNYLNH[PVUVMJOHUNLZ[V6*0I`LHJO[`WLVMYLZLY]LPULX\P[`PZZOV^UILSV^! +\YPUN[OL`LHYLUKLK4HYJO `PU3HJZ Particulars FVTOCI Retained Total Reserve earnings

.HPUSVZZVU-=;6*0ÄUHUJPHSHZZL[Z  -  9LTLHZ\YLTLU[NHPUZSVZZLZVUKLÄULKILULÄ[WSHUZ -     ;H_PTWHJ[VU9LTLHZ\YLTLU[NHPUZSVZZLZVUKLÄULKILULÄ[WSHUZ -   Total (5,441.00) (60.63) (5,501.63)

;OL*VTWHU`»ZPU]LZ[TLU[PU1VPU[=LU[\YL0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LK0,:73OHZILLU]HS\LKH[-=;6*0;OL.YVZZHTV\U[VM[OL investment made is ` 3HJZHNHPUZ[^OPJO`3HJZOHZILLUWYV]PKLK[OYV\NO6*0

+\YPUN[OL`LHYLUKLK4HYJO `PU3HJZ Particulars Retained Total earnings

9LTLHZ\YLTLU[NHPUZSVZZLZVUKLÄULKILULÄ[WSHUZ       ;H_PTWHJ[VU9LTLHZ\YLTLU[NHPUZSVZZLZVUKLÄULKILULÄ[WSHUZ   Total (115.36) (115.36)

31. EARNINGS PER SHARE (EPS) )HZPJ,7:HTV\U[ZHYLJHSJ\SH[LKI`KP]PKPUN[OLWYVÄ[MVY[OL`LHYH[[YPI\[HISL[VLX\P[`OVSKLYZI`[OL^LPNO[LKH]LYHNL U\TILYVM,X\P[`ZOHYLZV\[Z[HUKPUNK\YPUN[OL`LHY

+PS\[LK,7:HTV\U[ZHYLJHSJ\SH[LKI`KP]PKPUN[OLWYVÄ[H[[YPI\[HISL[VLX\P[`OVSKLYZI`[OL^LPNO[LKH]LYHNLU\TILY VM,X\P[`ZOHYLZV\[Z[HUKPUNK\YPUN[OL`LHYWS\Z[OL^LPNO[LKH]LYHNLU\TILYVM,X\P[`ZOHYLZ[OH[^V\SKILPZZ\LKVU JVU]LYZPVUVMHSS[OLKPS\[P]LWV[LU[PHS,X\P[`ZOHYLZPU[V,X\P[`ZOHYLZ 

ANNUAL REPORT 2016-17 127 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OLMVSSV^PUNYLÅLJ[Z[OLPUJVTLHUKZOHYLKH[H\ZLKPU[OLIHZPJHUKKPS\[LK,7:JVTW\[H[PVUZ!

`PUSHJZL_JLW[LHYUPUNWLYZOHYL Particulars March 31, 2017 March 31, 2016

7YVÄ[H[[YPI\[HISL[VLX\P[`OVSKLYZ *VU[PU\PUNVWLYH[PVUZ      +PZJVU[PU\LKVWLYH[PVU -  7YVÄ[H[[YPI\[HISL[VLX\P[`OVSKLYZ 6,150.63 9,344.93 Weighted average number of Equity shares for basic and diluted EPS 2,327.48 2,327.48 ,MMLJ[VMKPS\[PVU - - Weighted average number of Equity shares adjusted for the effect of dilution* 2,327.48 2,327.48 ,HYUPUNZWLYZOHYLMVYJVU[PU\PUNHUKKPZJVU[PU\LKVWLYH[PVUZ )HZPJ,7:   +PS\[LK,7:   Earnings per share for continuing operations )HZPJ,7:    +PS\[LK,7:    Earnings per share for discontinued operations )HZPJ,7: -  +PS\[LK,7: - 

;OL^LPNO[LKH]LYHNLU\TILYVMZOHYLZ[HRLZPU[VHJJV\U[[OL^LPNO[LKH]LYHNLLMMLJ[VMJOHUNLZPU[YLHZ\Y`ZOHYL[YHUZHJ[PVUZK\YPUN[OL`LHY;OLYL OH]LILLUUVV[OLY[YHUZHJ[PVUZPU]VS]PUNLX\P[`ZOHYLZVYWV[LU[PHS,X\P[`:OHYLZIL[^LLU[OLYLWVY[PUNKH[LHUK[OLKH[LVMH\[OVYPZH[PVUVM[OLZL -PUHUJPHS:[H[LTLU[Z

32. DISTRIBUTION MADE AND PROPOSED `PU3HJZ Particulars March 31, 2017 March 31, 2016

Dividend on equity shares declared and paid : -PUHSKP]PKLUKMVY[OL`LHYLUKLKVU4HYJO!`WLYZOHYL4HYJO!`       WLYZOHYL +P]PKLUK+PZ[YPI\[PVU;H_VUÄUHSKP]PKLUK    987.29 1,009.30 Proposed dividends on Equity shares*: +P]PKLUKWYVWVZLKMVY[OL`LHYLUKLKVU4HYJO!`WLYZOHYL4HYJO!       `WLYZOHYL +P]PKLUK+PZ[YPI\[PVU;H_VUWYVWVZLKKP]PKLUK   987.29 987.29

7YVWVZLKKP]PKLUKZVULX\P[`ZOHYLZHYLZ\IQLJ[[VHWWYV]HSH[[OLHUU\HSNLULYHSTLL[PUNHUKHYLUV[YLJVNUPZLKHZHSPHIPSP[`PUJS\KPUN+P]PKLUK +PZ[YPI\[PVU;H_[OLYLVUHZH[4HYJO 

33. GRATUITY `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

.YH[\P[`7SHU      Total 546.55 668.33 746.78 Non- Current 119.37 146.90 126.16 Current 427.18 521.43 620.62

128 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OL*VTWHU`OHZHKLÄULKILULÄ[NYH[\P[`WSHU,]LY`LTWSV`LL^OVOHZJVTWSL[LKÄ]L`LHYZVYTVYLVMZLY]PJLZ NL[ZHNYH[\P[`VUZLWHYH[PVUH[KH`ZZHSHY`SHZ[KYH^UZHSHY`MVYLHJOJVTWSL[LK`LHYVMZLY]PJL;OL*VTWHU`OHZ MVYTLKH.YH[\P[`;Y\Z[[V^OPJOJVU[YPI\[PVUPZTHKLIHZLKVUHJ[\HYPHS]HS\H[PVUKVULI`PUKLWLUKLU[]HS\LY

;OL NYH[\P[` WSHU PZ NV]LYULK I` [OL 7H`TLU[ VM .YH[\P[` (J[   ;OL *VTWHU` OHZ W\YJOHZLK PUZ\YHUJL WVSPJ` which is a year-on-year cash accumulation plan in which the interest rate is declared on yearly basis and is guaranteed MVYHWLYPVKVMVUL`LHY;OLPUZ\YHUJL*VTWHU`HZWHY[VM[OLWVSPJ`Y\SLZTHRLZWH`TLU[VMHSSNYH[\P[`V\[NVLZ OHWWLUPUNK\YPUN[OL`LHYZ\IQLJ[[VZ\MÄJPLUJ`VMM\UKZ\UKLY[OLWVSPJ`;OLWVSPJ`[O\ZTP[PNH[LZ[OLSPX\PKP[`YPZR /V^L]LYILPUNHJHZOHJJ\T\SH[PVUWSHU[OLK\YH[PVUVMHZZL[ZPZZOVY[LYJVTWHYLK[V[OLK\YH[PVUVMSPHIPSP[PLZ;O\Z [OL*VTWHU`PZL_WVZLK[VTV]LTLU[PUPU[LYLZ[YH[LPUWHY[PJ\SHY[OLZPNUPÄJHU[MHSSPUPU[LYLZ[YH[LZ^OPJOZOV\SKYLZ\S[ in an increase in liability without corresponding increase in the asset.

;OLMVSSV^PUN[HISLZZ\TTHYPZL[OLJVTWVULU[ZVMUL[ILULÄ[L_WLUZLYLJVNUPZLKPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZ and the funded status and amounts recognised in the balance sheet:

Defined Gratuity Plan *OHUNLZPU[OLKLÄULKILULÄ[VISPNH[PVUHUKMHPY]HS\LVMWSHUHZZL[ZHZH[4HYJO! Present value of Obligation

`PU3HJZ Particulars March 31, 2017 March 31, 2016

Opening Balance    *\YYLU[:LY]PJL*VZ[    0U[LYLZ[,_WLUZLVYJVZ[     9LTLHZ\YLTLU[VY(J[\HYPHSNHPUSVZZHYPZPUNMYVT! JOHUNLPUÄUHUJPHSHZZ\TW[PVUZ   - L_WLYPLUJL]HYPHUJLPL(J[\HSL_WLYPLUJL]ZHZZ\TW[PVUZ   )LULÄ[Z7HPK    (JX\PZP[PVU(KQ\Z[TLU[     Total 2,399.25 2,610.71

Fair Value of Plan Assets

`PU3HJZ Particulars March 31, 2017 March 31, 2016

Opening Balance     Investment Income     ,TWSV`LYZJVU[YPI\[PVU     )LULÄ[Z7HPK   9L[\YUVUWSHUHZZL[ZL_JS\KPUNHTV\U[YLJVNUPZLKPUUL[PU[LYLZ[L_WLUZLZ    (JX\PZP[PVUHKQ\Z[TLU[   - Total 1,852.69 1,942.38

ANNUAL REPORT 2016-17 129 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

The major categories of plan assets of the fair value of the total plan assets are as follows:

Particulars +LÄULK.YH[\P[`7SHU

March 31, 2017 March 31, 2016

0U]LZ[TLU[PU-\UKZTHUHNLKI`[OLPUZ\YLY  

;OLWYPUJPWHSHZZ\TW[PVUZ\ZLKPUKL[LYTPUPUNNYH[\P[`VISPNH[PVUMVY[OL*VTWHU`»ZWSHUZHYLZOV^UILSV^!

Particulars March 31, 2017 March 31, 2016

+PZJV\U[9H[L   :HSHY`.YV^[O9H[L   >P[OKYH^HS9H[L

(X\HU[P[H[P]LZLUZP[P]P[`HUHS`ZPZMVYZPNUPÄJHU[HZZ\TW[PVUPZHZZOV^UILSV^!

Defined gratuity plan:

`PU3HJZ Particulars March 31, 2017 March 31, 2016

+LÄULK)LULÄ[6ISPNH[PVU)HZL   

Impact on defined benefit obligation

`PU3HJZ Particulars Assumptions March 31, 2017 March 31, 2016

Decrease Increase Decrease Increase

+PZJV\U[9H[L        :HSHY`.YV^[O9H[L          >P[OKYH^HS9H[L        

The sensitivity analysis above has been determined based on reasonably possible changes of the assumptions occurring H[[OLLUKVM[OLYLWVY[PUNWLYPVK^OPSLOVSKPUNHSSV[OLYHZZ\TW[PVUZJVUZ[HU[

;OLMVSSV^PUNWH`TLU[ZHYLTH[\YP[`WYVÄSLVM+LÄULK)LULÄ[6ISPNH[PVUZPUM\[\YL`LHYZ!

`PU3HJZ Particulars March 31, 2017 March 31, 2016

>P[OPU[OLUL_[TVU[OZUL_[HUU\HSYLWVY[PUNWLYPVK    )L[^LLUHUK`LHYZ     )L[^LLUHUK`LHYZ     )L`VUK`LHYZ     Total expected payments 5,091.52 5,760.23

130 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Average duration of the defined benefit plan obligation

`PU3HJZ Particulars March 31, 2017 March 31, 2016

9HUNLVMK\YH[PVU `LHYZ `LHYZ `LHYZ `LHYZ

+LÄULK*VU[YPI\[PVU7SHU

`PU3HJZ Particulars March 31, 2017 March 31, 2016

Contribution to Provident and Other funds *OHYNLK[V:[H[LTLU[VM7YVÄ[HUK3VZZ    

Leave Encashment (unfunded)

;OL*VTWHU`YLJVNUPZLZ[OLSLH]LLUJHZOTLU[L_WLUZLZPU[OL:[H[LTLU[VM7YVÄ[ 3VZZIHZLKVUHJ[\HYPHS]HS\H[PVU ;OLL_WLUZLZYLJVNUPZLKPU[OL:[H[LTLU[VM7YVÄ[ 3VZZHUK[OL3LH]LLUJHZOTLU[SPHIPSP[`H[[OLILNPUUPUNHUKH[ the end of the year :

`PU3HJZ Particulars March 31, 2017 March 31, 2016

Liability at the beginning of the year    )LULÄ[ZWHPKK\YPUN[OL`LHY     (JX\PZP[PVU(KQ\Z[TLU[K\YPUN[OL`LHY    Provided during the year     Liability at the end of the year   

34. SHARE-BASED PAYMENTS 0UHJJVYKHUJL^P[O[OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH:OHYL)HZLK,TWSV`LLILULÄ[Z9LN\SH[PVUZHUK 0UK(::OHYLIHZLKWH`TLU[[OLZJOLTLKL[HPSLKILSV^PZTHUHNLKHUKHKTPUPZ[LYLKJVTWLUZH[PVUILULÄ[ZPU YLZWLJ[VM[OLZJOLTLPZHZZLZZLKHUKHJJV\U[LKI`[OL*VTWHU`;VOH]LHU\UKLYZ[HUKPUNVM[OLZJOLTLYLSL]HU[ disclosures are given below.

I.(ZHWWYV]LKI`[OLZOHYLOVSKLYZH[[OLPY,_[YHVYKPUHY`.LULYHS4LL[PUNOLSKVU6J[VILYK\YPUNHULHYSPLY `LHY[OL*VTWHU`OHZNP]LUPU[LYLZ[MYLLSVHUVM` SHJZ[V/;4LKPH,TWSV`LL>LSMHYL;Y\Z[^OPJOPU[\YU W\YJOHZLK ,X\P[`:OHYLZVM`LHJOVM/;4LKPH3PTP[LKHZVUKH[LLX\P]HSLU[[V,X\P[` Shares of `LHJOMYVT[OLVWLUTHYRL[BH]LYHNLJVZ[WLYZOHYL¶`  IHZLKVU,X\P[`:OHYLVM`LHJOD MVY[OLW\YWVZLVMNYHU[PUN6W[PVUZ\UKLY[OLº/;43,TWSV`LL:[VJR6W[PVU:JOLTL»[OL:JOLTL[VLSPNPISL employees.

+\YPUN[OLÄUHUJPHS`LHY [OL:JOLTL^HZTVKPÄLK[V[OLLMMLJ[¶H6W[PVUZNYHU[LK^LM:LW[LTILY ZOHSS]LZ[HZWLYWYL]PV\ZYL]PZLKZJOLK\SLVM]LZ[PUNWLYPVK"HUKI[VL_[LUK[OLJV]LYHNLVM[OL:JOLTL[V the eligible full-time employees of the subsidiary companies.

The Options granted under the Scheme shall vest as per the Schedules of vesting period which are hereinafter YLMLYYLK[VHZº7SHU(»º7SHU)»HWWSPJHISL[V6W[PVUZNYHU[LK^LM:LW[LTILYHUK7SHU*HWWSPJHISL [V6W[PVUZNYHU[LK^LM6J[VILY  6W[PVUZNYHU[LK\UKLYIV[O[OLWSHUZHYLL_LYJPZHISLMVYHWLYPVKVM years after the scheduled vesting date of the last tranche of the Options as per the Scheme.

ANNUAL REPORT 2016-17 131 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

The relevant details of the Scheme are as under.

Plan A Plan B Plan C

1HU\HY`  :LW[LTILY +H[LZVM.YHU[ +LJLTILY 4H` 6J[VILY  1HU\HY` 4H` +H[LVM)VHYKHWWYV]HS :LW[LTILY 6J[VILY :LW[LTILY +H[LVM:OHYLOVSKLY»ZHWWYV]HS 6J[VILY 5V]LTILY 6J[VILY   Number of options granted             Method of Settlement ,X\P[` ,X\P[` ,X\P[` =LZ[PUN7LYPVKZLL[HISLILSV^ [V TVU[OZ [V TVU[OZ [V TVU[OZ    -HPY=HS\LVU[OLKH[LVM.YHU[0U`       ,_LYJPZL7LYPVK `LHYZHM[LY[OLZJOLK\SLK]LZ[PUNKH[LVM[OLSHZ[[YHUJOLVM [OL6W[PVUZHZWLY[OL:JOLTL  =LZ[PUN*VUKP[PVUZ ,TWSV`LLYLTHPUPUNPU[OLLTWSV`TLU[VM[OL*VTWHU`K\YPUN the vesting period

(KQ\Z[LKMVYMHJL]HS\LVM`HM[LYZ[VJRZWSP[   5V[L! (WWYV]HSZ VI[HPULK MYVT [OL )VHYK VM +PYLJ[VYZ HUK :OHYLOVSKLY»ZVM [OL *VTWHU` MVY [OL º7SHU )» ^LYL ^P[O YL[YVZWLJ[P]LLMMLJ[MYVT:LW[LTILY  

Details of the vesting period are:

Vesting Schedule Vesting Period from the Grant date Plan A Plan B Plan C

6UJVTWSL[PVUVMTVU[OZ    6UJVTWSL[PVUVMTVU[OZ    6UJVTWSL[PVUVMTVU[OZ   - On completion of 48 months   -

;OLKL[HPSZVMHJ[P]P[`\UKLY7SHU(7SHU)LMMLJ[P]LMYVT:LW[LTILYHUK7SHU*VM[OL:JOLTLOH]LILLU summarized below:-

Plan A

March 31, 2017 March 31, 2016 Particulars Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year     .YHU[LKK\YPUN[OL`LHY ---- -VYMLP[LKK\YPUN[OL`LHY    -- ,_LYJPZLKK\YPUN[OL`LHY ---- ,_WPYLKK\YPUN[OL`LHY ---- Outstanding at the end of the period       ,_LYJPZHISLH[[OLLUKVM[OLWLYPVK       >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ   Weighted average fair value of options granted during the year NA NA

132 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Plan B

March 31, 2017 March 31, 2016 Particulars Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year       .YHU[LKK\YPUN[OLWLYPVK ---- -VYMLP[LKK\YPUN[OLWLYPVK    -- ,_LYJPZLKK\YPUN[OLWLYPVK ---- ,_WPYLKK\YPUN[OLWLYPVK ---- Outstanding at the end of the period      ,_LYJPZHISLH[[OLLUKVM[OLWLYPVK      >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ   Weighted average fair value of options granted during the year NA NA

Plan C

March 31, 2017 March 31, 2016 Particulars Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year       .YHU[LKK\YPUN[OLWLYPVK ---- -VYMLP[LKK\YPUN[OLWLYPVK   -- ,_LYJPZLKK\YPUN[OLWLYPVK ---- ,_WPYLKK\YPUN[OLWLYPVK ---- Outstanding at the end of the period       ,_LYJPZHISLH[[OLLUKVM[OLWLYPVK       >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ   Weighted average fair value of options granted during the year NA NA

;OLKL[HPSZVML_LYJPZLWYPJLMVYZ[VJRVW[PVUZV\[Z[HUKPUNH[[OLLUKVM[OL`LHYLUKLK4HYJOHYL!

Weighted average Weighted average Number of options Range of exercise prices remaining contractual exercise price outstanding life of options (in years) (`)

Plan A ` `       Plan B ` `      Plan C `    

;OLKL[HPSZVML_LYJPZLWYPJLMVYZ[VJRVW[PVUZV\[Z[HUKPUNH[[OLLUKVM[OLWYL]PV\Z`LHYLUKLK4HYJOHYL!

Weighted average Weighted average Number of options Range of exercise prices remaining contractual exercise price outstanding life of options (in years) (`)

Plan A ` [V`      Plan B ` [V`       Plan C `    

ANNUAL REPORT 2016-17 133 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OL *VTWHU` OHZ H]HPSLK L_LTW[PVU \UKLY 0UK(:  PU YLZWLJ[ VM :OHYLIHZLK WH`TLU[Z [OH[ OHK ILLU ]LZ[LK ILMVYL[OL[YHUZP[PVUKH[L;OL*VTWHU`OHZLSLJ[LK[VH]HPS[OPZL_LTW[PVUHUKHJJVYKPUNS`]LZ[LKVW[PVUZOH]LILLU measured at intrinsic value .

;OLLTWSV`LLJVTWLUZH[PVUJVZ[HJJV\U[PUNJOHYNLMVY[OL`LHYJHSJ\SH[LK\ZPUN[OLPU[YPUZPJ]HS\LVMZ[VJRVW[PVUZPZ `5034HYJO! `503

00;OLZ\IZPKPHY`JVTWHU`-PYLÅ`L=LU[\YLZ3PTP[LKOHZNP]LU,TWSV`LL:[VJR6W[PVUZ,:67Z[VLTWSV`LLZ of HT Media Limited (HTML).

A. Details of these plans are given below:

Employee Stock Options

(Z[VJRVW[PVUNP]LZHULTWSV`LL[OLYPNO[[VW\YJOHZLLX\P[`ZOHYLZVM-PYLÅ`L=LU[\YLZ3PTP[LKH[HÄ_LKWYPJL^P[OPU HZWLJPÄJWLYPVKVM[PTL 

B. Details of stock options granted during the current year and earlier year are as given below:

Options Fair value Weighted average remaining Date of Type of arrangement granted on the grant Vesting conditions* contractual life in years as at grant (nos.) date (`) March 31, 2017 (in years)

Starts from the date of listing of -PYLÅ`L=LU[\YLZ3PTP[LKHZWLY the following vesting schedule  6U[OLKH[LVMNYHU[ ,TWSV`LL:[VJR +LJLTILY  TVU[OZMYVT[OLKH[L    - Options-Plan B  of grant  TVU[OZMYVT[OLKH[L of grant  TVU[OZMYVT[OLKH[L of grant Starts from the date of listing of -PYLÅ`L=LU[\YLZ3PTP[LKHZWLY the following vesting schedule  TVU[OZMYVT[OLKH[L of grant ,TWSV`LL:[VJR (WYPS    TVU[OZMYVT[OLKH[L  Options-Plan A  of grant  TVU[OZMYVT[OLKH[L of grant   TVU[OZMYVT[OLKH[L of grant

134 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Starts from the date of listing of -PYLÅ`L=LU[\YLZ3PTP[LKHZWLY the following vesting schedule  TVU[OZMYVT[OLKH[L of grant ,TWSV`LL:[VJR 6J[VILY     TVU[OZMYVT[OLKH[L  Options-Plan A  of grant  TVU[OZMYVT[OLKH[L of grant   TVU[OZMYVT[OLKH[L of grant

C. Summary of activity under the Plan A for the year ended March 31, 2017 and March 31, 2016 are given below.

March 31, 2017 March 31, 2016 Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year     .YHU[LKK\YPUN[OL`LHY ---- -VYMLP[LKK\YPUN[OL`LHY ---- ,_LYJPZLKK\YPUN[OL`LHY ---- ,_WPYLKK\YPUN[OL`LHY ---- Outstanding at the end of the year     >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ   Weighted average fair value of options granted during the year - -

Weighted average fair value of the options outstanding of Plan A is ` 7YL]PV\Z`LHY` WLYVW[PVU

D. Summary of activity under the Plan B for the year ended March 31, 2017 and March 31, 2016 are given below.

March 31, 2017 March 31, 2016 Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year     .YHU[LKK\YPUN[OL`LHY ---- -VYMLP[LKK\YPUN[OL`LHY     ,_LYJPZLKK\YPUN[OL`LHY ---- ,_WPYLKK\YPUN[OL`LHY ---- Outstanding at the end of the year - -   >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ -  Weighted average fair value of options granted during the year - -

Weighted average fair value of the options outstanding of Plan B in previous year was ` WLYVW[PVU

;OL *VTWHU` OHZ H]HPSLK L_LTW[PVU \UKLY 0UK(:  PU YLZWLJ[ VM :OHYLIHZLK WH`TLU[Z [OH[ OHK ILLU ]LZ[LK ILMVYL[OL[YHUZP[PVUKH[L;OL*VTWHU`OHZLSLJ[LK[VH]HPS[OPZL_LTW[PVUHUKHJJVYKPUNS`]LZ[LKVW[PVUZOH]LILLU measured at intrinsic value .

;OLLTWSV`LLJVTWLUZH[PVUJVZ[HJJV\U[PUNJOHYNLMVY[OL`LHYJHSJ\SH[LK\ZPUN[OLPU[YPUZPJ]HS\LVMZ[VJRVW[PVUZPZ `5034HYJO!`503

ANNUAL REPORT 2016-17 135 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

III. HT Media Limited has given loan of `SHJZ[V¸/;.YV\W*VTWHUPLZ¶,TWSV`LL:[VJR6W[PVU;Y\Z[¹^OPJO PU[\YUOHZW\YJOHZLK ,X\P[`:OHYLZVM`LHJOVM/PUK\Z[HU4LKPH=LU[\YL3PTP[LK/4=3¶:\IZPKPHY` *VTWHU`VM/;4LKPH3PTP[LKMVY[OLW\YWVZLVMNYHU[PUN6W[PVUZ\UKLY[OLº/;.YV\W*VTWHUPLZ¶,TWSV`LL :[VJR6W[PVU:JOLTL»[OL:JOLTL[VLSPNPISLLTWSV`LLZVM[OLNYV\W6U[OLZLW\YJOHZLKZOHYLZ[OL[Y\Z[OHZ HSZVYLJLP]LK  ZOHYLZV\[VM[OLIVU\ZZOHYLZPZZ\LKI`[OL/4=3VU-LIY\HY`

Details of these plans are given below: Employee Stock Options

(Z[VJRVW[PVUNP]LZHULTWSV`LL[OLYPNO[[VW\YJOHZLLX\P[`ZOHYLZVM/4=3H[HÄ_LKWYPJL^P[OPUHZWLJPÄJWLYPVKVM[PTL A. Details of Options granted as on March 31, 2017 are given below:

Options Fair value Weighted average Date of Type of arrangement granted on the grant Vesting conditions remaining contractual grant (nos.) date (`) life (in years)

1/4 of the shares vest each year over a September ,TWSV`LL:[VJR6W[PVUZ    period of four years starting from one   year after the date of grant 1/4 of the shares vest each year over a  4H` ,TWSV`LL:[VJR6W[PVUZ    period of four years starting from one  year after the date of grant  VU[OLKH[LVMNYHU[HUK  -LIY\HY` ,TWSV`LL:[VJR6W[PVUZ   ]LZ[LHJO`LHYV]LYHWLYPVKVM`LHYZ   starting from the date of grant 1/4 of the shares vest each year over a 4HYJO  ,TWSV`LL:[VJR6W[PVUZ   period of four years starting from one    year after the date of grant 1/4 of the shares vest each year over a (WYPS ,TWSV`LL:[VJR6W[PVUZ    period of four years starting from one   year after the date of grant

B. Summary of activity under the plans for the period ended March 31, 2017 and March 31, 2016 are given below.

March 31, 2017 March 31, 2016

Weighted Weighted-average Weighted Weighted-average Number of Average remaining Number of Average remaining options Exercise contractual options Exercise contractual Price (`) life (in years) Price (`) life (in years)

Outstanding at the beginning        of the year .YHU[LKK\YPUN[OL`LHY ------VYMLP[LK*HUJLSSLKK\YPUN ------the year ,_LYJPZLKK\YPUN[OL`LHY     -    - ,_WPYLKK\YPUN[OL`LHY ------Outstanding at the end of        the year

136 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

C. The details of exercise price for stock options outstanding at the end of the current year ended March 31, 2017 are:

Weighted average remaining Range of Number of options Weighted average Year contractual life of options exercise prices outstanding exercise price (`) (in years)

 `[V`     `[V`   

6W[PVUZNYHU[LKHYLL_LYJPZHISLMVYHWLYPVKVM`LHYZHM[LY[OLZJOLK\SLK]LZ[PUNKH[LVMSHZ[[YHUJOLHZWLY[OL:JOLTL Weighted average fair value of the options outstanding is ` 7YL]PV\Z`LHY` WLYVW[PVU  ;OL *VTWHU` OHZ H]HPSLK L_LTW[PVU \UKLY 0UK(:  PU YLZWLJ[ VM :OHYLIHZLK WH`TLU[Z [OH[ OHK ILLU ]LZ[LK ILMVYL[OL[YHUZP[PVUKH[L;OL*VTWHU`OHZLSLJ[LK[VH]HPS[OPZL_LTW[PVUHUKHJJVYKPUNS`]LZ[LKVW[PVUZOH]LILLU measured at intrinsic value.

;OLLTWSV`LLJVTWLUZH[PVUJVZ[HJJV\U[PUNJOHYNLMVY[OL`LHYJHSJ\SH[LK\ZPUN[OLPU[YPUZPJ]HS\LVMZ[VJRVW[PVUZPZ `5034HYJO!` 503

IV. The subsidiary company, HT Mobile Solution Limited has given Employee Stock Options (ESOPs) to employees of HT Media Limited (HTML). Details of these plans are given below: Employee Stock Options

( :[VJRVW[PVUNP]LZHULTWSV`LL[OLYPNO[[VW\YJOHZLLX\P[`ZOHYLZVM/;4VIPSL:VS\[PVU3PTP[LKH[HÄ_LK WYPJL^P[OPUHZWLJPÄJWLYPVKVM[PTL B. Details of stock options granted during the current year and earlier year are as given below:

Weighted average Options Fair value Date of remaining contractual Type of arrangement granted on the grant Vesting conditions grant life in years as at (nos.) date (`) March 31, 2017 (`)

:[HY[ZMYVT[OLKH[LVMSPZ[PUNVM-PYLÅ` L=LU[\YLZ3PTP[LKHZWLY[OLMVSSV^PUN November vesting schedule ,TWSV`LL:[VJR6W[PVUZ     6U[OLKH[LVMNYHU[  TVU[OZMYVT[OLKH[LVMNYHU[  TVU[OZMYVT[OLKH[LVMNYHU[

C. Summary of activity under the Plan for the year ended March 31, 2017 and March 31, 2016 are given below.

March 31, 2017 March 31, 2016 Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year     .YHU[LKK\YPUN[OL`LHY - - -- -VYMLP[LKK\YPUN[OL`LHY  -     ,_LYJPZLKK\YPUN[OL`LHY - - -- ,_WPYLKK\YPUN[OL`LHY - - -- Outstanding at the end of the year - -   >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ -  Weighted average fair value of options granted during the year - -

Weighted average fair value of the options outstanding is `5PS7YL]PV\Z`LHY`WLYVW[PVU

ANNUAL REPORT 2016-17 137 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

35. COMMITMENTS AND CONTINGENCIES (a) Leases Operating lease commitments - Company as lessee

;OL *VTWHU` OHZ [HRLU ]HYPV\Z YLZPKLU[PHS VMÄJL HUK NVKV^U WYLTPZLZ \UKLY VWLYH[PUN SLHZL HNYLLTLU[Z ;OLZL are generally cancellable leases and are renewable by mutual consent on mutually agreed terms with or without rental escalations.

;OL*VTWHU`OHZWHPK` SHJZ4HYJO!` SHJZK\YPUN[OL`LHY[V^HYKZTPUPT\TSLHZLWH`TLU[ HUKOHZILLUKPZJSVZLKHZ9LU[\UKLY5V[L  

-\[\YLTPUPT\TYLU[HSZWH`HISL\UKLYUVUJHUJLSSHISLVWLYH[PUNSLHZLZHYLHZMVSSV^Z!

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

Within one year       (M[LYVUL`LHYI\[UV[TVYL[OHUÄ]L`LHYZ        4VYL[OHUÄ]L`LHYZ      

Operating lease commitments - Company as lessor ;OL*VTWHU`OHZLU[LYLKPU[VVWLHYH[PUNSLHZLZVUP[ZPU]LZ[TLU[WYVWLY[`;OLZLHYLNLULYHSS`JHUJLSSHISLSLHZLZHUK are renewable by mutual consent on mutually agreed terms with or without rental escalations.

Finance Lease- Company as lessor ;OL*VTWHU`OHZLU[LYLKPU[VHÄUHUJLSLHZLHYYHUNLTLU[^P[OP[Z/VSKPUN*VTWHU`-\[\YLTPUPT\TSLHZLYLJLP]HISLZ \UKLYÄUHUJLSLHZL[VNL[OLY^P[O[OLWYLZLU[]HS\LVM[OLTPUPT\TSLHZLYLJLP]HISLZHYLHZMVSSV^Z!

After one year Particulars 4VYL[OHUÄ]L Within one year but not more years [OHUÄ]L`LHYZ

March 31, 2017 Minimum lease receivables      Present value of lease receivables       March 31, 2016 Minimum lease receivables - - - Present value of lease receivables - - - April 1, 2015 Minimum lease receivables - - - Present value of lease receivables - - -

(b) Commitments `PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

A. Capital Commitments ,Z[PTH[LKHTV\U[VMJVU[YHJ[ZYLTHPUPUN[VILL_LJ\[LKVUJHWP[HSHJJV\U[       HUKUV[WYV]PKLKMVYUL[VMJHWP[HSHK]HUJLZ

138 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

B. Other Commitments ILLUHJJY\LKPU[OLÄUHUJPHSZ[H[LTLU[ZMVY[OLZL[H_ demands. Commitment under EPCG Scheme ;OL *VTWHU` OHZ VI[HPULK SPJLUZLZ \UKLY [OL ,_WVY[ 7YVTV[PVU *HWP[HS .VVKZº,7*.» :JOLTL MVY PTWVY[PUN PP :LY]PJL[H_H\[OVYP[PLZOH]LYHPZLKHKKP[PVUHSKLTHUKZ capital goods at a concessional rate of customs duty for `  SHJZ 4HYJO   `  SHJZ HNHPUZ[Z\ITPZZPVUVMIVUKZPU:LW[LTILY  (WYPS`SHJZMVY]HYPV\ZÄUHUJPHS`LHYZ The matters are pending before Service Tax Appelate ;YPI\UHS;OL*VTWHU`PZJVU[LZ[PUN[OLKLTHUKZHUK HNLZ¹ OH]L ILLU NYHU[LK HUK KLJYLL PU demands for `SHJZ4HYJO ` YLSH[PVU [OLYL[V JHUUV[ IL L_LJ\[LK¹ ;OL ,_LJ\[PVU SHJZ(WYPS` SHJZMVY]HYPV\ZÄUHUJPHS *V\Y[ ]PKL P[Z VYKLY KH[LK 1HU\HY`   KPYLJ[LK years. The tax demands are mainly on account of the management to reinstate the workman without KPZHSSV^HUJLZVML_WLUZLZJSHPTLKI`[OL*VTWHU` insisting for refund of notice pay and retrenchment under the Income Tax Act. The matters are pending JVTWLUZH[PVU;OLZHPKVYKLYVM[OL3K,_LJ\[PVU*V\Y[ ILMVYL]HYPV\ZH\[OVYP[PLZ;OL*VTWHU`PZJVU[LZ[PUN was challenged and pending decision before High the demands and the management believes that its *V\Y[VM+LSOP(Z/;3OHZUVMHJ[VY`[OLTHUHNLTLU[ position will likely to be upheld. No tax expenses have has offered a notional reinstatement w.e.f. April

ANNUAL REPORT 2016-17 139 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

 HUKZHSHY`MYVT(WYPS ;OL7L[P[PVULY [V ÄSL YLWS` [V [OL HWWSPJH[PVU \UKLY :LJ[PVU ) PUMVYTLK[OL/PNO*V\Y[VM+LSOPPU:LW[LTILY ILMVYLZPUNSLILUJOVM/VU»ISL/PNO*V\Y[ that since the management is currently engaged in real LZ[H[LTHUHNLTLU[HUKPU]LZ[TLU[P[JHUNP]LMYLZO After the Petition of management challenging the UVUPUK\Z[YPHS ^VYR [V H TH_PT\T VM   [OPY[` LPNO[ VYKLYVM,_LJ\[PVU*V\Y[KH[LK1HU\HY`[OL workmen based on seniority. It was also submitted ^VYRTLUHSZVÄSLK>YP[7L[P[PVUHNHPUZ[[OLVYKLYVM [OH[ [OL WL[P[PVULY *VTWHU` OHZ UV ^VYR [V VMMLY 3K,_LJ\[PVU*V\Y[KH[LK6J[VILY KLU`PUN except as stated above and will accordingly exercise [OLT IHJR ^HNLZ ;OL :PUNSL )LUJO VM +LSOP /PNO its rights and remedies as available under the Industrial *V\Y[ WYVUV\UJLK [OL Q\KNTLU[ VU 5V]LTILY  +PZW\[LZ (J[   X\H [OL YLTHPUPUN ^VYRTLU 0U  PU MH]V\Y VM [OL ^VYRTLU [OH[ )HJR ^HNL HYL [LYTZ VM P[Z Z\ITPZZPVUZ [OL THUHNLTLU[ PZZ\LK payable to them. The management challenged the SL[[LYVMWVZ[PUN[V ^VYRTLUVU+LJLTILY ZHPKVYKLYILMVYL+P]PZPVU)LUJOVM+LSOP/PNO*V\Y[ HUK WHPK JVTWLUZH[PVU \UKLY :LJ[PVU --- VM [OL ^OPJOWYVUV\UJLK[OLQ\KNTLU[VU-LIY\HY` 0UK\Z[YPHS+PZW\[L(J[ [VYLTHPUPUN^VYRTLU wherein it held that no back wages are granted to the on account of closure of printing undertaking/factory ^VYRTLU ]PKL H^HYK KH[LK 1HU\HY`   ;OL SVUN IHJR -PUHS HYN\TLU[Z ^LYL JVUJS\KLK HUK [OL ^VYRTLU HWWYVHJOLK [OL /VU»ISL :\WYLTL *V\Y[ 1\KNTLU[^HZKLSP]LYLKI`:PUNSL)LUJOVM+LSOP/PNO HNHPUZ[ [OL ZHPK VYKLY VM +P]PZPVU )LUJO ;OL ZHPK *V\Y[VU:LW[LTILY^OLYLPU*V\Y[OHKYLSPLK :37 ÄSLK I` [OL ^VYRTLU HNHPUZ[ [OL Q\KNLTLU[ VM VU[OL1\KNTLU[VM+P]PZPVU)LUJOHUKOLSK[OH[[OL +P]PZPVU)LUJOVM+LSOP/PNO*V\Y[^HZKPZTPZZLKI` parties will be at liberty to pursue the logical corollary. /VU»ISL :\WYLTL *V\Y[ ]PKL VYKLY KH[LK (\N\Z[  ;OLWYVJLLKPUNZILMVYL[OL,_LJ\[PVU*V\Y[YLZ[HY[LK HMÄYTPUN[OL]PL^Z[OH[UVIHJR^HNLZHYLILPUN HM[LYQ\KNTLU[VM:PUNSL)LUJOVM+LSOP/PNO*V\Y[;OL NYHU[LKPU[OLH^HYKKH[LK1HU\HY`:VTL ,_LJ\[PVU*V\Y[HM[LYOLHYPUNIV[O[OLWHY[PLZWHZZLK[OL V[OLY^VYRTLUÄSLKHUV[OLY:37*5V  VYKLYKPYLJ[PUN[OL*VTWHU`[VYLPUZ[H[L[OL^VYRTLU JOHSSLUNPUN [OL ZHTL VYKLY VM +P]PZPVU )LUJO +LSOP HZ WLY [OL H^HYK KH[LK 1HU\HY`   HZ LHYSPLY /PNO*V\Y[]PY[\HSS`VUZHTLNYV\UKZ^OPJOPZWLUKPUN reinstatement was not in accordance with Award and for hearing though there is a likely hood of same also directed management to make payment of wages fate as of another SLP which is already decided on accordingly. The Management has challenged the (\N\Z[;OL^VYRTLU[OLYLHM[LYÄSLKHMYLZO ZHPK VYKLY VM ,_LJ\[PVU *V\Y[ ILMVYL ZPUNSL ILUJO >YP[ 7L[P[PVU ILMVYL [OL ZPUNSL ILUJO VM +LSOP /PNO VM /VU»ISL /PNO *V\Y[ ^OLYLPU [OL WSLHKPUNZ HYL *V\Y[JOHSSLUNPUN[OLH^HYKKH[LK1HU\HY` JVTWSL[L HUK TH[[LY PZ SPZ[LK MVY ÄUHS HYN\TLU[Z to the extent of denial of back wages. The said Writ 0U [OL TLHU [PTL [OL ^VYRTLU ÄSLK HU HWWSPJH[PVU 7L[P[PVU^HZKPZTPZZLKI`ZPUNSLILUJOVM+LSOP/PNO MVY YLSPLM VM PU[LYPT ^HNLZ \UKLY :LJ[PVU ) VM [OL *V\Y[]PKLP[ZQ\KNTLU[KH[LK6J[VILYVU[OL 0UK\Z[YPHS+PZW\[LZ(J[ PU[OLZHTL^YP[WL[P[PVU ground of res- judicata and on account of delay or VMTHUHNLTLU[;OL3K:PUNSL1\KNLHSSV^LK[OLZHPK SH[JOLZ;OLQ\KNLTLU[VM[OLZPUNSLILUJOVM+LSOP HWWSPJH[PVU ]PKL P[Z VYKLY KH[LK 4HYJO   HUK /PNO *V\Y[ PZ JOHSSLUNLK I` [OL ^VYRTLU ILMVYL directed the management to pay last drawn monthly +P]PZPVU )LUJO VM /PNO *V\Y[ ^OLYLPU UV[PJL OHZ ^HNLZ ^LM 4HYJO   ;OL ZHPK VYKLY VM [OL ILLUPZZ\LK[V[OL*VTWHU`HUKTH[[LYPZWLUKPUN single bench is challenged by the management in ILMVYL+P]PZPVU)LUJOVM+LSOP/PNO*V\Y[ 37(   ILMVYL +P]PZPVU )LUJO VM +LSOP /PNO *V\Y[ ^OLYLPU [OL +P]PZPVU )LUJO OHZ Z[H`LK [OL P] ;OL *VTWHU` PZ PU]VS]LK PU ]HYPV\Z SP[PNH[PVUZ [OL PTW\NULK VYKLY KH[LK 4HYJO   [V [OL L_[LU[ outcome of which are considered probable and of the direction for payment of monthly wages PU YLZWLJ[ VM ^OPJO [OL *VTWHU` OHZ HNNYLNH[L [V [OL YLZWVUKLU[Z ;OL /VU»ISL +P]PZPVU )LUJO provisions of `  SHJZ HZ H[ 4HYJO   OHZ KPZWVZLK VM [OL 37(  VU  4HYJO   `  SHJZ (WYPS   and granted Hindustan Times Ltd. an opportunity ` SHJZ

140 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

36. RELATED PARTY TRANSACTIONS  -VSSV^PUNHYL[OL9LSH[LK7HY[PLZHUK[YHUZHJ[PVUZLU[LYLK^P[OYLSH[LKWHY[PLZMVY[OLYLSL]HU[ÄUHUJPHS`LHY! i) List of Related Parties and Relationships:-

Parties having direct or indirect control over the ,HY[OZ[VUL/VSKPUN;^V3PTP[LK *VTWHU`/VSKPUN*VTWHU` The Hindustan Times Limited :\IZPKPHYPLZ^P[O^OVT[YHUZHJ[PVUZOH]LVJJ\YYLK /PUK\Z[HU4LKPH=LU[\YLZ3PTP[LK K\YPUN[OL`LHY /;4\ZPJHUK,U[LY[HPUTLU[*VTWHU`3PTP[LK -PYLÅ`L=LU[\YLZ3PTP[LK /;+PNP[HS4LKPH/VSKPUNZ3PTP[LK HT Mobile Solutions Limited HT Overseas Pte. Limited /;,K\JH[PVU3PTP[LK /;3LHYUPUN*LU[LYZ3PTP[LK /;.SVIHS,K\JH[PVU /;+PNP[HS0UMVYTH[PVU7YP]H[L3PTP[LK-VYTLYS`,K>VYSK7YP]H[L3PTP[LK /;+PNP[HS:[YLHTZ3PTP[LK ;VWTV]PLZ,U[LY[HPUTLU[3PTP[LK 1VPU[=LU[\YL 0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LK 4`7HYPJOH`:LY]PJLZ7YP]H[L3PTP[LK9LSH[PVUZOPWJLHZLK^LM Associate 4HYJO ,U[P[PLZ^OPJOHYLWVZ[LTWSV`TLU[ILULÄ[ZWSHUZ /;4LKPH3PTP[LK>VYRPUN1V\YUHSPZ[.YH[\P[`-\UK ^P[O^OVT[YHUZHJ[PVUZOH]LVJJ\YYLKK\YPUN[OL`LHY /;4LKPH3PTP[LK5VU1V\YUHSPZ[ 6[OLY,TWSV`LLZ.YH[\P[`-\UK .YV\WJVTWHUPLZ^OLYLJVTTVUJVU[YVSL_PZ[Z 7H_[VU;YL_PT7YP]H[L3PTP[LK9LSH[PVUZOPWJLHZLK^LM1HU\HY`  Key Management Personnel Mrs. Shobhana Bhartia ^P[O^OVT[YHUZHJ[PVUZOH]LVJJ\YYLKK\YPUN[OL`LHY Mr. Shamit Bhartia 4Y+PULZO4P[[HS^OVSL[PTLKPYLJ[VY^LM4H` 4Y9HQP]=LYTH*LHZLK[VIL^OVSL[PTLKPYLJ[VY^LM4HYJO 4Y52:PUNO5VU,_LJ\[P]L0UKLWLUKLU[+PYLJ[VYZ 4Y=PRYHT:PUNO4LO[H5VU,_LJ\[P]L0UKLWLUKLU[+PYLJ[VY 4Y254LTHUP5VU,_LJ\[P]L0UKLWLUKLU[+PYLJ[VY 9LSH[P]LVM2L`4HUHNLTLU[7LYZVUULS 4YZ5\[HU4P[[HS9LSH[P]LVM+PULZO4P[[HS ^P[O^OVT[YHUZHJ[PVUZOH]LVJJ\YYLKK\YPUN[OL`LHY

,HY[OZ[VUL/VSKPUN;^V3PTP[LKPZ[OLOVSKPUN*VTWHU`VM;OL/PUK\Z[HU;PTLZ3PTP[LK ii) Transactions with related parties  9LMLY5V[L( iii) Terms and conditions of transactions with related parties ;OLZHSLZ[VHUKW\YJOHZLZMYVTYLSH[LKWHY[PLZHYLTHKLVU[LYTZLX\P]HSLU[[V[OVZL[OH[WYL]HPSPUHYT»ZSLUN[O transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. This assessment PZ\UKLY[HRLULHJOÄUHUJPHS`LHY[OYV\NOL_HTPUPUN[OLÄUHUJPHSWVZP[PVUVM[OLYLSH[LKWHY[`HUK[OLTHYRL[PU which the related party operates. iv) Transactions with key management personnel  9LMLY5V[L(

ANNUAL REPORT 2016-17 141 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

         Total                                                 in Lacs)            ` (

-

-

-

-

Fund & Other Gratuity HT Media Journalist Employees Limited Non ------Fund Limited Gratuity Working Working HT Media Journalist Entities which are post Entities which are LTWSV`TLU[ILULÄ[WSHUZ ------@ Trexim Trexim Paxton    Pvt Ltd relatives owned or Enterprises ZPNUPÄJHU[S` KMP or their PUÅ\LUJLKI` ------

------

- -   of Key (KMP's) Personnel Managerial ------

- - - -

------Non- Directors Executive ------Rajiv Verma  E ------

- - - - - Mittal Dinesh EE ------

------Shamit Bhartia ------

------       Bhartia Shobhana

------

------Services Pvt Ltd @@ MyParichay Associate Key Managerial Personnel (KMP's) / Directors Relatives ------  India       Joint Pvt. Ltd. Services Venture Education - -

------

- - -

- -

-

------Top Top             Enter-   movies Limited tainment - - - -

------

- - 4.83 -

-

------

------Ivy India Talent Talent Private Limited ------HT Global Education ------HT     (Refer Digital    Limited Note B) Streams Streams ------

- - - -

------

------

------Ltd) World Pvt World HT Digital Pvt Ltd (Ed Information - - -

------

------HT Ltd.      Centers Learning ------

------

- - -

-

- -

------HT Ltd. Education ------HT Subsidiaries              Pte. Ltd. Overseas -

------

- - - -

- 48.38 ------

- - -

- -

- - - - Ltd           Solutions HT Mobile ------

------

------ - Ltd            -PYLÅ`        e-Ventures e-Ventures

-

- - - 38.88

- - 38.88 ------

- - -

- -

-

-

-

------HT Ltd. Media Digital Holdings ------  1.13 - Company Ltd HT Music and Entertainment ------

------Ltd                      Media                              Ventures Ventures Hindustan

-

-

- -

- -

- - - - -

-

-

-

-

- -

- -

- - - - - Holding (Two) Ltd (Two) Earthstone ------Times Ltd Holding Company The Hindustan 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO   4HYJO   4HYJO 4HYJO 4HYJO    4HYJO  4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO   4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO managerial personnel Paid 4LKPH4HYRL[PUN*VTTPZZPVU *VSSLJ[PVU*OHYNLZ7HPK Material Infrastructure Support Infrastructure :LY]PJLZ:LH[Z.P]LU Infrastructure Support Infrastructure :LY]PJLZ:LH[Z;HRLU *VYWVYH[L+LWVZP[6[OLYZ *PYJ\SH[PVU Programme Programme Purchase of Newspaper for Purchase *PYJ\SH[PVU of Trade Mark of Trade +PNP[HS:LY]PJLZ 1VPU[:HSLZ 7YVJLZZ4HUHNLTLU[-LLZ *VU[LU[-LL9V`HS[`MLL 9LJLP]LK (K]LY[PZLTLU[,_WLUZLZ Sales Promotion lease arangement Share of Advertisement Share 9L]LU\LYLJPL]LKVU 1VPU[:HSLZ Material -LLMVY5L^ZWYPU[ Support Procurement Services *VSSLJ[PVU*OHYNLZ 9LJLP]LK Transactions for the year Transactions 31, 2017 ended March   9LT\ULYH[PVUWHPK[V2L`  7YPU[PUN:LY]PJL*OHYNLZ 18 B Expenses 11 & Spares of Stores Purchase    0U[LYLZ[9LJLP]LKVU0U[LY 4 Sale of Newspaper for  7HPKMVY,TWSV`LL,K\JH[PVU   9LJLPW[HNHPUZ[(ZZPNUTLU[ 3 Advertisement & Income from  9LU[7HPK  :OHYLVM9L]LU\LNP]LUVU 8  1VI^VYR9L]LU\L 4HYJO  7H`TLU[MVY*HY3LHZL 14  0U[LYLZ[YLJLP]LKVUÄUHUJL  A Revenue 1 & Spares Sale of Stores 13  4LKPH4HYRL[PUN*VTTPZZPVU SL No 36A (refer Note A) during the year with Related Parties Transactions

142 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017 



 Total                in Lacs)                           `     (

- -

-

- - -

-

-

Fund JVUJLYUVUZS\TW     & Other Gratuity HT Media Journalist Employees Limited Non ZPZVMHJ[\HYPHS]HS\H[PVU ------Fund       VMZJOLTLVMHYYHUNLTLU[HUK Limited Gratuity Working Working HT Media Journalist Entities which are post Entities which are LTWSV`TLU[ILULÄ[WSHUZ ------111.83 - -

------@  Trexim Trexim Paxton Pvt Ltd relatives owned or Enterprises ZPNUPÄJHU[S` KMP or their PUÅ\LUJLKI` ------

------of Key (KMP's) Personnel Managerial - -

------

------Non-    Directors Executive ------

- -

------Rajiv Verma ------

------NVM[OL*VTWHU`º44*4

------ Services Pvt Ltd @@ MyParichay Associate Key Managerial Personnel (KMP's) / Directors Relatives - - -  - - -

------  India  Joint Pvt. Ltd. Services   Venture Education - - -    -

------

-

------Top Top                     Enter-       movies Limited tainment - -

- - - -

-

- - -

- -

-

------Ivy  India Talent Talent Private Limited LYHUK]LZ[PUNVM[OL4\S[PTLKPH*VU[LU[4HUHNLTLU[

 ------

------MMLJ[P]L+H[L ------  VM44*4\UKLY[HRPUNMYVT/;43[V/;+PNP[HS:[YLHTZ3[K;OLZLH      LU\U[PS[OH[KH[LHYLYLWVY[LKOLYL PS[OH[KH[LHYLYLWVY[LKOLYL HT Global Education -

- - -   ------

- -

------HT   (Refer Digital    Limited Note B) Streams Streams    - - -    -

------

- - -

- - - 488.88 - -

- - - - -

------Ltd) World Pvt World HT Digital Pvt Ltd (Ed Information - - -   ------HT Ltd.                   Centers  Learning -

- - -

-

- - -

- -

-

-

-

------HT Ltd.            Education - -

-     - -

------ HT Subsidiaries   :3HUK[OLPYYLZWLJ[P]LZOHYLOVSKLYZHUKJYLKP[VYZMVY[YHUZM Pte. Ltd. Overseas - - - - -   - -

------[ILULÄ[ZHUKV[OLYSVUN[LYTLTWSV`LLILULÄ[ZYLJVNUPZLKHZWL Ltd P[O[OL9LNPZ[YHYVM*VTWHUPLZ)POHYVUZ[+LJLTILY, UKLMMLJ[P]LKH[L+LJLTILYMVY[YHUZMLYHUK]LZ[PUN KH[L+LJLTILY! 9LSH[LK7HY[`;YHUZHJ[PVUYLWVY[VUS`[OL[YHUZHJ[PVUZ\UKLY[HR Solutions K7HY[`;YHUZHJ[PVUYLWVY[VUS`[OL[YHUZHJ[PVUZ\UKLY[HRLU\U[ HT Mobile - - - -   ------ - - - - Ltd                     -PYLÅ`             [P]LKH[LMVY VMLX\P[`ZOHYLJHWP[HSVM/;+:3 e-Ventures e-Ventures - - - -    - - -

- -

- -

-

-

-

------HT Ltd.    Media Digital  Holdings - - -    ------

------

------      Company Ltd HT Music and Entertainment - - -   - -

-

------Ltd        Media                                      Ventures Ventures Hindustan -

- -

- - - -

-

-

-

-

-

-

------Holding (Two) Ltd (Two) :JOLTLIL[^LLU*VTWHU`HUK/;+PNP[HS:[YLHTZ3PTP[LK/;+ Earthstone [;OL:JOLTLILJHTLLMMLJ[P]L\WVUÄSPUNVMHMVYLZHPKVYKLYZ^ -  OVSL[PTLKPYLJ[VYILPUN4H` ------PUNMYVT[OLHWWVPU[LKKH[LJSVZPUNOV\YZVM4HYJOH LY[OLLTWSV`TLU[VM[OL*VTWHU`HYLLU[P[SLK[VWVZ[LTWSV`TLU 4LKPH3PTP[LK^LM"[OLYLMVYLPU[OLTLU[PVULK ------3PTP[LK^LM "[OLYLMVYLPU[OLTLU[PVULK9LSH[L IL[^LLU[OL(WWVPU[LKKH[L4HYJOHUK[OLLMMLJ[P]L VPU[LKKH[LOH]LILJVTL[OLHZZL[ZHUKSPHIPSP[PLZVM/;+:3 [L[J ]LILLUKPZJSVZLKHIV]L Times Ltd Holding Company LHJOPUKPZJOHYNLVMW\YJOHZLJVUZPKLYH[PVUVU[OLLMMLJ The Hindustan ` 4HYJO   (WYPS 4HYJO   (WYPS 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO (WYPS   4HYJO 4HYJO  4HYJO 4HYJO 4HYJO   4HYJO (WYPS      4HYJO 4HYJO 4HYJO 4HYJO             4HYJO   4HYJO    4HYJO 4HYJO  (WYPS 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO 4HYJO (WYPS    SHJZWHPKPU4HYJOYLSH[PUN[VLHYSPLY`LHYZ `

Security deposits given by [OL*VTWHU` PUJS\KPUNWYLTP\T 0U[LY*VYWVYH[L+LWVZP[  accrued on it Interest ,X\PWTLU[HUK0U[HUNPISLI` [OL*VTWHU` 0UJS\KPUNHTV\U[WHPKMVY 7YLMLYLUJL:OHYLZ ,X\PWTLU[HUKPU[HUNPISLZI` [OL*VTWHU` Trade Payables Trade incurred on behalf of the incurred parties by company 5VU,_LJ\[P]L+PYLJ[VYZ :P[[PUN-LLHUK*VTTPZZPVU Trade & other receivable & other receivable Trade PUJS\KPUNHK]HUJLZNP]LU incurred on behalf of the incurred company by parties 7YVJ\YLTLU[-LLZ I`[OL*VTWHU` Transactions for the year Transactions 31, 2017 ended March *VU]LY[PISL+LILU[\YL**+   Balance outstanding as on 34 Investment in Shares 38   7\YJOHZLVM7YVWLY[`7SHU[  33 Investments made in Shares  :HSLVM7YVWLY[`7SHU[   *VU[YPI\[PVU[V.YH[\P[`;Y\Z[ 4HYJO   9LPTI\YZLTLU[VML_WLUZLZ 31  * 6;/,9:  9LPTI\YZLTLU[VML_WLUZLZ  (ZZL[Z.P]LUVU3LHZL 4HYJO    *VU[LU[   0U[LY*VYWVYH[L+LWVZP[NP]LU SL No  0U]LZ[TLU[PU*VTW\SZVY` J;YHUZMLYVMYL]LU\LHUKL_WLUZLZYLSH[HISL[V44*4\UKLY[HR 0U[LYTZVM[OL:JOLTLMVSSV^PUN[YHUZHJ[PVUZOH]L[HRLUWSHJL HJJVYKPUNS`[YHUZHJ[PVUZHM[LY[OLLMMLJ[P]LKH[L^P[O/;+:3OH I/;+:3OHZHSSV[[LK,X\P[`:OHYLZVM H(ZZL[ZHUKSPHIPSP[PLZYLSH[HISL[V44*4

ANNUAL REPORT 2016-17 143 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

37. SEGMENT INFORMATION *VTWHUPLZÄUHUJPUNPUJS\KPUNÄUHUJLJVZ[ZHUKÄUHUJL -VY [OL W\YWVZL VM THUHNLTLU[ YL]PL^ [OL *VTWHU` PUJVTL HUK PUJVTL [H_LZ HYL THUHNLK VU H *VTWHU` is organised into business units based on the nature of basis and are not allocated to operating segments. WYVK\J[ZHUKZLY]PJLZHUKOHZ[OYLLYLWVY[HISLZLNTLU[Z as follows: ;OL ÄUHUJPHS PUMVYTH[PVU MVY [OLZL YLWVY[HISL ZLNTLU[Z OHZILLUWYV]PKLKPU*VUZVSPKH[LK-PUHUJPHS9LZ\S[ZHZWLY - Printing and Publication of Newspapers & Periodicals 0UK(: 6WLYH[PUN:LNTLU[Z

 )\ZPULZZ VM 9HKPV )YVHKJHZ[ HUK HSS V[OLY YLSH[LK 38. HEDGING ACTIVITIES AND DERIVATIVES HJ[P]P[PLZ[OYV\NOP[Z9HKPVJOHUULSZVWLYH[PUN\UKLYIYHUK Derivatives not designated as hedging instruments UHTLº-L]LY»º-L]LY»HUKº9HKPV5HZOH»PU0UKPH ;OL *VTWHU` \ZLZ MVYLPNU L_JOHUNL MVY^HYK JVU[YHJ[Z 6W[PVUZ 0U[LYLZ[ YH[L Z^HW JV\WVU VUS` Z^HW L[J [V - Digital - Business of providing internet related services manage its foreign currency exposures. These contracts [OYV\NOHQVIWVY[HS:OPULJVTVUSPULJVU[LU[THYRL[WSHJL HYLUV[KLZPNUH[LKHZJHZOÅV^OLKNLZHUKHYLLU[LYLK htsyndication.com and news websites hindustantimes. into for periods consistent with underlying transactions com and livemint.com exposure.

;OLTHUHNLTLU[VM[OL*VTWHU`TVUP[VYZ[OLVWLYH[PUN 39. FAIR VALUES results of its business units separately for the purpose :L[ V\[ ILSV^ PZ H JVTWHYPZVU I` JSHZZ VM [OL JHYY`PUN of making decisions about resource allocation and HTV\U[Z HUK MHPY ]HS\L VM [OL JVTWHUPLZ ÄUHUJPHS performance assessment. Segment performance is PUZ[Y\TLU[ZV[OLY[OHU[OVZL^P[OJHYY`PUNHTV\U[Z[OH[ L]HS\H[LK IHZLK VU P[Z WYVÄ[ HUK SVZZ HUK PZ TLHZ\YLK are reasonable approximations of fair values: JVUZPZ[LU[S`^P[OWYVÄ[HUKSVZZVM[OL*VTWHU`(SZV[OL

`PU3HJZ Carrying value Fair value Particulars March 31, March 31, April 1, March 31, March 31, April 1, 2017 2016 2015 2017 2016 2015

Financial assets measured at fair Value 0U]LZ[TLU[Z]HS\LKH[-=;6*09LMLY5V[L)         4\[\HS-\UKZ]HS\LKH[-=;739LMLY5V[L)                   6[OLY0U]LZ[TLU[Z]HS\LKH[-=;739LMLY5V[L)             -VY^HYKHUK6W[PVU*VU[YHJ[ZH[-=;73 -    - -    9LMLY5V[L+ - Financial assets measured at Amortized Cost 0U]LZ[TLU[PU)VUKZ9LMLY5V[L)               -PUHUJPHS(ZZL[Z3VHU5VU*\YYLU[       9LMLY5V[L* 6[OLYÄUHUJPHSUVUJ\YYLU[HZZL[Z9LMLY5V[L+                 Total 138,672.23 119,061.10 102,717.96 138,685.64 119,085.72 102,738.64 Financial liabilities measured at fair Value -VY^HYKHUK6W[PVU*VU[YHJ[ZH[-=;73    -    - 9LMLY5V[L* Financial liabilities measured at amortized cost 3VUN[LYTIVYYV^PUNZ9LMLY5V[L(           Total 1,864.52 4,132.27 6,757.27 1,864.52 4,132.27 6,757.27

144 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

The management assessed that cash and cash MVYLJHZ[JHZOÅV^ZHUKKPZJV\U[YH[L;OLWYVIHIPSP[PLZVM LX\P]HSLU[ZV[OLYIHURIHSHUJLZ[YHKLYLJLP]HISLZV[OLY the various estimates within the range can be reasonably J\YYLU[ÄUHUJPHSHZZL[[YHKLWH`HISLZ*\YYLU[)VYYV^PUNZ HZZLZZLK HUK HYL \ZLK PU THUHNLTLU[»Z LZ[PTH[L VM MHPY HUK V[OLY ÄUHUJPHS SPHIPSP[PLZ HWWYV_PTH[L [OLPY JHYY`PUN ]HS\LMVY[OLZL\UX\V[LKPU]LZ[TLU[Z amounts largely due to the short-term maturities of these PUZ[Y\TLU[Z;OL MHPY ]HS\L VM [OL ÄUHUJPHS HZZL[Z HUK 0U]LZ[TLU[ZPUX\V[LKT\[\HSM\UKZILPUN]HS\LKH[5L[ liabilities is the amount at which the instrument could be (ZZL[=HS\L L_JOHUNLKPUHJ\YYLU[[YHUZHJ[PVUIL[^LLU^PSSPUNWHY[PLZ V[OLY [OHU PU H MVYJLK VY SPX\PKH[PVU ZHSL ;OL MVSSV^PUN - Investments in venture capital funds are valued using methods and assumptions were used to estimate the fair ]HS\H[PVU [LJOUPX\LZ ^OPJO LTWSV`Z [OL \ZL VM THYRL[ values: VIZLY]HISLZPUW\[ZHUK[OLHZZLZZTLU[VM5L[(ZZL[=HS\L

- The fair values of the companies interest-bearing 0U]LZ[TLU[ZPUX\V[LKLX\P[`ZOHYLZHYL]HS\LKH[JSVZPUN IVYYV^PUNZHUKSVHUZHYLKL[LYTPULKI`\ZPUN+*-TL[OVK price of stock on recognized stock exchange. \ZPUN KPZJV\U[ YH[L [OH[ YLÅLJ[Z [OL PZZ\LY»Z IVYYV^PUN rate as at the end of the reporting period. The own non- ;OL*VTWHU`LU[LYZPU[VKLYP]H[P]LÄUHUJPHSPUZ[Y\TLU[Z WLYMVYTHUJLYPZR^HZHZZLZZLK[VILPUZPNUPÄJHU[ Z\JO HZ 0U[LYLZ[ YH[L Z^HWZ *V\WVU VUS` Z^HW *HSS :WYLHK6W[PVUZMVYLPNUL_JOHUNLMVY^HYKJVU[YHJ[ZILPUN  ;OL MHPY ]HS\LZ VM [OL PU]LZ[TLU[ PU \UX\V[LK LX\P[` ]HS\LK\ZPUN]HS\H[PVU[LJOUPX\LZ^OPJOLTWSV`Z[OL\ZL shares/ debt instruments/ preference shares have been of market observable inputs. The company uses Mark to LZ[PTH[LK \ZPUN H +*- TVKLS VY JVTWHYHISL PU]LZ[TLU[ Market valuation provided by Bank for valuation of these price such as last round of funding made in the investee derivative contracts. JVTWHU` ;OL ]HS\H[PVU YLX\PYLZ THUHNLTLU[ [V THRL JLY[HPU HZZ\TW[PVUZ HIV\[ [OL TVKLS PUW\[Z PUJS\KPUN - The loans and investment in bonds are evaluated by the MVYLJHZ[JHZOÅV^ZKPZJV\U[YH[LJYLKP[YPZRHUK]VSH[PSP[` JVTWHU` IHZLK VU WHYHTL[LYZ Z\JO HZ PU[LYLZ[ YH[L YPZR The probabilities of the various estimates within the range MHJ[VYZYPZRJOHYHJ[LYPZ[PJZHUKPUKP]PK\HSJYLKP[^VY[OPULZZ JHUILYLHZVUHIS`HZZLZZLKHUKHYL\ZLKPUTHUHNLTLU[»Z VM [OL JV\U[LYWHY[` )HZLK VU [OPZ L]HS\H[PVU HSSV^HUJLZ LZ[PTH[LVMMHPY]HS\LMVY[OLZL\UX\V[LKPU]LZ[TLU[Z are taken into account for the expected losses.

;OLMHPY]HS\LZVM;OLPU]LZ[TLU[PU\UX\V[LKLX\P[`ZOHYLZ ;OL ZPNUPÄJHU[ \UVIZLY]HISL PUW\[Z \ZLK PU [OL MHPY ]HS\L VM0,:73]HS\LKH[-=;6*0OH]LILLULZ[PTH[LK\ZPUNH measurement categorized within Level 3 of the fair value +*-TVKLS;OL]HS\H[PVUYLX\PYLZTHUHNLTLU[[VTHRL OPLYHYJO`[VNL[OLY^P[OHX\HU[P[H[P]LZLUZP[P]P[`HUHS`ZPZHZ JLY[HPU HZZ\TW[PVUZ HIV\[ [OL TVKLS PUW\[Z PUJS\KPUN H[4HYJOHUK4HYJOHYLHZZOV^UILSV^!

+LZJYPW[PVUVMZPNUPÄJHU[\UVIZLY]HISLPUW\[Z[V]HS\H[PVUHZH[4HYJO!

:PNUPÄJHU[ Range Impact of 1% Impact of 1% Valuation Particulars unobservable (weighted Increase to fair Decrease to fair technique inputs average) value (` in lacs) value (` in Lacs)

0U]LZ[TLU[ZPU0,:731VPU[]LU[\YL]HS\LKH[ +PZJV\U[LK Weighted Average      -=;6*09LMLY5V[L)LSV^ JHZOÅV^ cost of capital ;LYTPUHS.YV^[O    9H[L 0U]LZ[TLU[PU\UX\V[LKLX\P[`ZOHYLZH[3L]LS +PZJV\U[LK Weighted Average      9LMLY5V[L)LSV^ JHZOÅV^ cost of capital  +PZJV\U[MVYSHJR        of marketibility ;LYTPUHS.YV^[O     9H[L

ANNUAL REPORT 2016-17 145 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

+LZJYPW[PVUVMZPNUPÄJHU[\UVIZLY]HISLPUW\[Z[V]HS\H[PVUHZH[4HYJO!

:PNUPÄJHU[ Range Impact of 1% Impact of 1% Valuation Particulars unobservable (weighted Increase to fair Decrease to fair technique inputs average) value (` in lacs) value (` in lacs)

0U]LZ[TLU[ZPU0,:731VPU[]LU[\YL]HS\LKH[ +PZJV\U[LK Weighted Average     -=;6*09LMLY5V[L)LSV^ JHZOÅV^ cost of capital ;LYTPUHS.YV^[O  484.84    9H[L 0U]LZ[TLU[PU\UX\V[LKLX\P[`ZOHYLZH[3L]LS +PZJV\U[LK Weighted Average     9LMLY5V[L)LSV^ JHZOÅV^ cost of capital  ;LYTPUHS.YV^[O       9H[L

+LZJYPW[PVUVMZPNUPÄJHU[\UVIZLY]HISLPUW\[Z[V]HS\H[PVUHZH[(WYPS!

:PNUPÄJHU[ Range Impact of 1% Impact of 1% Valuation Particulars unobservable (weighted Increase to fair Decrease to fair technique inputs average) value (` in lacs) value (` in lacs)

Weighted 0U]LZ[TLU[ZPU0,:731VPU[]LU[\YL]HS\LKH[ +PZJV\U[LK (]LYHNL*VZ[VM      -=;6*0YLMLYUV[LILSV^ JHZOÅV^ *HWP[HS ;LYTPUHS.YV^[O       9H[L

;OLKPZJV\U[MVYSHJRVMTHYRL[HIPSP[`YLWYLZLU[Z[OLHTV\U[Z[OH[[OL*VTWHU`OHZKL[LYTPULK[OH[THYRL[WHY[PJPWHU[Z would take into account when pricing the investments.

Reconciliation of fair value measurement of investment in unquoted equity shares/ debentures/preference shares/ venture capital fund measured at FVTPL: (Level III)

`PU3HJZ Particulars Total

As at April 1, 2015 4,145.57 Purchases  0TWHJ[VM-HPY]HS\LTV]LTLU[    Sales    As at March 31, 2016 7,232.00 Purchases - 0TWHJ[VM-HPY]HS\LTV]LTLU[  Sales  As at March 31, 2017 2,168.50 9LMLY5V[L)

146 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Reconciliation of fair value measurement of FVTOCI investment :

`PU3HJZ Particulars Total

As at April 1, 2015 3,514.50 Addition   As at March 31, 2016 4,607.00 9LTLHZ\YLTLU[YLJVNUPZLKPU6*0  Addition  As at March 31, 2017 479.00 9LMLY5V[L) Fair value hierarchy The following table provides the fair value measurement hierarchy of the companies assets and liabilities.

Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2017:

`PU3HJZ Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Particulars Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3)

Assets measured at fair value: -=;6*00U]LZ[TLU[Z 4HYJO 479.00 - -   4\[\HSM\UK0U]LZ[TLU[Z]HS\LKH[-=;73 4HYJO 114,691.83    - - 6[OLY0U]LZ[TLU[Z]HS\LKH[-=;73 4HYJO 12,397.90      Assets measured at Amortized Cost Investment in Bonds 4HYJO 5,860.91    -  -PUHUJPHS(ZZL[Z3VHU5VU*\YYLU[ 4HYJO 3,445.31 -  - 6[OLYÄUHUJPHSHZZL[Z5VUJ\YYLU[ 4HYJO 1,810.69 -    -

There have been no transfers between the Levels during the period.

Quantitative disclosures fair value measurement hierarchy for liabilities as at March 31, 2017: `PU3HJZ Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3)

Liabilities measured at fair value: -VY^HYKHUK6W[PVU*VU[YHJ[Z 4HYJO 162.34 -  - Financial liabilities measured at

amortized cost : Long term borrowings 4HYJO 1,702.18 -   -

ANNUAL REPORT 2016-17 147 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2016:

`PU3HJZ Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3)

Assets measured at fair value: 0U]LZ[TLU[Z]HS\LKH[-=;6*0 4HYJO 4,607.00 - -  4\[\HS-\UKZ]HS\LKH[-=;73 4HYJO 104,695.58    - - 6[OLY0U]LZ[TLU[Z]HS\LKH[-=;73 4HYJO 5,239.13 -   Assets measured at Amortized Cost Investment in Bonds 4HYJO 885.88    - - -PUHUJPHS(ZZL[Z3VHU5VU*\YYLU[ 4HYJO 3,417.32 -  - 6[OLYÄUHUJPHSHZZL[Z5VUJ\YYLU[ 4HYJO 240.81 -   -

There have been no transfers between the Levels during the period.

Quantitative disclosures fair value measurement hierarchy for liabilities as at March 31, 2016:

`PU3HJZ Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3)

Liabilities measured at fair value: -VY^HYKHUK6W[PVU*VU[YHJ[Z 4HYJO 198.67 -   - Financial liabilities measured at

amortized cost : Long term borrowings 4HYJO 3,933.60 -   -

There have been no transfers between the Levels during the period.

Quantitative disclosures fair value measurement hierarchy for assets as at April 1, 2015:

`PU3HJZ Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3)

Assets measured at fair value: 0U]LZ[TLU[Z]HS\LKH[-=;6*0 (WYPS 3,514.50 - -  4\[\HS-\UKZ]HS\LKH[-=;73 (WYPS 92,221.84    - - 6[OLY0U]LZ[TLU[Z]HS\LKH[-=;73 (WYPS 2,277.37 -   -VY^HYKHUK6W[PVU*VU[YHJ[Z (WYPS 196.59 -    - Assets measured at Amortized Cost Investment in Bonds (WYPS 845.13   - - -PUHUJPHS(ZZL[Z3VHU5VU*\YYLU[ (WYPS 3,400.71 -  - 6[OLYÄUHUJPHSHZZL[Z5VUJ\YYLU[ (WYPS 282.49 -    -

148 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Quantitative disclosures fair value measurement hierarchy for liabilities as at April 1, 2015 :

`PU3HJZ Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3)

Financial liabilities measured at amortized cost : Long term borrowings (WYPS 6,757.27 -  -

There have been no transfers between the Levels during the period.

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND The sensitivity analyses in the following sections relate to POLICIES [OLWVZP[PVUHZH[4HYJOHUK4HYJO ;OL JVTWHUPLZ WYPUJPWHS ÄUHUJPHS SPHIPSP[PLZ V[OLY [OHU KLYP]H[P]LZJVTWYPZLSVHUZHUKIVYYV^PUNZ[YHKLHUKV[OLY The sensitivity analyses have been prepared on the basis that WH`HISLZ ;OL THPU W\YWVZL VM [OLZL ÄUHUJPHS SPHIPSP[PLZ [OLHTV\U[VMUL[KLI[[OLYH[PVVMÄ_LK[VÅVH[PUNPU[LYLZ[ PZ [V ÄUHUJL [OL JVTWHUPLZ VWLYH[PVUZ HUK [V Z\WWVY[ YH[LZVM[OLKLI[HUKKLYP]H[P]LZHUK[OLWYVWVY[PVUVMÄUHUJPHS P[Z VWLYH[PVUZ ;OL JVTWHUPLZ WYPUJPWHS ÄUHUJPHS HZZL[Z instruments in foreign currencies are all constant and on the PUJS\KLSVHUZ[YHKLHUKV[OLYYLJLP]HISLZHUKJHZOHUK IHZPZVMOLKNLKLZPNUH[PVUZPUWSHJLH[4HYJO JHZO LX\P]HSLU[Z [OH[ KLYP]L KPYLJ[S` MYVT P[Z VWLYH[PVUZ The company also enters into derivative transactions. The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post ;OL JVTWHU` PZ L_WVZLK [V THYRL[ YPZR JYLKP[ YPZR HUK retirement obligations and provisions. SPX\PKP[`YPZR;OLJVTWHUPLZZLUPVYTHUHNLTLU[V]LYZLLZ [OLTHUHNLTLU[VM[OLZLYPZRZ;OL*VTWHUPLZÄUHUJPHS ;OLZLUZP[P]P[`VM[OLYLSL]HU[WYVÄ[VYSVZZP[LTPZ[OLLMMLJ[ risk activities are governed by appropriate policies and of the assumed changes in respective market risks. This is WYVJLK\YLZHUK[OH[ÄUHUJPHSYPZRZHYLPKLU[PÄLKTLHZ\YLK IHZLKVU[OLÄUHUJPHSHZZL[ZHUKÄUHUJPHSSPHIPSP[PLZOLSKH[ HUK THUHNLK PU HJJVYKHUJL ^P[O [OL *VTWHUPLZ 4HYJOHUK4HYJO policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist Interest rate risk [LHTZ [OH[ OH]L [OL HWWYVWYPH[L ZRPSSZ L_WLYPLUJL HUK Interest rate risk is the risk that the fair value or future cash supervision. It is the companies policy that no trading in ÅV^Z VM H ÄUHUJPHS PUZ[Y\TLU[ ^PSS Å\J[\H[L ILJH\ZL VM foreign exchange derivatives for speculative purposes will changes in market interest rates. The companies exposure be undertaken. The policies for managing each of these to the risk of changes in market interest rates relates YPZRZ^OPJOHYLZ\TTHYPZLKILSV^! primarily to the companies current debt obligations with Ä_LKPU[LYLZ[YH[LZ Market risk 4HYRL[YPZRPZ[OLYPZR[OH[[OLMHPY]HS\LVMM\[\YLJHZOÅV^Z ;OL *VTWHU` THUHNLZ P[Z PU[LYLZ[ YH[L YPZR MVY ZOVY[ VMHÄUHUJPHSPUZ[Y\TLU[^PSSÅ\J[\H[LILJH\ZLVMJOHUNLZ [LYT IV^YYV^PUNZ I` YHPZPUN M\UKZ H[ H Ä_LK YH[L HUK in market prices. Market risk comprises three types of risk: for Long term borrowing by selectively using interest rate PU[LYLZ[YH[LYPZRJ\YYLUJ`YPZRHUKV[OLYWYPJLYPZRZ\JOHZ Z^HWZ JV\WVU VUS` Z^HW HUK V[OLY KLYP]H[P]L PUZ[Y\TLU[Z JVTTVKP[`YPZR-PUHUJPHSPUZ[Y\TLU[ZHMMLJ[LKI`THYRL[ to manage its exposure to interest rate movements. These YPZRPUJS\KLSVHUZHUKIVYYV^PUNZKLWVZP[ZHUKKLYP]H[P]L exposures are reviewed by appropriate levels of management ÄUHUJPHSPUZ[Y\TLU[Z HZHUK^OLUYLX\PYLK

ANNUAL REPORT 2016-17 149 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OLL_WVZ\YLVM[OL*VTWHU`»ZÄUHUJPHSSPHIPSP[PLZHZH[4HYJO[VPU[LYLZ[YH[LYPZRPZHZMVSSV^Z!

`PU3HJZ Particulars Floating rate Fixed rate Total ÄUHUJPHSSPHIPSP[PLZ ÄUHUJPHSSPHIPSP[PLZ

-PUHUJPHS3PHIPSP[PLZ9LMLY5V[L(       

;OL^LPNO[LKH]LYHNLPU[LYLZ[YH[LVU[OLÄ_LKYH[LÄUHUJPHSSPHIPSP[PLZPZ WH   

;OLL_WVZ\YLVM[OL*VTWHU`»ZÄUHUJPHSSPHIPSP[PLZHZH[4HYJO[VPU[LYLZ[YH[LYPZRPZHZMVSSV^Z!

`PU3HJZ Particulars Floating rate Fixed rate Total ÄUHUJPHSSPHIPSP[PLZ ÄUHUJPHSSPHIPSP[PLZ

-PUHUJPHS3PHIPSP[PLZ9LMLY5V[L(      

;OL^LPNO[LKH]LYHNLPU[LYLZ[YH[LVU[OLÄ_LKYH[LÄUHUJPHSSPHIPSP[PLZPZ  WH

;OLL_WVZ\YLVM[OL*VTWHU`»ZÄUHUJPHSSPHIPSP[PLZHZH[(WYPS[VPU[LYLZ[YH[LYPZRPZHZMVSSV^Z!

`PU3HJZ Particulars Floating rate Fixed rate Total ÄUHUJPHSSPHIPSP[PLZ ÄUHUJPHSSPHIPSP[PLZ

-PUHUJPHS3PHIPSP[PLZ9LMLY5V[L(   -  

;OL^LPNO[LKH]LYHNLPU[LYLZ[YH[LVU[OLÄ_LKYH[LÄUHUJPHSSPHIPSP[PLZPZ WH   

0U[LYLZ[YH[LZLUZP[P]P[`MVYÅVH[PUNIVYYV^PUNZ    ;OL [HISL ILSV^ PSS\Z[YH[LZ [OL PTWHJ[ VM H   [V   TV]LTLU[ PU PU[LYLZ[ YH[LZ VU PU[LYLZ[ L_WLUZL VU SVHUZ HUK borrowings. The risk estimate provided assumes that the changes occur at the reporting date and has been calculated based on risk exposure outstanding as of date. The year end balances are not necessarily representative of the average debt outstanding K\YPUN[OL`LHY;OPZHUHS`ZPZHSZVHZZ\TLZ[OH[HSSV[OLY]HYPHISLZPUWHY[PJ\SHYMVYLPNUJ\YYLUJ`YH[LZYLTHPUJVUZ[HU[

Movement in interest rates

`PU3HJZ Particulars March 31, 2017 March 31, 2016

         

150 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Foreign currency risk -VYLPNUJ\YYLUJ`YPZRPZ[OLYPZR[OH[[OLMHPY]HS\LVYM\[\YLJHZOÅV^ZVMHUL_WVZ\YL^PSSÅ\J[\H[LILJH\ZLVMJOHUNLZPU foreign exchange rates. The companies exposure to the risk of changes in foreign exchange rates relates primarily to the JVTWHUPLZVWLYH[PUNHJ[P]P[PLZ^OLUYL]LU\LVYL_WLUZLPZKLUVTPUH[LKPUHMVYLPNUJ\YYLUJ`PU]LZ[TLU[ IVYYV^PUNPU foreign currency etc.

The company manages its foreign currency risk by hedging foreign currency transactions with forward covers and option JVU[YHJ[Z;OLZL[YHUZHJ[PVUZNLULYHSS`YLSH[LZ[VW\YJOHZLVMPTWVY[LKUL^ZWYPU[PU]LZ[TLU[ IVYYV^PUNZPUMVYLPNUJ\YYLUJ`

>OLUHKLYP]H[P]LPZLU[LYLKPU[VMVY[OLW\YWVZLVMILPUNHOLKNL[OLJVTWHU`ULNV[PH[LZ[OL[LYTZVM[OVZLKLYP]H[P]LZ[V TH[JO[OL[LYTZVM[OL\UKLYS`PUNL_WVZ\YL-VYOLKNLZVMMVYLJHZ[[YHUZHJ[PVUZ[OLKLYP]H[P]LZJV]LY[OLWLYPVKVML_WVZ\YL MYVT[OLWVPU[[OLJHZOÅV^ZVM[OL[YHUZHJ[PVUZ\W[V[OLWVPU[VMZL[[SLTLU[VM[OLYLZ\S[PUNYLJLP]HISLVYWH`HISL[OH[PZ denominated in the foreign currency.

Foreign currency sensitivity ;OLMVSSV^PUN[HISLZKLTVUZ[YH[L[OLZLUZP[P]P[`[VHYLHZVUHIS`WVZZPISLJOHUNLPUL_JOHUNLYH[LZ^P[OHSSV[OLY]HYPHISLZ OLSKJVUZ[HU[;OLPTWHJ[VU[OL*VTWHU`»ZWYVÄ[[H_PZK\L[VJOHUNLPU[OLMHPY]HS\LVMTVUL[HY`HZZL[Z SPHIPSP[PLZ

`PU3HJZ Change in foreign currency rate ,MMLJ[VUWYVÄ[ILMVYL[H_

Particulars March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016

Change in USD rate Trade payables     Investments      )HSHUJLVU*\YYLU[(JJV\U[      ;YHKL9LJLP]HISLZ     (K]HUJLMYVT*\Z[VTLYZ   -  Loans & Advances   -   Change in GBP rate Investments    - ;YHKL9LJLP]HISLZ      (K]HUJLMYVT*\Z[VTLYZ   -  Loans & Advances   -   Change in SGD rate Trade payables     Investments     - ;YHKL9LJLP]HISLZ      )HSHUJLVU*\YYLU[(JJV\U[   -  Change in Pakistani Rupee Rate ;YHKL9LJLP]HISLZ    - Change in JPY rate Trade Payables   -   Change in AUD rate ;YHKL9LJLP]HISLZ   -  Change in Euro rate Trade payables     ;YHKL9LJLP]HISLZ      Loans & Advances   -  

ANNUAL REPORT 2016-17 151 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Commodity price risk ;OLJVTWHU`PZHMMLJ[LKI`[OLWYPJL]VSH[PSP[`VMJLY[HPUJVTTVKP[PLZ0[ZVWLYH[PUNHJ[P]P[PLZYLX\PYL[OLVUNVPUNW\YJOHZL VMUL^ZWYPU[HUK0URHUK[OLYLMVYLYLX\PYLHJVU[PU\V\ZZ\WWS`+\L[V[OL]VSH[PSP[`VM[OLWYPJLVM[OLUL^ZWYPU[[OL *VTWHU`HSZVLU[LYLKPU[V]HYPV\ZW\YJOHZLJVU[YHJ[Z 

The management of company has developed and enacted a risk management strategy regarding commodity price risk and its mitigation.

Commodity price sensitivity The following table shows the effect of price changes in newsprint & Ink

Change in ,MMLJ[VUWYVÄ[ILMVYL Particulars year-end price tax (` in lacs)

March 31, 2017 Newsprint & Ink   March 31, 2016 Newsprint & Ink  381.33

Equity price risk Financial instruments and cash deposits ;OL *VTWHU` PU]LZ[Z PU SPZ[LK HUK UVUSPZ[LK LX\P[` securities which are susceptible to market price risk arising *YLKP[ YPZR MYVT IHSHUJLZ ^P[O IHURZ HUK ÄUHUJPHS from uncertainties about future values of the investment PUZ[P[\[PVUZ PZ THUHNLK I` [OL *VTWHU`»Z [YLHZ\Y` ZLJ\YP[PLZ ;OL *VTWHU` THUHNLZ [OL LX\P[` WYPJL YPZR KLWHY[TLU[ PU HJJVYKHUJL ^P[O [OL JVTWHU`»Z WVSPJ` [OYV\NOKP]LYZPÄJH[PVUHUKI`WSHJPUNSPTP[ZVUPUKP]PK\HS Investments of surplus funds are made as per guideines HUK[V[HSLX\P[`PUZ[Y\TLU[Z9LWVY[ZVU[OLLX\P[`WVY[MVSPV HUK ^P[OPU SPTP[Z HWWYV]LK I` )VHYK VM +PYLJ[VYZ )VHYK HYL Z\ITP[[LK [V [OL *VTWHUPLZ ZLUPVY THUHNLTLU[ VU VM+PYLJ[VYZ4HUHNLTLU[YL]PL^ZHUK\WKH[LN\PKLSPULZ H YLN\SHY IHZPZ ;OL JVTWHUPLZ 0U]LZ[TLU[ *VTTP[LL [PTL[V[PTLHZWLYYLX\PYLTLU[;OLN\PKLSPULZHYLZL[[V YL]PL^ZHUKHWWYV]LZHSSLX\P[`PU]LZ[TLU[KLJPZPVUZ minimise the concentration of risks and therefore mitigate ÄUHUJPHS SVZZ [OYV\NO JV\U[LYWHY[`»Z WV[LU[PHS MHPS\YL [V Credit risk make payments. *YLKP[ YPZR PZ [OL YPZR [OH[ JV\U[LYWHY[` ^PSS UV[ TLL[ P[Z VISPNH[PVUZ \UKLY H ÄUHUJPHS PUZ[Y\TLU[ VY J\Z[VTLY Liquidity risk JVU[YHJ[ SLHKPUN [V H ÄUHUJPHS SVZZ ;OL JVTWHU` PZ ;OL*VTWHU`TVUP[VYZP[ZYPZRVMZOVY[HNLVMM\UKZ L_WVZLK[VJYLKP[YPZRMYVTP[ZVWLYH[PUNHJ[P]P[PLZWYPTHYPS` [YHKLYLJLP]HISLZHUKMYVTP[ZÄUHUJPUNHJ[P]P[PLZPUJS\KPUN ;OL*VTWHU`»ZVIQLJ[P]LPZ[VTHPU[HPUHIHSHUJLIL[^LLU KLWVZP[Z ^P[O IHURZ HUK ÄUHUJPHS PUZ[P[\[PVUZ MVYLPNU JVU[PU\P[` VM M\UKPUN HUK ÅL_PIPSP[` [OYV\NO [OL \ZL VM L_JOHUNL[YHUZHJ[PVUZHUKV[OLYÄUHUJPHSPUZ[Y\TLU[Z )HURV]LYKYHM[Z)HURSVHUZ 4VUL`4HYRL[)VYYV^PUN (WWYV_PTH[LS`  VM [OL *VTWHU`»Z KLI[ ^PSS TH[\YL Trade receivables PUSLZZ[OHUVUL`LHYH[4HYJO4HYJO!  (WYPS! IHZLKVU[OLJHYY`PUN]HS\LVM An impairment analysis is performed at each reporting IVYYV^PUNZYLÅLJ[LKPU[OLÄUHUJPHSZ[H[LTLU[Z date on an individual basis for major clients. The maximum exposure to credit risk at the reporting date is the carrying ;OL *VTWHU` HZZLZZLK [OL JVUJLU[YH[PVU VM YPZR ^P[O ]HS\L VM LHJO JSHZZ VM ÄUHUJPHS HZZL[Z KPZJSVZLK PU 5V[L YLZWLJ[[VYLÄUHUJPUNP[ZKLI[HUKJVUJS\KLKP[[VILSV^ (;OL*VTWHU`KVLZUV[OVSKJVSSH[LYHSHZZLJ\YP[` ;OL*VTWHU`OHZHJJLZZ[VHZ\MÄJPLU[]HYPL[`VMZV\YJLZ of funding i.e. investments / Bank limits for Borrowing/ ;OL *VTWHU` L]HS\H[LZ [OL JVUJLU[YH[PVU VM YPZR ^P[O JHZOHJJY\HSMYVT6WLYH[PVUHUKKLI[TH[\YPUN^P[OPU YLZWLJ[[V[YHKLYLJLP]HISLZHZSV^HZP[ZJ\Z[VTLYZHYL months can be paid/ rolled over with existing lenders. located in several jurisdictions and industries and operate in largely independent markets.

152 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OL[HISLILSV^Z\TTHYPZLZ[OLTH[\YP[`WYVÄSLVM[OL*VTWHU`»ZÄUHUJPHSSPHIPSP[PLZ

`PU3HJZ Within 1 year More than Total Particulars 1 year

As at March 31, 2017 )VYYV^PUNZ9LMLY5V[L(         ;YHKLHUKV[OLYWH`HISLZ9LMLY5V[L)   -   6[OLYÄUHUJPHSSPHIPSP[PLZ9LMLY5V[L*  -  As at March 31, 2016 )VYYV^PUNZ9LMLY5V[L(        ;YHKLHUKV[OLYWH`HISLZ9LMLY5V[L)   -   6[OLYÄUHUJPHSSPHIPSP[PLZ9LMLY5V[L*    -    As at April 1, 2015 )VYYV^PUNZ9LMLY5V[L(      ;YHKLHUKV[OLYWH`HISLZ9LMLY5V[L)    -    6[OLYÄUHUJPHSSPHIPSP[PLZ9LMLY5V[L*    -   

Collateral ;OL*VTWHU`OHZWSLKNLKWHY[VMP[Z0U]LZ[TLU[PU4\[\HS-\UKZPUVYKLY[VM\SÄS[OLJVSSH[LYHSYLX\PYLTLU[ZMVY)VYYV^PUN ([4HYJO4HYJOHUK(WYPS[OLPU]LZ[LK]HS\LZVM[OL0U]LZ[TLU[PU4\[\HS-\UKZWSLKNLK^LYL `   SHJZ`SHJZHUK`SHJZYLZWLJ[P]LS`;OLJV\U[LYWHY[PLZOH]LHUVISPNH[PVU[VYL[\YU[OL securities to the company and the company has an obligation to repay the borrowing to the counterparties upon maturity/ +\L+H[L;OLYLHYLUVV[OLYZPNUPÄJHU[[LYTZHUKJVUKP[PVUZHZZVJPH[LK^P[O[OL\ZLVMJVSSH[LYHS:LJ\YP[PLZL_JLW[ pledge given against outstanding Bank facilities details is provided in borrowing note.

41. CAPITAL MANAGEMENT -VY[OLW\YWVZLVM[OLJVTWHUPLZJHWP[HSTHUHNLTLU[JHWP[HSPUJS\KLZPZZ\LKLX\P[`JHWP[HSZOHYLWYLTP\THUKHSS V[OLYLX\P[`YLZLY]LZ;OLWYPTHY`VIQLJ[P]LVM[OLJVTWHUPLZJHWP[HSTHUHNLTLU[PZ[VTH_PTPZL[OLZOHYLOVSKLY]HS\L

The company manages its capital structure and makes adjustments in light of changes in economic conditions and the YLX\PYLTLU[ZVM[OLÄUHUJPHSJV]LUHU[Z;VTHPU[HPUVYHKQ\Z[[OLJHWP[HSZ[Y\J[\YL[OLJVTWHU`TH`HKQ\Z[[OLKP]PKLUK WH`TLU[ [V ZOHYLOVSKLYZ YL[\YU JHWP[HS [V ZOHYLOVSKLYZ VY PZZ\L UL^ ZOHYLZ ;OL JVTWHU` TVUP[VYZ JHWP[HS \ZPUN H NLHYPUNYH[PV^OPJOPZUL[KLI[KP]PKLKI`[V[HSJHWP[HSWS\ZUL[KLI[;OLJVTWHU`PUJS\KLZ^P[OPUUL[KLI[PU[LYLZ[ ILHYPUNSVHUZHUKIVYYV^PUNZ[YHKLHUKV[OLYWH`HISLZSLZZJHZOHUKJHZOLX\P]HSLU[Z

`PU3HJZ Particulars March 31, 2017 March 31, 2016 April 1, 2015

)VYYV^PUNZ5V[L(        ;YHKLWH`HISLZ5V[L)        6[OLYÄUHUJPHSSPHIPS[PLZ5V[L*       6[OLYJ\YYLU[SPHIPSP[PLZ5V[L         6[OLYUVUJ\YYLU[SPHIPSP[PLZ5V[L        Sub Total 1,67,376.84 1,51,600.47 89,230.99 3LZZ!JHZOHUKJHZOLX\P]HSLU[Z5V[L)        3LZZ!)HUR)HSHUJLV[OLY[OHUTLU[PVULKHIV]L5V[L)    Net debt 1,60,786.67 1,43,218.66 77,639.23 ,X\P[` 6[OLY,X\P[`         Total capital 1,69,836.89 1,60,367.36 1,52,883.69 Capital and net debt 3,30,623.56 3,03,586.02 2,30,522.92 Gearing ratio 49% 47% 34%

ANNUAL REPORT 2016-17 153 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

0U VYKLY [V HJOPL]L [OPZ V]LYHSS VIQLJ[P]L [OL JVTWHUPLZ ÅV^Z HUK UVU JHZO JOHUNLZ Z\NNLZ[PUN PUJS\ZPVU VM H JHWP[HSTHUHNLTLU[HTVUNZ[V[OLY[OPUNZHPTZ[VLUZ\YL reconciliation between the opening and closing balances [OH[P[TLL[ZÄUHUJPHSJV]LUHU[ZH[[HJOLK[V[OLPU[LYLZ[ PU [OL IHSHUJLZ ZOLL[ MVY SPHIPSP[PLZ HYPZPUN MYVT ÄUHUJPUN ILHYPUNSVHUZHUKIVYYV^PUNZ[OH[KLÄULJHWP[HSZ[Y\J[\YL HJ[P]P[PLZ[VTLL[[OLKPZJSVZ\YLYLX\PYLTLU[Z;OLLMMLJ[ YLX\PYLTLU[Z)YLHJOLZPUTLL[PUN[OLÄUHUJPHSJV]LUHU[Z VU [OL ÄUHUJPHS Z[H[LTLU[Z PZ ILPUN L]HS\H[LK I` [OL would permit the bank to immediately call loans and *VTWHU` IVYYV^PUNZ;OL*VTWHU`OHZZH[PZÄLKHSSÄUHUJPHSKLI[ covenants prescribed in the terms of bank loan except Amendment to Ind-AS 102 : ;V[HS +LI[ [V ,)0;+( YH[PV 9LX\PYLK ^HP]LY HWWYV]HS ;OLHTLUKTLU[[V0UK(:WYV]PKLZZWLJPÄJN\PKHUJL[V K[K1HU\HY` OHZILLUVI[HPULKMYVT*P[P)HUR[V TLHZ\YLTLU[VMJHZOZL[[SLKH^HYKZTVKPÄJH[PVUVMJHZO condone the non-compliance and non-adherence of the settled awards and awards that include a net settlement ;V[HS +LI[ [V ,)0;+( 9H[PV [PSS :LW[LTILY   MVY feature in respect of withholding taxes. -*59 ,*)SVHU 0[ JSHYPÄLZ [OH[ [OL MHPY ]HS\L VM JHZO ZL[[SLK H^HYKZ PZ 42. STANDARDS ISSUED BUT NOT YET EFFECTIVE KL[LYTPULKVUHIHZPZJVUZPZ[LU[^P[O[OH[\ZLKMVYLX\P[` 0U4HYJO[OL4PUPZ[Y`VM*VYWVYH[L(MMHPYZPZZ\LK[OL settled awards. Market based performance conditions and JVTWHU`»Z 0UKPHU (JJV\U[PUN :[HUKHYKZ (TLUKTLU[Z UVU]LZ[PUNJVUKP[PVUZHYLYLÅLJ[LKPU[OLºMHPY]HS\LZ»I\[ 9\SLZUV[PM`PUNHTLUKTLU[Z[V0UK(:º:[H[LTLU[ non- market performance conditions and services vesting VM JHZO ÅV^Z» HUK 0UK(:  º:OHYL IHZLK WH`TLU[» JVUKP[PVUZ HYL YLÅLJ[LK PU [OL LZ[PTH[L VM [OL U\TILY VM These amendments are in accordance with the recent H^HYKZL_WLJ[LK[V]LZ[(SZV[OLHTLUKTLU[JSHYPÄLZ[OH[ amendments made by International Accounting standards if the terms and conditions of a cash settled share based )VHYK0(:)[V0(:º:[H[LTLU[VMJHZOÅV^Z»HUK0-9: WH`TLU[ [YHUZHJ[PVU HYL TVKPÄLK ^P[O [OL YLZ\S[ [OH[ P[ º:OHYLIHZLKWH`TLU[»YLZWLJ[P]LS`;OLHTLUKTLU[Z ILJVTLZHULX\P[`ZL[[SLKZOHYLIHZLKWH`TLU[[YHUZHJ[PVU HYLHWWSPJHISL[V[OL*VTWHU`MYVT(WYPS the transaction is accounted for as such from the date of the TVKPÄJH[PVU -\Y[OLY [OL HTLUKTLU[ YLX\PYLZ [OL H^HYK (TLUKTLU[[V0UK(::[H[LTLU[VM*HZOÅV^Z that include a net settlement feature in respect of withholding ;OLHTLUKTLU[[V0UK(:YLX\PYLK[OLLU[P[PLZ[VWYV]PKL [H_LZ[VIL[YLH[LKHZLX\P[`ZL[[SLKPUP[ZLU[PYL[`;OLJHZO KPZJSVZ\YLZ [OH[ LUHISL \ZLYZ VM ÄUHUJPHS Z[H[LTLU[Z payment to the tax authority is treated as if it was part of an [V L]HS\H[L JOHUNLZ PU SPHIPSP[PLZ HYPZPUN MYVT ÄUHUJPUN LX\P[`ZL[[SLTLU[;OLLMMLJ[VU[OLÄUHUJPHSZ[H[LTLU[ZPZ HJ[P]P[PLZ PUJS\KPUN IV[O JOHUNLZ HYPZPUN MYVT JHZO ILPUNL]HS\H[LKI`[OL*VTWHU`

43. BASED ON THE INFORMATION AVAILABLE WITH THE COMPANY, DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006 `PU3HJZ

Particulars As at As at As at March 31, 2017 March 31, 2016 April 1, 2015

Principal Amount 3.13    Interest due thereon at the end of the accounting year  1.83  ;OLHTV\U[VMPULYLZ[WHPKI`[OLI\`LYPU[LYTZVM:LJ[PVUVM[OL - - - 4:4,+(J[HSVUN^P[O[OLHTV\U[ZVM[OLWH`TLU[THKL[V[OL supplier beyond the appointed day during each accounting year The amount of inerest due and payable for the year for delay in making - - - WH`TLU[^OPJOOH]LILLUWHPKI\[IL`VUK[OLHWWVPU[LKKH`K\YPUN[OL `LHYI\[^P[OV\[HKKPUN[OLPU[LYLZ[ZWLJPÄLK\UKLY4:4,+(J[ The amount of interest accrued and remaining unpaid at the end of the  1.83  accounting year The amount of further interest remaining due and payable even in the - - - Z\JJLLKPUN`LHYZ\U[PSZ\JOKH[L^OLU[OLPU[LYLZ[K\LZHZHIV]LHYL actually paid to the small enterprise for the purpose of disallowance as a KLK\J[PISLL_WLUKP[\YL\UKLY:LJ[PVUVM4:4,+(J[

154 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

44 45 0U HJJVYKHUJL ^P[O [OL VWPUPVU VM ,_WLY[ (K]PZVY` 0U[LYTZVM[OL:JOLTLVM(YYHUNLTLU[HUK9LZ[Y\J[\YPUN *VTTP[[LL,(*VMº;OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[Z \Z  YLHK^P[O:LJ[PVUZVM[OL*VTWHUPLZ VM0UKPH»PZZ\LKPU[OLTVU[OVM4HYJO[OL*VTWHU` (J[   IL[^LLU [OL *VTWHU` HUK /; 4\ZPJ HUK OHZ JVUZVSPKH[LK [OL ÄUHUJPHS Z[H[LTLU[Z VM /; 4LKPH ,U[LY[HPUTLU[*VTWHU`3PTP[LK+LTLYNLK*VTWHU`HZ ,TWSV`LL>LSMHYL;Y\Z[¸;Y\Z[¹PU[OLZ[HUKHSVULÄUHUJPHS HWWYV]LKI`[OL/VU»ISL+LSOP/PNO*V\Y[[OLHZZL[ZHUK Z[H[LTLU[Z VM [OL *VTWHU` (JJVYKPUNS` [OL HTV\U[ VM SPHIPSP[PLZVM[OLYHKPVI\ZPULZZVM[OL+LTLYNLKJVTWHU` loan of ` 3HJZ4HYJO!` 3HJZ ^LYL [HRLU V]LY HZ H[ 1HU\HY`    6UL ;PTL ,U[Y` HUK(WYPS!` 3HJZV\[Z[HUKPUNPU[OLUHTL -LLZ6;,-WHPKMVYHJX\PYPUNSPJLUZLMVY9HKPVI\ZPULZZ VM;Y\Z[PU[OLIVVRZVM[OL*VTWHU`H[[OL`LHYLUKOHZ WHPK I` [OL +LTLYNLK *VTWHU` PU LHYSPLY `LHYZ ^OPJO been eliminated against the amount of loan outstanding ^HZ JHWP[HSPaLK HUK HTVY[PaLK VU Z[YHPNO[ SPUL IHZPZ PZ PU[OLUHTLVM*VTWHU`HWWLHYPUNPU[OLIVVRZVM;Y\Z[ now amortized against the credit balance of Securities H[ [OL `LHY LUK -\Y[OLY [OL PU]LZ[TLU[ VM `   Premium Account instead of charging to the statement of 3HJZ4HYJO!` 3HJZHUK(WYPS! WYVÄ[HUKSVZZV]LY[OL\ZLM\SSPMLVM[OLZHPKSPJLUZLZVY `  3HJZTHKLI`[OL;Y\Z[PU[OLLX\P[`ZOHYLZ [OLPY \UL_WPYLK WLYPVK ^OPJOL]LY PZ SV^LY MYVT KH[L VM VM [OL *VTWHU` [OYV\NO ZLJVUKHY` THYRL[ OHZ ILLU 4LYNLY VM 9HKPV I\ZPULZZ HZ WLY [OL HWWYV]LK :JOLTL ZOV^UHZKLK\J[PVUMYVT[OL:OHYL*HWP[HS[V[OLL_[LU[ *VUZLX\LU[S`HUHTV\U[VM`3HJZ7YL]PV\Z@LHY VMMHJL]HS\LVM[OLZOHYLZB`3HJZ4HYJO! `3HJZ[V^HYKZHTVY[PaH[PVUVM9HKPV3PJLUZLZOHZ `3HJZHUK(WYPS!`DHUK:LJ\YP[PLZ been debited to the Securities Premium Account. Premium Account to the extent of amount exceeding face ]HS\LVMLX\P[`ZOHYLZB`3HJZ4HYJO! 46 `  3HJZ HUK (WYPS ! `  3HJZ D +L[HPSZVM3VHUZHUK(K]HUJLZ[VZ\IZPKPHYPLZHZZVJPH[LZ -\Y[OLY [OL HTV\U[ VM KP]PKLUK VM `   3HJZ 4HYJO HUK ÄYTJVTWHUPLZ PU ^OPJO KPYLJ[VYZ HYL PU[LYLZ[LK HZ ! `   3HJZ YLJLP]LK I` [OL ;Y\Z[ MYVT [OL YLX\PYLKI`JSH\ZLVM3PZ[PUN(NYLLTLU[ *VTWHU`K\YPUN[OL`LHYLUKOHZILLUHKKLKIHJR[V[OL Z\YWS\ZPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ `PU3HJZ

Particulars As at As at As at March 31, 2017 March 31, 2016 April 1, 2015

Loans and Advances to subsidiaries /;+PNP[HS4LKPH/VSKPUNZ3PTP[LK Maximum amount due at any time during the year -   *SVZPUN)HSHUJLH[[OLLUKVM[OL`LHY - - 

- Ivy Talent India Private Limited Maximum amount due at any time during the year -   *SVZPUN)HSHUJLH[[OLLUKVM[OL`LHY - - 

47 -4 PU +LSOP VU  4HYJO  ^HZ [OL ÄYZ[ VM [OL H *HWP[HS (K]HUJLZ PUJS\KL `   SHJZ 4HYJO WOHZL000YHKPVSH\UJOLZI`[OL*VTWHU`^OPJOOHK !`   3HJZ HUK (WYPS ! `   HJX\PYLK  UL^ MYLX\LUJPLZ HJYVZZ +LSOP 4\TIHP 3HJZ  WHPK [V^HYKZ *VTWHU`»ZWYVWVY[PVUH[L ZOHYL /`KLYHIHKHUK<7K\YPUN[OLWOHZL000YHKPVSPJLUJL MVY YPNO[ [V \ZL PU [OL *VTTVU 0UMYHZ[Y\J[\YL MVY H\J[PVUMVY]HSPKP[`VM`LHYZHNHPUZ[IPKZMVYHU JOHUULS[YHUZTPZZPVUMVYP[ZMV\YZ[H[PVUZ[VILI\PS[ HNNYLNH[L 5VU9LM\UKHISL 6UL[PTL ,U[Y` -LL VM on land owned by Prasar Bharti and to be used by `  3HJZ+\YPUN[OL`LHY[OL*VTWHU`OHZ all the broadcasters at respective stations as per the JHWP[HSPaLK[OLYLTHPUPUN YHKPVJOHUULSZ [LYTZ VM IPK KVJ\TLU[ VU -4 9HKPV )YVHKJHZ[PUN 7OHZL00 48 Capitalized Expenditure I +\YPUN[OLWYL]PV\Z`LHY[OL*VTWHU`OHKSH\UJOLK +\YPUN [OL `LHY [OL JVTWHU` OHZ JHWP[HSPaLK [OL P[Z ZLJVUK YHKPV Z[H[PVU 9HKPV 5HZOH  -4 PU MVSSV^PUNL_WLUZLZVMYL]LU\LUH[\YL[V[OLJVZ[VMÄ_LK +LSOP;OLJVTTLYJPHSSH\UJOVM9HKPV5HZOH HZZL[ JHWP[HS ^VYRPUWYVNYLZZ *>07 *VUZLX\LU[S`

ANNUAL REPORT 2016-17 155 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

expenses disclosed under the respective notes are net of amounts capitalized by the company.

`PU3HJZ Particulars As at As at March 31, 2017 March 31, 2016

:HSHYPLZ^HNLZHUKIVU\Z -   9LU[ -  Miscellaneous expenses -  Travelling and conveyance -  Total - 222.42

49 Disclosure required under Section 186(4) of the Companies Act, 2013 0UJS\KLKPUSVHUZHUKHK]HUJLZSVHUZ[V,TWSV`L:[VJR6W[PVU;Y\Z[[OLWHY[PJ\SHYZVM^OPJOHYLKPZJSVZLKPUILSV^HZ YLX\PYLKI`:LJ VM*VTWHUPLZ(J[!

`PU3HJZ Rate of Due Secured/ As at As at As at Name of the Loanee Interest Date Unsecured March 31, 2017 March 31, 2016 April 1, 2015

/;.YV\W*VTWHUPLZ,TWSV`LL 0U[LYLZ[-YLL NA LSMHYL;Y\Z[ 0U[LYLZ[-YLL NA LSMHYL;Y\Z[OHZILLULSPTPUH[LKVUJVUZVSPKH[PVUVM/;4LKPH,TWSV`LL>LSMHYL ;Y\Z[PU[OLZ[HUKHSVULÄUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`YLMLYUV[L -VYKL[HPSZVMSVHUZHUKHK]HUJLZWYV]PKLK[VYLSH[LKWHY[PLZYLMLYUV[L +L[HPSZVM0U]LZ[TLU[ZTHKLHYLNP]LU\UKLY5V[L(HUK)

50 Specified Bank Notes (SBNs) 4PUPZ[Y` 6M *VYWVYH[L (MMHPYZ PZZ\LK HU HTLUKTLU[ [V :JOLK\SL 000 VM [OL *VTWHUPLZ (J[  YLNHYKPUN NLULYHS PUZ[Y\J[PVUZMVYWYLWHYH[PVUVM)HSHUJL:OLL[[VKPZJSVZL[OLKL[HPSZVM:WLJPÄLK)HUR5V[LZ:)5OLSKHUK[YHUZHJ[LK K\YPUN[OLWLYPVK5V]LTILY [V+LJLTILY

The aforesaid disclosure is as follows: `PU3HJZ Other Particulars SBNs denomination Total notes

Closing cash in hand - November 8, 2016 73,72,500 1,62,254 75,34,754 7LYTP[[LKYLJLPW[Z -   - Permitted payments -         - Amount deposited into banks     Closing cash in hand - December 30, 2016 - 15,55,213 15,55,213

,_WSHUH[PVU!-VY[OLW\YWVZLZVM[OPZJSH\ZL[OL[LYTº:WLJPÄLK)HUR5V[LZ»:)5ZOHSSOH]L[OLZHTLTLHUPUNWYV]PKLK PU[OLUV[PÄJH[PVUVM[OL.V]LYUTLU[VM0UKPHPU[OL4PUPZ[Y`VM-PUHUJL+LWHY[TLU[VM,JVUVTPJ(MMHPYZU\TILY:6 ,KH[LK[OL5V]LTILY  ;OLHMVYLZHPKKPZJSVZ\YLZVM:)5»ZOH]LILLUJVTWPSLKIHZPZIHURJVUÄYTH[PVUZHUKJVTWPSH[PVUVMWH`PUZSPWZ

156 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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51. DETAILS OF CSR EXPENDITURE 7\YZ\HU[[V[OLHWWSPJHIPSP[`VM*:9*VYWVYH[L:VJPHS9LZWVUZPIPSP[`WYV]PZPVUZVM[OL*VTWHUPLZ(J[[OL*VTWHU` OHZTHKL[OLYLX\PZP[LL_WLUKP[\YL[V^HYKZ*:9HZWLYKL[HPSZILSV^! H .YVZZHTV\U[YLX\PYLK[VILZWLU[I`[OL*VTWHU`K\YPUN[OL`LHYPZ`SHJZ4HYJO!` SHJZ I +L[HPSZVMHTV\U[ZWLU[K\YPUN[OL`LHYLUKLK4HYJO 

Sr. CSR Project or Amount spent /contributed Amount spent: Direct or No. HJ[P]P[`PKLU[PÄLK on the projects or through implementing programs (` in lacs) agency

1 Promoting education including special education and employment  ;OYV\NO:OPUL-V\UKH[PVU LUOHUJPUN]VJH[PVUHSZRPSSZLZWLJPHSS`HTVUNJOPSKYLU^VTLU elderly and differently abled and livelihood enhancement projects  *OPSKOVVKLK\JH[PVU[VHNLNYV\WZ@LHYZ  ;OYV\NO7YH[OHT+LSOP ,K\JH[PVU0UP[PH[P]L 3 =VJH[PVUHSZRPSS[YHPUPUNMVYNPYSZ  Through Himalayan School Society 4 Promoting education including special education and employment  ;OYV\NO/;-V\UKH[PVUMVY LUOHUJPUN]VJH[PVUHSZRPSSZLZWLJPHSS`HTVUNJOPSKYLU^VTLU change elderly and differently abled and livelihood enhancement projects  Promoting education including special education and employment  ;OYV\NO:H]L;OL*OPSKYLU LUOHUJPUN]VJH[PVUHSZRPSSZLZWLJPHSS`HTVUNJOPSKYLU^VTLU elderly and differently abled and livelihood enhancement projects  7YV[LJ[PVUVMUH[PVUHSOLYP[HNLHY[ J\S[\YLPUJS\KPUNYLZ[VYH[PVUVM  +PYLJ[[OYV\NO building & sites of historical importance implementing agency  Promoting education  Through Implementing HNLUJ`/;-* Total 330.00

J +L[HPSZVMHTV\U[ZWLU[K\YPUN[OL`LHYLUKLK4HYJO

Sr. CSR Project or Amount spent/contributed Amount spent : No. HJ[P]P[`PKLU[PÄLK on the projects or Direct or through programs (` in lacs) implementing agency

1 Promoting education amongst disadvantaged children via the   (TV\U[JVSSLJ[LK\UKLY @V\9LHK @V\9LHK;OL`3LHYU WYVNYHT They Learn" paid out through /;-V\UKH[PVUMVY*OHUNL[V [OLZLSLJ[LK5.6WHY[ULYZMVY promoting education

 7YVTV[PUNWYPTHY`LK\JH[PVU[VJOPSKYLU]VJH[PVUHSJV\YZLZ  ;OYV\NO:OPUL-V\UKH[PVU for youth and women for income generation and health care 3 *OPSKYLULK\JH[PVUWYVNYHTTLZ    ;OYV\NO*9@*OPSK9PNO[ZHUK You 4 *OPSKOVVKLK\JH[PVU[VHNLNYV\WZ@LHYZ  ;OYV\NO7YH[OHT+LSOP,K\JH[PVU Initiative  =VJH[PVUHSZRPSS[YHPUPUNMVYNPM[Z  Through Himalayan School Society Total 244.84

ANNUAL REPORT 2016-17 157 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

52. FIRST-TIME ADOPTION OF IND-AS II Leases  ;OLZL ÄUHUJPHS Z[H[LTLU[Z MVY [OL `LHY LUKLK The company has applied the transitional provision 4HYJO   HYL [OL ÄYZ[ [OL JVTWHU` OHZ PU(WWLUKP_*VM0UK(:+L[LYTPUPUN^OL[OLYHU WYLWHYLK PU HJJVYKHUJL ^P[O 0UK(: -VY WLYPVKZ arrangement contains a Lease and has assessed all \W[VHUKPUJS\KPUN[OL`LHYLUKLK4HYJO arrangements based upon the conditions in place as [OL JVTWHU` WYLWHYLK P[Z ÄUHUJPHS Z[H[LTLU[Z PU at the date of transition. HJJVYKHUJL^P[OHJJV\U[PUNZ[HUKHYKZUV[PÄLK\UKLY ZLJ[PVUVM[OL*VTWHUPLZ(J[YLHK[VNL[OLY III Fair value measurement of financial assets and liabilities ^P[OWHYHNYHWOVM[OLJVTWHU`»Z(JJV\U[Z9\SLZ 

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ILLU]LZ[LKILMVYL[OL[YHUZP[PVUKH[L;OL*VTWHU` consistent with estimates made for the same date OHZLSLJ[LK[VH]HPS[OPZL_LTW[PVUHUKHJJVYKPUNS` PU HJJVYKHUJL ^P[O 0UKPHU .((7 HM[LY HKQ\Z[TLU[Z vested options have been measured at intrinsic value. [VYLÅLJ[HU`KPMMLYLUJLPUHJJV\U[PUNWVSPJPLZHWHY[ from the following items where application of Indian VII Embedded Derivatives .((7KPKUV[YLX\PYLLZ[PTH[PVU! The company has evaluated all its agreements on the basis of conditions that existed at the later of the date  0TWHPYTLU[ VM ÄUHUPJHS HZZL[Z IHZLK VU L_WLJ[LK P[ÄYZ[ILJHTLHWHY[`[V[OLJVU[YHJ[HUK[OLKH[LVM credit loss model reassessment. The estimates used by the company to present these VIII Investments in subsidiaries and associates HTV\U[ZPUHJJVYKHUJL^P[O0UK(:YLÅLJ[JVUKP[PVUZ H 0UZLWHYH[LÄUHUJPHSZ[H[LTLU[ZHÄYZ[[PTLHKVW[LY HZH[[OL[YHUZP[PVUKH[LHUKHZVM4HYJO [OH[ Z\IZLX\LU[S` TLHZ\YLZ HU PU]LZ[TLU[ PU H Z\IZPKPHY`HUKHZZVJPH[LH[JVZ[TH`TLHZ\YLZ\JO I 0UK(:  [YLH[Z [OL PUMVYTH[PVU YLJLP]LK HM[LY [OL investment at cost or deemed cost in its separate date of transition to Ind-AS as non-adjusting events. opening Ind-AS balance sheet. Selection of fair value ;OLLU[P[`ZOHSSUV[YLÅLJ[[OH[UL^PUMVYTH[PVUPUP[Z VY WYL]PV\Z .((7 JHYY`PUN HTV\U[ MVY KL[LYTPUPUN VWLUPUN0UK(:)HSHUJL:OLL[\USLZZ[OLLZ[PTH[LZ KLLTLK JVZ[ JHU IL KVUL MVY LHJO Z\IZPKPHY` need adjustment for any differences in accounting associate and joint venture. policies or there is objective evidence that the LZ[PTH[LZ^LYLPULYYVY I ;OL*VTWHU`PZTLHZ\YPUNP[ZPU]LZ[TLU[PUZ\IZPKPHYPLZ and associate at cost at the transition date. ;OLWYLZLU[H[PVUYLX\PYLTLU[Z\UKLY0UKPHU.((7KPMMLYZ MYVT 0UK(: HUK OLUJL 0UKPHU .((7 PUMVYTH[PVU OHZ B Ind-AS mandatory exemptions been regrouped for ease of reconciliation with Ind-AS. Estimates ;OL 9LNYV\WLK 0UKPHU .((7 PUMVYTH[PVU PZ KLYP]LK MYVT H ;OL JVTWHU`»Z LZ[PTH[LZ PU HJJVYKHUJL ^P[O [OL -PUHUJPHS :[H[LTLU[Z VM [OL *VTWHU` WYLWHYLK PU Ind-AS at the date of transition to Ind-AS are HJJVYKHUJL^P[O0UKPHU.((7

ANNUAL REPORT 2016-17 159 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

52A. Reconciliation of equity as at April 1, 2015 (date of transition to Ind-AS)

`PU3HJZ

Regrouped Ind-AS Particulars Footnotes Ind-AS Indian GAAP Adjustment

Assets Non-current assets 7YVWLY[`WSHU[HUKLX\PWTLU[ X         *HWP[HS^VYRPUWYVNYLZZ   -   Investment properties k          Intangible assets  -  Intangible assets under development  -  Investment in subsidiary and associates   -   -PUHUJPHSHZZL[Z Investments    -    Loans f    Others    -    Income Tax Assets    -    Other non-current assets f       Current assets Inventories   -   -PUHUJPHSHZZL[Z Investments   -   Trade receivables h        *HZOHUKJHZOLX\P]HSLU[Z   -   Other Bank Balances  -  Loans  -  6[OLYÄUHUJPHSHZZL[Z a      Other current assets f      Total assets 2,51,573.05 1,899.12 2,53,472.17 Equity and liabilities Equity ,X\P[`ZOHYLJHWP[HS  -  6[OLYLX\P[`      Total equity 1,50,146.93 2,736.76 1,52,883.69 Non-current liabilities -PUHUJPHSSPHIPSP[PLZ Borrowings  -  Trade Payables g     - Provision  -  +LMLYYLK[H_SPHIPSP[PLZ r      Other non-current liabilities f      Current liabilities -PUHUJPHSSPHIPSP[PLZ Borrowings    -    Trade payables HN         6[OLYÄUHUJPHSSPHIPSP[PLZ   -   Provisions b    *\YYLU[[H_SPHIPSP[`  -  Other current liabilities LX        Total liabilities 1,01,426.12 (837.64) 1,00,588.48 Total equity and liabilities 2,51,573.05 1,899.12 2,53,472.17

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NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Reconciliation of equity as at March 31, 2016

`PU3HJZ

Regrouped Ind-AS Particulars Footnotes Ind-AS Indian GAAP Adjustment

Assets Non-current assets 7YVWLY[`WSHU[HUKLX\PWTLU[ XQ      *HWP[HS^VYRPUWYVNYLZZ j         Investment properties k       Intangible assets j         Intangible assets under development   -   Investment in subsidiary and associates   -   -PUHUJPHSHZZL[Z Investments    -    Loans f     6[OLYÄUHUJPHSHZZL[Z   -   Income Tax Assets   -   Other non-current assets      Current assets Inventories   -   -PUHUJPHSHZZL[Z Investments   -   Trade receivables h      *HZOHUKJHZOLX\P]HSLU[Z    -    Other Bank Balances  -  Loans - - - 6[OLYÄUHUJPHSHZZL[Z a        Other current assets f       Total assets 3,22,236.64 997.73 3,23,234.37 Equity and liabilities Equity ,X\P[`ZOHYLJHWP[HS  -  6[OLYLX\P[`      Total equity 1,59,202.00 1,165.36 1,60,367.36 Non-current liabilities -PUHUJPHSSPHIPSP[PLZ Borrowings   -   Trade Payables g     - Provision   -   +LMLYYLK[H_SPHIPSP[PLZ r      Other non-current liabilities f       Current liabilities -PUHUJPHSSPHIPSP[PLZ Borrowings   -   Trade payables HN       6[OLYÄUHUJPHSSPHIPSP[PLZ   -   Provisions b      *\YYLU[;H_3PHIPSP[`  -  Other current liabilities LX      Total liabilities 1,63,034.64 (167.63) 1,62,867.01 Total equity and liabilities 3,22,236.64 997.73 3,23,234.37

ANNUAL REPORT 2016-17 161 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

52B. Reconciliation of Total Comprehensive Income for the year ended March 31, 2016

`PU3HJZ Ind-AS Adjustment (Re- Regrouped Particulars Footnotes measurement Ind-AS Indian GAAP and Re- JSHZZPÄJH[PVU

Income 9L]LU\LMYVTVWLYH[PVUZ KLS        Other Income LMWX    Total Income 1,60,101.66 360.64 1,60,462.30 Expenses *VZ[VMTH[LYPHSZJVUZ\TLK   -   0UJYLHZLKLJYLHZLPUPU]LU[VYPLZ  -  ,TWSV`LLILULÄ[ZL_WLUZL c        -PUHUJLJVZ[Z HP      +LWYLJPH[PVUHUKHTVY[PaH[PVUL_WLUZL RX        Other expenses KMNSWTQU       Total expenses 1,41,052.35 358.51 1,41,410.86 7YVÄ[SVZZILMVYLL_JLW[PVUHSP[LTZHUK[H_MYVT       continuing operations Exceptional items  -  7YVÄ[SVZZILMVYL[H_MYVTJVU[PU\PUNVWLYH[PVUZ 21,153.31 2.13 21,155.44 Earnings before interest, tax, exceptional items, depreciation and amortization (EBITDA) -from continuing operations       -from discontinuing operations    -    Total Earnings before interest, tax, exceptional items, 22,679.30 178.05 22,857.35 depreciation and amortization (EBITDA) Current tax 7LY[HPUPUN[VWYVÄ[MVYJ\YYLU[WLYPVK  -  Adjustment of tax related to earlier periods   -   +LMLYYLK[H_JOHYNLJYLKP[ r      7YVÄ[MYVT*VU[PU\PUNVWLYH[PVUZHM[LY[H_ 16,323.00 (1,454.41) 14,868.59 7YVÄ[SVZZMYVTKPZJVU[PU\LKVWLYH[PVUZ   -   ;H_JOHYNLJYLKP[PUJS\KPUNKLMMLYLK[H_VMKPZJVU[PU\LK   -   operations 7YVÄ[SVZZMYVT+PZJVU[PU\LKVWLYH[PVUZHM[LY[H_  -  7YVÄ[SVZZMVY[OL`LHY 10,799.34 (1,454.41) 9,344.93 Other Comprehensive Income 0[LTZ[OH[^PSSUV[[VILYLJSHZZPÄLK[VWYVÄ[VYSVZZ 9LTLHZ\YLTLU[NHPUSVZZVUKLÄULKILULÄ[WSHUZ c -       Income tax impact c -   6[OLYJVTWYLOLUZP]LPUJVTLMVY[OL`LHYUL[VM[H_ -   Total Comprehensive Income for the year, net of tax 10,799.34 (1,569.77) 9,229.57

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Footnotes to the reconciliation of equity as at April 1, e. Extended credit given HUK4HYJOHUKWYVÄ[VYSVZZMVY[OL`LHY (Z WLY 0UK(: PM [OLYL PZ H ZPNUPÄJHU[ SHN IL[^LLU ended March 31, 2016 when the good or services are provided and the consideration is received the time value of money a. Derivative instruments ZOV\SKHSZVIL[HRLUPU[VHJJV\U[;OH[PZKLMLYYLK The fair value of forward foreign exchange contracts payments might indicate that there is both a sale and foreign currency options is recognised under Ind- HUK H ÄUHUJPUN [YHUZHJ[PVU 0M [OLYL PZ H ÄUHUJPUN (:HUK^HZUV[YLJVNUPZLK\UKLY0UKPHU.((76U element it is necessary to discount the consideration to present value in order to arrive at fair value. On the [OLKH[LVM[YHUZP[PVUPTWHJ[VM`SHJZPUV[OLY ` ÄUHUJPHSHZZL[ZHZH[(WYPSHUK` SHJZ KH[LVM[YHUZP[PVUPTWHJ[VM   SHJZPUVWLUPUN YL[HPULKLHYUPUNZHZH[(WYPSHUK`   VUV[OLYÄUHUJPHSHZZL[ZHZH[4HYJO SHJZVUYL[HPULKLHYUPUNZHZH[4HYJO;OL corresponding increase is accounted in other current b. Proposed Dividend and tax thereon liabilities. 

ANNUAL REPORT 2016-17 163 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

liability for returns based on previous experience and MVY `LHY 4HYJO   I` `   SHJZ HUK other relevant factors. also reduction in advertisement and sales promotion expenses by the same amount. (JJVYKPUNS` [OL JVTWHU` OHZ YLK\JLK [OL JHYY`PUN value of trade receivables for expected credit note m. Foreign currency translation reserve HZ VU [YHUZP[PVU KH[L HUK HZ VU 4HYJO   

164 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

the deferred income is credited to other income over WVSPJPLZ [OL JVTWHU` OHZ [V HJJV\U[ MVY Z\JO the life of asset and correspondingly depreciation is KPMMLYLUJLZ+LMLYYLK[H_HKQ\Z[TLU[ZHYLYLJVNUPZLK JOHYNLKVUWYVWLY[`WSHU[HUKLX\PWTLU[ in correlation to the underlying transaction either in YL[HPULKLHYUPUNZVYHZLWHYH[LJVTWVULU[VMLX\P[` r. Deferred tax 6U[OLKH[LVM[YHUZP[PVU[OLUL[PTWHJ[VUKLMLYYLK tax liabilities is of `  SHJZ 4HYJO  ! 0UKPHU.((7YLX\PYLZKLMLYYLK[H_HJJV\U[PUN\ZPUN `SHJZ [OL PUJVTL Z[H[LTLU[ HWWYVHJO ^OPJO MVJ\ZLZ VU KPMMLYLUJLZ IL[^LLU [H_HISL WYVÄ[Z HUK HJJV\U[PUN Z :[H[LTLU[VMJHZOÅV^Z WYVÄ[Z MVY [OL WLYPVK 0UK(:  YLX\PYLZ LU[P[PLZ [V ;OL [YHUZP[PVU MYVT 0UKPHU .((7 [V 0UK(: OHZ UV[ account for deferred taxes using the balance sheet OHKHTH[LYPHSPTWHJ[VU[OLZ[H[LTLU[VMJHZOÅV^Z HWWYVHJO ^OPJO MVJ\ZLZ VU [LTWVYHY` KPMMLYLUJLZ between the carrying amount of an asset or liability t. Other comprehensive income in the balance sheet and its tax base. The application 

;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date

-VY S.R. Batliboi & CO. LLP -VYHUKVUILOHSMVM[OL)VHYKVM+PYLJ[VYZVM/;4LKPH3PTP[LK *OHY[LYLK(JJV\U[HU[Z 0*(0-PYT9LNPZ[YH[PVU5\TILY!,, per Vishal Sharma 7P`\ZO.\W[H +PULZO4P[[HS Partner .YV\W*OPLM-PUHUJPHS6MÄJLY >OVSL[PTL+PYLJ[VY.YV\W.LULYHS*V\UZLS 4LTILYZOPW5\TILY!  *VTWHU`:LJYL[HY` +05! 

Place : 5L^+LSOP 9HQP]=LYTH Shobhana Bhartia +H[L : 4H`  *OPLM,_LJ\[P]L6MÄJLY *OHPYWLYZVU ,KP[VYPHS+PYLJ[VY +05! 

ANNUAL REPORT 2016-17 165 INDEPENDENT AUDITOR’S REPORT

To [OLYL\UKLY >L JVUK\J[LK V\Y H\KP[ PU HJJVYKHUJL ^P[O [OL The Members of HT Media Limited Standards on Auditing, issued by the Institute of Chartered (JJV\U[HU[Z VM 0UKPH HZ ZWLJPÄLK \UKLY :LJ[PVU  REPORT ON THE CONSOLIDATED IND AS FINANCIAL VM [OL (J[ ;OVZL :[HUKHYKZ YLX\PYL [OH[ ^L JVTWS` ^P[O STATEMENTS ethical requirements and plan and perform the audit to obtain We have audited the accompanying consolidated Ind AS YLHZVUHISLHZZ\YHUJLHIV\[^OL[OLY[OLÄUHUJPHSZ[H[LTLU[Z ÄUHUJPHSZ[H[LTLU[ZVM/;4LKPH3PTP[LKOLYLPUHM[LYYLMLYYLK HYLMYLLMYVTTH[LYPHSTPZZ[H[LTLU[ [V HZ ¸[OL /VSKPUN *VTWHU`¹ P[Z Z\IZPKPHYPLZ [OL /VSKPUN Company and its subsidiaries together referred to as “the An audit involves performing procedures to obtain audit Group”) and Joint Ventures, comprising of the consolidated evidence about the amounts and disclosures in the Balance Sheet as at March 31, 2017, the consolidated JVUZVSPKH[LK ÄUHUJPHS Z[H[LTLU[Z ;OL WYVJLK\YLZ ZLSLJ[LK :[H[LTLU[VM7YVÄ[HUK3VZZPUJS\KPUNV[OLYJVTWYLOLUZP]L depend on the auditor’s judgment, including the assessment income, the consolidated Cash Flow Statement, the of the risks of material misstatement of the consolidated consolidated Statement of Changes in Equity for the year then ÄUHUJPHSZ[H[LTLU[Z^OL[OLYK\L[VMYH\KVYLYYVY0UTHRPUN LUKLKHUKHZ\TTHY`VMZPNUPÄJHU[HJJV\U[PUNWVSPJPLZHUK [OVZLYPZRHZZLZZTLU[Z[OLH\KP[VYJVUZPKLYZPU[LYUHSÄUHUJPHS V[OLYL_WSHUH[VY`PUMVYTH[PVUOLYLPUHM[LYYLMLYYLK[VHZ¸[OL control relevant to the Holding Company’s preparation of the JVUZVSPKH[LK0UK(:ÄUHUJPHSZ[H[LTLU[Z¹ JVUZVSPKH[LK 0UK (: ÄUHUJPHS Z[H[LTLU[Z [OH[ NP]L H [Y\L and fair view in order to design audit procedures that are MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED HWWYVWYPH[L PU [OL JPYJ\TZ[HUJLZ (U H\KP[ HSZV PUJS\KLZ FINANCIAL STATEMENTS evaluating the appropriateness of accounting policies used The Holding Company’s Board of Directors is responsible and the reasonableness of the accounting estimates made MVY [OL WYLWHYH[PVU VM [OLZL JVUZVSPKH[LK 0UK (: ÄUHUJPHS by the Holding Company’s Board of Directors, as well as statements in terms of the requirement of the Companies Act, L]HS\H[PUN[OLV]LYHSSWYLZLU[H[PVUVM[OLJVUZVSPKH[LKÄUHUJPHS ¸[OL(J[¹[OH[NP]LH[Y\LHUKMHPY]PL^VM[OLJVUZVSPKH[LK Z[H[LTLU[Z >L ILSPL]L [OH[ [OL H\KP[ L]PKLUJL VI[HPULK I` ÄUHUJPHS WVZP[PVU JVUZVSPKH[LK ÄUHUJPHS WLYMVYTHUJL us and the audit evidence obtained by the other auditors in including other comprehensive income, consolidated cash [LYTZVM[OLPYYLWVY[ZYLMLYYLK[VPUZ\IWHYHNYHWOHVM[OL ÅV^Z HUK JVUZVSPKH[LK Z[H[LTLU[ VM JOHUNLZ PU LX\P[` VM 6[OLY4H[[LYZWHYHNYHWOILSV^PZZ\MÄJPLU[HUKHWWYVWYPH[L the Group including its Joint Ventures in accordance with to provide a basis for our audit opinion on the consolidated Ind accounting principles generally accepted in India, including (:ÄUHUJPHSZ[H[LTLU[Z [OL (JJV\U[PUN :[HUKHYKZ ZWLJPÄLK \UKLY :LJ[PVU  VM [OL(J[YLHK^P[O9\SLVM[OL*VTWHUPLZ(JJV\U[Z9\SLZ OPINION  [OL *VTWHUPLZ 0UKPHU (JJV\U[PUN :[HUKHYK 9\SLZ In our opinion and to the best of our information and according HZHTLUKLK;OLYLZWLJ[P]L)VHYKVM+PYLJ[VYZVM[OL to the explanations given to us and based on the consideration companies included in the Group and of its Joint Ventures are VMYLWVY[ZVMV[OLYH\KP[VYZVUZLWHYH[LÄUHUJPHSZ[H[LTLU[Z responsible for maintenance of adequate accounting records HUKVU[OLV[OLYÄUHUJPHSPUMVYTH[PVUVM[OLZ\IZPKPHYPLZHUK in accordance with the provisions of the Act for safeguarding 1VPU[ =LU[\YLZ [OL HMVYLZHPK JVUZVSPKH[LK 0UK (: ÄUHUJPHS of the assets of the Group and of its Joint Ventures and for statements give the information required by the Act in the preventing and detecting frauds and other irregularities; the manner so required and give a true and fair view in conformity selection and application of appropriate accounting policies; with the accounting principles generally accepted in India of making judgments and estimates that are reasonable and the consolidated state of affairs of the Group, its Joint Ventures prudent; and the design, implementation and maintenance HZH[4HYJO[OLPYJVUZVSPKH[LKWYVÄ[PUJS\KPUNV[OLY VM HKLX\H[L PU[LYUHS ÄUHUJPHS JVU[YVSZ [OH[ ^LYL VWLYH[PUN JVTWYLOLUZP]L PUJVTL HUK [OLPY JVUZVSPKH[LK JHZO ÅV^Z effectively for ensuring the accuracy and completeness and consolidated statement of changes in equity for the year of the accounting records, relevant to the preparation and LUKLKVU[OH[KH[L WYLZLU[H[PVUVM[OLÄUHUJPHSZ[H[LTLU[Z[OH[NP]LH[Y\LHUK fair view and are free from material misstatement, whether due EMPHASIS OF MATTER to fraud or error, which have been used for the purpose of >L KYH^ H[[LU[PVU [V 5V[L  VM [OL JVUZVSPKH[LK ÄUHUJPHS WYLWHYH[PVUVM[OLJVUZVSPKH[LK0UK(:ÄUHUJPHSZ[H[LTLU[ZI` statement in respect of two separate Schemes of Arrangement [OL+PYLJ[VYZVM[OL/VSKPUN*VTWHU`HZHMVYLZHPK \Z    VM [OL *VTWHUPLZ (J[   IL[^LLU P [OL *VTWHU`HUK/;+PNP[HS:[YLHTZ3PTP[LKHUKPP/PUK\Z[HU AUDITOR’S RESPONSIBILITY 4LKPH=LU[\YLZ3PTP[LKHUK/;+PNP[HS:[YLHTZ3PTP[LK[OL Our responsibility is to express an opinion on these Schemes) approved by the Hon’ble High Courts of Delhi JVUZVSPKH[LK0UK(:ÄUHUJPHSZ[H[LTLU[ZIHZLKVUV\YH\KP[ HUK 7H[UH (Z WLY [OLZL HWWYV]LK ZJOLTLZ [OL *VTWHU` While conducting the audit, we have taken into account the Hindustan Media Ventures Limited and HT Digital Streams provisions of the Act, the accounting and auditing standards Limited have followed the applicable Accounting Standards and matters which are required to be included in the audit ZWLJPÄLK\UKLYZLJ[PVUVM[OL*VTWHUPLZ(J[YLHK report under the provisions of the Act and the Rules made ^P[O9\SLVM*VTWHUPLZ(JJV\U[Z9\SLZHUKV[OLY

166 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

Generally Accepted Accounting Principles as on the Appointed N >P[O YLZWLJ[ [V [OL V[OLY TH[[LYZ [V IL PUJS\KLK PU +H[LPL4HYJO;OPZPZUV[ZPTPSHY[V[OLHJJV\U[PUN the Auditor’s Report in accordance with Rule 11 of as per the currently applicable Indian Accounting Standards [OL *VTWHUPLZ (\KP[ HUK (\KP[VYZ 9\SLZ  PU 0UK(:WYLZJYPILK\UKLY:LJ[PVUVM[OL*VTWHUPLZ(J[ our opinion and to the best of our information and YLHK^P[OYLSL]HU[Y\SLZPZZ\LK[OLYL\UKLY according to the explanations given to us and based on the consideration of the report of the other auditors on 6\YVWPUPVUPZUV[X\HSPÄLKPUYLZWLJ[[V[OPZTH[[LY ZLWHYH[LÄUHUJPHSZ[H[LTLU[ZHZHSZV[OLV[OLYÄUHUJPHS information of the subsidiaries and Joint Ventures, as REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS noted in the ‘Other matter’ paragraph: (ZYLX\PYLKI`ZLJ[PVUVM[OL(J[IHZLKVUV\YH\KP[ and on the consideration of report of the other auditors  P ;OL JVUZVSPKH[LK 0UK (: ÄUHUJPHS Z[H[LTLU[Z VU ZLWHYH[L ÄUHUJPHS Z[H[LTLU[Z HUK [OL V[OLY ÄUHUJPHS disclose the impact of pending litigations on its information of subsidiaries, and Joint Ventures, as noted in the JVUZVSPKH[LK ÄUHUJPHS WVZP[PVU VM [OL .YV\W P[Z ‘other matter’ paragraph we report, to the extent applicable, Joint Ventures – Refer Note 36 to the consolidated that: 0UK(:ÄUHUJPHSZ[H[LTLU[Z"

H >L  [OL V[OLY H\KP[VYZ ^OVZL YLWVY[Z ^L OH]L YLSPLK  PP 7YV]PZPVU OHZ ILLU THKL PU [OL JVUZVSPKH[LK 0UK upon have sought and obtained all the information and (: ÄUHUJPHS Z[H[LTLU[Z HZ YLX\PYLK \UKLY [OL explanations which to the best of our knowledge and applicable law or accounting standards, for material belief were necessary for the purpose of our audit of the foreseeable losses, if any, on long-term contracts HMVYLZHPKJVUZVSPKH[LK0UK(:ÄUHUJPHSZ[H[LTLU[Z" PUJS\KPUN KLYP]H[P]L JVU[YHJ[Z ¶ 9LMLY 5V[L J [V[OLJVUZVSPKH[LK0UK(:ÄUHUJPHSZ[H[LTLU[ZPU I 0UV\YVWPUPVUWYVWLYIVVRZVMHJJV\U[HZYLX\PYLKI` respect of such items as it relates to the Group and law relating to preparation of the aforesaid consolidation its Joint Ventures; VM [OL ÄUHUJPHS Z[H[LTLU[Z OH]L ILLU RLW[ ZV MHY HZ it appears from our examination of those books and  PPP ;OLYL OHZ ILLU UV KLSH` PU [YHUZMLYYPUN HTV\U[Z reports of the other auditors; required to be transferred, to the Investor Education and Protection Fund by the Holding Company, its J ;OL JVUZVSPKH[LK )HSHUJL :OLL[ JVUZVSPKH[LK subsidiaries and Joint Ventures incorporated in :[H[LTLU[VM7YVÄ[HUK3VZZPUJS\KPUN[OL:[H[LTLU[VM 0UKPHK\YPUN[OL`LHYLUKLK4HYJO Other Comprehensive Income, the consolidated Cash Flow Statement and consolidated Statement of Changes P];OL /VSKPUN *VTWHU` Z\IZPKPHYPLZ HUK 1VPU[ in Equity dealt with by this Report are in agreement with Venture incorporated in India, have provided requisite the books of account; disclosures in Note 44 to these consolidated Ind AS ÄUHUJPHSZ[H[LTLU[ZHZ[V[OLOVSKPUNVM:WLJPÄLK K 0UV\YVWPUPVU[OLHMVYLZHPKJVUZVSPKH[LK0UK(:ÄUHUJPHS Bank Notes on November 8, 2016 and December statements comply with the Accounting Standards   HZ ^LSS HZ KLHSPUNZ PU :WLJPÄLK )HUR ZWLJPÄLK\UKLYZLJ[PVUVM[OL(J[YLHK^P[O9\SLVM Notes during the period from November 8, 2016 to [OL*VTWHUPLZ(JJV\U[Z9\SLZHUK*VTWHUPLZ +LJLTILY)HZLKVUV\YH\KP[WYVJLK\YLZ 0UKPHU(JJV\U[PUN:[HUKHYK9\SLZHZHTLUKLK" and relying on the management representation of the Holding Company regarding the holding and L 6U [OL IHZPZ VM [OL ^YP[[LU YLWYLZLU[H[PVUZ YLJLP]LK UH[\YL VM JHZO [YHUZHJ[PVUZ PUJS\KPUN :WLJPÄLK from the directors of the Holding Company as on March Bank Notes, we report that these disclosures are in 31, 2017 taken on record by the Board of Directors of accordance with the books of account maintained the Holding Company and the reports of the statutory by the Group including its Joint Venture and as auditors who are appointed under Section 139 of the produced to us by the Management of the Holding Act, of its subsidiary companies and Joint Venture *VTWHU` incorporated in India, none of the directors of the Group’s companies, its Joint Venture incorporated in India is OTHER MATTER KPZX\HSPÄLKHZVU4HYJOMYVTILPUNHWWVPU[LK H >L KPK UV[ H\KP[ [OL ÄUHUJPHS Z[H[LTLU[Z HUK V[OLY HZHKPYLJ[VYPU[LYTZVM:LJ[PVUVM[OL(J[ ÄUHUJPHS PUMVYTH[PVU PU YLZWLJ[ VM ZP_ Z\IZPKPHYPLZ ^OVZL0UK(:ÄUHUJPHSZ[H[LTLU[ZPUJS\KL[V[HSHZZL[ZVM M >P[O YLZWLJ[ [V [OL HKLX\HJ` HUK [OL VWLYH[PUN ` SHJZHUKUL[HZZL[ZVM`   SHJZHZH[ LMMLJ[P]LULZZVM[OLPU[LYUHSÄUHUJPHSJVU[YVSZV]LYÄUHUJPHS March 31, 2017, and total revenues of `    SHJZ reporting of the Holding Company and its subsidiary MVY[OL`LHYLUKLKVU[OH[KH[LHUKUL[JHZOV\[ÅV^Z companies and Joint Venture incorporated in India, refer to of `SHJZMVY[OL`LHYLUKLKVU[OH[KH[L;OLZL our separate report in “Annexure 1” to this report; ÄUHUJPHS Z[H[LTLU[ HUK V[OLY ÄUHUJPHS PUMVYTH[PVU

ANNUAL REPORT 2016-17 167 OH]L ILLU H\KP[LK I` V[OLY H\KP[VYZ ^OVZL ÄUHUJPHS Z[HUKHYKZHWWSPJHISLPU[OLYLZWLJ[P]LJV\U[Y`;OL*VTWHU`»Z Z[H[LTLU[Z V[OLY ÄUHUJPHS PUMVYTH[PVU HUK H\KP[VY»Z THUHNLTLU[OHZJVU]LY[LK[OLÄUHUJPHSZ[H[LTLU[ZVMZ\JO YLWVY[ZOH]LILLUM\YUPZOLK[V\ZI`[OLTHUHNLTLU[ subsidiary located outside India from accounting principles Our opinion, in so far as it relates to the affairs of such generally accepted in the respective country to accounting subsidiaries is based solely on the report of other WYPUJPWSLZ NLULYHSS` HJJLW[LK PU 0UKPH >L OH]L H\KP[LK H\KP[VYZ these conversion adjustments made by the Company’s THUHNLTLU[6\YVWPUPVUPUZVMHYHZP[YLSH[LZ[V[OLIHSHUJLZ ;OLJVUZVSPKH[LK0UK(:ÄUHUJPHSZ[H[LTLU[ZHSZVPUJS\KL[OL and affairs of such subsidiary located outside India is based Group’s share of net loss of `SHJZMVY[OL`LHYLUKLK on the report of other auditor and the conversion adjustments 4HYJOHZJVUZPKLYLKPU[OLJVUZVSPKH[LKÄUHUJPHS prepared by the management of the Company and audited statements, in respect of a joint venture located outside I`\Z 0UKPH^OVZLÄUHUJPHSZ[H[LTLU[ZV[OLYÄUHUJPHSPUMVYTH[PVU is un-audited and has been compiled by the management in 6\Y VWPUPVU HIV]L VU [OL JVUZVSPKH[LK 0UK (: ÄUHUJPHS accordance with accounting principles generally accepted statements, and our report on Other Legal and Regulatory PU [OL YLZWLJ[P]L JV\U[Y` ;OL *VTWHU`»Z THUHNLTLU[ OHZ 9LX\PYLTLU[ZHIV]LPZUV[TVKPÄLKPUYLZWLJ[VM[OLHIV]L JVU]LY[LK [OL ÄUHUJPHS Z[H[LTLU[Z VM Z\JO QVPU[ ]LU[\YL matters with respect to our reliance on the work done and the located outside India from accounting principles generally YLWVY[ZVM[OLV[OLYH\KP[VYZHUK[OLÄUHUJPHSZ[H[LTLU[ZHUK accepted in the respective country to accounting principles V[OLYÄUHUJPHSPUMVYTH[PVUJLY[PÄLKI`[OL4HUHNLTLU[ NLULYHSS`HJJLW[LKPU0UKPH(JJVYKPUN[V[OLPUMVYTH[PVUHUK L_WSHUH[PVU NP]LU [V \Z I` [OL THUHNLTLU[ [OL ÄUHUJPHS For S.R. Batliboi & CO. LLP information in respect of a joint venture is not material to the Chartered Accountants .YV\W ICAI Firm Registration Number: 301003E/E300005

6\YVWPUPVUPZUV[TVKPÄLKPUYLZWLJ[VM[OLHIV]LTH[[LYZ per Vishal Sharma Partner One of the subsidiaries is located outside India whose Membership Number: 096766 ÄUHUJPHSZ[H[LTLU[ZHUKV[OLYÄUHUJPHSPUMVYTH[PVUOH]LILLU Place of Signature : New Delhi prepared in accordance with accounting principles generally Date : May 19, 2017 accepted in the respective country and which have been audited by other auditors under generally accepted auditing

ANNEXURE 1 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF HT MEDIA LIMTED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

0U JVUQ\UJ[PVU ^P[O V\Y H\KP[ VM [OL JVUZVSPKH[LK ÄUHUJPHS of internal control stated in the Guidance Note on Audit of statements of HT Media Limited as of and for the year ended Internal Financial Controls Over Financial Reporting issued 4HYJO^LOH]LH\KP[LK[OLPU[LYUHSÄUHUJPHSJVU[YVSZ I` [OL 0UZ[P[\[L VM *OHY[LYLK (JJV\U[HU[Z VM 0UKPH ;OLZL V]LYÄUHUJPHSYLWVY[PUNVM/;4LKPH3PTP[LKOLYLPUHM[LYYLMLYYLK responsibilities include the design, implementation and to as the “Holding Company”) and its subsidiary companies, THPU[LUHUJLVMHKLX\H[LPU[LYUHSÄUHUJPHSJVU[YVSZ[OH[^LYL its joint ventures, which are companies incorporated in India, VWLYH[PUN LMMLJ[P]LS` MVY LUZ\YPUN [OL VYKLYS` HUK LMÄJPLU[ HZVM[OH[KH[L conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL prevention and detection of frauds and errors, the accuracy CONTROLS and completeness of the accounting records, and the timely The respective Board of Directors of the Holding Company, its WYLWHYH[PVUVMYLSPHISLÄUHUJPHSPUMVYTH[PVUHZYLX\PYLK\UKLY subsidiary companies, its Joint Ventures, which are companies [OL(J[ incorporated in India, are responsible for establishing and THPU[HPUPUN PU[LYUHS ÄUHUJPHS JVU[YVSZ IHZLK VU [OL PU[LYUHS AUDITOR’S RESPONSIBILITY JVU[YVS V]LY ÄUHUJPHS YLWVY[PUN JYP[LYPH LZ[HISPZOLK I` [OL Our responsibility is to express an opinion on the company’s Holding Company considering the essential components PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN IHZLK VU

168 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

V\Y H\KP[ >L JVUK\J[LK V\Y H\KP[ PU HJJVYKHUJL ^P[O [OL HUK  WYV]PKL YLHZVUHISL HZZ\YHUJL YLNHYKPUN WYL]LU[PVU Guidance Note on Audit of Internal Financial Controls Over or timely detection of unauthorised acquisition, use, or -PUHUJPHS9LWVY[PUN[OL¸.\PKHUJL5V[L¹HUK[OL:[HUKHYKZ disposition of the company’s assets that could have a material on Auditing, both, issued by Institute of Chartered Accountants LMMLJ[VU[OLÄUHUJPHSZ[H[LTLU[Z VM0UKPHHUKKLLTLK[VILWYLZJYPILK\UKLYZLJ[PVU of the Act, to the extent applicable to an audit of internal INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS ÄUHUJPHS JVU[YVSZ ;OVZL :[HUKHYKZ HUK [OL .\PKHUJL 5V[L OVER FINANCIAL REPORTING require that we comply with ethical requirements and plan )LJH\ZL VM [OL PUOLYLU[ SPTP[H[PVUZ VM PU[LYUHS ÄUHUJPHS and perform the audit to obtain reasonable assurance about JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN PUJS\KPUN [OL WVZZPIPSP[` ^OL[OLY HKLX\H[L PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS of collusion or improper management override of controls, reporting was established and maintained and if such controls material misstatements due to error or fraud may occur and VWLYH[LKLMMLJ[P]LS`PUHSSTH[LYPHSYLZWLJ[Z UV[ IL KL[LJ[LK (SZV WYVQLJ[PVUZ VM HU` L]HS\H[PVU VM [OL PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN [V M\[\YL Our audit involves performing procedures to obtain audit WLYPVKZHYLZ\IQLJ[[V[OLYPZR[OH[[OLPU[LYUHSÄUHUJPHSJVU[YVS L]PKLUJL HIV\[ [OL HKLX\HJ` VM [OL PU[LYUHS ÄUHUJPHS V]LYÄUHUJPHSYLWVY[PUNTH`ILJVTLPUHKLX\H[LILJH\ZLVM JVU[YVSZ Z`Z[LT V]LY ÄUHUJPHS YLWVY[PUN HUK [OLPY VWLYH[PUN changes in conditions, or that the degree of compliance with LMMLJ[P]LULZZ 6\Y H\KP[ VM PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY [OLWVSPJPLZVYWYVJLK\YLZTH`KL[LYPVYH[L ÄUHUJPHS YLWVY[PUN PUJS\KLK VI[HPUPUN HU \UKLYZ[HUKPUN VM PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN HZZLZZPUN OPINION the risk that a material weakness exists, and testing and In our opinion, the Holding Company, its subsidiary companies, evaluating the design and operating effectiveness of internal its Joint Ventures, which are companies incorporated in JVU[YVSIHZLKVU[OLHZZLZZLKYPZR;OLWYVJLK\YLZZLSLJ[LK India, have, maintained in all material respects, an adequate depend on the auditor’s judgement, including the assessment PU[LYUHSÄUHUJPHSJVU[YVSZZ`Z[LTV]LYÄUHUJPHSYLWVY[PUNHUK VM[OLYPZRZVMTH[LYPHSTPZZ[H[LTLU[VM[OLÄUHUJPHSZ[H[LTLU[Z Z\JO PU[LYUHS ÄUHUJPHS JVU[YVSZ V]LY ÄUHUJPHS YLWVY[PUN ^LYL ^OL[OLYK\L[VMYH\KVYLYYVY operating effectively as at March 31, 2017, based on the PU[LYUHSJVU[YVSV]LYÄUHUJPHSYLWVY[PUNJYP[LYPHLZ[HISPZOLKI` We believe that the audit evidence we have obtained and the Holding Company considering the essential components the audit evidence obtained by the other auditors in terms of of internal control stated in the Guidance Note on Audit of their reports referred to in the Other Matters paragraph below, Internal Financial Controls Over Financial Reporting issued by PZZ\MÄJPLU[HUKHWWYVWYPH[L[VWYV]PKLHIHZPZMVYV\YH\KP[ [OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH VWPUPVUVU[OLPU[LYUHSÄUHUJPHSJVU[YVSZZ`Z[LTV]LYÄUHUJPHS YLWVY[PUN OTHER MATTERS 6\YYLWVY[\UKLY:LJ[PVUPVM[OL(J[VU[OLHKLX\HJ` MEANING OF INTERNAL FINANCIAL CONTROLS OVER HUKVWLYH[PUNLMMLJ[P]LULZZVM[OLPU[LYUHSÄUHUJPHSJVU[YVSZ FINANCIAL REPORTING V]LYÄUHUJPHSYLWVY[PUNVM[OL/VSKPUN*VTWHU`PUZVMHYHZP[ (JVTWHU`»ZPU[LYUHSÄUHUJPHSJVU[YVSV]LYÄUHUJPHSYLWVY[PUN relates to these 6 subsidiary companies, which are companies is a process designed to provide reasonable assurance incorporated in India, is based on the corresponding reports of YLNHYKPUN [OL YLSPHIPSP[` VM ÄUHUJPHS YLWVY[PUN HUK [OL [OLH\KP[VYZVMZ\JOZ\IZPKPHYPLZPUJVYWVYH[LKPU0UKPH WYLWHYH[PVU VM ÄUHUJPHS Z[H[LTLU[Z MVY L_[LYUHS W\YWVZLZ PU HJJVYKHUJL ^P[O NLULYHSS` HJJLW[LK HJJV\U[PUN WYPUJPWSLZ For S.R. Batliboi & CO. LLP (JVTWHU`»ZPU[LYUHSÄUHUJPHSJVU[YVSV]LYÄUHUJPHSYLWVY[PUN Chartered Accountants PUJS\KLZ[OVZLWVSPJPLZHUKWYVJLK\YLZ[OH[WLY[HPU[V[OL ICAI Firm Registration Number: 301003E/E300005 maintenance of records that, in reasonable detail, accurately HUK MHPYS` YLÅLJ[ [OL [YHUZHJ[PVUZ HUK KPZWVZP[PVUZ VM [OL per Vishal Sharma HZZL[ZVM[OLJVTWHU`"WYV]PKLYLHZVUHISLHZZ\YHUJL[OH[ Partner transactions are recorded as necessary to permit preparation Membership Number: 096766 VMÄUHUJPHSZ[H[LTLU[ZPUHJJVYKHUJL^P[ONLULYHSS`HJJLW[LK accounting principles, and that receipts and expenditures Place of Signature : New Delhi of the company are being made only in accordance with Date : May 19, 2017 authorisations of management and directors of the company;

ANNUAL REPORT 2016-17 169 CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2017

` in Lacs) As at As at As at Particulars Notes March 31, 2017 March 31, 2016 April 1, 2015 I ASSETS 1) Non-current assets H7YVWLY[`WSHU[HUKLX\PWTLU[ 3       I*HWP[HS^VYRPUWYVNYLZZ 3       J0U]LZ[TLU[WYVWLY[` 4        K.VVK^PSSVU*VUZVSPKH[PVU 5     L6[OLY0U[HUNPISLHZZL[Z 5       M 0U[HUNPISLHZZL[Z\UKLYKL]LSVWTLU[ 5      N0U]LZ[TLU[PUQVPU[]LU[\YLZLX\P[` 7A        O-PUHUJPHSHZZL[Z  P 0U]LZ[TLU[Z 7B         PP3VHUZ 7C        PPP6[OLYÄUHUJPHSHZZL[Z 7D        P6[OLYUVUJ\YYLU[HZZL[Z 8       Q+LMLYYLK;H_(ZZL[Z5L[ 16   - - R0UJVTL;H_(ZZL[Z 9     Total Non- current Assets 3,61,853.44 2,81,753.42 2,45,324.88 2) Current assets H0U]LU[VYPLZ 10      I-PUHUJPHSHZZL[Z  P0U]LZ[TLU[Z 7B        PP ;YHKLYLJLP]HISLZ 11A       PPP*HZOHUKJHZOLX\P]HSLU[Z 11B         P]6[OLYIHURIHSHUJLZ 11B      ]3VHUZ 7C     ]P6[OLYÄUHUJPHSHZZL[Z 7D    J6[OLYJ\YYLU[HZZL[Z 8      Total current assets 97,714.68 1,50,377.03 95,318.04 Total Assets 4,59,568.12 4,32,130.45 3,40,642.92 II EQUITY AND LIABILITIES 1) Equity H,X\P[`ZOHYLJHWP[HS 12    I6[OLYLX\P[` 13        Equity attributable to equity holders of parent 2,23,189.02 2,08,175.01 1,92,897.74 J5VU*VU[YVSSPUN0U[LYLZ[       Total Equity 253,189.84 231,603.57 212,033.19 2) Liabilities Non-current liabilities H-PUHUJPHSSPHIPSP[PLZ  P )VYYV^PUNZ 15A      I+LMLYYLK[H_SPHIPSP[PLZ5L[ 16      J6[OLYUVUJ\YYLU[SPHIPSP[PLZ 17        K7YV]PZPVUZ 18     Total non- current liabilities 7,789.16 8,091.84 11,812.23 Current liabilities H-PUHUJPHSSPHIPSP[PLZ  P)VYYV^PUNZ 15A        PP ;YHKL7H`HISLZ 15B         PPP6[OLYÄUHUJPHSSPHIPSP[PLZ 15C      I6[OLYJ\YYLU[SPHIPSP[PLZ 17        J7YV]PZPVUZ 18        K0UJVTL[H_SPHIPSP[` 19        Total current liabilities 1,98,589.12 1,92,435.04 1,16,797.50 Total liabilities 2,06,378.28 2,00,526.88 1,28,609.73 Total equity and liabilities 459,568.12 432,130.45 340,642.92 :\TTHY`VMZPNUPÄJHU[HJJV\U[PUNWVSPJPLZ 2

;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date For and on behalf of the Board of Directors of HT Media Limited For S.R. Batliboi & CO. LLP Chartered Accountants Piyush Gupta Dinesh Mittal ICAI Firm Registration Number: 301003E/E300005 .YV\W*OPLM-PUHUJPHS6MÄJLY Whole-time Director, Group General Counsel & Company Secretary per Vishal Sharma +05!  Partner Membership Number: 096766 Rajiv Verma Shobhana Bhartia *OPLM,_LJ\[P]L6MÄJLY Chairperson & Editorial Director Place : New Delhi +05!  Date : May 19, 2017

170 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2017

` in Lacs) Year ended Year ended Particulars Notes March 31, 2017 March 31, 2016 I INCOME a) Revenue from operations 20    b) Other Income 21     Total Income 2,68,155.47 2,65,769.90 II EXPENSES a) Cost of materials consumed 22      b) 0UJYLHZLKLJYLHZLPUPU]LU[VYPLZ 23    c) ,TWSV`LLILULÄ[ZL_WLUZL 24       d) Finance costs 25     e) Depreciation and amortization expense 26    f) Other expenses 27       Total expenses 2,37,367.20 2,34,365.02 PROFIT BEFORE SHARE OF (PROFIT)/LOSS OF ASSOCIATE AND JOINT VENTURE 30,788.27 31,404.88 III AND TAX (I-II) EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION 52,776.52 47,891.43 IV (EBITDA) [III+II(d)+II(e)] V TAX EXPENSE: a) Current tax 16       b) Adjustment of current tax relating to earlier periods 16     c) +LMLYYLK[H_JOHYNLJYLKP[ 16    Total tax expense 6,714.39 8,034.23 VI PROFIT FOR THE PERIOD AFTER TAX BEFORE SHARE OF A JOINT VENTURE AND TAX (III-V) 24,073.88 23,370.65 VII :OHYLVMWYVÄ[SVZZVMQVPU[]LU[\YL 33      VIII PROFIT FOR THE YEAR (VI+VII) 21,901.03 21,941.84 IX OTHER COMPREHENSIVE INCOME 28 H0[LTZ[OH[^PSSUV[[VILYLJSHZZPÄLK[VWYVÄ[VYSVZZ 9LTLHZ\YLTLU[NHPUSVZZVM[OLKLÄULKILULÄ[WSHUZ    Income tax effect    (229.97) (231.21) I0[LTZ[OH[^PSSILYLJSHZZPÄLK[VWYVÄ[VYSVZZ Exchange differences on translation of foreign operation     Income tax effect - - (63.87) 29.07 Other comprehensive income for the year, net of tax (293.84) (202.14) X Total Comprehensive Income net of Tax (VIII+IX) 21,607.19 21,739.70 7YVÄ[MVY[OL`LHY 21,901.03 21,941.84 Attributable to: Equity holders of the parent   Non-controlling interests      Total comprehensive income for the year 21,607.19 21,739.70 Attributable to: Equity holders of the parent    Non-controlling interests     XI EARNINGS/(LOSS) PER SHARE )HZPJ5VTPUHS]HS\LVMZOHYL ` 2/-) 29   +PS\[LK5VTPUHS]HS\LVMZOHYL` 2/-) 29   :\TTHY`VMZPNUPÄJHU[HJJV\U[PUNWVSPJPLZ 2

;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date For and on behalf of the Board of Directors of HT Media Limited For S.R. Batliboi & CO. LLP Chartered Accountants Piyush Gupta Dinesh Mittal ICAI Firm Registration Number: 301003E/E300005 .YV\W*OPLM-PUHUJPHS6MÄJLY Whole-time Director, Group General Counsel & Company Secretary per Vishal Sharma +05!  Partner Membership Number: 096766 Rajiv Verma Shobhana Bhartia *OPLM,_LJ\[P]L6MÄJLY Chairperson & Editorial Director Place : New Delhi +05!  Date : May 19, 2017

ANNUAL REPORT 2016-17 171 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2017

` in Lacs)

Particulars March 31, 2017 March 31, 2016

OPERATING ACTIVITIES 7YVÄ[ILMVYL[H_ 30,788.27 31,404.88 (KQ\Z[TLU[Z[VYLJVUJPSLWYVNj[ILMVYL[H_[VUL[JHZOnjV^Z! Depreciation on property, plant and equipment, intangible assets & Investment Properties    Loss on disposal/ impairment of property, plant and equipment       5L[3VZZVUZHSLVMPU]LZ[TLU[Z-HPY]HS\LVMPU]LZ[TLU[Z[OYV\NOWYVÄ[HUKSVZZ    7YVÄ[VUZHSLVMPU]LZ[TLU[WYVWLY[PLZ    Interest income from investments and others      VYRPUNJHWP[HSHKQ\Z[TLU[Z! +LJYLHZL0UJYLHZLPU[YHKLYLJLP]HISLZ    +LJYLHZL0UJYLHZLPUPU]LU[VYPLZ     +LJYLHZL0UJYLHZLPUJ\YYLU[HUKUVUJ\YYLU[ÄUHUJPHSHZZL[ZHUKV[OLYJ\YYLU[HUK     non-current assets 0UJYLHZL+LJYLHZLPUJ\YYLU[HUKUVUJ\YYLU[ÄUHUJPHSSPHIPSP[PLZHUKV[OLYJ\YYLU[HUK   non-current liabilities and provisions 38,063.82 30,213.04 Income tax paid     5L[JHZOÅV^ZMYVTVWLYH[PUNHJ[P]P[PLZ( 30,673.27 21,042.60 Investing activities Purchase of property, plant and equipment/ Intangible assets     Proceeds from sale of property, plant and equipment/ Intangible assets     Purchase of investment property       Proceeds from sale of investment properties      Purchase of investments in mutual funds and others   Proceeds from sale of investments in mutual funds and others    Investments made in joint venture    Interest received      Amount paid to Minority Shareholders   Exchange differences on translation of foreign operation     Proceeds of deposits matured     5L[JHZOÅV^Z\ZLKPUPU]LZ[PUNHJ[P]P[PLZ) (26,912.41) (87,895.62)

172 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2017

` in Lacs)

Particulars March 31, 2017 March 31, 2016

Financing activities 7YVJLLKZMYVT:OVY[[LYTIVYYV^PUNZ5L[      Repayment of Long -term borrowings     Interest paid      Dividend paid      Dividend distribution tax paid     5L[JHZOÅV^ZMYVT\ZLKPUÄUHUJPUNHJ[P]P[PLZ* (5,979.43) 63,564.10 5L[PUJYLHZLKLJYLHZLPUJHZOHUKJHZOLX\P]HSLU[Z+$()* (2,218.57) (3,288.92) *HZOHUKJHZOLX\P]HSLU[ZH[[OLILNPUUPUNVM[OL`LHY,     Cash and cash equivalents at year end (D+E) 12,917.81 15,136.38 Components of cash and cash equivalents as at end of the year Cash and cheques on hand      Balances with banks - on current accounts   - on deposit accounts     )HUR6]LYKYHM[Z9LMLYUV[L(   *HZOHUKJHZOLX\P]HSLU[ZHZWLY*HZO-SV^:[H[LTLU[ 12,917.81 15,136.38

;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z

As per our report of even date For and on behalf of the Board of Directors of HT Media Limited For S.R. Batliboi & CO. LLP Chartered Accountants Piyush Gupta Dinesh Mittal ICAI Firm Registration Number: 301003E/E300005 .YV\W*OPLM-PUHUJPHS6MÄJLY Whole-time Director, Group General Counsel & Company Secretary per Vishal Sharma +05!  Partner Membership Number: 096766 Rajiv Verma Shobhana Bhartia *OPLM,_LJ\[P]L6MÄJLY Chairperson & Editorial Director Place : New Delhi +05!  Date : May 19, 2017

ANNUAL REPORT 2016-17 173 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2017

A. EQUITY SHARE CAPITAL (REFER NOTE 12) Equity Shares of ` 2 each issued, subscribed and fully paid up Particulars Number of shares Amount (` Lacs)

Balance as at April 1, 2015 23,05,20,024 4,610.40 Changes in share capital during the year - - Balance as at March 31, 2016 23,05,20,024 4,610.40 Changes in share capital during the year - - Balance as at March 31, 2017 23,05,20,024 4,610.40

B. OTHER EQUITY (REFER NOTE 13)

(` in Lacs) Reserves & Surplus Items of OCI Non- Total Controlling Particulars Capital Capital Securities Share General Retained Foreign Total interest reserve redemption premium Based Reserve earnings Currency reserve Payments translation Reserve reserve

Balance as at April 1, 2015 7,608.49 2,045.45 50,572.43 87.39 7,631.48 120,344.60 (2.50) 188,287.34 19,135.45 207,422.79 License fees amortized - -  - - - -  - (767.52) 7YVÄ[MVY[OLWLYPVK - - - - -  -    21,941.84 *OHYNLJYLKP[MVY[OLWLYPVK - - -   - - -   - (17.81) *OHYNLJYLKP[MVY[OLWLYPVK ------    29.07 Other comprehensive income - - - - -  -    (231.21) Dividend - - - - -    -     (1,157.31) Dividend distribution tax - - - - -   -    (235.59) Adjustment of accumulated - - - - -    -    - 8.91 surplus of HT Media Employee Welfare Trust Balance as at March 31, 7,608.49 2,045.45 49,804.91 69.58 7,631.48 136,378.13 26.57 203,564.61 23,428.56 226,993.17 2016 License fees amortized - -  - - - -  (567.75) 7YVÄ[MVY[OLWLYPVK - - - - -  -     21,901.03 *OHYNLJYLKP[MVY[OLWLYPVK - - -  - - -  (55.36) *OHYNLJYLKP[MVY[OLWLYPVK ------    (63.87) Share in Capital Reserve of ------  1,985.61 Hindustan Media Ventures 3PTP[LKYLMLYUV[LHSZV Other comprehensive income - - - - -  -   (229.97) Dividend - - - - -    -     (1,157.31) Dividend distribution tax - - - - -   -    (235.59) Adjustment of accumulated - - - - -    -    - 9.48 surplus of HT Media Employee Welfare Trust Balance as at March 31, 2017 7,608.49 2,045.45 49,237.16 14.22 7,631.48 152,079.12 (37.30) 218,578.62 30,000.82 248,579.44

;OLHJJVTWHU`PUNUV[LZHYLHUPU[LNYHSWHY[VM[OLÄUHUJPHSZ[H[LTLU[Z As per our report of even date For and on behalf of the Board of Directors of HT Media Limited For S.R. Batliboi & CO. LLP Chartered Accountants Piyush Gupta Dinesh Mittal ICAI Firm Registration Number: 301003E/E300005 .YV\W*OPLM-PUHUJPHS6MÄJLY Whole-time Director, Group General Counsel & Company Secretary per Vishal Sharma +05!  Partner Membership Number: 096766 Rajiv Verma Shobhana Bhartia *OPLM,_LJ\[P]L6MÄJLY Chairperson & Editorial Director Place : New Delhi +05!  Date : May 19, 2017

174 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

1. CORPORATE INFORMATION For all periods up to and including the year ended March HT Media Group consists of HT Media Limited and its [OL.YV\WWYLWHYLKP[ZÄUHUJPHSZ[H[LTLU[ZPU subsidiaries, joint venture and associate companies HJJVYKHUJL ^P[O [OL (JJV\U[PUN :[HUKHYKZ UV[PÄLK OLYLPUHM[LYYLMLYYLK[VHZ¸[OL.YV\W¹ under the Section 133 of the Companies Act, 2013 read together with paragraph 7 of the Companies The Group is the publisher of ‘Hindustan Times’, an (JJV\U[Z 9\SLZ  0UKPHU .((7 ;OL ÄUHUJPHS English daily, ‘Hindustan’, a Hindi daily and ‘Mint’, a statements for the year ended March 31, 2017 are the )\ZPULZZUL^ZWHWLYKHPS`L_JLW[:\UKH`º5HUKHU» ÄYZ[[PTL[OL.YV\WOHZWYLWHYLKPUHJJVYKHUJL^P[O TVU[OS` JOPSKYLU»Z THNHaPUL HUK º2HKHTIPUP» 0UK(: 9LMLY 5V[L  MVY PUMVYTH[PVU VU OV^ [OL TVU[OS` ^VTLU»Z THNHaPUL

2. SIGNIFICANT ACCOUNTING POLICIES • Exposure, or rights, to variable returns from its 2.1 Basis of preparation involvement with the investee, and ;OL *VUZVSPKH[LK ÄUHUJPHS Z[H[LTLU[Z *-: VM [OL Group have been prepared in accordance with Indian • The ability to use its power over the investee to (JJV\U[PUN :[HUKHYKZ º0UK(:» UV[PÄLK \UKLY [OL affect its returns *VTWHUPLZ0UKPHU(JJV\U[PUN:[HUKHYK9\SLZ HUK [OL JVTWHUPLZ 0UKPHU (JJV\U[PUN :[HUKHYK Generally, there is a presumption that a majority of voting (TLUKTLU[9\SLZ YPNO[ZYLZ\S[PUJVU[YVS;VZ\WWVY[[OPZWYLZ\TW[PVUHUK

ANNUAL REPORT 2016-17 175 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

when the Group has less than a majority of the voting Consolidation procedure: or similar rights of an investee, the Group considers all (i) Subsidiary relevant facts and circumstances in assessing whether  H *VTIPUL SPRL P[LTZ VM HZZL[Z SPHIPSP[PLZ LX\P[` it has power over an investee, including: PUJVTLL_WLUZLZHUKJHZOÅV^ZVM[OLWHYLU[ ^P[O[OVZLVMP[ZZ\IZPKPHYPLZ • The contractual arrangement with the other vote holders of the investee  I 6MMZL[ LSPTPUH[L [OL JHYY`PUN HTV\U[ VM [OL parent’s investment in each subsidiary and the • Rights arising from other contractual arrangements WHYLU[»Z WVY[PVU VM LX\P[` VM LHJO Z\IZPKPHY` Business combinations policy explains how to • The Group’s voting rights and potential voting rights HJJV\U[MVYHU`YLSH[LKNVVK^PSS

• The size of the group’s holding of voting rights  J ,SPTPUH[LPUM\SSPU[YHNYV\WHZZL[ZHUKSPHIPSP[PLZ relative to the size and dispersion of the holdings LX\P[`PUJVTLL_WLUZLZHUKJHZOÅV^ZYLSH[PUN of the other voting rights holders to transactions between entities of the group WYVÄ[Z VY SVZZLZ YLZ\S[PUN MYVT PU[YHNYV\W The Group re-assesses whether or not it controls an transactions that are recognised in assets, such as investee if facts and circumstances indicate that there PU]LU[VY`HUKÄ_LKHZZL[ZHYLLSPTPUH[LKPUM\SS are changes to one or more of the three elements Ind-AS 12 Income Taxes applies to temporary VM JVU[YVS *VUZVSPKH[PVU VM H Z\IZPKPHY` ILNPUZ differences that arise from the elimination of when the Group obtains control over the subsidiary WYVÄ[Z HUK SVZZLZ YLZ\S[PUN MYVT PU[YHNYV\W and ceases when the Group loses control of the [YHUZHJ[PVUZ Z\IZPKPHY`(ZZL[ZSPHIPSP[PLZPUJVTLHUKL_WLUZLZVM a subsidiary acquired or disposed of during the year 7YVÄ[ VY SVZZ HUK LHJO JVTWVULU[ VM V[OLY HYLPUJS\KLKPU[OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[Z JVTWYLOLUZP]L PUJVTL 6*0 HYL H[[YPI\[LK [V [OL from the date the Group gains control until the date equity holders of the parent of the Group and to the [OL.YV\WJLHZLZ[VJVU[YVS[OLZ\IZPKPHY` non-controlling interests, even if this results in the non- JVU[YVSSPUN PU[LYLZ[Z OH]PUN H KLÄJP[ IHSHUJL >OLU *VUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZHYLWYLWHYLK\ZPUN ULJLZZHY` HKQ\Z[TLU[Z HYL THKL [V [OL ÄUHUJPHS uniform accounting policies for like transactions and statements of subsidiaries to bring their accounting V[OLYL]LU[ZPUZPTPSHYJPYJ\TZ[HUJLZ0MHTLTILYVM WVSPJPLZPU[VSPUL^P[O[OL.YV\W»ZHJJV\U[PUNWVSPJPLZ the group uses accounting policies other than those All intra-group assets and liabilities, equity, income, HKVW[LKPU[OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZMVY L_WLUZLZ HUK JHZO ÅV^Z YLSH[PUN [V [YHUZHJ[PVUZ like transactions and events in similar circumstances, between members of the Group are eliminated in full appropriate adjustments are made to that group VUJVUZVSPKH[PVU TLTILY»Z ÄUHUJPHS Z[H[LTLU[Z PU WYLWHYPUN [OL JVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[Z[VLUZ\YLJVUMVYTP[` A change in the ownership interest of a subsidiary, ^P[O[OLNYV\W»ZHJJV\U[PUNWVSPJPLZ without a loss of control, is accounted for as an LX\P[`[YHUZHJ[PVU0M[OL.YV\WSVZLZJVU[YVSV]LYH ;OL ÄUHUJPHS Z[H[LTLU[Z VM HSS LU[P[PLZ \ZLK MVY [OL subsidiary, it: purpose of consolidation are drawn up to same YLWVY[PUNKH[LHZ[OH[VM[OLWHYLU[JVTWHU`PL`LHY ‹+LYLJVNUPZLZ[OLHZZL[ZPUJS\KPUNNVVK^PSSHUK LUKLK VU 4HYJO  >OLU [OL LUK VM [OL YLWVY[PUN liabilities of the subsidiary period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, • Derecognises the carrying amount of any non- HKKP[PVUHS ÄUHUJPHS PUMVYTH[PVU HZ VM [OL ZHTL KH[L controlling interests HZ[OLÄUHUJPHSZ[H[LTLU[ZVM[OLWHYLU[[VLUHISL[OL WHYLU[[VJVUZVSPKH[L[OLÄUHUJPHSPUMVYTH[PVUVM[OL • Derecognises the cumulative translation Z\IZPKPHY`\USLZZP[PZPTWYHJ[PJHISL[VKVZV differences recorded in equity

• Recognises the fair value of the consideration received

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• Recognises the fair value of any investment retained • Deferred tax assets or liabilities, and the assets or liabilities related to employee ‹9LJVNUPZLZHU`Z\YWS\ZVYKLÄJP[PUWYVÄ[VYSVZZ ILULÄ[ HYYHUNLTLU[Z HYL YLJVNUPZLK HUK measured in accordance with Ind-AS 12 ‹9LJSHZZPÄLZ [OL WHYLU[»Z ZOHYL VM JVTWVULU[Z Income Tax and Ind-AS 19 Employee WYL]PV\ZS`YLJVNUPZLKPU6*0[VZ[H[LTLU[VMWYVÄ[ )LULÄ[ZYLZWLJ[P]LS` and loss or retained earnings, as appropriate, as would be required if the Group had directly • Liabilities or equity instruments related to disposed of the related assets or liabilities share based payment arrangements of the acquiree or share – based payments (ii) Joint Venture and Associates arrangements of the Group entered into to Interests in joint venture are accounted for using replace share-based payment arrangements the equity method, after initially being recognised of the acquiree are measured in accordance H[JVZ[PU[OLJVUZVSPKH[LKIHSHUJLZOLL[ with Ind-AS 102 Share-based Payments at [OLHJX\PZP[PVUKH[L 2.3 Summary of significant accounting policies a) Business combinations and goodwill   ‹ (ZZL[Z VY KPZWVZHS NYV\WZ [OH[ HYL In accordance with Ind-AS 101 provisions JSHZZPÄLK HZ OLSK MVY ZHSL PU HJJVYKHUJL YLSH[LK [V ÄYZ[ [PTL HKVW[PVU [OL .YV\W OHZ with Ind-AS 105 Non-current Assets Held elected to apply Ind-AS accounting for business for Sale and Discontinued Operations are JVTIPUH[PVUZ WYVZWLJ[P]LS` MYVT (WYPS   TLHZ\YLKPUHJJVYKHUJL^P[O[OH[Z[HUKHYK As such, Indian GAAP balances relating to business combinations entered into before that • Reacquired rights are measured at a value date, including goodwill, have been carried determined on the basis of the remaining MVY^HYK^P[OTPUPTHSHKQ\Z[TLU[YLMLYUV[L JVU[YHJ[\HS [LYT VM [OL YLSH[LK JVU[YHJ[ ;OLZHTLÄYZ[[PTLHKVW[PVUL_LTW[PVUPZHSZV Such valuation does not consider potential \ZLKMVYHZZVJPH[LZHUKQVPU[]LU[\YLZ YLUL^HSVM[OLYLHJX\PYLKYPNO[

Business combinations are accounted for using When the Group acquires a business, it assesses [OLHJX\PZP[PVUTL[OVK;OLJVZ[VMHUHJX\PZP[PVU [OL ÄUHUJPHS HZZL[Z HUK SPHIPSP[PLZ HZZ\TLK MVY is measured as the aggregate of the consideration HWWYVWYPH[L JSHZZPÄJH[PVU HUK KLZPNUH[PVU PU transferred measured at acquisition date fair value accordance with the contractual terms, economic and the amount of any non-controlling interests circumstances and pertinent conditions as at the PU[OLHJX\PYLL-VYLHJOI\ZPULZZJVTIPUH[PVU HJX\PZP[PVUKH[L;OPZPUJS\KLZ[OLZLWHYH[PVUVM the Group elects whether to measure the non- embedded derivatives in host contracts by the controlling interests in the acquiree at fair value HJX\PYLL or at the proportionate share of the acquiree’s PKLU[PÄHISLUL[HZZL[Z(JX\PZP[PVUYLSH[LKJVZ[Z If the business combination is achieved in stages, HYLL_WLUZLKHZPUJ\YYLK any previously held equity interest is re-measured at its acquisition date fair value and any resulting ([ [OL HJX\PZP[PVU KH[L [OL PKLU[PÄHISL HZZL[Z NHPUVYSVZZPZYLJVNUPZLKPUZ[H[LTLU[VMWYVÄ[ acquired and the liabilities assumed are HUKSVZZVY6*0HZHWWYVWYPH[L YLJVNUPZLK H[ [OLPY HJX\PZP[PVU KH[L MHPY ]HS\LZ For this purpose, the liabilities assumed include Any contingent consideration to be transferred contingent liabilities representing present by the acquirer is recognised at fair value at obligation and they are measured at their [OL HJX\PZP[PVU KH[L *VU[PUNLU[ JVUZPKLYH[PVU acquisition fair values irrespective of the fact JSHZZPÄLKHZHUHZZL[VYSPHIPSP[`[OH[PZHÄUHUJPHS [OH[ V\[ÅV^ VM YLZV\YJLZ LTIVK`PUN LJVUVTPJ instrument and within the scope of Ind-AS 109 ILULÄ[ZPZUV[WYVIHISL/V^L]LY[OLMVSSV^PUN Financial Instruments, is measured at fair value assets and liabilities acquired in a business ^P[O JOHUNLZ PU MHPY ]HS\L YLJVNUPZLK PU WYVÄ[ combination are measured at the basis indicated VY SVZZ 0M [OL JVU[PUNLU[ JVUZPKLYH[PVU PZ UV[ below: within the scope of Ind-AS 109, it is measured

ANNUAL REPORT 2016-17 177 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

PU HJJVYKHUJL ^P[O [OL HWWYVWYPH[L 0UK(: that unit is disposed of, the goodwill associated *VU[PUNLU[ JVUZPKLYH[PVU [OH[ PZ JSHZZPÄLK with the disposed operation is included in as equity is not re-measured at subsequent the carrying amount of the operation when reporting dates and subsequent its settlement is KL[LYTPUPUN[OLNHPUVYSVZZVUKPZWVZHS.VVK^PSS HJJV\U[LKMVY^P[OPULX\P[` disposed in these circumstances is measured based on the relative values of the disposed Goodwill is initially measured at cost, being the operation and the portion of the cash-generating excess of the aggregate of the consideration \UP[YL[HPULK transferred and the amount recognised for non- controlling interests, and any previous interest If the initial accounting for a business combination OLSK V]LY [OL UL[ PKLU[PÄHISL HZZL[Z HJX\PYLK is incomplete by the end of the reporting period HUK SPHIPSP[PLZ HZZ\TLK 0M [OL MHPY ]HS\L VM [OL in which the combination occurs, the Group net assets acquired is in excess of the aggregate reports provisional amounts for the items for consideration transferred, the Group re-assesses ^OPJO [OL HJJV\U[PUN PZ PUJVTWSL[L ;OVZL ^OL[OLYP[OHZJVYYLJ[S`PKLU[PÄLKHSSVM[OLHZZL[Z provisional amounts are adjusted through acquired and all of the liabilities assumed and goodwill during the measurement period, or reviews the procedures used to measure the additional assets or liabilities are recognised, to amounts to be recognised at the acquisition YLÅLJ[UL^PUMVYTH[PVUVI[HPULKHIV\[MHJ[ZHUK KH[L0M[OLYLHZZLZZTLU[Z[PSSYLZ\S[ZPUHUL_JLZZ circumstances that existed at the acquisition date of the fair value of net assets acquired over the that, if known, would have affected the amounts aggregate consideration transferred, then the YLJVNUPaLKH[[OH[KH[L;OLZLHKQ\Z[TLU[ZHYL gain is recognised in OCI and accumulated in JHSSLKHZTLHZ\YLTLU[WLYPVKHKQ\Z[TLU[Z;OL LX\P[`HZJHWP[HSYLZLY]L/V^L]LYPM[OLYLPZUV measurement period does not exceed one year clear evidence of bargain purchase, the entity MYVT[OLHJX\PZP[PVUKH[L recognises the gain directly in equity as capital YLZLY]L^P[OV\[YV\[PUN[OLZHTL[OYV\NO6*0 b) Investment in associates and joint ventures An associate is an entity over which the Group After initial recognition, goodwill is measured at OHZ ZPNUPÄJHU[ PUÅ\LUJL :PNUPÄJHU[ PUÅ\LUJL JVZ[ SLZZ HU` HJJ\T\SH[LK PTWHPYTLU[ SVZZLZ PZ [OL WV^LY [V WHY[PJPWH[L PU [OL ÄUHUJPHS HUK For the purpose of impairment testing, goodwill operating policy decisions of the investee, but is acquired in a business combination is, from UV[JVU[YVSVYQVPU[JVU[YVSV]LY[OVZLWVSPJPLZ the acquisition date, allocated to each of the Group’s cash-generating units that are expected A joint venture is a type of joint arrangement [V ILULÄ[ MYVT [OL JVTIPUH[PVU PYYLZWLJ[P]L VM whereby the parties that have joint control of the whether other assets or liabilities of the acquiree arrangement have rights to the net assets of the HYLHZZPNULK[V[OVZL\UP[Z QVPU[ ]LU[\YL 1VPU[ JVU[YVS PZ [OL JVU[YHJ[\HSS` agreed sharing of control of an arrangement, A cash generating unit to which goodwill has which exists only when decisions about the been allocated is tested for impairment annually, relevant activities require unanimous consent of or more frequently when there is an indication [OLWHY[PLZZOHYPUNJVU[YVS [OH[[OL\UP[TH`ILPTWHPYLK0M[OLYLJV]LYHISL amount of the cash generating unit is less than The considerations made in determining whether its carrying amount, the impairment loss is ZPNUPÄJHU[PUÅ\LUJLVYQVPU[JVU[YVSHYLZPTPSHY[V HSSVJH[LKÄYZ[[VYLK\JL[OLJHYY`PUNHTV\U[VM those necessary to determine control over the any goodwill allocated to the unit and then to the Z\IZPKPHYPLZ other assets of the unit pro rata based on the JHYY`PUN HTV\U[ VM LHJO HZZL[ PU [OL \UP[ (U` The Group’s investments in its associate impairment loss for goodwill is recognised in and joint venture are accounted for using the WYVÄ[VYSVZZ(UPTWHPYTLU[SVZZYLJVNUPZLKMVY LX\P[` TL[OVK

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associate or joint venture since the acquisition QVPU[]LU[\YLPZPTWHPYLK0M[OLYLPZZ\JOL]PKLUJL KH[L .VVK^PSS YLSH[PUN [V [OL HZZVJPH[L VY QVPU[ the Group calculates the amount of impairment as venture is included in the carrying amount of the difference between the recoverable amount the investment and is not tested for impairment of the associate or joint venture and its carrying PUKP]PK\HSS` value, and then recognises the loss as ‘Share of WYVÄ[VMHUHZZVJPH[LHUKHQVPU[]LU[\YL»PU[OL ;OL Z[H[LTLU[ VM WYVÄ[ HUK SVZZ YLÅLJ[Z [OL Z[H[LTLU[VMWYVÄ[VYSVZZ Group’s share of the results of operations of the HZZVJPH[L VY QVPU[ ]LU[\YL (U` JOHUNL PU 6*0 

;OLHNNYLNH[LVM[OL.YV\W»ZZOHYLVMWYVÄ[VY   (SSV[OLYHZZL[ZHYLJSHZZPÄLKHZUVUJ\YYLU[ loss of an associate and a joint venture is shown VU[OLMHJLVM[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ A liability is current when: • It is expected to be settled in normal ;OLÄUHUJPHSZ[H[LTLU[ZVM[OLHZZVJPH[LVYQVPU[ operating cycle venture are prepared for the same reporting period HZ[OL.YV\W>OLUULJLZZHY`HKQ\Z[TLU[ZHYL • It is held primarily for the purpose of trading made to bring the accounting policies in line with [OVZLVM[OL.YV\W • It is due to be settled within twelve months after the reporting period, or After application of the equity method, the Group determines whether it is necessary to recognise • There is no unconditional right to defer the an impairment loss on its investment in its settlement of the liability for at least twelve HZZVJPH[LVYQVPU[]LU[\YL([LHJOYLWVY[PUNKH[L months after the reporting period the Group determines whether there is objective evidence that the investment in the associate or ;OL .YV\W JSHZZPÄLZ HSS V[OLY SPHIPSP[PLZ HZ UVU J\YYLU[

ANNUAL REPORT 2016-17 179 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

+LMLYYLK [H_ HZZL[Z HUK SPHIPSP[PLZ HYL JSHZZPÄLK HYLYLJSHZZPÄLKMYVTLX\P[`[VWYVÄ[VYSVZZ HZUVUJ\YYLU[HZZL[ZHUKSPHIPSP[PLZ VUKPZWVZHSVM[OLUL[PU]LZ[TLU[

The operating cycle is the time between Non-monetary items that are measured in publishing of advertisement and circulation of terms of historical cost in a foreign currency are newspaper and its realisation in cash and cash translated using the exchange rates at the dates LX\P]HSLU[Z ;OL .YV\W OHZ PKLU[PÄLK [^LS]L VM [OL PUP[PHS [YHUZHJ[PVUZ 5VUTVUL[HY` P[LTZ TVU[OZHZP[ZVWLYH[PUNJ`JSL measured at fair value in a foreign currency are translated using the exchange rates at the date d) Foreign currencies ^OLU [OL MHPY ]HS\L PZ KL[LYTPULK ;OL NHPU VY ;OL .YV\W»Z JVUZVSPKH[LK ÄUHUJPHS Z[H[LTLU[Z loss arising on translation of non-monetary items are presented in INR, which is also the parent measured at fair value is treated in line with the JVTWHU`»Z M\UJ[PVUHS J\YYLUJ` -VY LHJO LU[P[` recognition of the gain or loss on the change in fair the Group determines the functional currency and ]HS\LVM[OLP[LTPL[YHUZSH[PVUKPMMLYLUJLZVU P[LTZPUJS\KLKPU[OLÄUHUJPHSZ[H[LTLU[ZVMLHJO items whose fair value gain or loss is recognised LU[P[`HYLTLHZ\YLK\ZPUN[OH[M\UJ[PVUHSJ\YYLUJ` PU 6*0 VY Z[H[LTLU[ VM WYVÄ[ HUK SVZZ HYL HSZV The Group uses the direct method of consolidation YLJVNUPZLKPU6*0VYZ[H[LTLU[VMWYVÄ[HUKSVZZ and on disposal of a foreign operation the gain or YLZWLJ[P]LS` SVZZ[OH[PZYLJSHZZPÄLK[VWYVÄ[VYSVZZYLÅLJ[Z[OL HTV\U[[OH[HYPZLZMYVT\ZPUN[OPZTL[OVK Exchange differences pertaining to long term MVYLPNU J\YYLUJ` SVHUZ VI[HPULK VY YLÄUHUJLK Transactions and balances on or before March 31, 2016: Transactions in foreign currencies are initially recorded by the Group’s entities at their Exchange differences on long-term foreign respective functional currency spot rates at the currency monetary items relating to acquisition KH[L[OL[YHUZHJ[PVUÄYZ[X\HSPÄLZMVYYLJVNUP[PVU of depreciable assets are adjusted to the carrying However, for practical reasons, the Group uses cost of the assets and depreciated over the an average rate if the average approximates the balance life of the assets in accordance with HJ[\HSYH[LH[[OLKH[LVM[OL[YHUZHJ[PVU VW[PVU H]HPSHISL \UKLY 0UK(:  -PYZ[ [PTL HKVW[PVU Monetary assets and liabilities denominated in foreign currencies are translated at the Exchange differences pertaining to long term functional currency spot rates of exchange at the MVYLPNU J\YYLUJ` SVHUZ VI[HPULK VY YLÄUHUJLK YLWVY[PUNKH[L on or after April 1, 2016:

Exchange differences arising on the settlement The exchange differences pertaining to long term or translation of monetary items are recognised in foreign currency working capital loans obtained WYVÄ[VYSVZZ^P[O[OLL_JLW[PVU[V[OLMVSSV^PUN! VYYLÄUHUJLKVUVYHM[LY(WYPSPZJOHYNLK VMMVYJYLKP[LK[V[OLZ[H[LTLU[VMWYVÄ[ SVZZ • Exchange differences arising on monetary HJJV\U[\UKLY0UK(: items that forms part of a reporting entity’s net investment in a foreign operation are Group companies YLJVNUPZLKPUWYVÄ[VYSVZZPU[OLZLWHYH[L On consolidation, the assets and liabilities of ÄUHUJPHS Z[H[LTLU[Z VM [OL YLWVY[PUN LU[P[` foreign operations are translated into INR at VY [OL PUKP]PK\HS ÄUHUJPHS Z[H[LTLU[Z VM the rate of exchange prevailing at the reporting [OL MVYLPNU VWLYH[PVU HZ HWWYVWYPH[L 0U KH[L HUK [OLPY Z[H[LTLU[Z VM WYVÄ[ VY SVZZ HYL [OL ÄUHUJPHS Z[H[LTLU[Z [OH[ PUJS\KL [OL translated at exchange rates prevailing at the foreign operation and the reporting entity KH[LZVM[OL[YHUZHJ[PVUZ-VYWYHJ[PJHSYLHZVUZ LN JVUZVSPKH[LK ÄUHUJPHS Z[H[LTLU[Z the group uses an average rate to translate when the foreign operation is a subsidiary), income and expense items, if the average rate such exchange differences are recognised approximates the exchange rates at the dates PUP[PHSS`PU6*0;OLZLL_JOHUNLKPMMLYLUJLZ VM [OL [YHUZHJ[PVUZ ;OL L_JOHUNL KPMMLYLUJLZ

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arising on translation for consolidation are The principal or the most advantageous market YLJVNUPZLK PU 6*0 6U KPZWVZHS VM H MVYLPNU T\Z[ILHJJLZZPISLI`[OL.YV\W operation, the component of OCI relating to that particular foreign operation is recognised in The fair value of an asset or a liability is measured Z[H[LTLU[VMWYVÄ[HUKSVZZ using the assumptions that market participants would use when pricing the asset or liability, Any goodwill arising in the acquisition/ business assuming that market participants act in their combination of a foreign operation on or after LJVUVTPJILZ[PU[LYLZ[ April 1, 2015 and any fair value adjustments to the carrying amounts of assets and liabilities (MHPY]HS\LTLHZ\YLTLU[VMHUVUÄUHUJPHSHZZL[ arising on the acquisition are treated as assets takes into account a market participant’s ability and liabilities of the foreign operation and [V NLULYH[L LJVUVTPJ ILULÄ[Z I` \ZPUN [OL translated at the spot rate of exchange at the asset in its highest and best use or by selling it YLWVY[PUNKH[L to another market participant that would use the HZZL[PUP[ZOPNOLZ[HUKILZ[\ZL Any goodwill or fair value adjustments arising in business combinations/ acquisitions, which The Group uses valuation techniques that are occurred before the date of transition to Ind-AS appropriate in the circumstances and for which (WYPSHYL[YLH[LKHZHZZL[ZHUKSPHIPSP[PLZ Z\MÄJPLU[KH[HHYLH]HPSHISL[VTLHZ\YLMHPY]HS\L of the entity rather than as assets and liabilities maximising the use of relevant observable inputs VM[OLMVYLPNUVWLYH[PVU;OLYLMVYL[OVZLHZZL[Z HUKTPUPTPZPUN[OL\ZLVM\UVIZLY]HISLPUW\[Z and liabilities are non-monetary items already expressed in the functional currency of the parent All assets and liabilities for which fair value is HUKUVM\Y[OLY[YHUZSH[PVUKPMMLYLUJLZVJJ\Y TLHZ\YLKVYKPZJSVZLKPU[OLÄUHUJPHSZ[H[LTLU[Z are categorised within the fair value hierarchy, Cumulative currency translation differences for described as follows, based on the lowest all foreign operations are deemed to be zero at SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V [OL MHPY ]HS\L [OL KH[L VM [YHUZP[PVU ]Pa (WYPS   .HPU measurement as a whole: or loss on a subsequent disposal of any foreign operation excludes translation differences that • Level 1 — 8\V[LK \UHKQ\Z[LK THYRL[ arose before the date of transition but includes prices in active markets for identical assets only translation differences arising after the or liabilities [YHUZP[PVUKH[L • Level 2 — Valuation techniques for which e) Fair value measurement [OL SV^LZ[ SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V ;OL.YV\WTLHZ\YLZÄUHUJPHSPUZ[Y\TLU[ZZ\JO the fair value measurement is directly or as, derivatives and certain investments at fair indirectly observable ]HS\LH[LHJOYLWVY[PUNIHSHUJLZOLL[KH[L • Level 3 — Valuation techniques for which Fair value is the price that would be received to [OL SV^LZ[ SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V sell an asset or paid to transfer a liability in an the fair value measurement is unobservable orderly transaction between market participants H[ [OL TLHZ\YLTLU[ KH[L ;OL MHPY ]HS\L For assets and liabilities that are recognised in measurement is based on the presumption that [OL ÄUHUJPHS Z[H[LTLU[Z VU H YLJ\YYPUN IHZPZ the transaction to sell the asset or transfer the the Group determines whether transfers have liability takes place either: occurred between levels in the hierarchy by re- HZZLZZPUN JH[LNVYPZH[PVU IHZLK VU [OL SV^LZ[ • In the principal market for the asset or SL]LS PUW\[ [OH[ PZ ZPNUPÄJHU[ [V [OL MHPY ]HS\L liability, or measurement as a whole) at the end of each YLWVY[PUNWLYPVK • In the absence of a principal market, in the most advantageous market for the asset or External valuers are involved for valuation of liability ZPNUPÄJHU[HZZL[ZZ\JOHZPU]LZ[TLU[WYVWLY[PLZ

ANNUAL REPORT 2016-17 181 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

\UX\V[LK ÄUHUJPHS HZZL[Z HUK ZPNUPÄJHU[ ;OLZWLJPÄJYLJVNUP[PVUJYP[LYPHKLZJYPILKILSV^ SPHIPSP[PLZ must also be met before revenue is recognised

For the purpose of fair value disclosures, the Advertisements Group has determined classes of assets and Revenue is recognized as and when liabilities on the basis of the nature, characteristics advertisement is published/ displayed Revenue and risks of the asset or liability and the level of from advertisement is measured at the fair value [OLMHPY]HS\LOPLYHYJO`HZL_WSHPULKHIV]L of the consideration received or receivable, net of HSSV^HUJLZ[YHKLKPZJV\U[ZHUK]VS\TLYLIH[LZ This note summarises accounting policy for fair ]HS\L Sale of Newspaper & Publications, Waste Paper and Scrap Other fair value related disclosures are given in Revenue from the sale of goods is recognised the relevant notes : ^OLU [OL ZPNUPÄJHU[ YPZRZ HUK YL^HYKZ VM ownership of the goods have passed to the • Disclosures for valuation methods, I\`LY\Z\HSS`VUKLSP]LY`VM[OLNVVKZ9L]LU\L ZPNUPÄJHU[ LZ[PTH[LZ HUK HZZ\TW[PVUZ from the sale of goods is measured at the fair 5V[L value of the consideration received or receivable, net of returns and allowances, trade discounts • Quantitative disclosures of fair value HUK]VS\TLYLIH[LZ TLHZ\YLTLU[OPLYHYJO`5V[L Management also extends a right to return to its • Investment in unquoted equity shares customers which it believes is a form of variable 5V[L JVUZPKLYH[PVU 9L]LU\L YLJVNUP[PVU PZ SPTP[LK to amounts for which it is “highly probable” a   ‹ 0U]LZ[TLU[WYVWLY[PLZ5V[L ZPNUPÄJHU[YL]LYZHS^PSSUV[VJJ\YPLP[PZOPNOS` WYVIHISL[OLNVVKZ^PSSUV[ILYL[\YULK(YLM\UK   ‹ -PUHUJPHS PUZ[Y\TLU[Z PUJS\KPUN [OVZL liability is established for the expected amount of JHYYPLKH[HTVY[PaLKJVZ[5V[L YLM\UKZHUKJYLKP[Z[VILPZZ\LK[VJ\Z[VTLYZ

f) Revenue recognition Printing Job Work Revenue is recognised to the extent that it is Revenue from printing job work is recognized on WYVIHISL [OH[ [OL LJVUVTPJ ILULÄ[Z ^PSS ÅV^ the completion of job work as per terms of the to the Group and the revenue can be reliably HNYLLTLU[9L]LU\LMYVTQVI^VYRPZTLHZ\YLK measured, regardless of when the payment at the fair value of the consideration received or PZ ILPUN THKL 9L]LU\L PZ TLHZ\YLK H[ [OL receivable, net of allowances, trade discounts fair value of the consideration received or HUK]VS\TLYLIH[LZPMHU` receivable, taking into account contractually KLÄULK [LYTZ VM WH`TLU[ HUK L_JS\KPUN [H_LZ Airtime Revenue VYK\[PLZJVSSLJ[LKVUILOHSMVM[OLNV]LYUTLU[ Revenue from radio broadcasting is recognized The Group has concluded that it is the principal on an accrual basis on the airing of client’s in all of its revenue arrangements since it is the JVTTLYJPHSZ 9L]LU\L MYVT YHKPV IYVHKJHZ[PUN primary obligor in all the revenue arrangements is measured at the fair value of the consideration as it has pricing latitude and is also exposed to received or receivable, net of allowances, trade PU]LU[VY`HUKJYLKP[YPZRZ KPZJV\U[ZHUK]VS\TLYLIH[LZPMHU`

:LY]PJL[H_:HSLZ[H_HUK]HS\LHKKLK[H_=(; Revenue from online advertising PZUV[YLJLP]LKI`[OL.YV\WVUP[ZV^UHJJV\U[ Revenue from digital platforms by display of Rather, it is tax collected on value added to internet advertisements are typically contracted the commodity by the seller on behalf of the for a period ranging between zero to twelve NV]LYUTLU[ (JJVYKPUNS` P[ PZ L_JS\KLK MYVT TVU[OZ 9L]LU\L PU [OPZ YLZWLJ[ PZ YLJVNUPaLK YL]LU\L over the period of the contract, in accordance with

182 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

the established principles of accrual accounting and is of the RO/ email from client and is measured at measured at the fair value of the consideration received the fair value of the consideration received or or receivable, net of allowances, trade discounts receivable, net of allowances, trade discounts HUK ]VS\TL YLIH[LZ PM HU`

ANNUAL REPORT 2016-17 183 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

• Rentals are structured to increase in line with Deferred tax L_WLJ[LK NLULYHS PUÅH[PVU [V JVTWLUZH[L Deferred tax is provided using the liability method MVY [OL SLZZVY»Z L_WLJ[LK PUÅH[PVUHY` JVZ[ on temporary differences between the tax PUJYLHZLZ0MYLU[HSZ]HY`HJJVYKPUN[VMHJ[VYZ bases of assets and liabilities and their carrying V[OLY[OHUPUÅH[PVU[OLU[OPZJVUKP[PVUPZUV[ HTV\U[Z MVY ÄUHUJPHS YLWVY[PUN W\YWVZLZ H[ [OL TL[ YLWVY[PUNKH[L

g) Government grants Deferred tax liabilities are recognised for all Government grants are recognised where there taxable temporary differences except : is reasonable assurance that the grant will be received and all attached conditions will be • When the deferred tax liability arises from JVTWSPLK ^P[O >OLU [OL NYHU[ YLSH[LZ [V HU the initial recognition of goodwill or an expense item, it is recognised as income on a asset or liability in a transaction that is not a systematic basis over the periods that the related business combination and, at the time of the costs, for which it is intended to compensate, are transaction, affects neither the accounting L_WLUZLK>OLU[OLNYHU[YLSH[LZ[VHUHZZL[P[ WYVÄ[UVY[H_HISLWYVÄ[VYSVZZ is recognised as income in equal amounts over [OLL_WLJ[LK\ZLM\SSPMLVM[OLYLSH[LKHZZL[ • In respect of taxable temporary differences associated with investments in subsidiaries, When the Group receives grants relating to the associates and interests in joint ventures, purchase of property, plant and equipment, the when the timing of the reversal of the asset and the grant are recorded at fair value and temporary differences can be controlled and HYLYLSLHZLK[V[OLZ[H[LTLU[VM7YVÄ[HUK3VZZ it is probable that the temporary differences V]LY[OLL_WLJ[LK\ZLM\SSP]LZVMYLSH[LKHZZL[Z will not reverse in the foreseeable future

h) Taxes Deferred tax assets are recognised for all Current income tax deductible temporary differences, the carry ;H_L_WLUZLJVTWYPZLZJ\YYLU[HUKKLMLYYLK[H_ forward of unused tax credits and any unused tax SVZZLZ+LMLYYLK[H_HZZL[ZHYLYLJVNUPZLK[V[OL Current income tax is measured at the amount L_[LU[[OH[P[PZWYVIHISL[OH[[H_HISLWYVÄ[^PSSIL expected to be paid to the tax authorities in available against which the deductible temporary HJJVYKHUJL^P[O[OL0UJVTL;H_(J[  differences, and the carry forward of unused tax credits and unused tax losses can be utilised, Current income tax assets and liabilities are except: measured at the amount expected to be recovered MYVT VY WHPK [V [OL [H_H[PVU H\[OVYP[PLZ ;OL [H_ • When the deferred tax asset relating to rates and tax laws used to compute the amount are the deductible temporary difference arises those that are enacted or substantively enacted, from the initial recognition of an asset at the reporting date in the countries where the or liability in a transaction that is not a .YV\WVWLYH[LZHUKNLULYH[LZ[H_HISLPUJVTL business combination and, at the time of the transaction, affects neither the accounting Current income tax relating to items recognised WYVÄ[UVY[H_HISLWYVÄ[VYSVZZ V\[ZPKL WYVÄ[ VY SVZZ PZ YLJVNUPZLK V\[ZPKL Z[H[LTLU[ VM WYVÄ[ HUK SVZZ LP[OLY PU V[OLY • In respect of deductible temporary JVTWYLOLUZP]L PUJVTL VY PU LX\P[` *\YYLU[ differences associated with investments tax items are recognised is correlation to the in subsidiaries, associates and interests underlying transaction either in OCI or directly in joint ventures, deferred tax assets are PU LX\P[` 4HUHNLTLU[ WLYPVKPJHSS` L]HS\H[LZ recognised only to the extent that it is positions taken in the tax returns with respect probable that the temporary differences will to situations in which applicable tax regulations reverse in the foreseeable future and taxable are subject to interpretation and establishes WYVÄ[ ^PSS IL H]HPSHISL HNHPUZ[ ^OPJO [OL WYV]PZPVUZ^OLYLHWWYVWYPH[L temporary differences can be utilised

184 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

The carrying amount of deferred tax assets is • When the tax incurred on a purchase of reviewed at each reporting date and reduced assets or services is not recoverable from to the extent that it is no longer probable that the taxation authority, in which case, the Z\MÄJPLU[ [H_HISL WYVÄ[ ^PSS IL H]HPSHISL [V tax paid is recognised as part of the cost allow all or part of the deferred tax asset to be of acquisition of the asset or as part of the \[PSPZLK

Deferred tax assets and deferred tax liabilities are • Is part of a single co-ordinated plan to offset if a legally enforceable right exists to set dispose of a separate major line of business off current tax assets against current tax liabilities or geographical area of operations and the deferred taxes relate to the same taxable LU[P[`HUK[OLZHTL[H_H[PVUH\[OVYP[` Or

;H_ ILULÄ[Z HJX\PYLK HZ WHY[ VM H I\ZPULZZ • Is a subsidiary acquired exclusively with a combination, but not satisfying the criteria for view to resale separate recognition at that date, are recognised subsequently if new information about facts and Discontinued operations are excluded from JPYJ\TZ[HUJLZ JOHUNL (JX\PYLK KLMLYYLK [H_ the results of continuing operations and are ILULÄ[Z YLJVNUPZLK ^P[OPU [OL TLHZ\YLTLU[ WYLZLU[LK HZ H ZPUNSL HTV\U[ HZ WYVÄ[ VY SVZZ period reduce goodwill related to that acquisition after tax from discontinued operations in the if they result from new information obtained Z[H[LTLU[VMWYVÄ[HUKSVZZ about facts and circumstances existing at [OL HJX\PZP[PVU KH[L 0M [OL JHYY`PUN HTV\U[ j) Property, plant and equipment of goodwill is zero, any remaining deferred tax The group has applied the one time transition ILULÄ[Z HYL YLJVNUPZLK PU 6*0 JHWP[HS YLZLY]L option of considering the carrying cost of depending on the principle explained for bargain property, plant and equipment as the transition W\YJOHZL NHPUZ (SS V[OLY HJX\PYLK [H_ ILULÄ[Z KH[LPL(WYPSHZ[OLKLLTLKJVZ[\UKLY YLHSPZLKHYLYLJVNUPZLKPUZ[H[LTLU[VMWYVÄ[HUK 0UK(: SVZZ Property, plant and equipment and Capital Work :HSLZ]HS\LHKKLK[H_LZWHPKVUHJX\PZP[PVU in progress is stated at cost, net of accumulated of assets or on incurring expenses depreciation and accumulated impairment Expenses and assets are recognised net of the SVZZLZ PM HU` :\JO JVZ[ PUJS\KLZ [OL JVZ[ VM amount of sales/ value added taxes paid, except: replacing part of the plant and equipment and

ANNUAL REPORT 2016-17 185 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

borrowing costs for long-term construction at cost less accumulated depreciation and WYVQLJ[ZPM[OLYLJVNUP[PVUJYP[LYPHHYLTL[ HJJ\T\SH[LKPTWHPYTLU[SVZZLZPMHU`

Cost comprises the purchase price, borrowing ;OL .YV\W PKLU[PÄLZ HUK KL[LYTPULZ JVZ[ VM costs if capitalization criteria are met and any HZZL[ ZPNUPÄJHU[ [V [OL [V[HS JVZ[ VM [OL HZZL[ directly attributable cost of bringing the asset to having useful life that is materially different from P[Z ^VYRPUN JVUKP[PVU MVY [OL PU[LUKLK \ZL (U` [OH[VM[OLYLTHPUPUNSPML trade discounts and rebates are deducted in HYYP]PUNH[[OLW\YJOHZLWYPJL Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as Recognition: follows: The cost of an item of property, plant and equipment shall be recognised as an asset if, and Type of asset Useful lives estimated by only if: management (Years) Factory Buildings 5 to 30   H P[PZWYVIHISL[OH[M\[\YLLJVUVTPJILULÄ[Z )\PSKPUNZV[OLY[OHU 3 to 60 HZZVJPH[LK ^P[O [OL P[LT ^PSS ÅV^ [V [OL factory buildings) entity; and Plant & Machinery [V IT Equipments 2 to 6   I [OL JVZ[ VM [OL P[LT JHU IL TLHZ\YLK 6MÄJL,X\PWTLU[Z 2 to 5 YLSPHIS` Furniture and Fittings 2 to 10 Vehicles 8 Subsequent expenditure related to an item of property, plant and equipment is added to its book The Group, based on technical assessment made ]HS\LVUS`PMP[PUJYLHZLK[OLM\[\YLILULÄ[ZMYVT by the management depreciates certain assets the existing asset beyond its previously assessed over estimated useful lives which are different Z[HUKHYKVMWLYMVYTHUJL(SSV[OLYL_WLUZLZVU from the useful life prescribed in Schedule ll to existing assets, including day- to- day repair and [OL*VTWHUPLZ(J[;OLTHUHNLTLU[OHZ maintenance expenditure and cost of replacing estimated, supported by technical assessment, WHY[ZHYLJOHYNLK[V[OLZ[H[LTLU[VMWYVÄ[HUK the useful lives of certain plant and machinery as loss for the period during which such expenses [V`LHYZ;OLZL\ZLM\SSP]LZHYLOPNOLY[OHU HYLPUJ\YYLK [OVZLPUKPJH[LKPUZJOLK\SL00;OLTHUHNLTLU[ believes that these estimated useful lives are >OLU ZPNUPÄJHU[ WHY[Z VM WSHU[ HUK LX\PWTLU[ YLHSPZ[PJ HUK YLÅLJ[ MHPY HWWYV_PTH[PVU VM [OL are required to be replaced at intervals, the period over which the assets are likely to be Group depreciates them separately based on \ZLK [OLPYZWLJPÄJ\ZLM\SSP]LZ3PRL^PZL^OLUHTHQVY inspection is performed, its cost is recognised in Depreciation on the property, plant and equipment the carrying amount of the plant and equipment is provided over the useful life of assets as as a replacement if the recognition criteria are ZWLJPÄLK PU :JOLK\SL 00 [V [OL *VTWHUPLZ (J[ ZH[PZÄLK(SSV[OLYYLWHPYHUKTHPU[LUHUJLJVZ[Z 7YVWLY[`7SHU[HUK,X\PWTLU[^OPJOHYL HYL YLJVNUPZLK PU WYVÄ[ VY SVZZ HZ PUJ\YYLK added/disposed off during the year, depreciation The present value of the expected cost for the is provided on pro-rata basis with reference to decommissioning of an asset after its use is [OLTVU[OVMHKKP[PVUKLSL[PVU included in the cost of the respective asset if the YLJVNUP[PVUJYP[LYPHMVYHWYV]PZPVUHYLTL[ An item of property, plant and equipment and any ZPNUPÄJHU[WHY[PUP[PHSS`YLJVNUPZLKPZKLYLJVNUPZLK Value for individual assets acquired from ‘The upon disposal or when no future economic /PUK\Z[HU;PTLZ3PTP[LK»[OLOVSKPUNJVTWHU` ILULÄ[Z HYL L_WLJ[LK MYVT P[Z \ZL VY KPZWVZHS in an earlier year is allocated based on the Any gain or loss arising on de-recognition of the valuation carried out by independent expert at HZZL[JHSJ\SH[LKHZ[OLKPMMLYLUJLIL[^LLU[OL [OL[PTLVMHJX\PZP[PVU6[OLYHZZL[ZHYLZ[H[LK

186 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

net disposal proceeds and the carrying amount KPZWVZHS;OLKPMMLYLUJLIL[^LLU[OLUL[KPZWVZHS of the asset) is included in the income statement proceeds and the carrying amount of the asset is ^OLU[OLHZZL[PZKLYLJVNUPZLK YLJVNUPZLKPUWYVÄ[VYSVZZPU[OLWLYPVKVMKL YLJVNUP[PVU 4VKPÄJH[PVU VY L_[LUZPVU [V HU L_PZ[PUN HZZL[ which is of capital nature and which becomes an l) Intangible assets integral part thereof is depreciated prospectively Intangible assets acquired separately are V]LY[OLYLTHPUPUN\ZLM\SSPMLVM[OH[HZZL[ TLHZ\YLK VU PUP[PHS YLJVNUP[PVU H[ JVZ[ ;OL cost of intangible assets acquired in a business Expenditure directly relating to construction combination is their fair value at the date HJ[P]P[` PZ JHWP[HSPaLK 0UKPYLJ[ L_WLUKP[\YL VM HJX\PZP[PVU -VSSV^PUN PUP[PHS YLJVNUP[PVU incurred during construction period is capitalized intangible assets are carried at cost less any as a part of indirect construction cost to the extent accumulated amortisation and accumulated the expenditure is related to construction or is PTWHPYTLU[ SVZZLZ 0U[LYUHSS` NLULYH[LK PUJPKLU[HS [OLYL[V 6[OLY PUKPYLJ[ JVZ[Z PUJ\YYLK intangibles, excluding capitalised development during-the construction periods which are not costs, are not capitalised and the related related to construction activity nor are incidental L_WLUKP[\YL PZ YLÅLJ[LK PU WYVÄ[ VY SVZZ PU [OL [OLYL[V HYL JOHYNLK [V :[H[LTLU[ VM 7YVÄ[ HUK WLYPVKPU^OPJO[OLL_WLUKP[\YLPZPUJ\YYLK 3VZZ 9LPU]LZ[LK PUJVTL LHYULK K\YPUN [OL construction period is adjusted against the total Value for individual software license acquired by VMPUKPYLJ[L_WLUKP[\YL the Parent Company from its Holding Company and by Subsidiary Company HMVL from the The residual values, useful lives and methods of Parent Company in an earlier year is allocated depreciation of property, plant and equipment are based on the valuation carried out by an YL]PL^LKH[LHJOÄUHUJPHS`LHYLUKHUKHKQ\Z[LK PUKLWLUKLU[L_WLY[H[[OL[PTLVMHJX\PZP[PVU WYVZWLJ[P]LS`PMHWWYVWYPH[L Purchased copyrights by a subsidiary are k) Investment properties HJJV\U[LK MVY H[ JVZ[Z 0U JHZL VM ZS\TW 0U]LZ[TLU[ WYVWLY[PLZ HYL WYVWLY[PLZ SHUK purchases by a subsidiary, value for copyright and buildings) that are held for long-term acquired is allocated based on the valuation YLU[HS `PLSKZ HUKVY MVY JHWP[HS HWWYLJPH[PVU carried out by an independent expert at the time Investment properties are measured initially at VMHJX\PZP[PVU JVZ[ PUJS\KPUN [YHUZHJ[PVU JVZ[Z :\IZLX\LU[ to initial recognition, investment properties are Costs incurred in planning or conceptual stated at cost less accumulated depreciation and development of the web site are expensed HJJ\T\SH[LKPTWHPYTLU[SVZZPMHU` HZ PUJ\YYLK 6UJL [OL WSHUUPUN VY JVUJLW[\HS development of a web site has been achieved, The Group depreciates building component of and the project has reached the application investment property over useful life of 30 years development stage, the Group capitalizes MYVT[OLKH[LWYVWLY[`PZYLHK`MVYWVZZLZZPVU all costs related to web site application and infrastructure development including costs Though the Group measures investment property relating to the graphics and content development using cost based measurement, the fair value of Z[HNLZ ;YHPUPUNHUK YV\[PUL THPU[LUHUJL JVZ[Z PU]LZ[TLU[ WYVWLY[` PZ KPZJSVZLK PU [OL UV[LZ HYLL_WLUZLKHZPUJ\YYLK Fair values are determined based on bi-annual evaluation performed by an accredited external The useful lives of intangible assets are assessed PUKLWLUKLU[]HS\LY HZLP[OLYÄUP[LVYPUKLÄUP[L

Investment properties are derecognised either 0U[HUNPISL HZZL[Z ^P[O ÄUP[L SP]LZ HYL HTVY[PaLK when they have been disposed of or when they over the useful economic life and assessed for are permanently withdrawn from use and no impairment whenever there is an indication M\[\YL LJVUVTPJ ILULÄ[ PZ L_WLJ[LK MYVT [OLPY [OH[ [OL PU[HUNPISL HZZL[ TH` IL PTWHPYLK ;OL

ANNUAL REPORT 2016-17 187 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

amortisation period and the amortisation method Intangible assets Useful lives (Years) MVYHUPU[HUNPISLHZZL[^P[OHÄUP[L\ZLM\SSPMLHYL 4\ZPJJVU[LU[ZMVY9HKPV 4 reviewed at least at the end of each reporting Business) WLYPVK *OHUNLZ PU [OL L_WLJ[LK \ZLM\S SPML VY Curriculum 3 the expected pattern of consumption of future Brand 10 LJVUVTPJ ILULÄ[Z LTIVKPLK PU [OL HZZL[ HYL Purchased copyrights 6 considered to modify the amortisation period or method, as appropriate, and are treated m) Borrowing costs HZ JOHUNLZ PU HJJV\U[PUN LZ[PTH[LZ ;OL Borrowing costs directly attributable to the amortisation expense on intangible assets with acquisition, construction or production of an ÄUP[LSP]LZPZYLJVNUPZLKPU[OLZ[H[LTLU[VMWYVÄ[ asset that necessarily takes a substantial period HUKSVZZ of time to get ready for its intended use or sale HYLJHWP[HSPZLKHZWHY[VM[OLJVZ[VM[OLHZZL[ 0U[HUNPISL HZZL[Z ^P[O PUKLÄUP[L \ZLM\S SP]LZ HYL All other borrowing costs are expensed in the not amortized, but are tested for impairment WLYPVK PU ^OPJO [OL` VJJ\Y )VYYV^PUN JVZ[Z annually, either individually or at the cash- consist of interest and other costs that an entity NLULYH[PUN\UP[SL]LS;OLHZZLZZTLU[VMPUKLÄUP[L incurs in connection with the borrowing of life is reviewed annually to determine whether the M\UKZ )VYYV^PUN JVZ[ HSZV PUJS\KLZ L_JOHUNL PUKLÄUP[LSPMLJVU[PU\LZ[VILZ\WWVY[HISL0MUV[ differences to the extent regarded as an [OLJOHUNLPU\ZLM\SSPMLMYVTPUKLÄUP[L[VÄUP[LPZ HKQ\Z[TLU[[V[OLIVYYV^PUNJVZ[Z THKLVUHWYVZWLJ[P]LIHZPZ n) Leases Gains or losses arising from de-recognition of an The determination of whether an arrangement is intangible asset are measured as the difference VYJVU[HPUZHSLHZLPZIHZLKVU[OLZ\IZ[HUJL between the net disposal proceeds and the of the arrangement at the inception of the carrying amount of the asset and are recognised SLHZL ;OL HYYHUNLTLU[ PZ VY JVU[HPUZ H SLHZL PU[OLZ[H[LTLU[VMWYVÄ[VYSVZZ^OLU[OLHZZL[ PM M\SÄSTLU[ VM [OL HYYHUNLTLU[ PZ KLWLUKLU[ PZKLYLJVNUPZLK VU[OL\ZLVMHZWLJPÄJHZZL[VYHZZL[ZHUK[OL arrangement conveys a right to use the asset or Goodwill acquired separately are measured HZZL[ZL]LUPM[OH[YPNO[PZUV[L_WSPJP[S`ZWLJPÄLK VU PUP[PHS YLJVNUP[PVU H[ JVZ[ -VSSV^PUN PUP[PHS PUHUHYYHUNLTLU[ recognition, intangible assets are carried at cost less accumulated amortization and accumulated For arrangements entered into prior to April PTWHPYTLU[ SVZZLZ PM HU` 0U[LYUHSS` NLULYH[LK 1, 2015, the Group has determined whether intangible assets, excluding capitalized the arrangement contain lease on the basis of development costs, are not capitalized and facts and circumstances existing on the date of L_WLUKP[\YLPZYLÅLJ[LKPU[OLZ[H[LTLU[VMWYVÄ[ [YHUZP[PVU and loss in the year in which the expenditure is PUJ\YYLK ;OL .VVK^PSS YLJVNUPaLK PZ HTVY[PaLK Group as a lessee V]LY\ZLM\SSPMLUV[L_JLLKPUN`LHYZ ( SLHZL PZ JSHZZPÄLK H[ [OL PUJLW[PVU KH[L HZ H ÄUHUJLSLHZLVYHUVWLYH[PUNSLHZL(SLHZL[OH[ Intangible assets are amortized on straight line transfers substantially all the risks and rewards basis using the estimated useful life as follows: PUJPKLU[HS[VV^ULYZOPW[V[OL.YV\WPZJSHZZPÄLK HZHÄUHUJLSLHZL Intangible assets Useful lives (Years)

Website Development  Finance leases are capitalised at the Software licenses  commencement of the lease at the inception 3PJLUZL-LLZ6UL[PTL 10-15 date fair value of the leased property or, if lower, entry fee) at the present value of the minimum lease Non- compete fees Over the period of WH`TLU[Z 3LHZL WH`TLU[Z HYL HWWVY[PVULK agreement of non- IL[^LLU ÄUHUJL JOHYNLZ HUK YLK\J[PVU VM [OL compete fees lease liability so as to achieve a constant rate of

188 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

PU[LYLZ[VU[OLYLTHPUPUNIHSHUJLVM[OLSPHIPSP[` o) Inventories -PUHUJLJOHYNLZHYLYLJVNUPZLKPUÄUHUJLJVZ[Z Inventories are valued as follows : PU [OL Z[H[LTLU[ VM WYVÄ[ HUK SVZZ \USLZZ [OL` are directly attributable to qualifying assets, in Raw 3V^LYVMJVZ[HUKUL[YLHSPaHISL]HS\L which case they are capitalized in accordance materials, However, material and other items held with the Group’s general policy on the borrowing stores and for use in the production of inventories JVZ[Z :LL UV[L U *VU[PUNLU[ YLU[HSZ HYL spares are not written down below cost if the recognised as expenses in the periods in which ÄUPZOLKWYVK\J[ZPU^OPJO[OL`^PSSIL incorporated are expected to be sold at [OL`HYLPUJ\YYLK VYHIV]LJVZ[*VZ[PZKL[LYTPULKVUH ^LPNO[LKH]LYHNLIHZPZ A leased asset is depreciated over the useful life Work- in- 3V^LYVMJVZ[HUKUL[YLHSPaHISL]HS\L VM[OLHZZL[/V^L]LYPM[OLYLPZUVYLHZVUHISL progress Cost includes direct materials and a certainty that the Group will obtain ownership by HUKÄUPZOLK proportion of manufacturing overheads the end of the lease term, the asset is depreciated goods IHZLKVUUVYTHSVWLYH[PUNJHWHJP[` over the shorter of the estimated useful life of the Cost is determined on a weighted HZZL[HUK[OLSLHZL[LYT H]LYHNLIHZPZ Scrap At net realizable value and waste Leasehold improvements represent expenses papers incurred towards civil works, interiors furnishings, L[JVU[OLSLHZLKWYLTPZLZH[]HYPV\ZSVJH[PVUZ Net realisable value is the estimated selling price in the ordinary course of business, less estimated Operating lease payments are recognised as an costs of completion and the estimated costs L_WLUZLPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZVUH ULJLZZHY`[VTHRL[OLZHSL Z[YHPNO[SPULIHZPZV]LY[OLSLHZL[LYT p) Impairment of non-financial assets Group as a lessor The Group assesses, at each reporting date, 3LHZLZ HYL JSHZZPÄLK HZ ÄUHUJL SLHZLZ ^OLU whether there is an indication that an asset may substantially all of the risks and rewards of IL PTWHPYLK 0M HU` PUKPJH[PVU L_PZ[Z VY ^OLU V^ULYZOPW[YHUZMLYMYVT[OL.YV\W[V[OLSLZZLL annual impairment testing for an asset is required, (TV\U[ZK\LMYVTSLZZLLZ\UKLYÄUHUJLSLHZLZ the Group estimates the asset’s recoverable are recorded as receivables at the Group’s net HTV\U[ (U HZZL[»Z YLJV]LYHISL HTV\U[ PZ [OL PU]LZ[TLU[PU[OLSLHZLZ-PUHUJLSLHZLPUJVTL higher of an asset’s or cash-generating unit’s PZHSSVJH[LK[VHJJV\U[PUNWLYPVKZZVHZ[VYLÅLJ[ *.< MHPY ]HS\L SLZZ JVZ[Z VM KPZWVZHS HUK P[Z a constant periodic rate of return on the net ]HS\LPU\ZL9LJV]LYHISLHTV\U[PZKL[LYTPULK PU]LZ[TLU[V\[Z[HUKPUNPUYLZWLJ[VM[OLSLHZL for an individual asset, unless the asset does UV[ NLULYH[L JHZO PUÅV^Z [OH[ HYL SHYNLS` Leases in which the Group does not transfer independent of those from other assets or groups substantially all the risks and rewards of VMHZZL[Z>OLU[OLJHYY`PUNHTV\U[VMHUHZZL[ V^ULYZOPWVMHUHZZL[HYLJSHZZPÄLKHZVWLYH[PUN or CGU exceeds its recoverable amount, the SLHZLZ 9LU[HS PUJVTL MYVT VWLYH[PUN SLHZL PZ asset is considered impaired and is written down recognised on straight line basis over the term of [VP[ZYLJV]LYHISLHTV\U[ [OLYLSL]HU[SLHZL In assessing value in use, the estimated future Contingent rents are recognised as revenue in JHZOÅV^ZHYLKPZJV\U[LK[V[OLPYWYLZLU[]HS\L [OLWLYPVKPU^OPJO[OL`HYLLHYULK \ZPUNHWYL[H_KPZJV\U[YH[L[OH[YLÅLJ[ZJ\YYLU[ market assessments of the time value of money

ANNUAL REPORT 2016-17 189 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

HUK[OLYPZRZZWLJPÄJ[V[OLHZZL[0UKL[LYTPUPUN Z[H[LTLU[ VM WYVÄ[ VY SVZZ \USLZZ [OL HZZL[ PZ fair value less costs of disposal, recent market carried at a revalued amount, in which case, the [YHUZHJ[PVUZ HYL [HRLU PU[V HJJV\U[ 0M UV Z\JO YL]LYZHSPZ[YLH[LKHZHYL]HS\H[PVUPUJYLHZL [YHUZHJ[PVUZ JHU IL PKLU[PÄLK HU HWWYVWYPH[L ]HS\H[PVUTVKLSPZ\ZLK;OLZLJHSJ\SH[PVUZHYL Goodwill is tested for impairment annually and corroborated by valuation multiples, quoted when circumstances indicate that the carrying share prices for publicly traded Company’s or ]HS\LTH`ILPTWHPYLK V[OLYH]HPSHISLMHPY]HS\LPUKPJH[VYZ Impairment is determined for goodwill by The Group bases its impairment calculation assessing the recoverable amount of each CGU on detailed budgets and forecast calculations, VYNYV\WVM*.OLU [OL .YV\W L_WLJ[Z ZVTL VY Impairment losses of continuing operations, all of a provision to be reimbursed, for example, including impairment on inventories, are under an insurance contract, the reimbursement YLJVNUPZLKPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ is recognised as a separate asset, but only ^OLU [OL YLPTI\YZLTLU[ PZ ]PY[\HSS` JLY[HPU For assets excluding goodwill, an assessment The expense relating to a provision is presented is made at each reporting date to determine PU [OL Z[H[LTLU[ VM WYVÄ[ HUK SVZZ UL[ VM HU` whether there is an indication that previously YLPTI\YZLTLU[ recognised impairment losses no longer exist VY OH]L KLJYLHZLK 0M Z\JO PUKPJH[PVU L_PZ[Z If the effect of the time value of money is material, the Group estimates the asset’s or CGU’s provisions are discounted using a current pre-tax YLJV]LYHISL HTV\U[ ( WYL]PV\ZS` YLJVNUPZLK YH[L [OH[ YLÅLJ[Z ^OLU HWWYVWYPH[L [OL YPZRZ impairment loss is reversed only if there has been ZWLJPÄJ[V[OLSPHIPSP[`>OLUKPZJV\U[PUNPZ\ZLK a change in the assumptions used to determine the increase in the provision due to the passage the asset’s recoverable amount since the last VM[PTLPZYLJVNUPZLKHZHÄUHUJLJVZ[ PTWHPYTLU[SVZZ^HZYLJVNUPZLK;OLYL]LYZHSPZ limited so that the carrying amount of the asset r) Retirement and other Employee Benefits does not exceed its recoverable amount, nor :OVY[ [LYT LTWSV`LL ILULÄ[Z HUK KLÄULK exceed the carrying amount that would have contribution plans: been determined, net of depreciation, had no impairment loss been recognised for the asset (SS LTWSV`LL ILULÄ[Z WH`HISLH]HPSHISL ^P[OPU PUWYPVY`LHYZ:\JOYL]LYZHSPZYLJVNUPZLKPU[OL twelve months of rendering the service are

190 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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JSHZZPÄLK HZ ZOVY[[LYT LTWSV`LL ILULÄ[Z with a corresponding debit or credit to retained )LULÄ[ZZ\JOHZZHSHYPLZ^HNLZHUKIVU\ZL[J earnings through OCI in the period in which they HYLYLJVNUPZLKPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ VJJ\Y9LTLHZ\YLTLU[ZHYLUV[YLJSHZZPÄLK[V in the period in which the employee renders the WYVÄ[VYSVZZPUZ\IZLX\LU[WLYPVKZ YLSH[LKZLY]PJL 7HZ[ZLY]PJLJVZ[ZHYLYLJVNUPZLKPUWYVÄ[VYSVZZ 9L[PYLTLU[ILULÄ[PU[OLMVYTVMWYV]PKLU[M\UK on the earlier of: PZ H KLÄULK JVU[YPI\[PVU ZJOLTL ;OL .YV\W has no obligation, other than the contribution • The date of the plan amendment or WH`HISL [V [OL WYV]PKLU[ M\UK ;OL .YV\W curtailment, and recognizes contribution payable to the provident fund scheme as an expense, when an employee • The date that the Group recognises related YLUKLYZ [OL YLSH[LK ZLY]PJL 0M [OL JVU[YPI\[PVU restructuring cost payable to the scheme for service received before the balance sheet date exceeds the contribution Net interest is calculated by applying the discount HSYLHK`WHPK[OLKLÄJP[WH`HISL[V[OLZJOLTL YH[L[V[OLUL[KLÄULKILULÄ[SPHIPSP[`VYHZZL[ is recognized as a liability after deducting the JVU[YPI\[PVU HSYLHK` WHPK 0M [OL JVU[YPI\[PVU The Group recognises the following changes in already paid exceeds the contribution due for [OLUL[KLÄULKILULÄ[VISPNH[PVUHZHUL_WLUZL services received before the balance sheet PU[OL:[H[LTLU[VMWYVÄ[HUKSVZZ! date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for • Service costs comprising current service example, a reduction in future payment or a cash costs, past-service costs, gains and YLM\UK losses on curtailments and non-routine settlements; and Gratuity .YH[\P[` PZ H KLÄULK ILULÄ[ ZJOLTL ;OL JVZ[ • Net interest expense or income VM WYV]PKPUN ILULÄ[Z \UKLY [OL KLÄULK ILULÄ[ plan is determined using the projected unit credit Compensated Absences TL[OVK Accumulated leave, which is expected to be utilized within the next 12 months, is treated ;OL .YV\W YLJVNUPaLZ [LYTPUH[PVU ILULÄ[ HZ H HZ ZOVY[ [LYT LTWSV`LL ILULÄ[ ;OL .YV\W liability and an expense when the Group has a measures the expected cost of such absences present obligation as a result of past event, it is as the additional amount that it expects to pay WYVIHISL[OH[HUV\[ÅV^VMYLZV\YJLZLTIVK`PUN as a result of the unused entitlement that has LJVUVTPJILULÄ[Z^PSSILYLX\PYLK[VZL[[SL[OL HJJ\T\SH[LKH[[OLYLWVY[PUNKH[L obligation and a reliable estimate can be made VM[OLHTV\U[VM[OLVISPNH[PVU0M[OL[LYTPUH[PVU The Group treats accumulated leave expected ILULÄ[ZMHSSK\LTVYL[OHUTVU[OZHM[LY[OL to be carried forward beyond twelve months, as balance sheet date, they are measured at present SVUN [LYT LTWSV`LL ILULÄ[ MVY TLHZ\YLTLU[ ]HS\LVMM\[\YLJHZOÅV^Z\ZPUN[OLKPZJV\U[YH[L W\YWVZLZ :\JO SVUN [LYT JVTWLUZH[LK determined by reference to market yields at the absences are provided for based on the actuarial IHSHUJLZOLL[KH[LVUNV]LYUTLU[IVUKZ valuation using the projected unit credit method H[ [OL WLYPVK LUK (J[\HYPHS NHPUZSVZZLZ HYL Re-measurements, comprising of actuarial PTTLKPH[LS`[HRLU[V[OLZ[H[LTLU[VMWYVÄ[HUK gains and losses, the effect of the asset ceiling, SVZZ HUK HYL UV[ KLMLYYLK ;OL .YV\W WYLZLU[Z excluding amounts included in net interest on the leave as a current liability in the balance sheet [OLUL[KLÄULKILULÄ[SPHIPSP[`HUK[OLYL[\YUVU to the extent it does not have an unconditional WSHUHZZL[ZL_JS\KPUNHTV\U[ZPUJS\KLKPUUL[ right to defer its settlement for 12 months PU[LYLZ[ VU [OL UL[ KLÄULK ILULÄ[ SPHIPSP[` HYL HM[LY [OL YLWVY[PUN KH[L >OLYL .YV\W OHZ [OL recognised immediately in the balance sheet unconditional legal and contractual right to defer

ANNUAL REPORT 2016-17 191 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

the settlement for a period beyond 12 months, an immediate expensing of an award unless there [OLZHTLPZWYLZLU[LKHZUVUJ\YYLU[SPHIPSP[` HYLHSZVZLY]PJLHUKVYWLYMVYTHUJLJVUKP[PVUZ

s) Share-based payments No expense is recognised for awards that do not ,TWSV`LLZ PUJS\KPUN ZLUPVY L_LJ\[P]LZ VM [OL ultimately vest because non-market performance Group receive remuneration in the form of share- HUKVY ZLY]PJL JVUKP[PVUZ OH]L UV[ ILLU TL[ based payments, whereby employees render Where awards include a market or non-vesting services as consideration for equity instruments condition, the transactions are treated as vested LX\P[`ZL[[SLK[YHUZHJ[PVUZ irrespective of whether the market or non- ]LZ[PUN JVUKP[PVU PZ ZH[PZÄLK WYV]PKLK [OH[ HSS Equity-settled transactions other performance and/or service conditions are The cost of equity-settled transactions is ZH[PZÄLK determined by the fair value at the date when the grant is made using an appropriate valuation When the terms of an equity-settled award are TVKLS(ZWLY0UK(:[OL.YV\WOHZVW[LK TVKPÄLK [OL TPUPT\T L_WLUZL YLJVNUPZLK to apply intrinsic value method to the options is the expense had the terms had not been already vested before the date of transition and TVKPÄLK PM [OL VYPNPUHS [LYTZ VM [OL H^HYK HYL Ind-AS 102 Share-based payment to equity TL[ (U HKKP[PVUHS L_WLUZL PZ YLJVNUPZLK MVY instruments that remain unvested as of transition HU` TVKPÄJH[PVU [OH[ PUJYLHZLZ [OL [V[HS MHPY KH[L ;OL .YV\W OHZ LSLJ[LK [V H]HPS [OPZ value of the share-based payment transaction, exemption and applied the requirements of Ind- VY PZ V[OLY^PZL ILULÄJPHS [V [OL LTWSV`LL HZ AS 102 to all employee stock options that remain TLHZ\YLK H[ [OL KH[L VM TVKPÄJH[PVU >OLYL PU]LZ[LKHZVU[YHUZP[PVUKH[L an award is cancelled by the entity or by the counterparty, any remaining element of the fair That cost is recognised, together with a value of the award is expensed immediately corresponding increase in share-based payment [OYV\NOWYVÄ[VYSVZZ :)7YLZLY]LZPULX\P[`V]LY[OLWLYPVKPU^OPJO the performance and/or service conditions are The dilutive effect of outstanding options is M\SÄSSLK PU LTWSV`LL ILULÄ[Z L_WLUZL ;OL YLÅLJ[LK HZ HKKP[PVUHS ZOHYL KPS\[PVU PU [OL cumulative expense recognised for equity- JVTW\[H[PVUVMKPS\[LKLHYUPUNZWLYZOHYL settled transactions at each reporting date until [OL]LZ[PUNKH[LYLÅLJ[Z[OLL_[LU[[V^OPJO[OL t) Financial instruments vesting period has expired and the Group’s best (ÄUHUJPHSPUZ[Y\TLU[PZHU`JVU[YHJ[[OH[NP]LZ estimate of the number of equity instruments that YPZL [V H ÄUHUJPHS HZZL[ VM VUL LU[P[` HUK H ^PSS \S[PTH[LS` ]LZ[ ;OL Z[H[LTLU[ VM WYVÄ[ HUK ÄUHUJPHSSPHIPSP[`VYLX\P[`PUZ[Y\TLU[VMHUV[OLY loss expense or credit for a period represents the LU[P[` movement in cumulative expense recognised as at the beginning and end of that period and is Financial assets YLJVNUPZLKPULTWSV`LLILULÄ[ZL_WLUZL   0UP[PHSYLJVNUP[PVUHUKTLHZ\YLTLU[ (SS ÄUHUJPHS HZZL[Z HYL YLJVNUPZLK PUP[PHSS` H[ Service and non-market performance conditions MHPY ]HS\L WS\Z PU [OL JHZL VM ÄUHUJPHS HZZL[Z are not taken into account when determining the UV[YLJVYKLKH[MHPY]HS\L[OYV\NOWYVÄ[VYSVZZ grant date fair value of awards, but the likelihood transaction costs that are attributable to the of the conditions being met is assessed as part HJX\PZP[PVUVM[OLÄUHUJPHSHZZL[ of the Group’s best estimate of the number of LX\P[`PUZ[Y\TLU[Z[OH[^PSS\S[PTH[LS`]LZ[4HYRL[   :\IZLX\LU[TLHZ\YLTLU[ WLYMVYTHUJL JVUKP[PVUZ HYL YLÅLJ[LK ^P[OPU For purposes of subsequent measurement, [OL NYHU[ KH[L MHPY ]HS\L (U` V[OLY JVUKP[PVUZ ÄUHUJPHSHZZL[ZHYLJSHZZPÄLKPUMV\YJH[LNVYPLZ! attached to an award, but without an associated service requirement, are considered to be non- • Debt instruments at amortized cost ]LZ[PUN JVUKP[PVUZ 5VU]LZ[PUN JVUKP[PVUZ HYL YLÅLJ[LKPU[OLMHPY]HS\LVMHUH^HYKHUKSLHK[V • Debt instruments, derivatives and equity

192 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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PUZ[Y\TLU[Z H[ MHPY ]HS\L [OYV\NO WYVÄ[ VY Equity investments SVZZ-=;73 All equity investments in scope of Ind-AS 109 are TLHZ\YLKH[MHPY]HS\L,X\P[`PUZ[Y\TLU[Z^OPJO • Equity instruments measured at fair value are held for trading and contingent consideration through other comprehensive income recognised by an acquirer in a business -=;6*0 combination to which Ind-AS103 applies are 0UK(:JSHZZPÄLKHZH[-=;73-VYHSSV[OLYLX\P[`   +LI[PUZ[Y\TLU[ZH[HTVY[PaLKJVZ[ instruments, the Group may make an irrevocable A ‘debt instrument’ is measured at the amortized election to present in other comprehensive cost if both the following conditions are met: PUJVTLZ\IZLX\LU[JOHUNLZPU[OLMHPY]HS\L;OL Group makes such election on an instrument-by- a) The asset is held within a business model PUZ[Y\TLU[ IHZPZ ;OL JSHZZPÄJH[PVU PZ THKL VU whose objective is to hold assets for 0UP[PHSYLJVNUP[PVUHUKPZPYYL]VJHISL JVSSLJ[PUNJVU[YHJ[\HSJHZOÅV^ZHUK If the Group decides to classify an equity b) Contractual terms of the asset give rise on instrument as at FVTOCI, then all fair value ZWLJPÄLKKH[LZ[VJHZOÅV^Z[OH[HYLZVSLS` changes on the instrument, excluding dividends, WH`TLU[ZVMWYPUJPWHSHUKPU[LYLZ[:770VU HYLYLJVNUPaLKPU[OL6*0;OLYLPZUVYLJ`JSPUN [OLWYPUJPWHSHTV\U[V\[Z[HUKPUN of the amounts from OCI to P&L, even on sale of PU]LZ[TLU[/V^L]LY[OL.YV\WTH`[YHUZMLY[OL (M[LY PUP[PHS TLHZ\YLTLU[ Z\JO ÄUHUJPHS HZZL[Z J\T\SH[P]LNHPUVYSVZZ^P[OPULX\P[` are subsequently measured at amortized cost \ZPUN [OL LMMLJ[P]L PU[LYLZ[ YH[L ,09 TL[OVK Equity instruments included within the FVTPL Amortized cost is calculated by taking into category are measured at fair value with all account any discount or premium on acquisition JOHUNLZYLJVNUPaLKPU[OL7 3 and fees or costs that are an integral part of the ,09;OL,09HTVY[PZH[PVUPZPUJS\KLKPUÄUHUJL De-recognition PUJVTL PU [OL WYVÄ[ VY SVZZ ;OL SVZZLZ HYPZPUN ( ÄUHUJPHS HZZL[ VY ^OLYL HWWSPJHISL H WHY[ MYVT PTWHPYTLU[ HYL YLJVNUPZLK PU [OL WYVÄ[ VY VMHÄUHUJPHSHZZL[VYWHY[VMH.YV\WVMZPTPSHY SVZZ ;OPZ JH[LNVY` NLULYHSS` HWWSPLZ [V [YHKL ÄUHUJPHS HZZL[Z PZ WYPTHYPS` KLYLJVNUPZLK PL HUK V[OLY YLJLP]HISLZ -VY TVYL PUMVYTH[PVU VU removed from the Group’s balance sheet) when: YLJLP]HISLZYLMLY[V5V[L   ‹ ;OL YPNO[Z [V YLJLP]L JHZO ÅV^Z MYVT [OL Debt instruments at FVTPL asset have expired, or -=;73PZHYLZPK\HSJH[LNVY`MVYKLI[PUZ[Y\TLU[Z Any debt instrument, which does not meet the • The Group has transferred its rights to criteria for categorization as at amortized cost or YLJLP]L JHZO ÅV^Z MYVT [OL HZZL[ VY OHZ HZ-=;6*0PZJSHZZPÄLKHZH[-=;73 assumed an obligation to pay the received JHZO ÅV^Z PU M\SS ^P[OV\[ TH[LYPHS KLSH` In addition, the Group may elect to designate to a third party under a ‘pass-through’ a debt instrument which otherwise meets HYYHUNLTLU[" HUK LP[OLY H [OL .YV\W OHZ HTVY[PaLKJVZ[VY-=;6*0JYP[LYPHHZH[-=;73 transferred substantially all the risks and However, such election is allowed only if doing YL^HYKZVM[OLHZZL[VYI[OL.YV\WOHZ so reduces or eliminates a measurement neither transferred nor retained substantially VY YLJVNUP[PVU PUJVUZPZ[LUJ` YLMLYYLK [V HZ all the risks and rewards of the asset, but ºHJJV\U[PUNTPZTH[JO» OHZ[YHUZMLYYLKJVU[YVSVM[OLHZZL[

Debt instruments included within the FVTPL When the Group has transferred its rights to category are measured at fair value with all YLJLP]LJHZOÅV^ZMYVTHUHZZL[VYOHZLU[LYLK JOHUNLZYLJVNUPaLKPU[OL7 3 into a pass-through arrangement, it evaluates

ANNUAL REPORT 2016-17 193 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

if and to what extent it has retained the risks based on lifetime ECLs at each reporting date, HUK YL^HYKZ VM V^ULYZOPW >OLU P[ OHZ ULP[OLY YPNO[MYVTP[ZPUP[PHSYLJVNUP[PVU transferred nor retained substantially all of the risks and rewards of the asset, nor transferred For recognition of impairment loss on other control of the asset, the Group continues to ÄUHUJPHS HZZL[Z HUK YPZR L_WVZ\YL [OL .YV\W recognise the transferred asset to the extent of determines that whether there has been a [OL.YV\WJVU[PU\PUNPU]VS]LTLU[0U[OH[JHZL ZPNUPÄJHU[PUJYLHZLPU[OLJYLKP[YPZRZPUJLPUP[PHS [OL.YV\WHSZVYLJVNUPZLZHUHZZVJPH[LKSPHIPSP[` YLJVNUP[PVU 0M JYLKP[ YPZR OHZ UV[ PUJYLHZLK The transferred asset and the associated liability ZPNUPÄJHU[S` TVU[O ,*3 PZ \ZLK [V WYV]PKL HYLTLHZ\YLKVUHIHZPZ[OH[YLÅLJ[Z[OLYPNO[Z MVY PTWHPYTLU[ SVZZ /V^L]LY PM JYLKP[ YPZR OHZ HUKVISPNH[PVUZ[OH[[OL.YV\WOHZYL[HPULK PUJYLHZLK ZPNUPÄJHU[S` SPML[PTL ,*3 PZ \ZLK If, in a subsequent period, credit quality of the Continuing involvement that takes the form of a instrument improves such that there is no longer guarantee over the transferred asset is measured H ZPNUPÄJHU[ PUJYLHZL PU JYLKP[ YPZR ZPUJL PUP[PHS at the lower of the original carrying amount of the recognition, then the entity reverts to recognising asset and the maximum amount of consideration impairment loss allowance based on 12-month [OH[[OL.YV\WJV\SKILYLX\PYLK[VYLWH` ,*3

Impairment of financial assets Lifetime ECL are the expected credit losses In accordance with Ind-AS 109, the Group resulting from all possible default events over HWWSPLZ L_WLJ[LK JYLKP[ SVZZ ,*3 TVKLS MVY [OL L_WLJ[LK SPML VM H ÄUHUJPHS PUZ[Y\TLU[ measurement and recognition of impairment loss The 12-month ECL is a portion of the lifetime VU[OLMVSSV^PUNÄUHUJPHSHZZL[ZHUKJYLKP[YPZR ECL which results from default events that are exposure: possible within 12 months after the reporting KH[L a) Financial assets that are debt instruments, HUK HYL TLHZ\YLK H[ HTVY[PaLK JVZ[ LN ECL is the difference between all contractual cash loans, debt securities, deposits, trade ÅV^Z [OH[ HYL K\L [V [OL .YV\W PU HJJVYKHUJL receivables and bank balance ^P[O[OLJVU[YHJ[HUKHSS[OLJHZOÅV^Z[OH[[OL LU[P[`L_WLJ[Z[VYLJLP]LPLHSSJHZOZOVY[MHSSZ b) Lease receivables under Ind-AS 17 KPZJV\U[LKH[[OLVYPNPUHS,09>OLULZ[PTH[PUN [OLJHZOÅV^ZHULU[P[`PZYLX\PYLK[VJVUZPKLY! c) Trade receivables or any contractual right to YLJLP]LJHZOVYHUV[OLYÄUHUJPHSHZZL[[OH[   ‹ (SS JVU[YHJ[\HS [LYTZ VM [OL ÄUHUJPHS result from transactions that are within the PUZ[Y\TLU[ PUJS\KPUN WYLWH`TLU[ ZJVWLVM0UK(:HUK0UK(: YLMLYYLK extension, call and similar options) over the to as ‘contractual revenue receivables’ in L_WLJ[LK SPML VM [OL ÄUHUJPHS PUZ[Y\TLU[ [OLZLÄUHUJPHSZ[H[LTLU[Z However, in rare cases when the expected SPML VM [OL ÄUHUJPHS PUZ[Y\TLU[ JHUUV[ IL ;OL.YV\WMVSSV^ZºZPTWSPÄLKHWWYVHJO»MVY estimated reliably, then the entity is required recognition of impairment loss allowance to use the remaining contractual term of the on: ÄUHUJPHSPUZ[Y\TLU[

• Trade receivables or contract revenue   ‹ *HZOÅV^ZMYVT[OLZHSLVMJVSSH[LYHSOLSKVY receivables; and other credit enhancements that are integral to the contractual terms • All lease receivables resulting from transactions within the scope of Ind-AS 17 As a practical expedient, the Group uses a provision matrix to determine impairment loss ;OLHWWSPJH[PVUVMZPTWSPÄLKHWWYVHJOKVLZUV[ HSSV^HUJL VU WVY[MVSPV VM P[Z [YHKL YLJLP]HISLZ YLX\PYL[OL.YV\W[V[YHJRJOHUNLZPUJYLKP[YPZR The provision matrix is based on its historically Rather, it recognises impairment loss allowance observed default rates over the expected life of

194 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

the trade receivables and is adjusted for forward- ;OL .YV\W»Z ÄUHUJPHS SPHIPSP[PLZ PUJS\KL [YHKL SVVRPUN LZ[PTH[LZ ([ L]LY` YLWVY[PUN KH[L [OL and other payables, loans and borrowings historical observed default rates are updated and PUJS\KPUNIHURV]LYKYHM[ZHUKKLYP]H[P]LÄUHUJPHS changes in the forward-looking estimates are PUZ[Y\TLU[Z HUHS`ZLK Subsequent measurement ,*3 PTWHPYTLU[ SVZZ HSSV^HUJL VY YL]LYZHS ;OLTLHZ\YLTLU[VMÄUHUJPHSSPHIPSP[PLZKLWLUKZ recognized during the period is recognized VU[OLPYJSHZZPÄJH[PVUHZKLZJYPILKILSV^! HZ PUJVTL L_WLUZL PU [OL Z[H[LTLU[ VM WYVÄ[ HUK SVZZ 7 3 ;OPZ HTV\U[ PZ YLÅLJ[LK \UKLY -PUHUJPHSSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYVÄ[ [OL OLHK ºV[OLY L_WLUZLZ» PU [OL 7 3 ;OL or loss IHSHUJL ZOLL[ WYLZLU[H[PVU MVY ]HYPV\Z ÄUHUJPHS -PUHUJPHSSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYVÄ[VY instruments is described below: SVZZPUJS\KLÄUHUJPHSSPHIPSP[PLZKLZPNUH[LK\WVU PUP[PHSYLJVNUP[PVUHZH[MHPY]HS\L[OYV\NOWYVÄ[VY • Financial assets measured as at amortized SVZZ ;OPZ JH[LNVY` PUJS\KLZ KLYP]H[P]L ÄUHUJPHS cost, contractual revenue receivables and instruments entered into by the Group that are lease receivables: ECL is presented as not designated as hedging instruments in hedge HU HSSV^HUJL PL HZ HU PU[LNYHS WHY[ VM YLSH[PVUZOPWZHZKLÄULKI`0UK(:  the measurement of those assets in the IHSHUJL ZOLL[ ;OL HSSV^HUJL YLK\JLZ [OL Financial liabilities designated upon initial UL[JHYY`PUNHTV\U[

ANNUAL REPORT 2016-17 195 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

under the liability is discharged or cancelled or settle on a net basis, to realise the assets and settle L_WPYLZ>OLUHUL_PZ[PUNÄUHUJPHSSPHIPSP[`PZYLWSHJLK [OLSPHIPSP[PLZZPT\S[HULV\ZS` by another from the same lender on substantially different terms, or the terms of an existing liability u) Derivative financial instruments HYL Z\IZ[HU[PHSS` TVKPÄLK Z\JO HU L_JOHUNL VY Initial recognition and subsequent measurement TVKPÄJH[PVU PZ [YLH[LK HZ [OL KLYLJVNUP[PVU VM [OL ;OL.YV\W\ZLZKLYP]H[P]LÄUHUJPHSPUZ[Y\TLU[Z VYPNPUHSSPHIPSP[`HUK[OLYLJVNUP[PVUVMHUL^SPHIPSP[` such as forward currency contracts, call spread The difference in the respective carrying amounts is options, coupon only swaps and interest rate YLJVNUPZLKPU[OLZ[H[LTLU[VMWYVÄ[VYSVZZ swaps to hedge its foreign currency risks and PU[LYLZ[ YH[L YPZRZ YLZWLJ[P]LS` :\JO KLYP]H[P]L Embedded derivatives ÄUHUJPHS PUZ[Y\TLU[Z HYL PUP[PHSS` YLJVNUPZLK An embedded derivative is a component of a hybrid at fair value on the date on which a derivative JVTIPULK PUZ[Y\TLU[ [OH[ HSZV PUJS\KLZ H UVU contract is entered into and are subsequently derivative host contract - with the effect that some of YLTLHZ\YLKH[MHPY]HS\L+LYP]H[P]LZHYLJHYYPLK [OLJHZOÅV^ZVM[OLJVTIPULKPUZ[Y\TLU[]HY`PUH HZÄUHUJPHSHZZL[Z^OLU[OLMHPY]HS\LPZWVZP[P]L ^H`ZPTPSHY[VHZ[HUKHSVULKLYP]H[P]L(ULTILKKLK HUKHZÄUHUJPHSSPHIPSP[PLZ^OLU[OLMHPY]HS\LPZ KLYP]H[P]LJH\ZLZZVTLVYHSSVM[OLJHZOÅV^Z[OH[ ULNH[P]L otherwise would be required by the contract to IL TVKPÄLK HJJVYKPUN [V H ZWLJPÄLK PU[LYLZ[ YH[L ;OLW\YJOHZLJVU[YHJ[Z[OH[TLL[[OLKLÄUP[PVU ÄUHUJPHS PUZ[Y\TLU[ WYPJL JVTTVKP[` WYPJL MVYLPNU of a derivative under Ind-AS 109 are recognised exchange rate, index of prices or rates, credit rating PU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ or credit index, or other variable, provided in the case VM H UVUÄUHUJPHS ]HYPHISL [OH[ [OL ]HYPHISL PZ UV[ Any gains or losses arising from changes in ZWLJPÄJ[VHWHY[`[V[OLJVU[YHJ[9LHZZLZZTLU[VUS` the fair value of derivatives are taken directly to occurs if there is either a change in the terms of the Z[H[LTLU[VMWYVÄ[HUKSVZZ JVU[YHJ[[OH[ZPNUPÄJHU[S`TVKPÄLZ[OLJHZOÅV^Z[OH[ ^V\SKV[OLY^PZLILYLX\PYLKVYHYLJSHZZPÄJH[PVUVMH v) Cash and cash equivalents ÄUHUJPHS HZZL[ V\[ VM [OL MHPY ]HS\L [OYV\NO WYVÄ[ VY Cash and cash equivalent in the balance sheet SVZZ comprise cash at banks and on hand and short-term deposits with an original maturity of 0M[OLO`IYPKJVU[YHJ[JVU[HPUZHOVZ[[OH[PZHÄUHUJPHS three months or less, which are subject to an asset within the scope of Ind-AS 109, the Group PUZPNUPÄJHU[YPZRVMJOHUNLZPU]HS\L KVLZ UV[ ZLWHYH[L LTILKKLK KLYP]H[P]LZ 9H[OLY P[ HWWSPLZ [OL JSHZZPÄJH[PVU YLX\PYLTLU[Z JVU[HPULK PU -VY[OLW\YWVZLVM[OLZ[H[LTLU[VMJHZOÅV^Z 0UK(: [V[OLLU[PYLO`IYPKJVU[YHJ[+LYP]H[P]LZ cash and cash equivalents consist of cash embedded in all other host contracts are accounted HUK ZOVY[[LYT KLWVZP[Z HZ KLÄULK HIV]L for as separate derivatives and recorded at fair value net of outstanding bank overdrafts as they are if their economic characteristics and risks are not considered an integral part of the Group’s cash closely related to those of the host contracts and the THUHNLTLU[ host contracts are not held for trading or designated H[ MHPY ]HS\L [OV\NO WYVÄ[ VY SVZZ ;OLZL LTILKKLK w) Cash dividend and non- cash distribution to equity derivatives are measured at fair value with changes holders of the parent PU MHPY ]HS\L YLJVNUPZLK PU WYVÄ[ VY SVZZ \USLZZ The Group recognises a liability to make cash or KLZPNUH[LKHZLMMLJ[P]LOLKNPUNPUZ[Y\TLU[Z non-cash distributions to equity holders of the parent when the distribution is authorised and Offsetting of financial instruments the distribution is no longer at the discretion of -PUHUJPHS HZZL[Z HUK ÄUHUJPHS SPHIPSP[PLZ HYL VMMZL[ [OL .YV\W (Z WLY [OL JVYWVYH[L SH^Z PU 0UKPH and the net amount is reported in the balance sheet a distribution is authorised when it is approved if there is a currently enforceable legal right to offset I`[OLZOHYLOVSKLYZ(JVYYLZWVUKPUNHTV\U[PZ the recognised amounts and there is an intention to YLJVNUPZLKKPYLJ[S`PULX\P[`

196 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Non-cash distributions are measured at the fair Diluted earnings per share value of the assets to be distributed with fair value +PS\[LK LHYUPUNZ WLY ZOHYL HKQ\Z[ [OL ÄN\YLZ YLTLHZ\YLTLU[YLJVNUPZLKKPYLJ[S`PULX\P[` used in the determination of basic earnings per share to take into account: Upon distribution of non-cash assets, any difference between the carrying amount of the -the after income tax effect of interest and other liability and the carrying amount of the assets ÄUHUJPUNJVZ[ZHZZVJPH[LK^P[OKPS\[P]LWV[LU[PHS distributed is recognised in the statement of equity shares, and WYVÄ[HUKSVZZ -the weighted average number of additional x) Contingent Liabilities equity shares that would have been outstanding A contingent liability is a possible obligation that assuming the conversion of all dilutive potential arises from past events whose existence will be LX\P[`ZOHYLZ JVUÄYTLKI`[OLVJJ\YYLUJLVYUVU¶VJJ\YYLUJL of one or more uncertain future events beyond 2.3. Significant accounting judgements, estimates and the control of the Group or a present obligation assumptions that is not recognized because it is not probable ;OL WYLWHYH[PVU VM [OL NYV\W»Z ÄUHUJPHS Z[H[LTLU[Z [OH[HUV\[ÅV^VMYLZV\YJLZ^PSSILYLX\PYLK[V requires management to make judgements, estimates ZL[[SL [OL VISPNH[PVU ( JVU[PUNLU[ SPHIPSP[` HSZV and assumptions that affect the reported amounts arises in extremely rare cases where there is a of revenues, expenses, assets and liabilities, and liability that cannot be recognized because it the accompanying disclosures, and the disclosure JHUUV[ILTLHZ\YLKYLSPHIS`;OL.YV\WKVLZUV[ VM JVU[PUNLU[ SPHIPSP[PLZ

Contingent Liability and commitments   [OLWYVÄ[H[[YPI\[HISL[VV^ULYZVM[OL*VTWHU` ;OL .YV\W PZ PU]VS]LK PU ]HYPV\Z SP[PNH[PVUZ ;OL management of the Company has used its judgement -by the weighted average number of equity while determining the litigations outcome of which are ZOHYLZ V\[Z[HUKPUN K\YPUN [OL ÄUHUJPHS `LHY considered probable and in respect of which provision adjusted for bonus elements in equity shares ULLKZ[VILJYLH[LK issued during the year and excluding treasury ZOHYLZ

ANNUAL REPORT 2016-17 197 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Taxes involved in the valuation and its long-term nature, Uncertainties exist with respect to the interpretation H KLÄULK ILULÄ[ VISPNH[PVU PZ OPNOS` ZLUZP[P]L [V of complex tax regulations, changes in tax laws, and JOHUNLZ PU [OLZL HZZ\TW[PVUZ (SS HZZ\TW[PVUZ HYL [OLHTV\U[HUK[PTPUNVMM\[\YL[H_HISLPUJVTL.P]LU YL]PL^LKH[LHJOYLWVY[PUNKH[L the wide range of business relationships and the long- term nature and complexity of existing contractual The parameter most subject to change is the discount agreements, differences arising between the actual YH[L0UKL[LYTPUPUN[OLHWWYVWYPH[LKPZJV\U[YH[LMVY results and the assumptions made, or future changes plans operated in India, the management considers to such assumptions, could necessitate future the interest rates of government bonds in currencies adjustments to tax income and expense already consistent with the currencies of the post-employment YLJVYKLK ;OL .YV\W LZ[HISPZOLZ WYV]PZPVUZ IHZLK ILULÄ[VISPNH[PVU VU YLHZVUHISL LZ[PTH[LZ ;OL HTV\U[ VM Z\JO provisions is based on various factors, such as The mortality rate is based on publicly available experience of previous tax assessments and differing TVY[HSP[` [HISLZ MVY [OL ZWLJPÄJ JV\U[YPLZ ;OVZL interpretations of tax regulations by the taxable entity mortality tables tend to change only at interval in HUK [OL YLZWVUZPISL [H_ H\[OVYP[` :\JO KPMMLYLUJLZ YLZWVUZL [V KLTVNYHWOPJ JOHUNLZ -\[\YL ZHSHY` of interpretation may arise on a wide variety of increases and gratuity increases are based on issues depending on the conditions prevailing in the L_WLJ[LK M\[\YL PUÅH[PVU YH[LZ MVY [OL YLZWLJ[P]L YLZWLJ[P]LKVTPJPSLVM[OL*VTWHUPLZ JV\U[YPLZ

Deferred tax assets are recognised for unused tax Further details about gratuity obligations are given in losses to the extent that it is probable that taxable Note 34 WYVÄ[ ^PSS IL H]HPSHISL HNHPUZ[ ^OPJO [OL SVZZLZ JHU IL \[PSPZLK :PNUPÄJHU[ THUHNLTLU[ Q\KNLTLU[ PZ Fair value measurement of financial instruments required to determine the amount of deferred tax >OLU[OLMHPY]HS\LZVMÄUHUJPHSHZZL[ZHUKÄUHUJPHS assets that can be recognised, based upon the likely liabilities recorded in the balance sheet cannot be [PTPUNHUK[OLSL]LSVMM\[\YL[H_HISLWYVÄ[Z[VNL[OLY measured based on quoted prices in active markets, ^P[OM\[\YL[H_WSHUUPUNZ[YH[LNPLZ their fair value is measured using valuation techniques PUJS\KPUN[OL+*-TVKLS;OLPUW\[Z[V[OLZLTVKLSZ ;OL .YV\W OHZ [H_ SVZZLZ JHYYPLK MVY^HYK ;OLZL are taken from observable markets where possible, losses will expire in 8 years and may not be used but where this is not feasible, a degree of judgement [V VMMZL[ [H_HISL PUJVTL LSZL^OLYL PU [OL .YV\W PZ YLX\PYLK PU LZ[HISPZOPUN MHPY ]HS\LZ 1\KNLTLU[Z ;OL.YV\WULP[OLYOH]LZ\MÄJPLU[[H_HISL[LTWVYHY` include considerations of inputs such as liquidity difference nor any tax planning opportunities available YPZRJYLKP[YPZRHUK]VSH[PSP[`*OHUNLZPUHZZ\TW[PVUZ that could partly support the recognition of these about these factors could affect the reported fair SVZZLZHZKLMLYYLK[H_HZZL[Z6U[OPZIHZPZ[OL.YV\W ]HS\LVMÄUHUJPHSPUZ[Y\TLU[Z:LL5V[LMVYM\Y[OLY has determined that it cannot recognise deferred tax KPZJSVZ\YLZ HZZL[ZVUJLY[HPU[H_SVZZLZJHYYPLKMVY^HYK Impairment of non- financial assets  -\Y[OLYKL[HPSZVU[H_LZHYLKPZJSVZLKPU5V[L The Group assesses at each reporting date whether [OLYLPZHUPUKPJH[PVU[OH[HUHZZL[TH`ILPTWHPYLK Defined benefit plans If any indication exists, or when annual impairment ;OLJVZ[VM[OLKLÄULKILULÄ[NYH[\P[`WSHUHUKV[OLY testing for an asset is required, the Group estimates WVZ[LTWSV`TLU[ TLKPJHS ILULÄ[Z HUK [OL WYLZLU[ [OL HZZL[»Z YLJV]LYHISL HTV\U[ (U HZZL[»Z value of the gratuity obligation are determined using recoverable amount is the higher of an asset’s or HJ[\HYPHS ]HS\H[PVUZ (U HJ[\HYPHS ]HS\H[PVU PU]VS]LZ CGU’s fair value less costs of disposal and its value making various assumptions that may differ from PU\ZL0[PZKL[LYTPULKMVYHUPUKP]PK\HSHZZL[\USLZZ HJ[\HS KL]LSVWTLU[Z PU [OL M\[\YL ;OLZL PUJS\KL [OL HZZL[ KVLZ UV[ NLULYH[L JHZO PUÅV^Z [OH[ HYL the determination of the discount rate, future salary largely independent of those from other assets or PUJYLHZLZHUKTVY[HSP[`YH[LZ+\L[V[OLJVTWSL_P[PLZ NYV\W VM HZZL[Z >OLYL [OL JHYY`PUN HTV\U[ VM HU

198 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

asset or CGU exceeds its recoverable amount, the Volume discounts and pricing incentives asset is considered impaired and is written down to The Group accounts for volume discounts and pricing P[Z YLJV]LYHISL HTV\U[ 0U HZZLZZPUN ]HS\L PU \ZL incentives to customers as a reduction of revenue [OL LZ[PTH[LK M\[\YL JHZO ÅV^Z HYL KPZJV\U[LK [V based on the rateable allocation of the discounts/ their present value using a pre-tax discount rate incentives amount to each of the underlying revenue [OH[YLÅLJ[ZJ\YYLU[THYRL[HZZLZZTLU[ZVM[OL[PTL transaction that results in progress by the customer ]HS\LVMTVUL`HUK[OLYPZRZZWLJPÄJ[V[OLHZZL[0U [V^HYKZ LHYUPUN [OL KPZJV\U[ PUJLU[P]L (SZV ^OLU determining fair value less costs of disposal, recent the level of discount varies with increases in levels of THYRL[Z [YHUZHJ[PVUZ HYL [HRLU PU[V HJJV\U[ 0M UV revenue transactions, the company recognizes the Z\JO [YHUZHJ[PVUZ JHU IL PKLU[PÄLK HU HWWYVWYPH[L liability based on its estimate of the customer’s future ]HS\H[PVU TVKLS PZ \ZLK ;OLZL JHSJ\SH[PVUZ HYL W\YJOHZLZ 0M P[ PZ WYVIHISL [OH[ [OL JYP[LYPH MVY [OL corroborated by valuation multiples, quoted share discount will not be met, or if the amount thereof cannot prices for publicly traded subsidiaries or other be estimated reliably, then discount is not recognized H]HPSHISLMHPY]HS\LPUKPJH[VYZ until the payment is probable and the amount can be LZ[PTH[LKYLSPHIS`;OL.YV\WYLJVNUPaLZJOHUNLZPU Share Based Payment the estimated amount of obligations for discounts in The Group measures the cost of equity-settled [OLWLYPVKPU^OPJO[OLJOHUNLVJJ\YZ transactions with employees by reference to the fair value of the equity instruments at the date at which Property, Plant and Equipment [OL` HYL NYHU[LK ,Z[PTH[PUN MHPY ]HS\L MVY ZOHYL The Group, based on technical assessment and based payment transactions requires determination management estimate, depreciates certain assets of the most appropriate valuation model, which is over estimated useful lives which are different from the KLWLUKLU[VU[OL[LYTZHUKJVUKP[PVUZVM[OLNYHU[ useful life prescribed in Schedule II to the Companies This estimate also requires determination of the most (J[;OLTHUHNLTLU[OHZLZ[PTH[LKZ\WWVY[LK appropriate inputs to the valuation model including by technical assessment, the useful lives of certain the expected life of the share option, volatility and WSHU[HUKTHJOPULY`HZ[V`LHYZ;OLZL\ZLM\S KP]PKLUK`PLSKHUKTHRPUNHZZ\TW[PVUZHIV\[[OLT SP]LZ HYL OPNOLY [OHU [OVZL PUKPJH[LK PU ZJOLK\SL 00 The assumptions and models used for estimating The management believes that these estimated useful fair value for share-based payment transactions are SP]LZHYLYLHSPZ[PJHUKYLÅLJ[MHPYHWWYV_PTH[PVUVM[OL KPZJSVZLKPU5V[L WLYPVKV]LY^OPJO[OLHZZL[ZHYLSPRLS`[VIL\ZLK

ANNUAL REPORT 2016-17 199 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

3. PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS

(` in Lacs) Particulars Land- Leasehold Buildings Improvement Plant & 6MÄJL Furniture Vehicles Total Free Land (refer to leasehold Machinery Equipments & hold (refer note note E premises (refer note Fixtures ,ILSV^ ILSV^ ,ILSV^

Cost Deemed Cost As at 981.37 2,814.39 10,657.07 2,507.12 48,480.96 723.53 595.96 256.88 67,017.28 April 1, 2015 Additions -                Disposals/ - -           Adjustments Exchange differences - - -      - - -   [capitalised/ KLJHWP[HSPZLKD As at March 31, 2016 981.37 3,039.15 11,095.02 5,160.97 52,725.97 1,524.08 1,116.95 436.72 76,080.23 Additions - -             Disposals/ - - -           Adjustments Exchange differences - -     [capitalised/ KLJHWP[HSPZLKD As at March 31, 2017 981.37 3,039.15 11,165.47 5,769.16 54,552.64 1,992.58 1,210.81 478.51 79,189.69 +LWYLJPH[PVU Impairment As at April 1, 2015 ------Charge for the year -               Disposals - -      -  -   As at March 31, 2016 - 47.31 517.45 880.59 6,923.97 433.03 270.29 53.64 9,126.28 Charge for the year -                 Disposals - - -          0TWHPYTLU[9LMLY - - - -    - - -    Note C below) As at March 31, 2017 - 97.64 1,043.33 1,762.19 13,917.64 855.11 452.38 113.93 18,242.22 Net Block As at March 31, 2017 981.37 2,941.51 10,122.14 4,006.97 40,635.00 1,137.47 758.43 364.58 60,947.47 As at March 31, 2016 981.37 2,991.84 10,577.57 4,280.38 45,802.00 1,091.05 846.66 383.08 66,953.95 As at April 1, 2015 981.37 2,814.39 10,657.07 2,507.12 48,480.96 723.53 595.96 256.88 67,017.28

( -VYHZZL[ZZ\IQLJ[[VJOHYNLYLMLYUV[L( B) Certain Improvements to Leasehold Premises are held under joint ownership with others:

` in Lacs) Particulars March 31, 2017 March 31, 2016 March 31, 2015

Deemed cost       Accumulated depreciation    Net block 21.33 52.21 118.74 Depreciation for the year   

200 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

* *LY[HPUHZZL[ZOH]LILLUPTWHPYLKIHZLKVUKPMMLYLUJLVMMHPY]HS\LSLZZJVZ[ZVMKPZWVZHSHUK]HS\LPU\ZL

Additional information for which impairment loss has been recognised are as under:   5H[\YLVMHZZL[!7SHU[HUK4HJOPULY`   (TV\U[VM0TWHPYTLU[!`  SHJZ   9LHZVUVM0TWHPYTLU[!*OHUNLPU[LJOUVSVN`   9LJV]LYHISL(TV\U[!5VTPUHS

D) Plant & Machinery having a gross value of ` SHJZ4HYJO` SHJZ(WYPS` SHJZ [V^HYKZ*VTWHU`»ZWYVWVY[PVUH[LZOHYLMVYYPNO[[V\ZLPU[OL*VTTVU0UMYHZ[Y\J[\YLMVYJOHUULS[YHUZTPZZPVUMVY its four stations) built on land owned by Prasar Bharti and used by all the broadcasters at respective stations as per [OL[LYTZVMIPKKVJ\TLU[VU-49HKPV)YVHKJHZ[PUN7OHZL00

E) Details of assets given under operating lease are as under :

` in Lacs) March 31, 2017 March 31, 2016 March 31, 2015 Particulars Plant and Leasehold Buildings Plant and Leasehold Buildings Plant and Leasehold Buildings Machinery Land Machinery Land Machinery Land

Deemed Cost                    Accumulated   -      - - - depreciation Net block                  Depreciation for the year   -   -  

F) Ind AS 101 Exemption : The Company has availed the exemption available under Ind AS 101, whereas the carrying value of property, plant and equipment has been carried forwarded at the amount as determined under Indian .((7UL[[PUNVMM0UK(:HKQ\Z[TLU[Z\JOHZNV]LYUTLU[NYHU[Z*VUZPKLYPUN[OL-(8PZZ\LKI`[OL0*(0YLNHYKPUN HWWSPJH[PVUVMKLLTLKJVZ[[OL*VTWHU`OHZKPZJSVZLK[OLJVZ[HZH[(WYPSUL[VMHJJ\T\SH[LKKLWYLJPH[PVU However, information regarding gross block of assets, accumulated depreciation has been disclosed separately as follows :

` in Lacs) Gross Block Accumulated Net Block Particulars as depreciation as as at April 1, 2015 April 1, 2015 April 1, 2015

Land-Free hold   -   Leasehold Land        Buildings     Improvement to leasehold premises       Plant & Machinery          6MÄJL,X\PWTLU[Z      Furniture & Fixtures      Vehicles       Total 1,26,182.04 59,164.76 67,017.28

G) Asset under construction: Capital work in progress as at March 31, 2017 comprises expenditure mainly for the Building and Plant and Machinery PUJV\YZLVMP[ZJVUZ[Y\J[PVUPUZ[HSSH[PVU;V[HSHTV\U[VM*>07PZ`  SHJZ4HYJO!`3HJZ April 1, 2015: ` 3HJZ

ANNUAL REPORT 2016-17 201 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

4. INVESTMENT PROPERTY

` in Lacs) Particulars Amount

Opening balance at April 1, 2015 24,825.63 (KKP[PVUZHJX\PZP[PVUZ    (KKP[PVUZZ\IZLX\LU[L_WLUKP[\YL   Disposals  Closing balance at March 31, 2016 31,432.82 (KKP[PVUZHJX\PZP[PVUZ    (KKP[PVUZZ\IZLX\LU[L_WLUKP[\YL  Disposals  Closing balance at March 31, 2017 35,557.72

Depreciation and impairment Opening balance at April 1, 2015 - +LWYLJPH[PVUUV[L  0TWHPYTLU[UV[L    Disposals  Closing balance at March 31, 2016 514.57 +LWYLJPH[PVUUV[L    0TWHPYTLU[UV[L   Disposals   Closing balance at March 31, 2017 1,369.57

Net Block As at March 31, 2017 34,188.15 As at March 31, 2016 30,918.25 As at April 1, 2015 24,825.63

-VY0U]LZ[TLU[7YVWLY[`L_PZ[PUNHZVU(WYPSPLP[ZKH[LVM[YHUZPP[PVU[V0UK(:[OLJVTWHU`OHZ\ZLK0UKPHU .((7JHYY`PUN]HS\LHZKLLTLKJVZ[Z

` in Lacs) Accumulated Gross Block as depreciation and Net Block as at Particulars April 1, 2015 impairment as April 1, 2015 April 1, 2015

As on April 1, 2015      

Information regarding income and expenditure of investment property

` in Lacs) Particulars March 31, 2017 March 31, 2016

Rental income derived from investment properties   +PYLJ[VWLYH[PUNL_WLUZLZPUJS\KPUNYLWHPYZHUKTHPU[LUHUJLNLULYH[PUNYLU[HSPUJVTL    +PYLJ[VWLYH[PUNL_WLUZLZPUJS\KPUNYLWHPYZHUKTHPU[LUHUJL[OH[KPKUV[NLULYH[LYLU[HS    income 7YVÄ[SVZZHYPZPUNMYVTPU]LZ[TLU[WYVWLY[PLZILMVYLKLWYLJPH[PVUHUKPUKPYLJ[L_WLUZLZ (10.52) (47.82) Less – Depreciation     7YVÄ[SVZZHYPZPUNMYVTPU]LZ[TLU[WYVWLY[PLZILMVYLPUKPYLJ[L_WLUZLZ (169.41) (149.44)

202 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

As at March 31, 2017, March 31, 2016 and April 1, 2015 the fair values of the properties are `  SHJZ`  lacs and ` SHJZYLZWLJ[P]LS`;OLZL]HS\H[PVUZHYLIHZLKVU]HS\H[PVUZWLYMVYTLKI`HUHJJYLKP[LKPUKLWLUKLU[ ]HS\LY^OVHYLZWLJPHSPZ[PU]HS\PUN[OLZL[`WLZVMPU]LZ[TLU[WYVWLY[PLZ(]HS\H[PVUTVKLSPUHJJVYKHUJL^P[O0UK(: OHZILLUHWWSPLK

As at March 31, 2017 and March 31, 2016, the Company has no restrictions on the realisability of its investment properties and there exists contractual obligations of ` SHJZ4HYJO`SHJZ(WYPS` SHJZ to purchase the investment property whereas there are no contractual obligation to develop investment property or for YLWHPYZHUKLUOHUJLTLU[Z

Estimation of Fair Value ;OL]HS\H[PVUOHZILLUKL[LYTPULKIHZPZ[OLTHYRL[HWWYVHJOI`YLMLYLUJL[VZHSLZPU[OLTHYRL[VMJVTWHYHISLWYVWLY[PLZ However, where such information is not available, current prices in an active market for properties of different nature or YLJLU[WYPJLZVMZPTPSHYWYVWLY[PLZPUSLZZHJ[P]LTHYRL[ZHKQ\Z[LK[VYLÅLJ[[OVZLKPMMLYLUJLZOHZILLUJVUZPKLYLK[V KL[LYTPUL[OL]HS\H[PVU(SSYLZ\S[PUNMHPY]HS\LLZ[PTH[LZMVYPU]LZ[TLU[WYVWLY[PLZHYLPUJS\KLKPU3L]LS00

5. INTANGIBLE ASSETS AND INTANGIBLE ASSETS UNDER DEVELOPMENT ` in Lacs) Particulars .VVK^PSS .VVK^PSS Copy- Website :VM[^HYL License :VM[^HYL Non Brand Music Total on on rights Development Licenses Fees for Radio compete Contents Consoli- Acquisition Business fees dation # (also refer note 49)

Cost Deemed cost as at 543.66 - - 278.43 1,644.92 1,378.29 20.25 19.89 - - 3,885.44 April 1, 2015 Additions -   -         -   -   Disposals/ Adjustments - - - -  - - - - -  Exchange differences - - - -  - - - - -  [capitalised/ KLJHWP[HSPZLKD As at March 31, 2016 543.66 194.05 - 299.22 3,910.77 28,097.13 27.26 19.89 496.00 - 33,587.98 Additions   - - -     - - -   Disposals/ Adjustments - - - - - - - - -  Exchange differences - - - -   - - - - -   [capitalised/ KLJHWP[HSPZLKD As at March 31, 2017 2,529.27 194.05 - 299.22 5,178.39 45,158.91 51.53 19.89 496.00 - 53,927.26 Depreciation As at April 1, 2015 ------Charge for the year -  -            - -   Disposals - - - -   -----  Impairment ----  -----  As at March 31, 2016 - 77.62 - 84.52 610.10 938.13 11.08 13.87 - - 1,735.32 Charge for the year -    -        - - -   Disposals - - -   - - - - -   Impairment ---  - ----  As at March 31, 2017 - 116.43 - 160.07 1,557.41 3,794.09 25.53 13.87 - - 5,667.40 Net Block As at March 31, 2017 2,529.27 77.62 - 139.15 3,620.98 41,364.82 26.00 6.02 496.00 - 48,259.86 As at March 31, 2016 543.66 116.43 - 214.70 3,300.67 27,159.00 16.18 6.02 496.00 - 31,852.66 As at April 1, 2015 543.66 - - 278.43 1,644.92 1,378.29 20.25 19.89 - - 3,885.44 # During the year, pursuant to a Scheme of Arrangement u/s 391-394 of the Companies Act, 1956 between the Parent *VTWHU`/;4LKPH3PTP[LK¸/;43¹HUK/;+PNP[HS:[YLHTZ3PTP[LK¸/;+:3¹HUK[OLPYYLZWLJ[P]LZOHYLOVSKLYZ  JYLKP[VYZ[OL4\S[PTLKPH*VU[LU[4HUHNLTLU[

ANNUAL REPORT 2016-17 203 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

and vested to and in HTDSL, as a ‘going concern’ on slump exchange basis, with effect from closing hours of March 31, º(WWVPU[LK+H[L»º:JOLTL»

Further pursuant to another Scheme of Arrangement u/s 391-394 of the Companies Act, 1956 between Hindustan 4LKPH =LU[\YLZ 3PTP[LK ¸/4=3¹ HUK /;+:3 HUK [OLPY YLZWLJ[P]L ZOHYLOVSKLYZ  JYLKP[VYZ [OL 4\S[PTLKPH *VU[LU[ 4HUHNLTLU[

Pursuant to the above schemes: a) HTDSL allotted 1,14,12,104 Equity Shares of ` 10/- each and 85,87,896 Equity Shares of ` 10/- each to the Parent *VTWHU`HUK/4=3YLZWLJ[P]LS`PUKPZJOHYNLVMW\YJOHZLJVUZPKLYH[PVU*VUZLX\LU[\WVUHSSV[TLU[VMZOHYLZI` /;+:3[OL7HYLU[*VTWHU`UV^OVSKZ VMLX\P[`ZOHYLJHWP[HSVM/;+:3^OPSL  PZOLSKI`/4=3 b) The Parent Company and HMVL have recorded the Equity Shares in HTDSL as Investments in their books at fair value of `  SHJZHUK`SHJZYLZWLJ[P]LS`HUKOH]LYLJVYKLKL_JLZZVMW\YJOHZLJVUZPKLYH[PVUV]LYIVVR ]HS\LVMUL[HZZL[Z[YHUZMLYYLK[V/;+:3VU[OL(WWVPU[LK+H[LHZ*HWP[HS9LZLY]LZ/;+:3OHZYLJVYKLK[OLL_JLZZ of purchase consideration over the book value of net assets taken over from the Company and HMVL on the appointed KH[LHZ.VVK^PSS(JJVYKPUNS`;OL7HYLU[*VTWHU`HUK/4=3OHZYLJVYKLK`SHJZHUK`SHJZ respectively and a goodwill of `  SHJZOHZILLUYLJVYKLKI`/;+:3

The above transactions between the Parent Company, HMVL and HTDSL has been eliminated on Consolidation, however, Goodwill equivalent to minorites share in capital reserve accounted for in HMVL as detailed above amounting to ` SHJZOHZILLUYLJVYKLKPU[OLZL*VUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZVM[OL7HYLU[*VTWHU`/;43

Ind-AS 101 Exemption: The Group has availed the exemption available under Ind-AS 101, whereas the carrying value VMPU[HUNPISLHZZL[ZOHZILLUJHYYPLKMVY^HYKLKH[[OLHTV\U[HZKL[LYTPULK\UKLY[OL0UKPHU.((7*VUZPKLYPUN the FAQ issued by the ICAI, regarding application of deemed cost, the Company has disclosed the cost as at (WYPSUL[VMHJJ\T\SH[LKKLWYLJPH[PVU/V^L]LYPUMVYTH[PVUYLNHYKPUNNYVZZISVJRVMHZZL[ZHJJ\T\SH[LK depreciation has been disclosed separately as follows :

` in Lacs) Gross Block Accumulated Net Block Particulars as at depreciation as as at April 1, 2015 at April 1, 2015 April 1, 2015

Goodwill on Consolidation      Goodwill on Acquisition - - - Copyrights   - Website Development       Software Licenses        License Fees       Software for Radio Business    Non compete fees         Brand - - - Music Contents     - Total 19,447.59 15,562.15 3,885.44

Intangible assets under development: Intangible assets under development as on March 31, 2017 mainly comprises of upgradation and implementation of ZVM[^HYLZ;V[HSHTV\U[VMPU[HUNPISLHZZL[Z\UKLYKL]LSVWTLU[HZVU4HYJOPZ` SHJZ4HYJO 2016: ` SHJZ(WYPS!`SHJZ

204 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

6. IMPAIRMENT TESTING OF GOODWILL AND INTANGIBLE ASSETS WIH INDEFINITE LIVES .VVK^PSS HJX\PYLK [OYV\NO I\ZPULZZ JVTIPUH[PVUZ MVY 4\S[PTLKPH *VU[LU[ 4HUHNLTLU[ +P]PZPVU 44*4 MVY impairment testing and Education business has been tested for impairment as below:

Carrying amount of goodwill and licences allocated to each of the CGUs:

` in Lacs) MMCM Undertaking Education Unit Total Intangible assets March 31, March 31, April 1, March 31, March 31, April 1, March 31, March 31, April 1, 2017 2016 2015 2017 2016 2015 2017 2016 2015

Goodwill   - -       

The Group performed its annual impairment test for years Key assumptions used for value in use calculations LUKLK4HYJOHUK4HYJO(ZH[4HYJO The calculation of value in use for both Education and 31, 2017, the value in use of the goodwill was above the MMCM unit is most sensitive to the following assumptions: IVVR]HS\LVMP[ZLX\P[`(JJVYKPUNS`[OL*VTWHU`KPKUV[ - Gross margins envisaged any indication of potential impairment of the - Discount rates HMVYLZHPKNVVK^PSS - Market share during the forecast period Education CGU .YV^[OYH[LZ\ZLK[VL_[YHWVSH[LJHZOÅV^ZIL`VUK[OL forecast period The recoverable amount of the Education CGU, `   SHJZ as at March 31, 2017, has been determined based on a value Gross margins - Gross margins are based on average PU \ZL JHSJ\SH[PVU \ZPUN JHZO ÅV^ WYVQLJ[PVUZ MYVT ÄUHUJPHS values achieved in the three years preceding the beginning I\KNL[ZHWWYV]LKI`ZLUPVYTHUHNLTLU[JV]LYPUNHÄ]L`LHY VM[OLI\KNL[WLYPVK;OLZLHYLPUJYLHZLKV]LY[OLI\KNL[ WLYPVK;OLWYVQLJ[LKJHZOÅV^ZOH]LILLU\WKH[LK[VYLÅLJ[ WLYPVK MVY HU[PJPWH[LK LMÄJPLUJ` PTWYV]LTLU[Z HUK V[OLY [OL J\YYLU[ KLTHUK MVY WYVK\J[Z HUK ZLY]PJLZ ;OL WYL[H_ THYRL[MHJ[VYZ(UPUJYLHZLVM WLYHUU\T^HZHWWSPLKMVY [OL,K\JH[PVU\UP[HUK WLYHUU\TMVY44*4\UKLY[HRPUN KPZJV\U[YH[LHWWSPLK[VJHZOÅV^WYVQLJ[PVUZMVYPTWHPYTLU[ [LZ[PUNK\YPUN[OLJ\YYLU[`LHYPZ 4HYJO!  Discount rates - Discount rates represent the current market HUK JHZO ÅV^Z IL`VUK [OL Ä]L`LHY WLYPVK HYL L_[YHWVSH[LK HZZLZZTLU[VM[OLYPZRZZWLJPÄJ[VLHJO*.<[HRPUNPU[V \ZPUNH NYV^[OYH[L4HYJO! [OH[PZ[OL consideration the time value of money and individual risks of ZHTLHZ[OLSVUN[LYTH]LYHNLNYV^[OYH[LMVY[OLPUK\Z[Y`0[ the underlying assets that have not been incorporated in the was concluded that the Carrying value less costs of disposal JHZOÅV^LZ[PTH[LZ;OLKPZJV\U[YH[LJHSJ\SH[PVUPZIHZLK VU[OLZWLJPÄJJPYJ\TZ[HUJLZVM[OL.YV\WHUKP[ZVWLYH[PUN is less then the value in use and accordingly no impairment is segments and is derived from its weighted average cost of YLX\PYLK[VILYLJVNUPZLK^Y[[OLHMVYLZHPKNVVK^PSS JHWP[HS>(**;OL>(**[HRLZPU[VHJJV\U[IV[OKLI[ HUKLX\P[`;OLJVZ[VMLX\P[`PZKLYP]LKMYVT[OLL_WLJ[LK MMCM YL[\YUVUPU]LZ[TLU[I`[OL.YV\W»ZPU]LZ[VYZ;OLJVZ[VM The recoverable amount of the MMCM CGU, ` 17,350 lacs debt is based on the interest-bearing borrowings the Group as at March 31, 2017, has been determined based on a value PZVISPNLK[VZLY]PJL:LNTLU[ZWLJPÄJYPZRPZPUJVYWVYH[LK PU\ZLJHSJ\SH[PVU\ZPUNJHZOÅV^WYVQLJ[PVUZMYVTÄUHUJPHS I` HWWS`PUN PUKP]PK\HS IL[H MHJ[VYZ ;OL IL[H MHJ[VYZ HYL I\KNL[ZHWWYV]LKI`ZLUPVYTHUHNLTLU[JV]LYPUNHÄ]L L]HS\H[LKHUU\HSS`IHZLKVUW\ISPJS`H]HPSHISLTHYRL[KH[H `LHYWLYPVK;OLWYVQLJ[LKJHZOÅV^ZOH]LILLU\WKH[LK Adjustments to the discount rate are made to factor in the [VYLÅLJ[[OLJ\YYLU[KLTHUKMVYWYVK\J[ZHUKZLY]PJLZ;OL ZWLJPÄJHTV\U[HUK[PTPUNVM[OLM\[\YL[H_ÅV^ZPUVYKLY [VYLÅLJ[HWYL[H_KPZJV\U[YH[L WYL[H_KPZJV\U[YH[LHWWSPLK[V[OLJHZOÅV^WYVQLJ[PVUZ MVY PTWHPYTLU[ [LZ[PUN K\YPUN [OL J\YYLU[ `LHY PZ   Market share assumptions – When using industry data for ;OLNYV^[OYH[L\ZLK[VL_[YHWVSH[L[OLJHZOÅV^ZVM[OL growth rates, these assumptions are important because \UP[IL`VUK[OLÄ]L`LHYWLYPVKPZ ;OLTHUHNLTLU[ management assesses how the unit’s position, relative to ILSPL]LZ [OPZ NYV^[O YH[L PZ Q\Z[PÄLK IHZLK VU [OL J\YYLU[ P[Z JVTWL[P[VYZ TPNO[ JOHUNL V]LY [OL MVYLJHZ[ WLYPVK Management expects the Group’s share in the above units SVUN[LYT H]LYHNL NYV^[O YH[L MVY [OL PUK\Z[Y` 0[ ^HZ [VILZ[HISLV]LY[OLMVYLJHZ[WLYPVK concluded that the Carrying value less costs of disposal is less then the value in use and accordingly no impairment is .YV^[O YH[L LZ[PTH[LZ ¶ Rates are based on economic YLX\PYLK[VILYLJVNUPZLK^Y[[OLHMVYLZHPKNVVK^PSS Z\Y]L`HUKJ\YYLU[LJVUVTPJLU]PYVUTLU[

ANNUAL REPORT 2016-17 205 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7A . INVESTMENT IN JOINT VENTURE (EQUITY) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Investment in a joint venture India Education Services Private Limited          SHJZ4HYJO!SHJZ(WYPS!SHJZ,X\P[` Shares of ` 10/- each, fully paid Sports Asia Pte Ltd.@  - - 5PS4HYJO!5PS(WYPS!5PS,X\P[`:OHYLVM:.+LHJOM\SS`WHPK Total 228.63 1,088.48 1,424.79

'(ZVU4HYJO[OL*VTWHU`OHZUV[PU]LZ[LKHU`HTV\U[PU:WVY[Z(ZPH7[L3[K/V^L]LY[OL*VTWHU`OHZHJJV\U[LKMVYUL[SPHIPSP[`VM `SHJZPU[OLLU[P[`HZWLYLX\P[`TL[OVKVMHJJV\U[PUN 7B. INVESTMENTS ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

(A) Investment at Fair Value through profit and loss (I) Investment in venture capital funds Unquoted Blume Ventures Fund IA    SHJZ4HYJO!SHJZ(WYPS!SHJZUnited News of India    SHJZ4HYJO!SHJZ(WYPS!SHJZ,X\P[` Shares of ` 100/- each fully paid up Round One Network Private Limited - -   SHJZ4HYJO!SHJZ(WYPS!SHJZ,X\P[`:OHYLZ of ` 1/- each fully paid up

206 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7B. INVESTMENTS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

74 BC Technologies Private Limited -   - SHJZ4HYJO!SHJZ(WYPS!5PS,X\P[`:OHYLZVM ` 10/- each, fully paid ;9(2:LY]PJLZ7YP]H[L3PTP[LK - - - SHJZ4HYJO!SHJZ(WYPS!SHJZ,X\P[`:OHYLZ of ` 100/- each, fully paid World Phone Internet Services Private Limited - -    5PS4HYJO!SHJZ(WYPS!SHJZ,X\P[`:OHYLZVM ` 10/- each, fully paid Sunil Mantri Realty Limited -     5PS4HYJO!SHJZ(WYPS!SHJZ,X\P[`:OHYLZVM ` 1/- each, fully paid 2PUVILV:VM[^HYL7YP]H[L3PTP[LK   - 4HYJO!(WYPS!5PS,X\P[`:OHYLVM` 10/- each, fully paid Rosebys Interiors India Ltd - - - 5PS4HYJO!5PS(WYPS!SHJZ,X\P[`:OHYLZVM` 10/- each, fully paid Olive Telecommunication Pvt Ltd - - - 5PS4HYJO!5PS(WYPS!SHJZ,X\P[`:OHYLZVM` 10/- each, fully paid Priknit Retail Ltd - -  5PS4HYJO!5PS(WYPS!SHJZ,X\P[`:OHYLZVM` 10/- each, fully paid Uber Inc  - - SHJZ4HYJO!5PS(WYPS!5PS,X\P[`:OHYLZVM<:+  each, fully paid +LHSZ[YLL[HZPH7[L3[K     - SHJZ4HYJO!SHJZ(WYPS!5PS,X\P[`:OHYLZVM:.+ 1 each, fully paid (III) Investment in preference shares Unquoted 2PUVILV:VM[^HYL7YP]H[L3PTP[LK      - SHJZ4HYJO!SHJZ(WYPS!5PS**7:VM` 10/- each, fully paid Coraza Technologies Private Ltd   - - SHJZ4HYJO!5PS(WYPS!5PS :LYPLZ)***7: of ` 100/- each fully paid up Zuppit Tech Solutions Private Limited -  -  SHJZ4HYJO! SHJZ(WYPS!5PS7YLMLYLUJL Shares of ` 10/- each, fully paid Buzzee Technologies Private Limited -  - SHJZ4HYJO! SHJZ(WYPS!5PS7YLMLYLUJL Shares of ` 10/- each, fully paid Planet Gogo Private Limited -  - SHJZ4HYJO!SHJZ(WYPS!5PS7YLMLYLUJL Shares of ` 10/- each, fully paid

ANNUAL REPORT 2016-17 207 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7B. INVESTMENTS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

(IV) Investment in debt instruments Unquoted Cybiz Brightstar Restaurants Private Limited   - SHJZ4HYJO!SHJZ(WYPS!5PS *VU]LY[PISL debentures of ` 1,00,000/- each, fully paid 2^HSP[`3[K   - - 4HYJO!5PS(WYPS!5PS -*+VM` 140,000,000 /- each, fully paid (V) Investment in mutual funds and fixed maturity plans (Refer Note 7E)       (VI) Share Application Money 1/::]LUKN\HYK3HIVYH[VYPLZ3[K   - - ;V^HYKZ SHJZ,X\P[`:OHYLZM` 10/- each) ;V[HS0U]LZ[TLU[H[-HPY=HS\L[OYV\NOWYVÄ[HUKSVZZ( 2,19,431.37 1,88,390.60 1,55,018.36 (B) Investment at Amortized Cost Investment in Bonds Quoted Exxon Mobil Corporation      SHJZ4HYJO!SHJZ(WYPS!SHJZ\UP[ZVM<:+ 1,000/- each fully paid up Microsoft Corp      SHJZ4HYJO!SHJZ(WYPS!SHJZ\UP[ZVM<:+ 1,000/- each fully paid up 5H[PVUHS/PNO^H`(\[OVYP[`VM0UKPH     SHJZ4HYJO!SHJZ(WYPS!SHJZ\UP[ZVM ` 1,000/- each fully paid up 7V^LY-PUHUJL*VYWVYH[PVU        SHJZ4HYJO!SHJZ(WYPS!SHJZ\UP[ZVM ` 1,000/- each fully paid up Unquoted Piramal Finance Limited  - - 4HYJO!5PS(WYPS!5PS  *VYWVYH[L)VUKZVM ` 10,00,000 each, fully paid up Mahindra Rural Housing Finance Limited  - - 4HYJO!5PS(WYPS!5PS *VYWVYH[L)VUKZVM ` 10,00,000 each, fully paid up Total Investment at Amortized Cost (B) 6,683.16 1,710.68 1,637.08 Total Investments (A+B) 2,26,114.53 1,90,101.28 1,56,655.44 Non - Current 1,98,532.29 1,17,009.52 1,31,656.38 Current 27,582.24 73,091.76 24,999.06 Aggregate book value of quoted investments        Aggregate market value of quoted investments        Aggregate value of unquoted investments     Aggregate amount of impairment in value of investments      

208 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7C. LOANS ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Loans carried at amortized cost Unsecured considered good Material on Loan    Security Deposit     Loan to Employee Stock Option Trusts       Total Loans 5,267.00 3,462.22 3,269.85 Non - Current 3,540.88 3,462.17 3,269.80 Current 1,726.12 0.05 0.05

7D. OTHER FINANCIAL ASSETS ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

(A) Financial Assets at fair value through profit and loss (i) Derivatives - Foreign currency options/ Foreign exchange forward contracts  -    ;V[HS-PUHUJPHS(ZZL[ZH[-HPY=HS\L[OYV\NOWYVÄ[HUKSVZZ 6.55 - 196.59 (B) Financial Assets at amortized cost Balance with Banks : 4HYNPUTVUL`OLSKHZZLJ\YP[`        3LHZL9LJLP]HISL    - - Interest accrued on Bank deposits         Receivable from Holding Company  - - Other Receivables       Income Accrued but not due       Total Other Financial Assets (A)+(B) 3,117.60 1,040.66 1,057.45 Non - Current 1,843.10 278.54 329.93 Current 1,274.50 762.12 727.52 Total Financial Assets 2,34,499.13 1,94,604.16 1,60,982.74 Non - Current 2,03,916.27 1,20,750.23 1,35,256.11 Current 30,582.86 73,853.93 25,726.63

9LWYLZLU[ZKLWVZP[YLJLPW[ZWSLKNLK^P[OIHURZHUKOLSKHZTHYNPUTVUL` 

3VHUZ HUK YLJLP]HISLZ HYL UVUKLYP]H[P]L ÄUHUJPHS HZZL[Z ^OPJO NLULYH[L H Ä_LK VY ]HYPHISL PU[LYLZ[ PUJVTL MVY [OL *VTWHU`;OLJHYY`PUN]HS\LTH`ILHMMLJ[LKI`JOHUNLZPU[OLJYLKP[YPZRVM[OLJV\U[LYWHY[PLZ

9LWYLZLU[ZWYLZLU[]HS\LVMTPUPT\TSLHZLYLU[HSZYLJLP]HISLUL[VMZLY]PJL[H_`  SHJZPUYLZWLJ[VMHZZL[Z NP]LUVUÄUHUJLSLHZL[V[OL/VSKPUN*VTWHU`  

+LYP]H[P]LPUZ[Y\TLU[ZH[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZYLÅLJ[[OLWVZP[P]LJOHUNLPUMHPY]HS\LVM[OVZLMVYLPNUL_JOHUNL forward contracts and foreign currency options that are not designated in hedge relationships, but are, nevertheless, PU[LUKLK[VYLK\JL[OLSL]LSVMMVYLPNUJ\YYLUJ`YPZRMVYL_WLJ[LKZHSLZHUKW\YJOHZLZ

ANNUAL REPORT 2016-17 209 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

)YLHR\WVMÄUHUJPHSHZZL[ZJHYYPLKH[HTVY[PaLKJVZ[

` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

0U]LZ[TLU[Z5V[L)     ;YHKLYLJLP]HISLZ5V[L(      *HZOHUKJHZOLX\P]HSLU[Z5V[L)        6[OLY)HUR)HSHUJLZ5V[L)     3VHUZ5V[L*      6[OLYÄUHUJPHSHZZL[Z5V[L+      Total 61,572.34 60,103.05 55,393.33

)YLHR\WVMÄUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZ

` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

0U]LZ[TLU[Z5V[L)        6[OLYÄUHUJPHSHZZL[Z5V[L+  -    Total 2,19,437.92 1,88,390.60 1,55,214.95

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Investment in mutual funds and fixed maturity plans Quoted Reliance Fixed Horizon Fund -XXIV-Series 22 Growth       SHJ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid ICICI Prudential FMP Series 71 - 525 Days Plan D Cumulative      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid /+-*-47+(WYPS:LYPLZ.YV^[O      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid ICICI Pru FMP Series 70 - 540 Days Plan S Cumulative     SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid /+-*-47+1HU\HY`:LYPLZ .YV^[O    SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid ICICI Prudential FMP Series 72 - 483 Days Plan J Cumulative     SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid SBI Debt Fund Series - A 36 - 36 months Growth     SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid +:7)SHJZR9VJR:[YH[LNPJ)VUK-\UK0UZ[P[\[PVUHS7SHU.YV^[O      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 1000/- each fully paid

210 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

HDFC High Interest Fund - Dynamic Growth      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid 0*0*07Y\KLU[PHS+`UHTPJ)VUK-\UK.YV^[O       SHJZ4HYJO SHJZ(WYPS SHJZ\UP[ZVM ` 10/- each fully paid Birla Sun Life Short Term Fund - Growth        SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid )PYSH:\U3PML+`UHTPJ)VUK-\UK9L[.YV^[O           SHJZ4HYJO SHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid IDFC Super Saver Income Fund Medium Term Plan - Growth         SHJZ4HYJO SHJZ(WYPS SHJZ\UP[ZVM ` 10/- each fully paid 0+-*+`UHTPJ)VUKM\UK.YV^[O          SHJZ4HYJO SHJZ(WYPS SHJZ\UP[ZVM ` 10/- each fully paid +/-37YHTLYPJH:OVY[4H[\YP[`-\UK(UU\HS)VU\Z       SHJZ4HYJO SHJZ(WYPS SHJZ\UP[ZVM ` 10/- each fully paid Birla Sun Life Optimizer Fund Growth      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid :)0*VYWVYH[L)VUK-\UK.YV^[O     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid Sundaram Select Debt Short Term Asset Plan Growth      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential Banking and PSU Debt Fund -Growth   - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid 9LSPHUJL)HURPUN 7:<+LI[-\UK.YV^[O       -  SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid 0+-**VYWVYH[L)VUK-\UK.YV^[O    - SHJZ4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid (_PZ:OVY[;LYT-\UK.YV^[O     -  SHJZ4HYJO  SHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid ;(;(:OVY[;LYT)VUK-\UK.YV^[O    - SHJZ4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid L&T Short Term Opportunities Fund - Growth       -  SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid

ANNUAL REPORT 2016-17 211 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

UTI-Dynamic Bond Fund - Growth     -  SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid Reliance Interval Fund - IV - Series 2 - Growth     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid <;0-P_LK0UJVTL-\UK:LYPLZ??00?000+H`Z.YV^[O      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential FMP Series 78 - 1170 Days Plan I Cumulative    - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential FMP Series 78 - 1168 Days Plan J Cumulative     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid Sundaram Fixed Term Plan HI Growth    - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid /+-*-47+-LIY\HY`:LYPLZ.YV^[O     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid <;0-P_LK;LYT0UJVTL-\UK:LYPLZ??0==0 +H`Z.YV^[O      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential FMP Series 78 -1150 Days Plan N Cumulative     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid Reliance Fixed Horizon Fund - XXX- Series 10-Growth    - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid <;0-P_LK;LYT0UJVTL-\UK:LYPLZ??0==000 +H`Z.YV^[O      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid :)0+LI[-\UK:LYPLZ)+H`Z.YV^[O      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid <;0-P_LK;LYT0UJVTL-\UK:LYPLZ??0==00 +H`Z.YV^[O   - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ53 +H`Z.YV^[O     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid :)0+LI[-\UK:LYPLZ)+H`Z.YV^[O    - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid Reliance Fixed Horizon Fund XXXI - Series 7 - Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid

212 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Sundaram Fixed Term Plan HS Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid UTI FTIF Series XXV-IV Growth  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid 2V[HR-47:LYPLZ.YV^[O  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential FMP - Series 79 Plan J Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid UTI Fixed Term Income Fund Series - XXV - II Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid DHFL Pramerica Fixed Duration fund - Series 29 - Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 1000/- each fully paid Birla Sun Life FTP- Series- NR- Growth   - -   SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS-P_LK4H[\YP[`7SHU:LYPLZ 7SHU2.YV^[O   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid 9LSPHUJLÄ_LK/VYPaVU-\UK???0:LYPLZ .YV^[O  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential Fixed Maturity Plan - Series 79 -Plan M Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid DHFL Pramerica Fixed Duration Fund - Series 31 Growth    - -  SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 1000/- each fully paid 9LSPHUJLÄ_LK/VYPaVU-\UK???0:LYPLZ .YV^[O  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid ;(;(+`UHTPJ)VUK-\UK.YV^[O      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid ICICI Prudential Income Opportunities Fund - Growth   - -  SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid DHFL Pramerica Premier Bond Fund - Growth   - -  SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid HDFC Banking and PSU Debt Fund Growth   - -   SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid

ANNUAL REPORT 2016-17 213 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

2V[HR)VUK:OVY[;LYT7SHU.YV^[O  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid HDFC Short Term Opportunities Fund -Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid Reliance Short Term Fund - Growth  - -  SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid Invesco India Short Term Fund - Growth  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 1000/- each fully paid DSP BlacskRock Banking and PSU Debt Fund -Growth  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid Birla Sun Life Treasury Optimizer Plan - Growth  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 100/- each fully paid DSP Blacskrock STF Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential Flexible Income - Growth  - -  SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid

Reliance Money Manager Fund - Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 1000/- each fully paid HDFC Medium Term Opportunities Fund - Growth  -     SHJZ4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid <;0:OVY[;LYT0UJVTL-\UK.YV^[O   -   SHJZ4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid ICICI Prudential Short Term Growth       SHJZ4HYJO SHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid 0*0*07Y\KLU[PHS*VYWVYH[L)VUK-\UK.YV^[O   -    SHJZ4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid :)0+LI[-\UK:LYPLZ TVU[OZ.YV^[O -      5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Interval Fund - II Series 1 Growth -   5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid

214 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

DSP BlacskRock FMP Series 111 12M Growth -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid Tata FMP Series 43 Scheme D - Growth -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid /+-*-47+1\S`:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid DHFL Pramerica FMP Series 33 Growth -      5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS-47:LYPLZ  +H`Z7SHU+*\T\SH[P]L -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid /+-*-47+(\N\Z[:LYPLZ.YV^[O -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU-*\T\SH[P]L -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ .YV^[O  -   5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 2V[HR-47:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid )PYSH:\U3PML-47:LYPLZ/4 KH`Z.YV^[O -   5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ.YV^[O -      5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid IDFC Fixed Term Plan Series 27 Growth -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU/*\T\SH[P]L  -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 9LSPHUJL-P_LK/VYPaVU-\UK??0=:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS-47:LYPLZ +H`Z7SHU1*\T\SH[P]L -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid

ANNUAL REPORT 2016-17 215 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

)PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ/0KH`Z.YV^[O -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid +/-37YHTLYPJH-P_LK4H[\YP[`7SHU:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ/* KH`Z.YV^[O -   5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid IDFC Fixed Term Plan Series 21 - Growth -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 9LSPHUJL-P_LK/VYPaVU-\UK??000:LYPLZ.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid /+-*-47 +5V]LTILY:LYPLZ .YV^[O -   5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid Sundaram Fixed Term Plan - FL 2 YRS - Growth        SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid Reliance Yearly Interval Fund - Series 6 - Growth        SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid 0*0*07Y\KLU[PHS-47:LYPLZ+H`Z7SHU/*\T\SH[P]L -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid IDFC Fixed Term Plan Series 51 - Growth -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid JP Morgan FMP Series 23 Growth -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Fixed Horizon Fund - XXVI - Series 15 Growth -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 9LSPHUJL+`UHTPJ)VUK-\UK.YV^[O -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid DHFL Pramerica Low Duration Fund- Annual Bonus -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 144VUL`4HUHNLY-\UK:\WLY7SHU)VU\Z6W[PVU)VU\Z

216 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

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7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

:\UKHYHT-SL_PISLZOVY[[LYTM\UK)VU\Z7SHU)VU\Z

ANNUAL REPORT 2016-17 217 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

2V[HR-47:LYPLZ +H`Z.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid DWS Short Maturity - Regular Plan - Growth - -   5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid Templeton India Income Opportunities fund - Growth - -  5PS4HYJO5PS(WYPS  SHJZ\UP[ZVM` 10/- each fully paid Templeton India STIP - Retail Growth - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 1000/- each fully paid +:7)SHJZR9VJR0UJVTL6WWVY[\UP[PLZ-\UK.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS9LN\SHY:H]PUNZ-\UK.YV^[O - -  5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid HDFC Corporate Debt Fund - Regular - Growth - -   5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid -YHURSPU0UKPH*VYWVYH[L)VUK6WWVY[\UP[PLZ-\UK.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid Religare Invesco Arbitrage Fund - Bonus - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid )PYSH:\U3PML4LKP\T;LYT7SHU.YV^[O - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Regular Savings Fund Growth - -    5PS4HYJO5PS(WYPS  SHJZ\UP[ZVM` 10/- each fully paid HDFC Short Term Plan - Growth - -   5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS-P_LK4H[\YP[`7SHU:LYPLZ@LHYZ7SHU3*\T\SH[P]L - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid 174VYNHU0UKPH0UJVTL-\UK:LYPLZ.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS:LYPLZ@LHYZ7SHU4 - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0*0*07Y\-47:LYPLZ@LHYZ7SHU0.YV^[O - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid

218 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

)PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ->.YV^[O KH`Z - -    5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Fixed Horizon Fund - XXII - Series 26 Growth - -    5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ2A +H`Z.YV^[O - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid ICICI Prudential FMP Series 73 - 369 Days Plan T Cumulative - -    5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid /+-*-47 +(WYPS:LYPLZ.YV^[O    SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid Reliance FHF XXVI Series 13 - Growth     SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid /+-*-47+(WYPS:LYPLZ.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid 2V[HR-47:LYPLZ.YV^[O      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid Reliance Fixed Horizon Fund - XXVIII Series 14-Growth      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid 2V[HR-47:LYPLZ.YV^[O      SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ26 +H`Z.YV^[O         SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid 2V[HR-47:LYPLZ.YV^[O        SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid Reliance Fixed Horizon Fund - XXVI Series 9 Growth        SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid /+-*-47 +(WYPS:LYPLZ.YV^[O       SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid DHFL Pramerica Dynamic Bond Fund - Growth        SHJZ4HYJO SHJZ(WYPS SHJZ\UP[ZVM` 1000/- each fully paid :)0+`UHTPJ)VUK-\UK.YV^[O        SHJZ4HYJO SHJZ(WYPS SHJZ\UP[ZVM ` 10/- each fully paid

ANNUAL REPORT 2016-17 219 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

UTI Dynamic Bond Fund - Growth     SHJZ4HYJOSHJZ(WYPSSHJZ\UP[ZVM ` 10/- each fully paid )PYSH:\U3PML+`UHTPJ)VUK-\UK9L[HPS.YV^[O  EEEEE     SHJZ4HYJOSHJZ(WYPS SHJZ\UP[ZVM ` 10/- each fully paid DHFL Pramerica Short Maturity Fund Annual Bonus Plan       SHJZ4HYJO SHJZ(WYPS SHJZ\UP[ZVM ` 10/- each fully paid Reliance Interval Fund-IV-Series 2-Growth      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid Reliance Fixed Horizon Fund - XXIX - Series 3 - Growth     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential FMP Series 78 - 1170 Days Plan J Cumulative      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid :)0*VYWVYH[L)VUK-\UK.YV^[O     - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential Long Term Gilt Fund-Growth      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid 0+-*+`UHTPJ)VUK-\UK.YV^[O      - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid IDFC Government Securities Fund-Investment Plan-Growth   -  SHJZ4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid UTI Gilt Advantage Fund-Growth    - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid )PYSH:\U3PML.V][:LJ\YP[PLZ3VUN;LYT.YV^[O   - SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid SBI Magnum Gilt Fund-Long Term-Growth     -  SHJZ4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid 9LSPHUJL+`UHTPJ)VUK-\UK.YV^[O      -  SHJZ4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid Reliance Banking & PSU Debt Fund-Growth     - SHJZ4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully 0+-**VYWVYH[L)VUK-\UK.YV^[O    -   SHJZ4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully

220 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

TATA Short Term Bond Fund-Growth    -  SHJZ4HYJOSHJZ(WYPS5PS\UP[ZVM` 10/- each fully IDFC FTP Series-41 - Growth -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid ICICI Pru FMP Series 70 - 367 Days Plan N Cumulative -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 2V[HR-47:LYPLZ.YV^[O -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid DHFL Pramerica Fixed Maturity Plan - Series 31 Growth -      5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 1000/- each fully paid ICICI Prudential FMP Series 68 - 745 Days Plan F - Cumulative -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid ICICI Prudential FMP Series 68 745 Days Plan H - Cumulative -      5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid IDFC Fixed Term Plan Series 23 Growth -    5PS4HYJO SHJZ(WYPS SHJZ\UP[ZVM` 10/- each fully paid Birla Sun Life Fixed Term Plan - Series HC - Growth -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid IDFC FTP Series 21 - Growth -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Fixed Horizon Fund - XXIII - Series 12 -Growth -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid /+-*-47+4H`:LYPLZ.YV^[O  -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 3 ;-47=001\S` +(.YV^[O -    5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Dynamic Bond Fund - Growth -   5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid SBI Short Term Debt Fund - Growth -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid L&T Triple Ace Bond Fund - Bonus -      5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid

ANNUAL REPORT 2016-17 221 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

IDFC Dynamic Bond Growth -      5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid /+-*4LKP\T;LYT6WWVY[\UP[PLZ-\UK.YV^[OEEEE -    5PS4HYJOSHJZ(WYPS SHJZ\UP[ZVM` 10/- each fully paid 2V[HR0UJVTL6WWVY[\UP[PLZ-\UK.YV^[O -     5PS4HYJOSHJZ(WYPSSHJZ\UP[ZVM` 10/- each fully paid 3 ;-47=004HYJO+(.YV^[O -    5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid <;0-P_LK0UJVTL-\UK:LYPLZ??0=?0= +H`Z.YV^[O   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid Reliance Fixed Horizon Fund XXXI- Series 5 Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential FMP - series 79 - 1120 days - Plan J Cumulative  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid <;0-P_LK;LYT0UJVTL-\UK:LYPLZ??=00 +H`Z.YV^[O   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid 0*0*07Y\KLU[PHS-P_LK4H[\YP[`7SHU:LYPLZ  +H`Z7SHU2*\T\SH[P]L  - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid ICICI Prudential Fixed Maturity Plan - Series 79 - 1106 Days Plan M Cumulative    - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid <;0-;0-:LYPLZ??=0? KH`Z.YV^[O   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ6+KH`Z.YV^[O   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully paid Axis Short Term Fund - Growth   - - SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully 2V[HR-SL_P+LI[:JOLTL7SHU(.YV^[O  - -  SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully 2V[HR4LKP\T;LYT-\UK.YV^[O   - -   SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully DSP BlacskRock Short Term Fund -Growth   - -  SHJZ4HYJO5PS(WYPS5PS\UP[ZVM` 10/- each fully JM Arbitrage Advantage Fund -Annual Bonus Option - Bonus Units -  - 5PS4HYJO SHJZ(WYPS5PS\UP[ZVM` 10/- each fully paid

222 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

UTI Income Opportunities Fund - Growth - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Regular Savings Fund Debt Plan Growth - -   5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid UTI Short Term Income Fund - IP - Growth - -   5PS4HYJO5PS(WYPS  SHJZ\UP[ZVM` 10/- each fully paid L&T Income Opportunities Fund - Growth - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid ICICI Prudential Regular Savings Fund-Growth - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid UTI Short Term Income Fund - Growth - -  5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid Franklin India Corporate Bond Opportunities Fund - Growth - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid Franklin India STIP - Growth - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 1000/- each fully paid JM Arbitrage Advantage Fund - Bonus Option - -   5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid Franklin India Low Duration Fund - Growth - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid 0+-*-P_LK;LYT7SHU:LYPLZ.YV^[O - -   5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid Reliance Mutual Fund Fixed Horizon Fund XXII Sr 26 Growth - -    5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid <;0-P_LK;LYT0UJVTL-\UK:LYPLZ?00? KH`Z.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid )PYSH:\U3PML-P_LK;LYT7SHU:LYPLZ->.YV^[O - -    5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid <;04\[\HS-\UK-;7:Y?00=000 +.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid 9LSPHUJL-P_LK/VYPaVU-\UK??00:LYPLZ.YV^[O - -  5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid

ANNUAL REPORT 2016-17 223 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

7E. INVESTMENT IN MUTUAL FUNDS AND FIXED MATURITY PLANS (CONTD.) ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

IDFC Fixed Term Plan Series 2 Growth - -    5PS4HYJO5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid Templeton India Income Opp Fund - Growth - -  5PS4HYJO5PS(WYPS SHJZ\UP[ZVM` 10/- each fully paid Templeton India Low Duration Fund - Growth Fund - -  5PS4HYJO!5PS(WYPSSHJZ\UP[ZVM` 10/- each fully paid-up Templeton India Ultra Short Bond Fund-Super IP-Growth - -  5PS4HYJO!5PS(WYPS SHJZ\UP[ZVM`LHJOM\SS` paid-up L&T FMP Series 9 – Plan D – Direct Growth - -  5PS4HYJO!5PS(WYPSSHJZ\UP[ZVM` 10/- each, fully paid Total      

;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@ ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O*P[PIHURHNHPUZ[,*)MHJPSP[`PU-@ SHJZ\UP[ZVM0+-*+`UHTPJ)VUK-\UK.YV^[OVMMHJL]HS\L` 10/- per unit each are pledged with Deutsche Bank against overdraft facility in FY 15-16 ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@ SHJZ\UP[ZVM+:7)SHJR9VJR:[YH[LNPJ)VUK-\UK0UZ[P[\[PVUHS7SHU.YV^[O^P[OMHJL]HS\LVM` 1,000/- per unit each are pledged with Deutsche Bank against overdraft facility in FY 15-16 & 16-17 ;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@  SHJZ\UP[ZVM0+-**VYWVYH[L)VUK-\UK.YV^[OVMMHJL]HS\L` 10/- per unit each are pledged with Deutsche Bank against overdraft facility in FY 16-17 EE;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O*P[PIHURHNHPUZ[,*)MHJPSP[`PU-@ EEE;OLZL0U]LZ[TLU[ZHYLWSLKNLK^P[O+L\[ZJOL)HURHNHPUZ[V]LYKYHM[MHJPSP[`PU-@ EEEE;OLZL0U]LZ[TLU[ZHYLWSLKNLKPUMH]V\YVM)577HYPIHZ)HURMVY6]LYKYHM[MHJPSP[`-@ EEEEESHJZ\UP[ZHYLWSLKNLKPUMH]V\YVM+L\[ZJOL)HURMVYV]LYKYHM[MHJPSP[`PU-@

224 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

8. OTHER CURRENT & NON- CURRENT ASSETS ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Capital Advance           Advances other than capital advances Prepaid expenses       Advances recoverable       Balance with statutory/government authorities        Total 7,819.03 27,300.27 8,260.15 Non- current 2,661.20 20,829.64 3,560.39 Current 5,157.83 6,470.63 4,699.76

9. INCOME TAX ASSETS ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

0UJVTL;H_(ZZL[ZUL[     Total 7,549.61 5,775.24 5,114.47 Non- current 7,549.61 5,775.24 5,114.47 Current ---

10. INVENTORIES ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

9H^4H[LYPHSZPUJS\KLZZ[VJRPU[YHUZP[`   SHJZ4HYJO     ` SHJZ(WYPS` SHJZ]HS\LKH[SV^LYVMJVZ[HUK net realisable value) >VYRPU7YVNYLZZ]HS\LKH[SV^LYVMJVZ[HUKUL[YLHSPZHISL]HS\L    :[VYLZHUKZWHYLZ]HS\LKH[SV^LYVMJVZ[HUKUL[YLHSPZHISL]HS\L      :JYHWHUK^HZ[LWHWLYZ([UL[YLHSPaHISL]HS\L    -PUPZOLKZ[VJR]HS\LKH[SV^LYVMJVZ[HUKUL[YLHSPZHISL]HS\L      Total Inventories 15,462.86 16,162.98 15,266.11

11A. TRADE RECEIVABLES ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Trade receivables      Receivables from related parties    Total 32,556.30 37,224.51 31,196.29

ANNUAL REPORT 2016-17 225 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

` in Lacs) March 31, 2017 March 31, 2016 April 1, 2015

Secured, considered good        Unsecured, considered good        Unsecured, considered doubtful       37,738.72 41,585.34 34,544.95 Impairment of unsecured doubtful debts       Total Trade Receivables 32,556.30 37,224.51 31,196.29

5V[YHKLVYV[OLYYLJLP]HISLHYLK\LMYVTKPYLJ[VYZVYV[OLYVMÄJLYZVM[OLJVTWHU`LP[OLYZL]LYHSS`VYQVPU[S`^P[OHU` V[OLYWLYZVU  

;YHKLYLJLP]HISLZHYLUVUPU[LYLZ[ILHYPUNHUKJYLKP[WLYPVKNLULYHSS`MHSSZPU[OLYHUNLVM[V KH`Z[LYTZ

11B. CASH AND BANK BALANCE ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Balance with banks : - On current accounts      - Deposits with original maturity of less than three months       Cheques/drafts on hand         Cash on hand     Total (A) 13,948.07 16,660.38 18,425.30 Other Bank Balance 

;OLZLIHSHUJLZHYLUV[H]HPSHISLMVY\ZLI`[OL.YV\WHZ[OL`YLWYLZLU[JVYYLZWVUKPUN\UJSHPTLKKP]PKLUKSPHIPSP[PLZ   Short-term deposits are made for varying periods of between one day and three months, depending on the immediate JHZOYLX\PYLTLU[ZVM[OLJVTWHU`HUKLHYUPU[LYLZ[H[[OLYLZWLJ[P]LZOVY[[LYTKLWVZP[YH[LZ  

;OL*VTWHU`OHZWSLKNLKHWHY[VMP[ZZOVY[[LYTKLWVZP[Z[VM\SÄSJVSSH[LYHSYLX\PYLTLU[Z  

At March 31, 2017, the Group had available `  SHJZ 4HYJO  ! `    SHJZ (WYPS   ` SHJZVM\UKYH^UJVTTP[[LKIVYYV^PUNMHJPSP[PLZ 

226 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

-VY[OLW\YWVZLVM[OLZ[H[LTLU[VMJHZOÅV^ZJHZOHUKJHZOLX\P]HSLU[ZJVTWYPZL[OLMVSSV^PUN!

` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Balance with banks : - On current accounts      - Deposits with original maturity of less than three months       Cheques/drafts on hand         Cash on hand     13,948.07 16,660.38 18,425.30 3LZZ)HURV]LYKYHM[UV[L*   - Total 12,917.81 15,136.38 18,425.30

12. SHARE CAPITAL Authorised Share Capital Particulars Number of shares Amount (` Lacs)

At April 1, 2015 36,25,00,000 7,250.00 0UJYLHZLKLJYLHZLK\YPUN[OL`LHY - - At March 31, 2016 36,25,00,000 7,250.00 0UJYLHZLKLJYLHZLK\YPUN[OL`LHY - - At March 31, 2017 36,25,00,000 7,250.00

;LYTZYPNO[ZH[[HJOLK[VLX\P[`ZOHYLZ The Parent Company has only one class of equity shares having par value of `WLYZOHYL,HJOOVSKLYVMLX\P[`ZOHYLZPZ LU[P[SLK[VVUL]V[LWLYZOHYL;OL7HYLU[*VTWHU`KLJSHYLZHUKWH`ZKP]PKLUKZPU0UKPHUY\WLLZ;OLKP]PKLUKWYVWVZLK I`[OL)VHYKVM+PYLJ[VYZPZZ\IQLJ[[V[OLHWWYV]HSVM[OLZOHYLOVSKLYZPU[OLLUZ\PUN(UU\HS.LULYHS4LL[PUN

In the event of liquidation of the Parent Company, the holders of equity shares will be entitled to receive remaining assets VM[OL7HYLU[*VTWHU`HM[LYKPZ[YPI\[PVUVMHSSWYLMLYLU[PHSHTV\U[Z;OLKPZ[YPI\[PVU^PSSILPUWYVWVY[PVU[V[OLU\TILY VMLX\P[`ZOHYLZOLSKI`[OLZOHYLOVSKLYZ

Issued and subscribed capital

Equity shares of ` 2 each issued, subscribed and fully paid Number of shares Amount (` in Lacs)

At April 1, 2015 23,27,48,314 4,654.97 Changes during the period - - At March 31, 2016 23,27,48,314 4,654.97 Changes during the period At March 31, 2017 23,27,48,314 4,654.97

ANNUAL REPORT 2016-17 227 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

9LJVUJPSPH[PVUVM[OLLX\P[`ZOHYLZV\[Z[HUKPUNH[[OLILNPUUPUNHUKH[[OLLUKVM[OL`LHYYLMLYUV[LILSV^!

Particulars March 31, 2017 March 31, 2016 April 1, 2015 Number of Amount Number of Amount Number of Amount shares (` in Lacs) shares (` in Lacs) shares (` in Lacs)

Shares outstanding at the 23,05,20,024  23,05,20,024  23,05,20,024  beginning of the year Shares Issued during the year ------Shares bought back during the year ------Shares outstanding at the end 23,05,20,024 4,610.40 23,05,20,024 4,610.40 23,05,20,024 4,610.40 of the year

Note: The above reconciliation is net of the aggregate face value of equity shares held by HT Media Employee Welfair Trust amount to `SHJZ[V[HSU\TILYVMZOHYLZ SHJZ

:OHYLZOLSKI`OVSKPUN\S[PTH[LOVSKPUNJVTWHU`HUKVY[OLPYZ\IZPKPHYPLZHZZVJPH[LZ

Out of equity shares issued by the company, shares held by its holding company, subsidiary of holding company are as below:

` in Lacs) Particulars March 31 , 2017 March 31, 2016 April 1, 2015

The Hindustan Times Limited, the holding company SHJWYL]PV\Z`LHYSHJLX\P[`ZOHYLZVM` 2 each fully paid      

Details of shareholders holding more than 5% shares in the company Particulars March 31, 2017 March 31, 2016 April 1, 2015

% holding % holding % holding Number of Number of Number of in the No in in the No in in the No in shares shares shares class class class

Equity shares of ` 2 each fully paid The Hindustan Times Limited, the 16,17,54,490  16,17,54,490  16,17,54,490  holding company Government Pension Fund - - - - 1,25,46,643  .SVIHS

(ZVU4HYJOHUK4HYJO.V]LYUTLU[7LUZPVU-\UK.SVIHSOVSKZ HUK  ZOHYLZILPUN HUK VM[OL [V[HSLX\P[`ZOHYLJHWP[HSYLZWLJ[P]LS`  As per records of the Parent Company, including its register of shareholders/members and other declaration received from the ZOHYLOVSKLYZYLNHYKPUNILULÄJPHSPU[LYLZ[[OLHIV]LZOHYLOVSKPUNYLWYLZLU[ZIV[OSLNHSHUKILULÄJPHSV^ULYZOPWZVMZOHYLZ

228 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Aggregate number of equity shares issued as bonus, shares issued for consideration other than cash and shares bought IHJRK\YPUN[OLWLYPVKVMÄ]L`LHYZPTTLKPH[LS`WYLJLKPUN[OLYLWVY[PUNKH[L!

Particulars March 31, 2017 March 31, 2016 April 1, 2015 Number of shares Number of shares Number of shares (Lacs) (Lacs) (Lacs)

,X\P[`ZOHYLZHSSV[LKHZM\SS`WHPK\W[V.VPJVT4H\YP[P\Z3PTP[LK    pursuant to a Scheme of Arrangement and De-merger u/s 391-394 of the Companies Act, 1956 Equity shares alloted as fully paid-up to The Hindustan Times Limited       pursuant to a Scheme of Arrangement and Restructuring u/s 391-394 read with sections 100-104 of the Companies Act, 1956 Shares bought back and extinguished during the Year Ended March    31, 2014 :P_LX\P[`ZOHYLZHSSV[[LK[VLYZ[^OPSLZOHYLOVSKLYZVM-PYLÅ` - - - e-Ventures Limited on March 31, 2014 pursuant to the Scheme of Arrangement and Restructuring u/s 391-394 read with Sections 100-104 of the Companies Act, 1956 between HT Media Limited HUK-PYLÅ`L=LU[\YLZ3PTP[LKHUK[OLPYYLZWLJ[P]LZOHYLOVSKLYZHUK JYLKP[VYZ

(Z[OLÄUHUJPHSZ[H[LTLU[ZHYLYLWYLZLU[LKPU` lacs and number of shares are represented in lacs above, thus the same has not been considered in [HISLHIV]L

13. OTHER EQUITY ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Share Premium        Capital Redemption Reserve    Capital Reserve          General Reserve       Retained Earnings      Foreign Currency Translation Reserve    Share Based Payment Reserve        Total 218,578.62 203,564.61 188,287.34

Share Premium (Refer note 47) ` in Lacs) Particulars Amount

At April 1, 2015 50,572.43 3LZZ!3PJLUZLMLLZHTVY[PaLK  At March 31, 2016 49,804.91 3LZZ!3PJLUZLMLLZHTVY[PaLK  At March 31, 2017 49,237.16

0U[LYTZVM[OL:JOLTLVM(YYHUNLTLU[HUK9LZ[Y\J[\YPUN\Z  YLHK^P[O:LJ[PVUZVM[OL*VTWHUPLZ(J[ IL[^LLU[OL7HYLU[ *VTWHU`HUK/;4\ZPJHUK,U[LY[HPUTLU[*VTWHU`3PTP[LK+LTLYNLK*VTWHU`HZHWWYV]LKI`[OL/VU»ISL+LSOP/PNO*V\Y[[OLHZZL[ZHUK SPHIPSP[PLZVM[OLYHKPVI\ZPULZZVM[OL+LTLYNLKJVTWHU`^LYL[HRLUV]LYHZH[1HU\HY` 6UL;PTL,U[Y`-LLZ6;,-WHPKMVYHJX\PYPUNSPJLUZL for Radio business paid by the Demerged Company in earlier years which was capitalized and amortized on straight line basis, is now amortized against [OLJYLKP[IHSHUJLVM:LJ\YP[PLZ7YLTP\T(JJV\U[PUZ[LHKVMJOHYNPUN[V[OLZ[H[LTLU[VMWYVÄ[HUKSVZZV]LY[OL\ZLM\SSPMLVM[OLZHPKSPJLUZLZVY[OLPY \UL_WPYLKWLYPVK^OPJOL]LYPZSV^LYMYVTKH[LVM4LYNLYVM9HKPVI\ZPULZZHZWLY[OLHWWYV]LK:JOLTL*VUZLX\LU[S`HUHTV\U[VM`3HJZ 7YL]PV\Z@LHY`3HJZ[V^HYKZHTVY[PaH[PVUVM9HKPV3PJLUZLZOHZILLUKLIP[LK[V[OL:LJ\YP[PLZ7YLTP\T(JJV\U[

ANNUAL REPORT 2016-17 229 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Capital Redemption Reserve ` in Lacs) Particulars Amount

At April 1, 2015 2,045.45 Changes during the period - At March 31, 2016 2,045.45 Changes during the period - At March 31, 2017 2,045.45

P +\YPUN[OL`LHYHTV\U[VM`SHJZOH]LILLU[YHUZMLYYLKMYVTWYVÄ[HUKSVZZHJJV\U[[V*HWP[HS 9LKLTW[PVU9LZLY]LVUHJJV\U[VMYLKLTW[PVUVM 5VUJ\T\SH[P]L9LKLLTHISLWYLMLYLUJLZOHYLZVM `LHJOVU:LW[LTILY

PP The Board of Directors at their meeting held on May 14, 2013, approved buy-back of fully paid-up equity shares of the Company having a face value of `LHJOMYVT[OLL_PZ[PUNZOHYLOVSKLYZILULÄJPHSV^ULYZV[OLY[OHU[OLWYVTV[LYZ persons who are in control of the Company, from the open market through stock exchanges, at a price not exceeding ` 110/- per equity share payable in cash, for an aggregate amount not exceeding `3HJZ;OL)\`IHJR:JOLTL LU]PZHNLK[OL)\`)HJRVM:OHYLZVMTPUPT\TVM  LX\P[`ZOHYLZHUKHTH_PT\TVMLX\P[`ZOHYLZ Pursuant to above, during the year ended March 31, 2014, the Company has bought and extinguished 22,72,727 equity shares of `LHJO;OLZOHYLZL_[PUN\PZOLKOH]LILLUIV\NO[MVYHUHNNYLNH[LJVUZPKLYH[PVUVM`  SHJZ;OL excess of aggregate consideration paid for Buy-Back over the face value of shares so bought back and extinguished, amounting to `  SHJZPZHKQ\Z[LKHNHPUZ[[OL:OHYL7YLTP\T(JJV\U[-\Y[OLYHUHTV\U[VM`SHJZLX\P]HSLU[ [VUVTPUHS]HS\LVMZOHYLZIV\NO[IHJROHZILLU[YHUZMLYYLK[V*HWP[HS9LKLTW[PVU9LZLY]LMYVT.LULYHS9LZLY]LZ

Capital Reserve ` in Lacs) Particulars Amount

At April 1, 2015 7,608.49 Changes during the period - At March 31, 2016 7,608.49 *OHUNLZK\YPUN[OLWLYPVK - At March 31, 2017 7,608.49

+\YPUN[OL`LHYVUHJJV\U[VMKLTLYNLYVM4\S[PTLKPH*VU[LU[4HUHNLTLU[KP]PZPVUVM/4=3HUK]LZ[PUN[OLYLVMPU[V HTDS, HMVL has accounted for a Capital Reserve of `SHJZ^OPJONV[LSPTPUH[LKVUJVUZVSPKH[PVU/V^L]LY a portion of the same amounting to ` SHJZOHZILLUHSSVJH[LK[V[OLTPUVYP[`ZOHYLOVSKLYZVM/4=3HZTVYL KL[HPSLKPU5V[L General Reserve ` in Lacs) Particulars Amount

At April 1, 2015 7,631.48 Changes during the period - At March 31, 2016 7,631.48 Changes during the period - At March 31, 2017 7,631.48

Share-based Payment Reserve (SBP Reserve) ` in Lacs) Particulars Amount

At April 1, 2015 87.39 Changes during the period   At March 31, 2016 69.58 Changes during the period  At March 31, 2017 14.22

230 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

The Group has share option schemes under which options to subscribe for the Group’s shares have been granted to JLY[HPUL_LJ\[P]LZHUKZLUPVYLTWSV`LLZ

;OLZOHYLIHZLKWH`TLU[YLZLY]LPZ\ZLK[VYLJVNUPZL[OL]HS\LVMLX\P[`ZL[[SLKZOHYLIHZLKWH`TLU[ZWYV]PKLK[VLTWSV`LLZ

Retained Earnings@ ` in Lacs) Particulars Amount

At April 1, 2015 1,20,344.60 5L[7YVÄ[MVY[OLWLYPVK  Items of other comprehensive income recognised directly in retained earnings 9LTLHZ\YLTLU[ZVMWVZ[LTWSV`TLU[ILULÄ[VISPNH[PVUUL[VM[H_  Less: Dividend Paid    Less: Tax on Proposed Dividend expense   Adjustment of accumulated surplus of HT Media Employee Welfare Trust    At March 31, 2016 1,36,378.13 5L[7YVÄ[MVY[OLWLYPVK  Items of other comprehensive income recognised directly in retained earnings 9LTLHZ\YLTLU[ZVMWVZ[LTWSV`TLU[ILULÄ[VISPNH[PVUUL[VM[H_  Less: Dividend Paid    Less: Tax on Proposed Dividend expense   Adjustment of accumulated surplus of HT Media Employee Welfare Trust    At March 31, 2017 1,52,079.12

Foreign Currency Translation Reserve@ ` in Lacs) Particulars Amount

At April 1, 2015 (2.50) *OHYNL*YLKP[MVY[OLWLYPVK   At March 31, 2016 26.57 *OHYNL*YLKP[MVY[OLWLYPVK   At March 31, 2017 (37.30)

@;OLKPZHNNYLNH[PVUVMJOHUNLZPU6*0I`LHJO[`WLVMYLZLY]LZPULX\P[`PZKPZJSVZLKPUUV[L 

14. DISTRIBUTION MADE AND PROPOSED ` in Lacs) Particulars March 31, 2017 March 31, 2016

Cash dividend on equity shares declared and paid: Final dividend for the year ended on March 31, 2016 : `WLYZOHYL       (WYPS!`WLYZOHYL +P]PKLUK+PZ[YPI\[PVU;H_VUÄUHSKP]PKLUK    987.29 1,009.30 Proposed dividends on Equity shares: Final cash dividend for the year ended on March 31, 2017: `WLYZOHYL   4HYJO!`WLYZOHYL Dividend Distribution Tax on proposed dividend     1,120.56 1,120.56

Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a SPHIPSP[`PUJS\KPUNDividend Distribution Tax[OLYLVUHZH[4HYJO

ANNUAL REPORT 2016-17 231 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

15A. BORROWINGS ` in Lacs)

Particulars Effective March 31, March 31, April 1, Maturity Interest Rate 2017 2016 2015

5VUJ\YYLU[)VYYV^PUNZ From Banks Secured -VYLPNU*\YYLUJ`5VU9LWH[YPHISL-*59 USD 1 month Libor July 31, 2019        3VHUMYVT*P[P)HUR9LMLYUV[L   ZWYLHKWH External Commercial Borrowing from Citi USD 3 months Libor June 30, 2017 -     )HUR9LMLYUV[L  ZWYLHKWH ;V[HS5VUJ\YYLU[)VYYV^PUNZ 1,702.18 3,933.60 6,757.27 *\YYLU[)VYYV^PUNZ From Banks Secured Buyer's credit from BNP Paribas Refer note 3 Refer note 3 below - -   Buyer's credit from Royal Bank of Scotland Refer note 4 below Refer note 4 below - -  )\`LYZJYLKP[MYVT2V[HR4HOPUKYH)HUR Refer note 5 below Refer note 5 below - -    -VYLPNU*\YYLUJ`5VU9LWH[YPHISL-*59 USD 1 month Libor January 31, 2018        Loan from Citi Bank   ZWYLHKWH External Commercial Borrowing from Citi USD 3 months Libor June 30, 2017      Bank  ZWYLHKWH Buyer's credit from Yes Bank Refer note 6 below Refer note 6 below       Unsecured Buyer's credit from Bank of Tokyo and Mitsubishi Refer note 7 below Refer note 7 below     Buyer's credit from CITI Bank Refer note 8 below Refer note 8 below -     Buyer's credit from DBS Bank Refer note 9 below Refer note 9 below       Buyer's credit from Yes Bank Refer note 10 below Refer note 10 below -   Buyer's credit from Deutsche Bank Refer note 11 below Refer note 11 below -  - Bank Overdraft from CITI Bank  Running Account payable on   - Demand =LUKVYÄUHUJPUNMYVT*0;0)HUR Refer note 12 below Refer note 12 below - -   =LUKVYÄUHUJPUNMYVT+L\[ZJOL)HUR Refer note 13 below Refer note 13 below - -    =LUKVYÄUHUJPUNMYVT)577HYPIHZ Refer note 14 below Refer note 14 below - -  Commercial Papers from HDFC Bank    June 5, 2017 to June 28, 2017   - Commercial Papers from ICICI Bank  June 14, 2016 to June 16, 2016 -   - Commercial Papers - Reliance Capital Trust  April 26, 2016 -   - Commercial Papers from Tata Money  June 27, 2016 -  - Market Fund Commercial Papers from TATA MF   May 24, 2017 to May 31, 2017  - - Commercial Papers from Indiabulls Ultra  May 27, 2016 -  - Short term Fund Commercial Papers from UTI MF  May 29, 2017  - - Commercial Papers from LIC MF  June 8, 2017  - - 1,10,890.52 1,05,018.87 30,153.17 Less : Amount clubbed under "other 2,147.99 3,229.69 2,499.80 J\YYLU[ÄUHUJPHSSPHIPSP[PLZ J\YYLU[ maturity of long term loans) 5L[*\YYLU[)VYYV^PUNZ 1,08,742.53 1,01,789.18 27,653.37 Aggregate Secured Loans 4,813.36 8,435.04 14,882.44 Aggregate Unsecured Loans 1,07,779.34 1,00,517.43 22,028.00

232 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

NOTE 1- FOREIGN CURRENCY NON- REPATRIABLE (FCNR) repayment on respective due dates starting from June 19, LOAN FROM CITI BANK (SECURED)  [PSS :LW[LTILY   ;OL MHJPSP[` PZ ZLJ\YLK I` FCNR Loan from Citi Bank carries interest @USD 1 month First Pari passu charge on all existing and future current 3PIVY  ZWYLHKWH;OLSVHUPZYLWH`HISLPU ZLTP HZZL[ZVM[OLJVTWHU`;OLSVHUOHZILLUYLWHPKK\YPUN annual equal instalments of USD 8,75,000 starting from [OL`LHYLUKLK4HYJO 1HU\HY`;OLSVHUPZZLJ\YLKI`7HYP7HZZ\JOHYNL VUJVTWHU`»ZHSSWYLZLU[ M\[\YLTV]HISLÄ_LKHZZL[Z NOTE 6- BUYER’S CREDIT FROM YES BANK (SECURED) Outstanding Buyer’s Credit loan as on March 31, 2017 from NOTE 2- EXTERNAL COMMERCIAL BORROWING FROM CITI @LZ)HUR :LJ\YLK ^HZ KYH^U PU ]HYPV\Z [YHUJOLZ MYVT BANK (SECURED) December 14, 2016 till March 7, 2017 @ average Interest External commercial borrowing from Citi Bank carries 9H[L VM   WH (WWSPJHISL 30)694HYNPU MYVT [PTL PU[LYLZ[ '<:+  TVU[OZ 3PIVY    ZWYLHK WH ;OL to time) and are due for repayment on respective due loan is repayable in semi annual equal installments of USD dates starting from September 8, 2017 till November 30,  Z[HY[PUN MYVT +LJLTILY   ;OL SVHU PZ ;OPZMHJPSP[`PZZLJ\YLKI`-PYZ[7HYP7HZZ\*OHYNLVU secured by Pari Passu charge on company’s present and J\YYLU[HZZL[IV[OWYLZLU[ M\[\YL M\[\YLTV]HISLÄ_LKHZZL[ZH[(5VPKH)ZLJ[VY +PZ[YPJ[.H\[HT)\KO5HNHY5VPKH)WSV[5V NOTE 7- BUYER’S CREDIT FROM BANK OF TOKYO AND 8, Udyog Vihar, Greater Noida, Uttar Pradesh- 201306 and MITSUBISHI (UNSECURED) ÄYZ[ HUK L_JS\ZP]L JOHYNL PU MH]V\Y VM *P[PIHUR 5( VU Outstanding Buyer’s Credit loan from Bank of Tokyo and assets acquired/ to be acquired out of our ECB and LC 4P[Z\IPZOP

ANNUAL REPORT 2016-17 233 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

NOTE 11- BUYER’S CREDIT FROM DEUTSCHE BANK NOTE 13- VENDOR FINANCING FROM DEUTSCHE BANK (UNSECURED) (UNSECURED) Outstanding Buyer’s Credit loan as on March 31, 2016 Outstanding Vendor Financing loan as on April 1, 2015 MYVT +L\[ZJOL )HUR 

LOAN COVENANTS ;OLJVTWHU`OHZJVTWSPLK^P[OHSS[OLSVHUJV]LUHU[Z

15B. TRADE PAYABLES ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Particulars March 31, 2017 March 31, 2016 1st April, 2015 Trade Payable 9LSH[LK7HY[PLZYLMLYUV[L(       - Others     Total 40,259.02 42,821.81 47,775.94 Non- Current - - - Current 40,259.02 42,821.81 47,775.94

;LYTZHUKJVUKP[PVUZVM[OLHIV]LÄUHUJPHSSPHIPSP[PLZ! ;YHKLWH`HISLZHYLUVUPU[LYLZ[ILHYPUNHUKHYLUVYTHSS`ZL[[SLKPU[OLYHUNLVM[V KH`Z[LYTZ -VY[LYTZHUKJVUKP[PVUZ^P[OYLSH[LKWHY[PLZYLMLY[V5V[L(

234 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

15C. OTHER FINANCIAL LIABILITIES ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

-PUHUJPHSSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZ (i) Derivatives - Foreign exchange forward contract      - Foreign currency options     - ;V[HSÄUHUJPHSSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZ 162.34 521.82 28.23 6[OLYÄUHUJPHSSPHIPSP[PLZH[HTVY[PaLKJVZ[ *\YYLU[TH[\YP[`VMSVUN[LYTSVHUZYLMLYUV[L(         Book Overdraft -      Sundry deposits       Interest accrued but not due on borrowings and others      

FOREIGN EXCHANGE FORWARD CONTRACTS: Coupon Only Swap While the company entered into foreign exchange forward The company had entered into coupon only swap to contracts with the intention of reducing the foreign OLKNL HNHPUZ[ L_WVZ\YL [V ]HYPHISL PU[LYLZ[ V\[ÅV^ exchange risk of foreign currency bonds and payables VU,_[LYUHS*VTTLYJPHS)VYYV^PUN:^HW[VWH`Ä_LK in foreign currency, these contracts are not designated in PU[LYLZ[' WHVUUV[PVUHS` amount and receive hedge relationships and are measured at fair value through H ]HYPHISL PU[LYLZ[ ' [OYLL TVU[OZ 30)69  VU WYVÄ[VYSVZZ <:+UV[PVUHSHTV\U[

FOREIGN CURRENCY OPTIONS: Interest Rate Swap Call Spread Option to buy USD The company had entered into interest rate swap to The company had entered into call spread option to OLKNLHNHPUZ[L_WVZ\YL[V]HYPHISLPU[LYLZ[V\[ÅV^VU buy USD to hedge principal repayment of External -VYLPNU*\YYLUJ`5VU9LWH[YPHISL-*59)VYYV^PUN Commercial Borrowing and Foreign Currency Non- :^HW [V WH` Ä_LK PU[LYLZ[ '   WH VU UV[PVUHS 9LWH[YPHISL-*59IVYYV^PUN USD amount and receive a variable interest @ one TVU[O30)69 VU<:+UV[PVUHSHTV\U[

BREAK UP OF FINANCIAL LIABILITIES CARRIED AT AMORTIZED COST ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

)VYYV^PUNZUVUJ\YYLU[      )VYYV^PUNZJ\YYLU[       Current maturity of long term loans         Book Overdraft -      Sundry deposits       Interest accrued but not due on borrowings and others       Unclaimed dividend     Others       Trade payables        ;V[HSÄUHUJPHSSPHIPSP[PLZJHYYPLKH[HTVY[PaLKJVZ[ 1,58,177.81 1,59,491.37 96,622.17

ANNUAL REPORT 2016-17 235 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

16. INCOME TAX The major components of income tax expense for the year ended March 31, 2017 and March 31, 2016 are : Statement of profit and loss : Profit or loss section ` in Lacs) Particulars March 31, 2017 March 31, 2016

Current income tax : Current income tax charge       Adjustments in respect of current income tax of previous year     Deferred tax : Relating to origination and reversal of temporary differences    0UJVTL[H_L_WLUZLYLWVY[LKPU[OLZ[H[LTLU[VMWYVÄ[VYSVZZ 6,714.39 8,034.23

OCI section : Deferred tax related to items recognised in OCI during in the year :

` in Lacs) Particulars March 31, 2017 March 31, 2016

5L[SVZZNHPUVUYLTLHZ\YLTLU[ZVMKLÄULKILULÄ[WSHUZ    Income tax charged to OCI (76.49) (153.35)

9LJVUJPSPH[PVUVM[H_L_WLUZLHUK[OLHJJV\U[PUNWYVÄ[T\S[PWSPLKI`0UKPH»ZKVTLZ[PJ[H_YH[LMVY4HYJOHUK March 31, 2016:

` in Lacs) Particulars March 31, 2017 March 31, 2016

(JJV\U[PUNWYVÄ[ILMVYL[H_     ([0UKPHZZ[H[\[VY`PUJVTL[H_YH[LVM 4HYJO!      Adjustments in respect of current income tax of previous years     Non-Taxable Income for tax purposes: Income from Investments & Sale of Investment property   Deduction u/s 80 IC     Non-deductible expenses for tax purposes: Difference in Tax Base and Book Base of Investments   Adjustment in respect of reversal of deferred tax on brought forward capital losses -  Loss/Provision on Investments     Adjustments in respect of deferred income tax of previous years     Other non-deductible expenses    Income Tax at Lower rate  - Adjustments in respect of current income tax of previous years 5L[SVZZLZVMZ\IZPKPHYPLZVU^OPJOKLMLYYLK[H_HZZL[OH]LUV[ILLUYLJVNUPZLKUL[VM    PU[YHNYV\WLSPTPUH[PVUZ JVUZVSPKH[PVUHKQ\Z[TLU[Z Other Adjustments (KQ\Z[TLU[PUYLZWLJ[VM\UYLHSPZLKWYVÄ[Z^P[OPU[OLNYV\W     At the effective income tax rate 6,714.39 8,034.23 0UJVTL[H_L_WLUZLYLWVY[LKPU[OLZ[H[LTLU[VMWYVÄ[HUKSVZZ 6,714.39 8,034.23

+LMLYYLK[H_HZZL[ZOH]LUV[ILLUYLJVNUPZLKPUYLZWLJ[VM[OLZLSVZZLZHZ[OL`TH`UV[IL\ZLK[VVMMZL[[H_HISLWYVÄ[Z elsewhere in the Group, they have arisen in subsidiaries that have been loss-making for some time, and there are no other [H_WSHUUPUNVWWVY[\UP[PLZVYV[OLYL]PKLUJLVMYLJV]LYHIPSP[`PU[OLULHYM\[\YL

236 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

DEFERRED TAX Deferred tax relates to the following:

` in Lacs) Particulars March 31, 2017 March 31, 2016 March 31, 2015

Deferred tax liabilities +PMMLYLUJLZPUKLWYLJPH[PVUPUISVJRVMÄ_LKHZZL[ZHZWLY[H_IVVRZHUK        ÄUHUJPHSIVVRZ Difference between tax base and book base on Investments       Others       Gross deferred tax liabilities 9,422.08 6,080.55 7,843.00 Deferred tax assets ,MMLJ[VML_WLUKP[\YLKLIP[LK[V[OLZ[H[LTLU[VM7YVÄ[HUK3VZZPU[OL    current year/earlier years but allowed for tax purposes in following years Allowance for doubtful debts and advances        Carry forward of unabsorbed depreciation and losses  -  Others     Gross deferred tax assets 5,728.88 3,946.24 5,005.20 Deferred tax liabilities (net) 3,693.20 2,134.31 2,837.80

Reflected in the balance sheet as follows:

` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Deferred tax assets   - - Deferred tax liabilities           

Reconciliation of deferred tax liabilities (net):

` in Lacs) Particulars March 31, 2017 March 31, 2016

Opening balance as of April 1     ;H_PUJVTLL_WLUZLK\YPUN[OLWLYPVKYLJVNUPZLKPUWYVÄ[HUKSVZZ    ;H_PUJVTLL_WLUZLK\YPUN[OLWLYPVKYLJVNUPZLKPU6*0    Closing balance as at March 31 3,693.20 2,134.31

The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current [H_SPHIPSP[PLZHUK[OLKLMLYYLK[H_HZZL[ZHUKKLMLYYLK[H_SPHIPSP[PLZYLSH[L[VPUJVTL[H_LZSL]PLKI`[OLZHTL[H_H\[OVYP[`

During the year, pursuant to the scheme of arrangement and restructuring, as more detailed in note 52, the Subsidiary *VTWHU`/;+PNP[HS:[YLHTZ3PTP[LK/;+:3HJJV\U[LKMVYHNVVK^PSSVM`  3HJZ;OLNVVK^PSSZVNLULYH[LKPU [OLZ[HUKHSVULÄUHUJPHSZ[H[LTLU[VM/;+:3OHZILLULSPTPUH[LKPU[OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[Z(JJVYKPUNS` [OLIVVRIHZLVM[OLHMVYLZHPKNVVK^PSSPZ5PSPU[OL*VUZVSPKH[LKÄUHUJPHSZ[H[LTLU[Z^OPSLMVY[H_W\YWVZLZKLWYLJPH[PVU ^PSSILHSSV^LKH[[OLYH[LVM WLYHUU\T>+=TL[OVKMVY[OLJVTW\[H[PVUVM[H_HISLPUJVTLVM/;+:3\UKLY [OLHWWSPJHISL[H_SH^Z*VUZPKLYPUN[OLYLJVNUP[PVUJYP[LYPHHZZL[V\[PU0UK(:UVKLMLYYLK[H_HZZL[OHZILLU YLJVNUPZLKPU[OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[Z^P[OYLZWLJ[[V[OLHMVYLZHPKNVVK^PSS

+\YPUN[OL`LHYLUKLK4HYJOHUK4HYJO[OLJVTWHU`OHZWHPKKP]PKLUK[VP[ZZOHYLOVSKLYZ;OPZOHZYLZ\S[LK PUWH`TLU[VM+P]PKLUK+PZ[YPI\[PVU;H_[V[OL[H_H[PVUH\[OVYP[PLZ;OLJVTWHU`ILSPL]LZ[OH[+P]PKLUK+PZ[YPI\[PVU;H_YLWYLZLU[Z HKKP[PVUHSWH`TLU[[V[H_H[PVUH\[OVYP[`VUILOHSMVM[OLZOHYLOVSKLYZ/LUJL+P]PKLUK+PZ[YPI\[PVU;H_WHPKPZJOHYNLK[VLX\P[`

ANNUAL REPORT 2016-17 237 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

17. OTHER NON-FINANCIAL LIABILITIES ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Advances from Customers       .V]LYUTLU[.YHU[       Unearned Revenue       Customers and agents balances       Statutory dues      Total 39,849.92 32,738.69 25,132.09 Non- current 1,835.29 1,793.76 2,039.53 Current 38,014.63 30,944.93 23,092.56

* Government Grant

` in Lacs) Particulars March 31, 2017 March 31, 2016

At April 1 1,684.28 1,803.33 9LSLHZLK[VZ[H[LTLU[VMWYVÄ[HUKSVZZ     At March 31 1,565.23 1,684.28 Non- current    Current    

;OL*VTWHU`OHZVI[HPULKSPJLUZLZ\UKLY[OL,_WVY[7YVTV[PVU*HWP[HS.VVKZº,7*.»:JOLTLMVYPTWVY[PUNJHWP[HS NVVKZH[HJVUJLZZPVUHSYH[LVMJ\Z[VTZK\[`

18. PROVISIONS ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Provision for contingencies*     7YV]PZPVUMVY3LH]L)LULÄ[ZYLMLYUV[L     7YV]PZPVUMVY.YH[\P[`YLMLYUV[L       Total 3,190.12 4,180.13 2,603.58 Non- Current 176.99 230.17 177.63 Current 3,013.13 3,949.96 2,425.95

;Oe provision for contingencies represents the best estimate of the management for an obligation on the Company in relation to a claim pursuant to the business purchase agreement dated October 1, 2004 for purchase of the printing I\ZPULZZMYVTP[ZOVSKPUNJVTWHU`0UMVYTH[PVU\Z\HSS`YLX\PYLKI`0UK(:7YV]PZPVUZ*VU[PUNLU[3PHIPSP[PLZHUK *VU[PUNLU[(ZZL[ZPZUV[KPZJSVZLKVU[OLNYV\UKZ[OH[P[JHUILL_WLJ[LK[VWYLQ\KPJL[OLPU[LYLZ[ZVM[OL*VTWHU`

238 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Movement in provisions for contingencies ` in Lacs) Particulars Provision for contingencies

As at April 1, 2015 992.40 Arising during the year  As at March 31, 2016 2,463.40 Unused amounts reversed   As at March 31, 2017 1,471.00

19. INCOME TAX LIABILITY ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Income Tax Liability      Total 923.39 1,460.56 1,385.86

20. REVENUE FROM OPERATIONS ` in Lacs) Particulars March 31, 2017 March 31, 2016

Sale of products - Sale of newspaper and publications       Sale of services - Advertisement revenue      - Airtime sales    - Income from digital services     - Job work revenue and commission income     - Fees Income      Other operating revenues - Sale of scrap, waste papers and old publication     - Others   Total 2,45,209.36 2,50,151.26

ANNUAL REPORT 2016-17 239 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

21. OTHER INCOME ` in Lacs) Particulars March 31, 2017 March 31, 2016

Interest income on - Bank deposits    - Others     Other non - operating income Interest Income on mutual funds     -HPY=HS\LNHPUVUÄUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZ     7YVÄ[VUZHSLVM0U]LZ[TLU[7YVWLY[PLZ    0UJVTLMYVT.V][.YHU[     0UJVTLVUHZZL[ZNP]LUVUÄUHUJPHSSLHZL   -

;OL*VTWHU`OHZVI[HPULKSPJLUZLZ\UKLY[OL,_WVY[7YVTV[PVU*HWP[HS.VVKZº,7*.»:JOLTLMVYPTWVY[PUNJHWP[HSNVVKZH[HJVUJLZZPVUHSYH[L VMJ\Z[VTZK\[`

-HPY]HS\LNHPUVUÄUHUJPHSPUZ[Y\TLU[H[MHPY]HS\L[OYV\NOWYVÄ[HUKSVZZYLSH[LZ[VT\[\HSM\UKZHUKLX\P[`PUZ[Y\TLU[Z 

22. COST OF MATERIALS CONSUMED ` in Lacs) Particulars March 31, 2017 March 31, 2016

*VUZ\TW[PVUVMYH^TH[LYPHS Inventory at the beginning of the year    Add: Purchase during the year      Less : Sale of damaged newsprint   82,423.21 85,820.97 Less: Inventory at the end of the year   Total 69,648.06 72,295.34

240 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

23. (INCREASE)/ DECREASE IN INVENTORIES ` in Lacs) Particulars March 31, 2017 March 31, 2016

Inventory at the beginning of the year - Finished Goods    - Work -in- progress   - Scrap and waste papers   Inventory at the end of the year - Finished Goods    - Work -in- progress   - Scrap and waste papers   0UJYLHZLKLJYLHZLPUPU]LU[VYPLZ - Finished Goods    - Work -in- progress   - Scrap and waste papers    Total (10.30) (0.59)

24. EMPLOYEE BENEFITS EXPENSE ` in Lacs) Particulars March 31, 2017 March 31, 2016

Salaries, wages and bonus     Contribution to provident and other funds      Employee Stock Option Scheme    .YH[\P[`L_WLUZL9LMLY5V[L    Workmen and Staff welfare expenses    Total 58,352.84 54,869.33

25. FINANCE COSTS ` in Lacs) Particulars March 31, 2017 March 31, 2016

Interest on debts and borrowings      Exchange difference regarded as an adjustment to borrowing costs    Bank charges   Total 9,512.34 6,264.08

26. DEPRECIATION AND AMORTIZATION EXPENSE ` in Lacs) Particulars March 31, 2017 March 31, 2016

+LWYLJPH[PVUVM[HUNPISLHZZL[ZUV[L       (TVY[PaH[PVUVMPU[HUNPISLHZZL[ZUV[L     +LWYLJPH[PVUVU0U]LZ[TLU[7YVWLY[PLZUV[L     13,043.66 10,989.99 3LZZ!3PJLUZLMLLHTVY[PZH[PVU[OYV\NOZLJ\YP[PLZWYLTP\TUV[L   12,475.91 10,222.47

ANNUAL REPORT 2016-17 241 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

27. OTHER EXPENSES ` in Lacs) Particulars March 31, 2017 March 31, 2016

Consumption of stores and spares     Printing and service charges    News service and despatches   Service Charges on Ad Revenue      Services for mobile content and media buying    Visiting Lecturer fees       Study Material Expenses      Data Entry Expenses  - Power and fuel   Advertising and sales promotion     Freight and Forwarding charges     Rent    Rates and taxes      Insurance   Repairs and maintenance:  - Plant and machinery   Building      Others    Travelling and conveyance         Communication costs   Legal and professional fees     Payment to auditor     Director's sitting fees     ,_JOHUNLKPMMLYLUJLZUL[     0TWHPYTLU[VMKV\I[M\SKLI[ZHUKHK]HUJLZPUJS\KPUNIHKKLI[Z^YP[[LUVMM     Loss on sale of property, plant and equipments and intangible assets      5L[3VZZVUZHSLVMPU]LZ[TLU[Z-HPY]HS\LVMPU]LZ[TLU[Z[OYV\NOWYVÄ[HUKSVZZ     Sales commission   Printing and stationery    Programming Cost     License fees     Impairment in value of investment properties       7YV]PZPVUMVYSP[PNH[PVUZUL[ -  Donations     Miscellaneous expenses    Total 87,388.35 90,714.39

28. OTHER COMPREHENSIVE INCOME ;OLKPZHNNYLNH[PVUVMJOHUNLZ[V6*0I`LHJO[`WLVMYLZLY]LPULX\P[`UL[VMUVUJVU[YVSSPUNPU[LYLZ[ZPZZOV^UILSV^! During the year ended March 31, 2017 ` in Lacs) Retained Foreign Currency Particulars earnings translation Total reserve

Exchange differences on translation of foreign operation -     9LTLHZ\YLTLU[NHPUZSVZZLZVUKLÄULKILULÄ[WSHUZUL[VMPUJVTL[H_LMMLJ[  -  Total (213.20) (63.87) (277.07)

242 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

During the year ended March 31, 2016 ` in Lacs) Retained Foreign Currency Particulars earnings translation Total reserve

Exchange differences on translation of foreign operation -     9LTLHZ\YLTLU[NHPUZSVZZLZVUKLÄULKILULÄ[WSHUZUL[VMPUJVTL[H_LMMLJ[  -  Revaluation of land and buildings - Total (202.10) 29.07 (173.03)

29. EARNINGS PER SHARE (EPS) )HZPJ,7:HTV\U[ZHYLJHSJ\SH[LKI`KP]PKPUN[OLWYVÄ[MVY[OL`LHYH[[YPI\[HISL[VLX\P[`OVSKLYZI`[OL^LPNO[LKH]LYHNL U\TILYVM,X\P[`ZOHYLZV\[Z[HUKPUNK\YPUN[OL`LHY

+PS\[LK,7:HTV\U[ZHYLJHSJ\SH[LKI`KP]PKPUN[OLWYVÄ[H[[YPI\[HISL[VLX\P[`OVSKLYZI`[OL^LPNO[LKH]LYHNLU\TILY of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on JVU]LYZPVUVMHSS[OLKPS\[P]LWV[LU[PHS,X\P[`ZOHYLZPU[V,X\P[`ZOHYLZ 

;OLMVSSV^PUNYLÅLJ[Z[OLPUJVTLHUKZOHYLKH[H\ZLKPU[OLIHZPJHUKKPS\[LK,7:JVTW\[H[PVUZ!

Particulars March 31, 2017 March 31, 2016

7YVÄ[H[[YPI\[HISL[VLX\P[`OVSKLYZMVYIHZPJLHYUPUNZ` in lacs)   >LPNO[LKH]LYHNLU\TILYVM,X\P[`ZOHYLZMVYIHZPJ,7:0USHJZ     Effect of dilution - - Weighted average number of Equity shares adjusted for the effect of dilution * 0USHJZ 2,327.48 2,327.48 Earnings per share )HZPJ,7:`)   +PS\[LK,7:`)  

;OL^LPNO[LKH]LYHNLU\TILYVMZOHYLZ[HRLZPU[VHJJV\U[[OL^LPNO[LKH]LYHNLLMMLJ[VMJOHUNLZPU[YLHZ\Y`ZOHYL[YHUZHJ[PVUZK\YPUN[OL`LHY;OLYL have been no other transactions involving Equity shares or potential Equity shares between in the reporting date and the date of authorisation of these ÄHUHUJPHSZ[H[LTLU[Z

30. GROUP INFORMATION Information about subsidiaries ;OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZVM[OLJVTWHU`PUJS\KLZZ\IZPKPHYPLZSPZ[LKPU[OL[HISLILSV^!

% equity interest Name Principal activities Country of March 31, March 31, April 1, incorporation 2017 2016 2015

Hindustan Media Ventures Printing and Publication of Newspapers and India    Limited Periodicals HT Music & Entertainment Radio broadcasting activities India 100 100 100 Company Limited HT Digital Media Holdings Business of providing payroll processing India 100 100 100 Limited services and consultancy services -PYLÅ`L=LU[\YLZ3PTP[LK Internet related business for providing India    educational services /;4VIPSL:VS\[PVUZ3PTP[LK Mobile marketing, social media marketing, India    advertising, mobile CRM and loyalty campaigns, mobile music content and ring tones and integrates with other media campaigns and strategies

ANNUAL REPORT 2016-17 243 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

% equity interest Name Principal activities Country of March 31, March 31, April 1, incorporation 2017 2016 2015

/;6]LYZLHZ7[L3[K Business and management consultancy Singapore 100 100 100 services HT Education Limited Education India 100 100 100 HT Learning Centers Limited Business of conducting coaching/ tutorial India 100 100 100 classes, set up training centers, activities incidental and ancillary thereto /;.SVIHS,K\JH[PVU(JVTWHU` Operate and manage schools, colleges, India 100 100 100 licensed under section 8 of the universities, institutes Companies Act, 2013) HT Digital Information Pvt Ltd Business of providing academic and related India 100 100 100 -VYTLYS`,K>VYSK7][3[K services to educational institutions in India 0=@;HSLU[0UKPH7][3[K Providing various internet based or related India 0 0 100 online business such as search engine, QVIZWYVWLY[`JSHZZPÄLKZL[J Topmovies Entertainment Limited Internet related business for providing India 100 100 100 movie reviews and ratings HT Digital Streams Limited Digital services India 100 100 NA

Footnote ;OLZL*VTWHUPLZHYLZ\IZPKPHY`VM/;4LKPH3PTP[LK[OYV\NOP[Z^OVSS`V^ULKZ\IZPKPHY`/;+PNP[HS4LKPH/VSKPUNZ3PTP[LK 0]`;HSLU[0UKPH7YP]H[L3PTP[LKJLHZLK[VILHZ\IZPKPHY`^LM4HYJO

The Holding Company ;OLOVSKPUNJVTWHU`VM/;4LKPH3PTP[LKPZ;OL/PUK\Z[HU;PTLZ3PTP[LK

,U[P[`^P[OZPNUPÄJHU[PUÅ\LUJLV]LY[OL*VTWHU` ,HY[OZ[VUL/VSKPUN;^V3PTP[LKPZ[OLOVSKPUN*VTWHU`VM;OL/PUK\Z[HU;PTLZ3PTP[LK

Associate ;OLJVTWHU`OHZ503PU[LYLZ[PU4`7HYPJOH`:LY]PJLZ7YP]H[L3PTP[LK4HYJO!503(WYPS!  

1VPU[HYYHUNLTLU[PU^OPJO[OLJVTWHU`PZHQVPU[]LU[\YLY ;OLJVTWHU`OHZ 4HYJO! (WYPS! PU[LYLZ[PU0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LKHUK HUK PU:WVY[Z(ZPH7[L3[K[OYV\NO/;6]LYZLHZ7[L3[K7YL]PV\Z@LHY!5PS

31. BUSINESS COMBINATIONS Acquisitions during the year ended March 31, 2016 +\YPUN [OL @LHY ¶ /; 4\ZPJ  ,U[LY[HPUTLU[ *VTWHU` 3PTP[LK H ^OVSS` V^ULK Z\IZPKPHY` *VTWHU` OHK LU[LYLKPU[VH:JOLTLVM9LZ[Y\J[\YPUN[OL:JOLTL^P[O5VISL)YVHKJHZ[PUN*VYWVYH[PVU7YP]H[L3PTP[LK;YHUZMLYVY *VTWHU`[VHJX\PYL[OL9HKPV)\ZPULZZVM[OL;YHUZMLYVY*VTWHU`YLUHTLKHZ¸-L]LY  -4¹PU*OLUUHPMVYHU agreed consideration of `*YVYLZ^P[OLMMLJ[MYVT(WYPSILPUN[OL(WWVPU[LK+H[LHZWLY[OL:JOLTL;OL Scheme is in compliance with the provisions of Section 391-394 of the Companies Act 1956 and has been sanctioned by the Hon’ble High Court of Chennai on December 4, 2014 and by Hon’ble High Court of Delhi on December 23, 2014 Z\IQLJ[[VJSLHYHUJLMYVT4PUPZ[Y`VM0UMVYTH[PVU )YVHKJHZ[PUN40)HUK4PUPZ[Y`VM*VTT\UPJH[PVU 0UMVYTH[PVUVM ;LJOUVSVN`4*0;VM.V]LYUTLU[VM0UKPH-\Y[OLY[V[OL6YKLYVM[OL/VU»ISL/PNO*V\Y[Z[OL*VTWHU`OHZNV[[OL HWWYV]HSMYVT40)VU(WYPSHUK4*0;VU:LW[LTILY

The Scheme got effective from September 18, 2015 with the Filing of Orders of Hon’ble High Courts with Registrar of *VTWHUPLZ96*HSVUN^P[O[OL(WWYV]HSZVM40) 4*0;>P[O[OLZJOLTLILJVTPUNLMMLJ[P]LMYVT[OLHWWVPU[LKKH[L PL^LM(WYPS[OLHZZL[ZHUKSPHIPSP[PLZ"YPNO[ZHUKVISPNH[PVUVM;YHUZMLYVY*VTWHU`YLSH[HISL[V¸-L]LY  -4¹ OH]LILLU]LZ[LK^P[O[OL*VTWHU`;OL:JOLTLOHZHJJVYKPUNS`ILLUNP]LULMMLJ[[VPU[OLZLÄUHUJPHSZ[H[LTLU[Z

244 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OLPTWHJ[PUÄUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`MVY[OL`LHYLUKLK4HYJOPZHZILSV^! a) The Company recorded the assets and liabilities of Radio business vested in it pursuant to this Scheme, at the respective book values thereof, as appearing in the books of Noble on the day immediately preceding the Appointed +H[L,_JLZZPU[OL]HS\LVMUL[HZZL[ZVMYHKPVI\ZPULZZ[YHUZMLYYLK[V[OL*VTWHU`W\YZ\HU[[V[OL:JOLTLOHZ ILLUYLJVYKLKHZ.VVK^PSS

` in Lacs) Particulars Accumulated Gross Block Net Amount Amount Depreciation

Building       Plant & Machinery      ,SLJ[YPJHSLX\PWTLU[»Z Ä[[PUNZ       -\YUP[\YL Ä[[PUNZ       Computers      Total Tangible Assets 658.38 373.00 285.38 285.38 FM Radio License      Total Intangible Assets 500.03 359.88 140.15 140.15 Current Assets Trade Receivables   Cash & Bank Balances   Other Current Assets   Total Current Assets 121.81 121.81 Total Assets (A) 547.34 Current Liabilities Trade Payables   Other Current Liabilities  Total Liability (B) 6.39 6.39 5L[(ZZL[Z;YHUZMLYYLK[V[OL*VTWHU`()   Less: Purchase consideration paid  (JJV\U[LKPU.VVK^PSSHJJV\U[ 194.05

I ;OL PUJVTL HUK L_WLUZLZ VM ¸-L]LY   -4¹ ^LM (WYPS   [PSS :LW[LTILY    OH]L ILLU YLJVYKLK HZPUJVTLHUKL_WLUZLZVM[OL.YV\WHUKMVSSV^PUNU\TILYZYLSH[HISL[V-L]LY  -4OH]LILLUPUJS\KLKPU :[H[LTLU[VM7YVÄ[HUK3VZZVM[OL.YV\WMVY[OL`LHYLUKLK4HYJO;OLKLWYLJPH[PVUYH[LOHZILLUHWWSPLK ^LMHZWLYWYL]HPSPUNYH[LVM[OL.YV\W

` in Lacs) Particulars Amount

Revenue from Operations   Other Income    Total Income 254.88 ,TWSV`LL)LULÄ[,_WLUZLZ   Other Expenses   Depreciation and amortization expenses   Finance costs  Total Expenses 584.81 7YVÄ[3VZZILMVYL[H_ (329.93)

ANNUAL REPORT 2016-17 245 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

32. MATERIAL PARTLY OWNED SUBSIDIARIES Financial information of subsidiaries that have material non-controlling interests is provided below:

Proportion of equity interest held by non-controlling interests:

Name Country of March 31, 2017 March 31, 2016 April 1, 2015 Incorporation

Hindustan Media Ventures Limited India     

Information regarding non-controlling interest ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Accumulated balances of material non-controlling interest        7YVÄ[SVZZHSSVJH[LK[VTH[LYPHSUVUJVU[YVSSPUNPU[LYLZ[     -

;OLZ\TTHYPZLKÄUHUJPHSPUMVYTH[PVUVM[OLZ\IZPKPHY`HYLWYV]PKLKILSV^;OPZPUMVYTH[PVUPZIHZLKVUHTV\U[ZILMVYL PU[LYJVTWHU`LSPTPUH[PVUZ

:\TTHYPZLKZ[H[LTLU[VMWYVÄ[HUKSVZZMVY[OL`LHYLUKLK4HYJOHUK4HYJO!

` in Lacs) Particulars March 31, 2017 March 31, 2016

9L]LU\LPUJS\KPUNV[OLYPUJVTLZ       Cost of raw material and components consumed    *OHUNLZPUPU]LU[VYPLZVMÄUPZOLKNVVKZ:[VJRPU[YHKLHUK^VYRPUWYVNYLZZ   ,TWSV`LLILULÄ[ZL_WLUZL        Other expenses      Depreciation and amortization expense    Finance costs    7YVÄ[ILMVYL[H_ 26,124.48 28,942.65 Income tax      7YVÄ[MVY[OL`LHYMYVTJVU[PU\PUNVWLYH[PVUZ 19,360.09 20,665.85 7YVÄ[SVZZMYVTKPZJVU[PU\LKVWLYH[PVUZ -  Tax expense of discontinued operations -  7YVÄ[SVZZMYVT+PZJVU[PU\LKVWLYH[PVUZHM[LY[H_ - (2,792.24) 7YVÄ[SVZZMVY[OL`LHY 19,360.09 17,873.61 :OHYLVMWYVÄ[SVZZVM(ZZVJPH[L   - 5L[WYVÄ[HM[LY[H_LZHUKZOHYLVMWYVÄ[SVZZVM(ZZVJPH[L 18,952.09 17,873.61 Other Comprehensive Income    Total comprehensive income 18,939.16 17,752.56 Attributable to non-controlling interests     Dividends paid to non-controlling interests    

246 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Summarised balance sheet as at March 31, 2017, March 31, 2016, April 1, 2015:

` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Current assets, including cash and cash equivalents       Non-current assets        Current liabilities, including tax payable      Non-current liabilities, including deferred tax liabilities        Total equity 1,16,676.51 91,070.00 74,377.46 Attributable to: Equity holders of parent       Non-controlling interest       

:\TTHYPZLKJHZOÅV^PUMVYTH[PVUHZH[4HYJOHUK4HYJO!

` in Lacs) Particulars March 31, 2017 March 31, 2016

Operating   Investing     Financing     5L[PUJYLHZLKLJYLHZLPUJHZOHUKJHZOLX\P]HSLU[Z (677.35) 507.09

33. INTEREST IN JOINT VENTURE A) Joint Venture- India Education Services Private Limited ;OL.YV\WOHZH PU[LYLZ[PU0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LKHQVPU[]LU[\YLPU]VS]LKPU[OLI\ZPULZZVMWYV]PKPUN HJHKLTPJHUKYLSH[LKZLY]PJLZ;OL.YV\W»ZPU[LYLZ[PU0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LKPZHJJV\U[LKMVY\ZPUN[OLLX\P[` TL[OVKPU[OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[Z:\TTHYPZLKÄUHUJPHSPUMVYTH[PVUVM[OLQVPU[]LU[\YLIHZLKVUP[Z0UK(:ÄUHUJPHS Z[H[LTLU[ZHUKYLJVUJPSPH[PVU^P[O[OLJHYY`PUNHTV\U[VM[OLPU]LZ[TLU[PUJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZHYLZL[V\[ILSV^!

Summarised balance sheet as at March 31, 2017: ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Current assets, including cash and cash equivalents     Non-current assets         Current liabilities, including tax payable        Non-current liabilities, including deferred tax liabilities     Equity 959.38 2,176.97 2,849.59 Proportion of the Group’s ownership    Carrying amount of the investment 479.69 1,088.49 1,424.80

:\TTHYPZLKZ[H[LTLU[VMWYVÄ[HUKSVZZVM[OL0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LK!

Particulars March 31, 2017 March 31, 2016

Revenue     Depreciation & amortization    Finance cost     ,TWSV`LLILULÄ[    Other expense     

ANNUAL REPORT 2016-17 247 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Particulars March 31, 2017 March 31, 2016

7YVÄ[SVZZILMVYL[H_ (3,841.66) (2,858.00) Income tax expense - - 7YVÄ[SVZZMVY[OL`LHY (3,841.66) (2,858.00) Other Comprehensive Income     Total comprehensive income for the year (3,843.57) (2,857.62) .YV\W»ZZOHYLVMWYVÄ[SVZZMVY[OL`LHY (1,921.79) (1,428.81)

The group had no contingent liabilities or capital commitments relating to its interest in India Education Services Private 3PTP[LKHZH[4HYJOHUK4HYJOHUK(WYPS;OLQVPU[]LU[\YLOHKUVV[OLYJVU[PUNLU[SPHIPSP[PLZ VYJHWP[HSJVTTP[TLU[ZHZH[4HYJO4HYJOHUK(WYPS0UKPH,K\JH[PVU:LY]PJLZ7YP]H[L3PTP[LK JHUUV[KPZ[YPI\[LP[ZWYVÄ[Z\U[PSP[VI[HPUZ[OLJVUZLU[MYVT[OL[^V]LU[\YLWHY[ULYZ

B) Joint Venture- Sports Asia Pte. Ltd. ;OL.YV\WOHZH PU[LYLZ[PU:WVY[Z(ZPH7[L3[KHQVPU[]LU[\YL^OPJOV^UZH^LIZP[L¸ TPUPU»^VYSKZSHYNLZ[ TLKPHWSH[MVYT;OL.YV\W»ZPU[LYLZ[PU:WVY[Z(ZPH7[L3[KPZHJJV\U[LKMVY\ZPUN[OLLX\P[`TL[OVKPU[OLJVUZVSPKH[LK ÄUHUJPHSZ[H[LTLU[Z:\TTHYPZLKÄUHUJPHSPUMVYTH[PVUVM[OLQVPU[]LU[\YLIHZLKVUP[Z0UK(:ÄUHUJPHSZ[H[LTLU[ZHUK YLJVUJPSPH[PVU^P[O[OLJHYY`PUNHTV\U[VM[OLPU]LZ[TLU[PUJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZHYLZL[V\[ILSV^!

Summarised balance sheet as at March 31, 2017:

` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

Current assets, including cash and cash equivalents  - - Non-current assets - - - Current liabilities, including tax payable  - - Non-current liabilities, including deferred tax liabilities   - - Equity (497.15) - - Proportion of the Group’s ownership  - - Carrying amount of the investment (251.06) - -

:\TTHYPZLKZ[H[LTLU[VMWYVÄ[HUKSVZZVM[OL:WVY[Z(ZPH7[L3[K!

` in Lacs) Particulars March 31, 2017 March 31, 2016

Revenue - - Depreciation & amortization - - Finance cost - - ,TWSV`LLILULÄ[ - - Other expense  - 7YVÄ[SVZZILMVYL[H_ (517.53) - Income tax expense - - 7YVÄ[SVZZMVY[OL`LHY (517.53) - Other Comprehensive Income   - Total comprehensive income for the year (497.15) - .YV\W»ZZOHYLVMWYVÄ[SVZZMVY[OL`LHY (251.06) -

The group had no contingent liabilities or capital commitments relating to its interest in Sports Asia Pte Ltd as at March 4HYJOHUK(WYPS;OLQVPU[]LU[\YLOHKUVV[OLYJVU[PUNLU[SPHIPSP[PLZVYJHWP[HSJVTTP[TLU[Z HZH[4HYJO4HYJOHUK(WYPS:WVY[Z(ZPH7[L3[KJHUUV[KPZ[YPI\[LP[ZWYVÄ[Z\U[PSP[VI[HPUZ [OLJVUZLU[MYVT[OL[^V]LU[\YLWHY[ULYZ

248 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

34. GRATUITY ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

+LÄULKILULÄ[NYH[\P[`WSHU       Total 1,087.62 1,071.77 1,048.82 Non- Current 176.99 217.47 177.63 Current 910.63 854.30 871.19

/;4LKPH.YV\WOHZHKLÄULKILULÄ[WSHU,]LY`LTWSV`LL^OVOHZJVTWSL[LKÄ]L`LHYZVYTVYLVMZLY]PJLZNL[Z HNYH[\P[`VUZLWHYH[PVUH[KH`ZZHSHY`SHZ[KYH^UZHSHY`MVYLHJOJVTWSL[LK`LHYVMZLY]PJL/;4LKPH3[KHUK Hindustan Media Ventures limited has formed separate Gratuity Trust/Fund to which contribution is made based on HJ[\HYPHS]HS\H[PVUKVULI`PUKLWLUKLU[]HS\LY   ;OLMVSSV^PUN[HISLZ\TTHYPaLZ[OLJVTWVULU[ZVMUL[ILULÄ[L_WLUZLZYLJVNUPaLKPU[OL*VUZVSPKH[LK7YVÄ[HUK3VZZ Account and the funded status and amount recognized in the Consolidated Balance Sheet:

+LÄULK)LULÄ[NYH[\P[`7SHU *OHUNLZPU[OLKLÄULKILULÄ[VISPNH[PVUHUKMHPY]HS\LVMWSHUHZZL[ZHZH[4HYJO!

PRESENT VALUE OF OBLIGATION

` in Lacs) Particulars March 31, 2017 March 31, 2016

Opening Balance     Current Service Cost    Interest Expense or cost     9LTLHZ\YLTLU[VY(J[\HYPHSNHPUSVZZHYPZPUNMYVT! JOHUNLPUÄUHUJPHSHZZ\TW[PVUZ  - L_WLYPLUJL]HYPHUJLPL(J[\HSL_WLYPLUJL]ZHZZ\TW[PVUZ       )LULÄ[Z7HPK   Total 4,407.05 3,738.53

FAIR VALUE OF PLAN ASSETS

` in Lacs) Particulars March 31, 2017 March 31, 2016

Opening Balance    Investment Income    Employer's contribution       )LULÄ[Z7HPK    Return on plan assets, excluding amount recognised in net interest expenses   Total 3,319.43 2,666.76

The major categories of plan assets of the fair value of the total plan assets are as follows:

India gratuity Plan Particulars March 31, 2017 March 31, 2016

Investment in Funds managed by insurer  

ANNUAL REPORT 2016-17 249 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

The principal assumptions used in determining gratuity obligation for the Company’s plans are shown below:

Particulars March 31, 2017 March 31, 2016

Discount Rate   Salary Growth Rate  [V  [V Withdrawal Rate Up to 30 years   31 - 44 years   Above 44 years  

(X\HU[P[H[P]LZLUZP[P]P[`HUHS`ZPZMVYZPNUPÄJHU[HZZ\TW[PVUHZH[4HYJOPZHZZOV^UILSV^!

+LÄULKNYH[\P[`WSHU!

` in Lacs) Particulars March 31, 2017 March 31, 2016

+LÄULK)LULÄ[6ISPNH[PVU)HZL   

0TWHJ[VUKLÄULKILULÄ[VISPNH[PVU

` in Lacs) Particulars March 31, 2017 March 31, 2016

Assumptions 1% decrease 1% increase 1% decrease 1% increase

Discount Rate      Salary Growth Rate       Withdrawal Rate        

;OLZLUZP[P]P[`HUHS`ZPZHIV]LOH]LILLUKL[LYTPULKIHZLKVUHTL[OVK[OH[L_[YHWVSH[LZ[OLPTWHJ[VUKLÄULKILULÄ[ VISPNH[PVUHZHYLZ\S[VMYLHZVUHISLJOHUNLZPURL`HZZ\TW[PVUZVJJ\YYPUNH[[OLLUKVM[OLYLWVY[PUNWLYPVK

;OLMVSSV^PUNWH`TLU[ZHYLL_WLJ[LKJVU[YPI\[PVUZ[V[OLKLÄULKILULÄ[WSHUPUM\[\YL`LHYZ!

` in Lacs) Particulars March 31, 2017

>P[OPU[OLUL_[TVU[OZUL_[HUU\HSYLWVY[PUNWLYPVK   Between 2 and 5 years   Between 6 and 10 years   Beyond 10 years     Total expected payments 9,478.86

(]LYHNLK\YH[PVUVM[OLKLÄULKILULÄ[WSHUVISPNH[PVUPZ`LHYZ[V`LHYZ7YL]PV\Z`LHY`LHYZ[V`LHYZ

+LÄULK*VU[YPI\[PVU7SHU

` in Lacs) Particulars March 31, 2017 March 31, 2016

Contribution to Provident and Other funds *OHYNLK[V:[H[LTLU[VM7YVÄ[HUK3VZZ 2,282.08  

250 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Leave Encashment (unfunded) ;OL*VTWHU`YLJVNUPZLZ[OLSLH]LLUJHZOTLU[L_WLUZLZPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZIHZLKVUHJ[\HYPHS]HS\H[PVU ;OLL_WLUZLZYLJVNUPZLKPU[OL:[H[LTLU[VM7YVÄ[HUK3VZZHUK[OL3LH]LLUJHZOTLU[SPHIPSP[`H[[OLILNPUUPUNHUKH[ the end of the year : ` in Lacs) Particulars 31 March, 2017 31 March, 2016

Liability at the beginning of the year    Paid during the year    Provided during the year   Liability at the end of the year 631.50  

35. SHARE-BASED PAYMENTS 0UHJJVYKHUJL^P[O[OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH:OHYL)HZLK,TWSV`LLILULÄ[Z9LN\SH[PVUZHUK Ind-AS 102 share based payments, the scheme detailed below is managed and administeredJVTWLUZH[PVUILULÄ[Z PU YLZWLJ[ VM [OL ZJOLTL PZ HZZLZZLK HUK HJJV\U[LK I` [OL .YV\W *VTWHU` HUK [OL 7HYLU[ *VTWHU`;V OH]L HU \UKLYZ[HUKPUNVM[OLZJOLTLYLSL]HU[KPZJSVZ\YLZHYLNP]LUILSV^

I. As approved by the shareholders at their Extra-ordinary General Meeting held on October 21, 2005, during an earlier year, the Parent Company has given interest-free loan of ` SHJZ[V/;4LKPH,TWSV`LL>LSMHYL;Y\Z[^OPJOPU turn purchased 468,044 Equity Shares of `LHJOVM/;4LKPH3PTP[LKHZVUKH[LLX\P]HSLU[[V,X\P[` Shares of ` 2/- each) from the open market [average cost per share – `  IHZLKVU,X\P[`:OHYLVM`LHJODMVY [OLW\YWVZLVMNYHU[PUN6W[PVUZ\UKLY[OLº/;43,TWSV`LL:[VJR6W[PVU:JOLTL»[OL:JOLTL[VLSPNPISLLTWSV`LLZ

+\YPUN[OLÄUHUJPHS`LHY [OL:JOLTL^HZTVKPÄLK[V[OLLMMLJ[¶H6W[PVUZNYHU[LK^LM:LW[LTILY ZOHSS]LZ[HZWLYWYL]PV\ZYL]PZLKZJOLK\SLVM]LZ[PUNWLYPVK"HUKI[VL_[LUK[OLJV]LYHNLVM[OL:JOLTL[V [OLLSPNPISLM\SS[PTLLTWSV`LLZVM[OLZ\IZPKPHY`JVTWHUPLZ The Options granted under the Scheme shall vest as per the Schedules of vesting period which are hereinafter YLMLYYLK[VHZº7SHU(»º7SHU)»HWWSPJHISL[V6W[PVUZNYHU[LK^LM:LW[LTILYHUK7SHU*HWWSPJHISL [V6W[PVUZNYHU[LK^LM6J[VILY  6W[PVUZNYHU[LK\UKLYIV[O[OLWSHUZHYLL_LYJPZHISLMVYHWLYPVKVM `LHYZHM[LY[OLZJOLK\SLK]LZ[PUNKH[LVM[OLSHZ[[YHUJOLVM[OL6W[PVUZHZWLY[OL:JOLTL

;OLYLSL]HU[KL[HPSZVM[OL:JOLTLHYLHZ\UKLY

Particulars Plan A Plan B Plan C

January 9, 2006 September 25, 2007 Dates of Grant December 5, 2006 May 20, 2009 October 8, 2009 January 23, 2007 May 31, 2011 Date of Board approval September 20, 2005 October 12, 2007 September 30, 2009 Date of Shareholder’s approval October 21, 2005 November 30, 2007 October 3, 2009   7,73,765 Number of options granted   4,53,982 4,86,932 2,28,490 83,955 Method of Settlement Equity Equity Equity =LZ[PUN7LYPVKZLL[HISLILSV^ 12 to 48 months 12 to 48 months 12 to 48 months    -HPY=HS\LVU[OLKH[LVM.YHU[PU`)       Exercise Period 10 years after the scheduled vesting date of the last tranche of the Options, as per the Scheme Vesting Conditions Employee remaining in the employment of the Company during the vesting period

(KQ\Z[LKMVYMHJL]HS\LVM` 2/- after stock split Note: Approvals obtained from the Board of Directors and Shareholder’s of the Company for the ‘Plan B’ were with retrospective effect from September 15, 2007

ANNUAL REPORT 2016-17 251 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Details of the vesting period are:

Vesting Schedule Vesting Period from the Grant date Plan A Plan B Plan C

On completion of 12 months    On completion of 24 months    On completion of 36 months   - On completion of 48 months   -

;OLKL[HPSZVMHJ[P]P[`\UKLY7SHU(7SHU)LMMLJ[P]LMYVT:LW[LTILYHUK7SHU*VM[OL:JOLTLOH]LILLU summarized below:-

Plan A

March 31, 2017 March 31, 2016 Particulars Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year 5,11,455   5,11,455   Granted during the year - - - - Forfeited during the year 13,595   - - Exercised during the year - - - - Expired during the year - - - - Outstanding at the end of the period 4,97,860   5,11,455   Exercisable at the end of the period 4,97,860   5,11,455   >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ   Weighted average fair value of options granted during the year - - Plan B

March 31, 2017 March 31, 2016 Particulars Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year 2,95,778  2,95,778  Granted during the period - - - - Forfeited during the period 1,62,514   - - Exercised during the period - - - - Expired during the period - - - - Outstanding at the end of the period 1,33,264  2,95,778  Exercisable at the end of the period 1,33,264  2,95,778  >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ    Weighted average fair value of options granted during the year - -

252 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Plan C

March 31, 2017 March 31, 2016 Particulars Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year 3,20,961  3,20,961  Granted during the period - - - - Forfeited during the period 37,439  -- Exercised during the period - - - - Expired during the period - - - - Outstanding at the end of the period 2,83,522  3,20,961  Exercisable at the end of the period 2,83,522  3,20,961  >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ   Weighted average fair value of options granted during the year - -

The details of exercise price for stock options outstanding at the end of the year ended March 31, 2017 are:-

Number of options Weighted average Weighted average Exercise prices outstanding remaining contractual exercise price life of options (in years) (`)

Plan A `  4,97,860   Plan B `  1,33,264   Plan C ` 2,83,522  

The details of exercise price for stock options outstanding at the end of the previous year ended March 31, 2016 are:-

Number of options Weighted average Weighted average Range of exercise prices outstanding remaining contractual exercise price life of options (in years) (`)

Plan A ` [V`   5,11,455     Plan B ` [V  2,95,778   Plan C ` 3,20,961  

II.;OL /PUK\Z[HU ;PTLZ 3PTP[LK [OL \S[PTH[L 7HYLU[ *VTWHU` HUK /; 4LKPH 3PTP[LK [OL 7HYLU[ *VTWHU` has given loan to “HT Group Companies – Employee Stock Option Trust” which in turn has purchased Equity Shares of ` 10/- each of the Hindustan Media Ventures Limited for the purpose of granting Options under the º/; .YV\W *VTWHUPLZ ¶,TWSV`LL :[VJR 6W[PVU 9\SLZ» ¸/; ,:67¹ [V LSPNPISL LTWSV`LLZ VM [OL NYV\W

The Parent Company has given loan of `SHJZ[V¸/;.YV\W*VTWHUPLZ¶,TWSV`LL:[VJR6W[PVU;Y\Z[¹ which in turn has purchased 37,338 Equity Shares of `LHJOVM/PUK\Z[HU4LKPH=LU[\YL3PTP[LK/4=3¶ Subsidiary Company of HT Media Limited, for the purpose of granting Options under the ‘HT Group Companies ¶,TWSV`LL:[VJR6W[PVU:JOLTL»[OL:JOLTL[VLSPNPISLLTWSV`LLZVM[OLNYV\W6U[OLZLW\YJOHZLKZOHYLZ[OL [Y\Z[OHZHSZVYLJLP]LK  ZOHYLZV\[VM[OLIVU\ZZOHYLZPZZ\LKI`[OL/4=3VU-LIY\HY`

ANNUAL REPORT 2016-17 253 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

( +L[HPSZVM6W[PVUZNYHU[LKHZVU4HYJOHYLNP]LUILSV^!

Options Fair value on Weighted average Type of Date of Method of granted the date of Vesting conditions remaining contractual life arrangement grant Settlement (nos.) grant (`) (in years)

Employee September 1,93,782  ¼ of the shares vest each year  Equity Stock Options 15, 2007 over a period of four years starting from one year after the date of grant Employee May 20, 11,936  ¼ of the shares vest each year  Equity Stock Options 2009 over a period of four years starting from one year after the date of grant Employee February 4, 1,50,729   VU[OLKH[LVMNYHU[HUK  Equity Stock Options 2010  ]LZ[LHJO`LHYV]LYH period of 2 years starting from the date of grant Employee March 8, 17,510  ¼ of the shares vest each year   Equity Stock Options 2010 over a period of four years starting from one year after the date of grant Employee April 1, 4,545   ¼ of the shares vest each year  Equity Stock Options 2010 over a period of four years starting from one year after the date of grant

Weighted average fair value of the options outstanding is ` WLYVW[PVU

):\TTHY`VMHJ[P]P[`\UKLY[OLWSHUZPZNP]LUILSV^!

March 31, 2017 March 31, 2016 Particulars Number of Weighted Average Number of Weighted Average options Exercise Price (`) options Exercise Price (`)

Outstanding at the beginning of the year 2,21,776  2,32,069  Granted during the year - - -- Forfeited during the year - - -- Exercised during the year 79,950    10,293  Expired during the year - - -- Outstanding at the end of the period 1,41,826  2,21,776  Exercisable at the end of the period 1,41,826  2,21,776  >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ  

As no stock options have been granted during the current year and Previous Year, the disclosures regarding estimated MHPY]HS\LHYLUV[WYV]PKLK

C. The details of exercise price for stock options outstanding at the end of the year ended March 31, 2017 are:

(Z[VJRVW[PVUNP]LZHULTWSV`LL[OLYPNO[[VW\YJOHZLLX\P[`ZOHYLZVM[OL*VTWHU`H[HÄ_LKWYPJL^P[OPUHZWLJPÄJ WLYPVKVM[PTL;OLKL[HPSZVML_LYJPZLWYPJLMVYZ[VJRVW[PVUZV\[Z[HUKPUNH[[OLLUKVM[OL`LHYHYLHZ\UKLY!

254 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Year Range of exercise Number Weighted average Weighted average prices of options remaining contractual exercise price (`) outstanding life of options (in years)

2016-2017 `[V` 60 1,41,826   2015-2016 `[V` 60 2,21,776  

6W[PVUZNYHU[LKHYLL_LYJPZHISLMVYHTH_PT\TWLYPVKVM`LHYZHM[LY[OLZJOLK\SLK]LZ[PUNKH[LHZWLY[OL:JOLTL

HMVL has availed exemption under Ind AS 101 in respect of Share-based payments that had been vested before the transition KH[L/4=3OHZLSLJ[LK[VH]HPS[OPZL_LTW[PVUHUKHJJVYKPUNS`]LZ[LKVW[PVUZOH]LILLUTLHZ\YLKH[PU[YPUZPJ]HS\L

III.6ULVM[OLZ\IZPKPHY`*VTWHU`-PYLÅ`L=LU[\YLZ3PTP[LKOHZNYHU[LK,TWSV`LL:[VJR6W[PVUZ,:67Z[VP[ZV^U employees and to the employees of its Ultimate Holding Company “HT Media Limited” and to the employees of its -LSSV^Z\IZPKPHYPLZ¸/PUK\Z[HU4LKPH=LU[\YLZ3PTP[LK¹\UKLY[OL:JOLTL

( +L[HPSZVM[OLZLWSHUZHYLNP]LUILSV^! ,TWSV`LL:[VJR6W[PVUZ7SHU(B¸-PYLÅ`,:67 ¹D

;OLNYHU[WYPJLVYZ[YPRLWYPJLPZÄ_LKHZILSV^! P -VYVW[PVUZNYHU[LKK\YPUN[OLÄUHUJPHS`LHY ZOHSSIL ` 10 each per option PP -VYVW[PVUZNYHU[LKPUHU`ÄUHUJPHS`LHYJVTTLUJPUNVUVYHM[LY(WYPSZOHSSIL[OLMHPYTHYRL[]HS\LVMVUL share as on the date of grant or face value of share, whichever is higher-

,TWSV`LL:[VJR6W[PVUZ7SHU)B¸-PYLÅ`,:67¹D

;OLNYHU[WYPJLVYZ[YPRLWYPJLZOHSSIL[OLMHPYTHYRL[]HS\LVMVULZOHYLHZVU[OLKH[LVMNYHU[VYMHJL]HS\LVMZOHYL ^OPJOL]LYPZOPNOLY

) +L[HPSZVMVW[PVUZNYHU[LKHZVU4HYJOHYLHZNP]LUILSV^!

Type of Date of Options Fair value Vesting conditions Weighted average Method of arrangement grant granted on the date remaining Settlement (nos.) of grant (`) contractual life (in years)

Employee Stock October 16, 98,69,800    TVU[OZMYVT[OLKH[LVMNYHU[  Equity Options- Plan A 2009  TVU[OZMYVT[OLKH[LVMNYHU[  TVU[OZMYVT[OLKH[LVMNYHU[   TVU[OZMYVT[OLKH[LVMNYHU[ Employee Stock April 1, 3,39,200    TVU[OZMYVT[OLKH[LVMNYHU[  Equity Options- Plan A 2010  TVU[OZMYVT[OLKH[LVMNYHU[  TVU[OZMYVT[OLKH[LVMNYHU[   TVU[OZMYVT[OLKH[LVMNYHU[ Employee Stock April 11, 4,24,050   TVU[OZMYVT[OLKH[LVMNYHU[  Equity Options- Plan A 2011  TVU[OZMYVT[OLKH[LVMNYHU[  TVU[OZMYVT[OLKH[LVMNYHU[   TVU[OZMYVT[OLKH[LVMNYHU[ Employee Stock December 3, 14,34,000    6U[OLKH[LVMNYHU[ NA Equity Options- Plan B 2013  TVU[OZMYVT[OLKH[LVMNYHU[  TVU[OZMYVT[OLKH[LVMNYHU[  TVU[OZMYVT[OLKH[LVMNYHU[

Weighted average fair value of the options outstanding is `WLYVW[PVU

ANNUAL REPORT 2016-17 255 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

*:\TTHY`VMHJ[P]P[`\UKLY[OLWSHUZPZNP]LUILSV^!7SHU(

March 31, 2017 March 31, 2016 Number of Weighted-average Number of Weighted-average options exercise price (`) options exercise price (`)

Outstanding at the beginning of the year 74,95,224  76,36,574  Granted during the year - - -- Forfeited during the year 1,46,975  1,41,350  Exercised during the year - - - - Expired during the year - - -- Outstanding at the end of the period 73,48,249  74,95,224  Exercisable at the end of the period 73,48,249  74,95,224  >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ  

As no stock options have been granted during the current year and Previous Year, the disclosures regarding estimated MHPY]HS\LHYLUV[WYV]PKLK

*:\TTHY`VMHJ[P]P[`\UKLY[OLWSHUZPZNP]LUILSV^!7SHU)

March 31, 2017 March 31, 2016 Number of Weighted-average Number of Weighted-average options exercise price (`) options exercise price (`)

Outstanding at the beginning of the year 4,80,225  10,06,500  Granted during the year - - -- Forfeited during the year - - 5,26,275  Exercised during the year - - - - Expired during the year - - -- Outstanding at the end of the period 4,80,225  4,80,225  Exercisable at the end of the period 4,80,225  4,80,225  >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ NA 

As no stock options have been granted during the current year and Previous Year, the disclosures regarding estimated fair ]HS\LHYLUV[WYV]PKLK

6W[PVUZNYHU[LKHYLL_LYJPZHISLMVYHTH_PT\TWLYPVKVM`LHYZHM[LY[OLZJOLK\SLK]LZ[PUNKH[LHZWLY[OL:JOLTL

FEVL has availed exemption under Ind AS 101 in respect of Share-based payments that had been vested before the transition KH[L-,=3OHZLSLJ[LK[VH]HPS[OPZL_LTW[PVUHUKHJJVYKPUNS`]LZ[LKVW[PVUZOH]LILLUTLHZ\YLKH[PU[YPUZPJ]HS\L

IV. Subsidiary Company, HT Mobile Solution Limited (HTMS), has granted Employee Stock Options (ESOPs) to its V^ULTWSV`LLZ!- In the extraordinary general meeting held on November 4, 2013, the shareholders approved the PZZ\LVM VW[PVUZ\UKLY[OL:JOLTL[P[SLK¸,TWSV`LL:[VJR6W[PVU7SHU¹(SSVW[PVU\UKLY[OL,:67 PZL_LYJPZHISLMVYLX\P[`ZOHYLHUKLHJOVW[PVUJVTWYPZLZVUL\UKLYS`PUNLX\P[`ZOHYL

The ESOP allows the issue of options to eligible employees of the Company and directors of the Company, employee VM [OL /VSKPUN *VTWHU` HUK LTWSV`LL VM [OL -LSSV^ :\IZPKPHYPLZ ;OL ]LZ[PUN ZOHSS OHWWLU PU TVYL [OHU VUL [YHUJOLZHZTH`ILKLJPKLKI`[OL)VHYK,HJOVW[PVUPZL_LYJPZHISLMVYVULLX\P[`ZOHYLVM` 10 each fully paid on WH`TLU[VML_LYJPZLWYPJLMHJL]HS\LVMZOHYLZ

256 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

(+L[HPSZVM6W[PVUZNYHU[LKHZVU4HYJOHYLNP]LUILSV^!

Type of Date of Number Fair Value on Vesting conditions Weighted average Method of Arrangement Grant of options the date of remaining contractual Settlement granted Grant (In `) life (in years)

Employee November, 9,83,475 46,61,672  VU[OLKH[LVMNYHU[  Equity Stock Option 4, 2013 HUK TVU[OZMYVT the date of grant  TVU[OZMYVT[OL date of grant

Weighted average fair value of the options outstanding is `WLYVW[PVU

):\TTHY`VMHJ[P]P[`\UKLY[OLWSHUZPZNP]LUILSV^!

March 31, 2017 March 31, 2016 Number of Weighted-average Number of Weighted-average options exercise price (`) options exercise price (`)

Outstanding at the beginning of the year 8,10,891  9,83,475  Granted during the year - - -- Forfeited during the year - - -- Exercised during the year -  - - Expired during the year 6,73,391 - 1,72,584 - Outstanding at the end of the period 1,37,500  8,10,891  Exercisable at the end of the period 1,37,500  8,10,891  >LPNO[LKH]LYHNLYLTHPUPUNJVU[YHJ[\HSSPMLPU`LHYZ  

As no stock options have been granted during the current year and Previous Year, the disclosures regarding estimated fair ]HS\LHYLUV[WYV]PKLK

C. The details of exercise price for stock options outstanding at the end of the year ended March 31, 2017 are:

(Z[VJRVW[PVUNP]LZHULTWSV`LL[OLYPNO[[VW\YJOHZLLX\P[`ZOHYLZVM[OL*VTWHU`H[HÄ_LKWYPJL^P[OPUHZWLJPÄJ WLYPVKVM[PTL;OLKL[HPSZVML_LYJPZLWYPJLMVYZ[VJRVW[PVUZV\[Z[HUKPUNH[[OLLUKVM[OL`LHYHYLHZ\UKLY!

Range of Number of options Weighted average Weighted exercise prices outstanding remaining contractual average exercise life of options (in years) price (`)

2016-17 ` 10 1,37,500   2015-16 ` 10 8,10,891  

6W[PVUZNYHU[LKHYLL_LYJPZHISLMVYHTH_PT\TWLYPVKVM`LHYZHM[LY[OLZJOLK\SLK]LZ[PUNKH[LHZWLY[OL:JOLTL

HTMS has availed exemption under Ind AS 101 in respect of Share-based payments that had been vested before the [YHUZP[PVUKH[L/;4:OHZLSLJ[LK[VH]HPS[OPZL_LTW[PVUHUKHJJVYKPUNS`]LZ[LKVW[PVUZOH]LILLUTLHZ\YLKH[PU[YPUZPJ ]HS\L

ANNUAL REPORT 2016-17 257 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

V. :\IZPKPHY`*VTWHU`;VWTV]PLZ,U[LY[HPUTLU[3PTP[LKOHZNYHU[LK,TWSV`LL:[VJR6W[PVUZ,:67Z[VP[ZV^U employees and to the employees of its Ultimate Holding Company “HT Media Limited” and to the employees of its -LSSV^Z\IZPKPHYPLZ¸/PUK\Z[HU4LKPH=LU[\YLZ3PTP[LK¹K\YPUN[OL`LHY

Year ended March 31, 2017 Year ended March 31, 2016

Weighted- Weighted- Weighted- Weighted-average average Number of average Number of average remaining Employee Stock Options remaining options exercise options exercise contractual life contractual life price (`) price (`) (in years) (in years)

Outstanding at the beginning of 80,808   2,43,240   the year Granted during the year ------Forfeited during the year 80,808  - 1,62,432  - Exercised during the year ------Expired during the year ------Outstanding at the end of the - - - 80,808   year

Weighted average fair value of the options outstanding is `WLYVW[PVU:PUJLUVVW[PVUZOH]LILLUL_LYJPZLKK\YPUN [OLWLYPVK[O\Z^LPNO[LKH]LYHNLZOHYLWYPJLOHZUV[ILLUKPZJSVZLK

The estimated fair value of each stock option granted on each date was made using the Black-Scholes option pricing model with the following assumptions:

Expected Exercise volatility Contractual Risk-free Fair Value of Grant Date Dividend yield price of for stock life in years interest rate options granted options options

February 13, 2014       -

36. COMMITMENTS AND CONTINGENCIES (a) Leases Operating lease commitments - Group as lessee

;OL.YV\WOHZ[HRLU]HYPV\ZYLZPKLU[PHSVMÄJLHUKNVKV^UWYLTPZLZ\UKLYVWLYH[PUNSLHZLHNYLLTLU[Z;OLZLHYLNLULYHSS` JHUJLSSHISLSLHZLZHUKHYLYLUL^HISLI`T\[\HSJVUZLU[VUT\[\HSS`HNYLLK[LYTZ^P[OVY^P[OV\[YLU[HSLZJHSH[PVUZ

The group has paid ` SHJZ7YL]PV\Z@LHY `SHJZK\YPUN[OL`LHY[V^HYKZTPUPT\TSLHZLWH`TLU[ZHUK OHZILLUKPZJSVZLKHZ9LU[\UKLY5V[L

Future minimum rentals payable under non-cancellable operating leases are as follows:

` in Lacs) Particulars 31 March, 2017 31 March, 2016 1 April, 2015

Within one year       (M[LYVUL`LHYI\[UV[TVYL[OHUÄ]L`LHYZ        4VYL[OHUÄ]L`LHYZ    

258 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Operating lease commitments - Group as lessor

;OL.YV\WOHZLU[LYLKPU[VVWLYH[PUNSLHZLZVUP[ZJLY[HPUPU]LZ[TLU[WYVWLY[PLZHUKHWVY[PVUWYLTPZLZH[.YLH[LY5VPKH These are generally cancellable leases and are renewable by mutual consent on mutually agreed terms with or without YLU[HSLZJHSH[PVUZ

Finance Lease- Group as lessor

;OL7HYLU[*VTWHU`OHZLU[LYLKPU[VHÄUHUJLSLHZLHYYHUNLTLU[^P[OP[Z/VSKPUN*VTWHU`-\[\YLTPUPT\TSLHZL YLJLP]HISLZ\UKLYÄUHUJLSLHZL[VNL[OLY^P[O[OLWYLZLU[]HS\LVM[OLTPUPT\TSLHZLYLJLP]HISLZHYLHZMVSSV^Z!

` in Lacs) Within one year After one year but not 4VYL[OHUÄ]L TVYL[OHUÄ]L`LHYZ years

March 31, 2017 Minimum lease receivables      Present value of lease receivables       March 31, 2016 Minimum lease receivables - - - Present value of lease receivables - - - April 1, 2015 Minimum lease receivables - - - Present value of lease receivables - - -

(b) Commitments ` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

A. Capital Commitments Estimated amount of contracts remaining to be executed on capital account     HUKUV[WYV]PKLKMVYUL[VMJHWP[HSHK]HUJLZ

B. Other Commitments Commitment to invest in specific funds Commitment under EPCG Scheme As on March 31, 2017, the Parent Company has invested in The Parent Company has obtained licenses under the ‘Tandem III, LP’, ‘Blume Ventures Fund IA’, ‘Trifecta Venture ,_WVY[ 7YVTV[PVU *HWP[HS .VVKZº,7*.» :JOLTL MVY Debt Fund-I’ and ‘Paragon Partners Growth Fund - I’ USD importing capital goods at a concessional rate of customs 15 lacs, ` 200 lacs, `    SHJZ HUK `  3HJZ K\[`HNHPUZ[Z\ITPZZPVUVMIVUKZPU:LW[LTILY  YLZWLJ[P]LS`

Under the terms of the respective scheme, the Company Under the terms of the respective agreements, as on March is required to export goods or/and services of FOB value 31, 2017, the company is required to further invest USD 35 equivalent to eight times the duty saved in respect of SHJZ4HYJO<:+SHJZ(WYPS<:+ licenses within eight years from the date of issuance of lacs), `5PS4HYJO` 60 lacs, April 1, 2015- ` 180 SPJLUZL lacs), `3HJZ4HYJO`(WYPS 2015- ` Nil) and ` 3HJZ4HYJOHUK(WYPS Accordingly, the Company is required to export goods and 1, 2015- ` Nil) in ‘Tandem III, LP’, ‘Blume Ventures Fund services of FOB value of ` SHJZI`:LW[LTILY IA’, ‘Trifecta Venture Debt Fund- I’ and ‘Paragon Partners   ;OLIHSHUJLL_WVY[VISPNH[PVUSLM[HZVU4HYJO .YV^[O-\UK0»YLZWLJ[P]LS` 31, 2017 is `  SHJZ 4HYJO   `   lacs and April 1, 2015- `  SHJZ;OLTHUHNLTLU[ PZ JVUÄKLU[ VM M\SÄSSPUN [OL ZHPK JVTTP[TLU[ ^P[OPU [OL Z[PW\SH[LK[PTLVYL_[LUKLK[PTLHZHSSV^LK

ANNUAL REPORT 2016-17 259 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

(c) Contingent Liabilities for Back wages on April 2, 2012, Execution Court *SHPTZHNHPUZ[[OLJVTWHU`UV[HJRUV^SLKNLKHZKLI[Z vide its order dated October 8, 2012, held that “No Back Wages” have been granted and decree in HT Media Limited (The Parent Company) YLSH[PVU[OLYL[VJHUUV[ILL_LJ\[LK¹;OL,_LJ\[PVU Legal claim contingency Court vide its order dated January 04, 2013 directed P Income- tax authorities have raised additional demands the management to reinstate the workman without for `SHJZ4HYJO`SHJZHUK(WYPS insisting for refund of notice pay and retrenchment 1, 2015- ` SHJZMVY]HYPV\ZÄUHUJPHS`LHYZ;OL JVTWLUZH[PVU ;OL ZHPK VYKLY VM [OL 3K ,_LJ\[PVU tax demands are mainly on account of disallowances of Court was challenged and pending decision before expenses claimed by the Company under the Income /PNO *V\Y[ VM +LSOP (Z /;3 OHZ UV MHJ[VY` [OL ;H_ (J[ ;OL TH[[LYZ HYL WLUKPUN ILMVYL ]HYPV\Z management has offered a notional reinstatement H\[OVYP[PLZ ;OL *VTWHU` PZ JVU[LZ[PUN [OL KLTHUKZ ^LM(WYPS HUKZHSHY`MYVT(WYPS  and the management believes that its position will likely The Petitioner informed the High Court of Delhi in [VIL\WOLSK5V[H_L_WLUZLZOH]LILLUHJJY\LKPU[OL September, 2013 that since the management is ÄUHUJPHSZ[H[LTLU[ZMVY[OLZL[H_KLTHUKZ currently engaged in real estate management and investment, it can give fresh non-industrial work to PP :LY]PJL[H_H\[OVYP[PLZOH]LYHPZLKHKKP[PVUHSKLTHUKZ H TH_PT\T VM   [OPY[` LPNO[ ^VYRTLU IHZLK VU for `SHJZ4HYJO`SHJZHUK ZLUPVYP[` 0[ ^HZ HSZV Z\ITP[[LK [OH[ [OL WL[P[PVULY April 1, 2015- `SHJZMVY]HYPV\ZÄUHUJPHS`LHYZ company has no work to offer except as stated above The matters are pending before Service Tax Appellate and will accordingly exercise its rights and remedies as ;YPI\UHS;OL*VTWHU`PZJVU[LZ[PUN[OLKLTHUKZHUK available under the Industrial Disputes Act, 1947 qua the management believes that its position will likely to [OLYLTHPUPUN^VYRTLU0U[LYTZVMP[ZZ\ITPZZPVUZ[OL IL\WOLSK5V[H_L_WLUZLZOH]LILLUHJJY\LKPU[OL management issued letter of posting to 38 workmen ÄUHUJPHSZ[H[LTLU[ZMVY[OLZL[H_KLTHUKZ on December 4, 2013 and paid compensation under Section 25FFF of the Industrial Dispute Act, 1947 PPP +\YPUN[OL`LHYLUKLK4HYJO[OL*VTWHU` to remaining 167 workmen on account of closure acquired the printing undertaking at New Delhi from VM WYPU[PUN \UKLY[HRPUNMHJ[VY` SVUN IHJR -PUHS [OL /PUK\Z[HU ;PTLZ 3PTP[LK /;3 ,_ ^VYRTLU arguments were concluded and the Judgment was of HTL challenged the transfer of business by way delivered by Single Bench of Delhi High Court on of a writ in Honorable Delhi High Court, which was September 14, 2015 wherein Court had relied on the X\HZOLKVU4H` ;OLYLHM[LY[OLZL^VYRTLU Judgment of Division Bench and held that the parties raised the industrial dispute before various forums ^PSS IL H[ SPILY[` [V W\YZ\L [OL SVNPJHS JVYVSSHY` ;OL like Delhi Government, Industrial Tribunal-I, New Delhi proceedings before the Execution Court re-started ;YPI\UHSHUK+LSOP/PNO*V\Y[ HM[LYQ\KNTLU[VM:PUNSL)LUJOVM+LSOP/PNO*V\Y[ The Execution Court after hearing both the parties The case was decided by way of award by Industrial passed the order directing the Company to reinstate Tribunal, on January 23, 2013, wherein the workmen the workmen as per the award dated January 23, were granted “relief of treating them in continuity of 2012 as earlier reinstatement was not in accordance services under terms and conditions of service as with Award and also directed management to make ILMVYL[OLPYHSSLNLK[LYTPUH[PVU^LM6J[VILY WH`TLU[VM^HNLZHJJVYKPUNS`;OL4HUHNLTLU[OHZ As per the award, they will not be entitled to any notice challenged the said order of Execution Court before WH`VYJVTWLUZH[PVU\Z--VM0UK\Z[YPHS+PZW\[L(J[ single bench of Hon’ble High Court wherein the The said notice pay or compensation, if any, received WSLHKPUNZ HYL JVTWSL[L HUK TH[[LY PZ SPZ[LK MVY ÄUHS I`[OLT^PSSOH]L[VILYLM\UKLK[V[OL*VTWHU`¹ HYN\TLU[Z 0U [OL TLHU [PTL [OL ^VYRTLU ÄSLK HU application for relief of interim wages under Section ;OLZHPKH^HYKHM[LYW\ISPJH[PVUJHTLPU[VVWLYH[PVU^LM 17B of the Industrial Disputes Act, 1947 in the same (WYPS;OL4HUHNLTLU[PZZ\LKZL]LYHSSL[[LYZ[V ^YP[ WL[P[PVU VM THUHNLTLU[ ;OL 3K :PUNSL 1\KNL the workmen followed by the public notice asking them allowed the said application vide its order dated to refund the notice pay and retrenchment compensation March 1, 2017 and directed the management to pay so received, as directed by Industrial Tribunal, however, SHZ[KYH^UTVU[OS`^HNLZ^LM4HYJO;OL [OLYL^HZUVYLZWVUZLMYVT[OL^VYRTHU said order of the single bench is challenged by the management in LPA 176 /2017 before Division Bench ;OL ^VYRTHU HSZV ÄSLK [OL ,_LJ\[PVU 7YVJLLKPUN of Delhi High Court wherein the Division Bench has

260 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

stayed the impugned order dated March 15, 2017 ILPUNNYHU[LKPU[OLH^HYKKH[LK1HU\HY` to the extent of the direction for payment of monthly :VTL V[OLY ^VYRTLU ÄSLK HUV[OLY :37 * 5V ^HNLZ[V[OLYLZWVUKLU[Z;OL/VU»ISL+P]PZPVU)LUJO 28705/2015 challenging the same order of Division has disposed off the LPA 176/2017 on April 20, 2017 Bench, Delhi High Court, virtually on same grounds, HUKNYHU[LK/PUK\Z[HU;PTLZ3[KHUVWWVY[\UP[`[V which is pending for hearing though there is a likely ÄSLYLWS`[V[OLHWWSPJH[PVU\UKLY:LJ[PVU)ILMVYL hood of same fate as of another SLP which is already ZPUNSLILUJOVM/VU»ISL/PNO*V\Y[ KLJPKLKVU(\N\Z[;OL^VYRTLU[OLYLHM[LY ÄSLKHMYLZO>YP[7L[P[PVUILMVYL[OLZPUNSLILUJOVM After the Petition of management challenging the Delhi High Court challenging the award dated January order of Execution Court dated January 4, 2013, the [V[OLL_[LU[VMKLUPHSVMIHJR^HNLZ;OL ^VYRTLUHSZVÄSLK>YP[7L[P[PVUHNHPUZ[[OLVYKLYVM said Writ Petition was dismissed by single bench of 3K,_LJ\[PVU*V\Y[KH[LK6J[VILY KLU`PUN Delhi High Court vide its judgment dated October 3, [OLT IHJR ^HNLZ ;OL :PUNSL )LUJO VM +LSOP /PNO 2016 on the ground of res- judicata and on account of Court pronounced the judgment on November 17, KLSH`VYSH[JOLZ;OLQ\KNLTLU[VM[OLZPUNSLILUJOVM 2014 in favour of the workmen that Back wage are Delhi High Court is challenged by the workmen before WH`HISL [V [OLT ;OL THUHNLTLU[ JOHSSLUNLK [OL said order before Division Bench of Delhi High Court, Division Bench of High Court, wherein notice has been which pronounced the judgment on February 23, issued to the Company and matter is pending before 2015, wherein it held that no back wages are granted +P]PZPVU)LUJOVM+LSOP/PNO*V\Y[ [V[OL^VYRTLU]PKLH^HYKKH[LK1HU\HY` The workmen approached the Hon’ble Supreme P] ;OL JVTWHU` PZ PU]VS]LK PU ]HYPV\Z SP[PNH[PVUZ [OL *V\Y[ HNHPUZ[ [OL ZHPK VYKLY VM +P]PZPVU )LUJO ;OL outcome of which are considered probable and ZHPK:37ÄSLKI`[OL^VYRTLUHNHPUZ[[OLQ\KNLTLU[ in respect of which the company has aggregate of Division Bench of Delhi High Court, was dismissed provisions of `  SHJZ 4HYJO   by Hon’ble Supreme Court vide order dated August `SHJZHUK(WYPS` SHJZHZH[   HMÄYTPUN [OL ]PL^Z [OH[ UV IHJR ^HNLZ HYL 4HYJO

Hindustan Media Ventures Limited

( *SHPTZHNHPUZ[[OLJVTWHU`UV[HJRUV^SLKNLKHZKLI[Z

` in Lacs) Particulars March 31, 2017 March 31, 2016

H;OL*VTWHU`OHZÄSLKHWL[P[PVUILMVYL[OL/VU»ISL7H[UH/PNO*V\Y[HNHPUZ[HUPUP[PHS   claim for additional contribution of `SHJZTHKLI`,TWSV`LLZ:[H[L0UZ\YHUJL *VYWVYH[PVU,:0*YLSH[PUN[V[OL`LHYZ  [V ;OL*VTWHU`OHZM\YUPZOLK a bank guarantee amounting to `SHJZ[V,:0*;OL/VU»ISL/PNO*V\Y[OHKPUP[PHSS` stayed the matter and on July 18, 2012 disposed off the Petition with the Order of “No *VLYJP]L:[LWZOHSSIL[HRLUHNHPUZ[/4=3¹^P[OKPYLJ[PVU[VTV]LMVY,:0*V\Y[4H[[LYPZ Z[PSSWLUKPUNPU3V^LY*V\Y[;OLYLPZUVM\Y[OLYWYVNYLZZPU[OLTH[[LYK\YPUN[OL`LHY I;OL*VTWHU`OHZÄSLKHWL[P[PVUILMVYL[OL/VU»ISL7H[UH/PNO*V\Y[HNHPUZ[[OLKLTHUK   of ` SHJZPUJS\KPUNPU[LYLZ[MVYZOVY[WH`TLU[VM,:0K\LZWLY[HPUPUN[V[OL`LHYZMYVT [V;OL/VU»ISL/PNO*V\Y[OHKPUP[PHSS`Z[H`LK[OLTH[[LYHUKVU1\S`  disposed off the Petition with the Order of “No Coercive Step shall be taken against HMVL” ^P[OKPYLJ[PVU[VTV]LMVY,:0*V\Y[4H[[LYPZZ[PSSWLUKPUNPU3V^LY*V\Y[;OLYLPZUV M\Y[OLYWYVNYLZZPU[OLTH[[LYK\YPUN[OL`LHY

B. During the FY 16-17, tha management has received several claims substantially from employees in UP, Jharkhand HUK )POHY ^OV HYL LP[OLY YL[PYLK VY ZLWHYH[LK MYVT [OL *VTWHU` YLNHYKPUN [OL ILULÄ[Z VM 4HQP[OPH >HNL )VHYK YLJVTTLUKH[PVUZ/V^L]LYHSSZ\JOJSHPTZYLJV]LY`VYKLYZPZZ\LKI`(3*+3*VMÄJLHYLNLULYHSS`LP[OLYZ[H`LKI` [OLYLZWLJ[P]L/VU»ISL/PNO*V\Y[ZVYHYLWLUKPUNILMVYL(3*+3*

Based on management assessment and current status of the above matters, the management of Hindustan Media =LU[\YLZ3PTP[LKPZJVUÄKLU[[OH[UVWYV]PZPVUPZYLX\PYLKPU[OLÄUHUJPHSZ[H[LTLU[ZHZVU4HYJO

ANNUAL REPORT 2016-17 261 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

37. RELATED PARTY TRANSACTIONS  -VSSV^PUNHYL[OL9LSH[LK7HY[PLZHUK[YHUZHJ[PVUZLU[LYLK^P[OYLSH[LKWHY[PLZMVY[OLYLSL]HU[ÄUHUJPHS`LHY! i) List of Related Parties and Relationships:-

Holding Company of Parent Company ,HY[OZ[VUL/VSKPUN;^V3PTP[LK The Hindustan Times Limited India Education Services Private Limited Joint Ventures :WVY[Z(ZPH7[L3[K 4`7HYPJOH`:LY]PJLZ7YP]H[L3PTP[LK9LSH[PVUZOPWJLHZLK^LM4HYJO Associate 30, 2016) .YV\WJVTWHUPLZ^OLYLJVTTVUJVU[YVSL_PZ[Z^P[O 7H_[VU;YL_PT7YP]H[L3PTP[LK9LSH[PVUZOPWJLHZLK^LM1HU\HY`  whom the Group had transactions during the year) ,U[P[PLZ^OPJOHYLWVZ[LTWSV`TLU[ILULÄ[WSHUZ^P[O HT Media Limited Working Journalist Gratuity Fund whom transactions have occurred during the year) HT Media Limited Non Journalist & Other Employees Gratuity Fund HMVL Editorial Employees Gratuity Fund HMVL Non Editorial & Other Employees Gratuity Fund 2L`4HUHNLTLU[7LYZVUULS 4YZ:OVIOHUH)OHY[PH*OHPYWLYZVU ,KP[VYPHS+PYLJ[VYVM7HYLU[ ^P[O^OVT[OL.YV\WOHK[YHUZHJ[PVUZK\YPUN[OL Company) year) 4Y7YP`H]YH[)OHY[PHJLHZLK[VILH>OVSL[PTL+PYLJ[VYVM[OL7HYLU[ *VTWHU`^LM4HYJOI\[ILJHTL+PYLJ[VYPU/PUK\Z[HU 4LKPH=LU[\YLZ3PTP[LK^LM1\S` 4Y:OHTP[)OHY[PH>OVSL[PTL+PYLJ[VYVM[OL7HYLU[*VTWHU` JLHZLK[VILH>OVSL[PTL+PYLJ[VY^LM1HU\HY`JVU[PU\L to be non- executive director 4Y9HQP]=LYTH>OVSL[PTL+PYLJ[VYVM[OL7HYLU[*VTWHU`HUK*OPLM ,_LJ\[P]L6MÄJLYJLHZLK[VILH>OVSL[PTL+PYLJ[VY^LM4HYJO 2016) 4Y+PULZO4P[[HS>OVSL;PTL+PYLJ[VYLMMLJ[P]L4H`HUK Group General Counsel & Company Secretary) 4Y52:PUNO5VU,_LJ\[P]L0UKLWLUKLU[+PYLJ[VYVM7HYLU[ Company) 4Y=PRYHT:PUNO4LO[H5VU,_LJ\[P]L0UKLWLUKLU[+PYLJ[VYVM7HYLU[ Company) 4Y254LTHUP5VU,_LJ\[P]L0UKLWLUKLU[+PYLJ[VYVM7HYLU[ Company) 9LSH[P]LZVM2L`4HUHNLTLU[7LYZVUULS^P[O^OVT 4YZ5\[HU4P[[HS9LSH[P]LVM+PULZO4P[[HS transactions have occurred during the year)

,HY[OZ[VUL/VSKPUN;^V3PTP[LKPZ[OL/VSKPUN*VTWHU`VM;OL/PUK\Z[HU;PTLZ3PTP[LK ii) Transactions with related parties Refer Note 37 A iii) Terms and conditions of transactions with related parties The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length [YHUZHJ[PVUZ6\[Z[HUKPUNIHSHUJLZH[[OL`LHYLUKHYL\UZLJ\YLKHUKPU[LYLZ[MYLLHUKZL[[SLTLU[VJJ\YZPUJHZO ;OLYLOH]LILLUUVN\HYHU[LLZWYV]PKLKVYYLJLP]LKMVYHU`YLSH[LKWHY[`YLJLP]HISLZVYWH`HISLZ;OPZHZZLZZTLU[ PZ\UKLY[HRLULHJOÄUHUJPHS`LHY[OYV\NOL_HTPUPUN[OLÄUHUJPHSWVZP[PVUVM[OLYLSH[LKWHY[`HUK[OLTHYRL[PU ^OPJO[OLYLSH[LKWHY[`VWLYH[LZ iv) Transactions with key management personnel Refer Note 37 A

262 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

           Total                

- -

-

      Pvt Ltd @ ^OLYL by Key common V^ULKVY PUÅ\LUJLK Companies Enterprises ZPNUPÄJHU[S` Personnel or Management control exists control Paxton Trexim Paxton Trexim [OLPYYLSH[P]LZ ------

------Fund

& Other Gratuity Editorial HMVL Non Employees ------Fund HMVL Gratuity Editorial Employees ------ILULÄ[WSHUZ & Other HT Media Journalist Employees Limited Non Gratuity Fund ------,U[P[PLZ^OPJOHYLWVZ[LTWSV`TLU[ Fund Limited Gratuity Working Working HT Media Journalist ------  of Key (KMP's) Relatives Personnel Managerial ------

- - - Non-    Directors Executive ------

-

------^ - Mittal Dinesh 

------

- - - - # - Rajiv Verma ------Shamit Bhartia ------247Z+PYLJ[VYZ Bhartia Priyavrat ------Bhartia           Shobhana

------

------@@ Pvt. Ltd. Services Associates Key Managerial Personnel MyParichay ------India               Pvt. Ltd     Services Venture Education

- - - - -

- - -

- - - -

------Ltd Holding ;^V7][ Earthstone ------The Ltd.     Times Holding company Joint          Hindustan 31-Mar-17 31-Mar-17 - 31-Mar-16 31-Mar-16 - 31-Mar-17 31-Mar-17 31-Mar-16 - 31-Mar-16 - 31-Mar-17 - 31-Mar-17 - 31-Mar-16 - 31-Mar-16 - 31-Mar-17 31-Mar-16 31-Mar-17 - 31-Mar-16 - 31-Mar-17 - 31-Mar-16 - 31-Mar-17 - 31-Mar-16 - 31-Mar-17 31-Mar-16 Transaction during the Transaction year ended Related Party Transactions Revenue Transactions Income from Advertisement & Digital Services Reimbursement of on expenses incurred behalf of the parties by companies in the Group Interest received received Interest VUÄUHUJLSLHZL arangement Assets Given on Lease Non Executive Sitting Fee Director's and Commission Printing / Service Paid Charges Rent Paid Paid for Employee Education Programme [V2L`4HUHNLYPHS 7LYZVUULS247Z Directors Remuneration paid Payment for Car Lease Payment for Car Lease Others Reimbursement of on expenses incurred behalf of the companies by parties in the Group 37A. RELATED PARTY TRANSACTIONS PARTY RELATED 37A.

ANNUAL REPORT 2016-17 263 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

   Total                               

- -

- -    Pvt Ltd @ ^OLYL by Key common V^ULKVY PUÅ\LUJLK Companies Enterprises ZPNUPÄJHU[S` Personnel or Management control exists control Paxton Trexim Paxton Trexim [OLPYYLSH[P]LZ - -

------

Fund

& Other Gratuity Editorial Y0UK(: º,TWSV`LL)LULÄ[Z»PU HMVL Non Employees ------Fund LY[HRLU\U[PS[OH[KH[LHYLYLWVY[LKOLYL HMVL LU\U[PS[OH[KH[LHYLYLWVY[LKOLYL Gratuity Editorial Employees ------ILULÄ[WSHUZ & Other HT Media Journalist Employees Limited Non Gratuity Fund ------,U[P[PLZ^OPJOHYLWVZ[LTWSV`TLU[ Fund Limited               Gratuity Working Working HT Media Journalist -

-

------of Key (KMP's) Relatives Personnel Managerial ------Non- Directors Executive ------^ [ILULÄ[ZHUKV[OLYSVUN[LYTLTWSV`LLILULÄ[ZYLJVNUPZLKHZWL - PZUV[PUJS\KLKHIV]L Mittal Dinesh VULK9LSH[LK7HY[`;YHUZHJ[PVUYLWVY[VUS`[OL[YHUZHJ[PVUZ\UK

------

- - - - -

9LSH[LK7HY[`;YHUZHJ[PVUYLWVY[VUS`[OL[YHUZHJ[PVUZ\UKLY[HR # Rajiv Verma ------Shamit Bhartia ------247Z+PYLJ[VYZ Bhartia Priyavrat ------Bhartia Shobhana

------

------@@   Pvt. Ltd. Services Associates Key Managerial Personnel MyParichay - - -

------

India     HTV\U[ZWYV]PKLKVU[OLIHZPZVMHJ[\HYPHS]HS\H[PVU[OLZHTL LY[OLLTWSV`TLU[VM[OL*VTWHU`HYLLU[P[SLK[VWVZ[LTWSV`TLU Pvt. Ltd 4LKPH3PTP[LK^LM4HYJO"[OLYLMVYLPU[OLTLU[P Services Venture 3PTP[LK^LM1HU\HY` "[OLYLMVYLPU[OLTLU[PVULK YLJ[VYILPUN4H`          Education [J - - - -

-

-

-

------

------Ltd Holding ;^V7][ Earthstone ------The Ltd.         Times  Holding company Joint                     Hindustan  SHJZWHPKPUYLSH[PUN[VLHYSPLY`LHYZ ` 31-Mar-17 - 31-Mar-16 31-Mar-16 - 1-Apr-15 31-Mar-17 - 31-Mar-16 - 31-Mar-17 31-Mar-17 - 31-Mar-16 31-Mar-16 - 1-Apr-15 1-Apr-15 - 31-Mar-17 31-Mar-16 1-Apr-15 31-Mar-17 - 31-Mar-16 - 1-Apr-15 - 31-Mar-17 31-Mar-16 1-Apr-15 31-Mar-17 Transaction during the Transaction year ended Related Party Transactions Payment to Gratuity Trust Capital Transactions Capital Transactions Investments Made or 7\YJOHZLK:VSK Security Deposit Given Balance Outstanding Investments Made Equity Share Capital Equity Share Inter- Corporate Deposit Inter- Given Trade Receivables/ Trade Advances Trade Payable Trade '7H_[VU;YL_PT7][3[KJLHZLK[VILYLSH[LKWHY[`VM/;4LKPH 5V[L;OL[YHUZHJ[PVUZHIV]LKVUV[PUJS\KLZLY]PJL[H_=(;L # Does not include salary of E9LWYLZLU[Z[OLZHSHY`MYVT[OLKH[LVMILJVTPUN^OVSL[PTLKP ''4`7HYPJOH`:LY]PJLZ7][3[KJLHZLK[VILYLSH[LKWHY[`VM/; 2L`4HUHNLYPHS7LYZVUULSHUK9LSH[P]LZVM7YVTV[LYZ^OVHYL\UK [OLÄUHUJPHSZ[H[LTLU[Z(Z[OLZLLTWSV`LLILULÄ[ZHYLS\TWZ\T

264 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

38. SEGMENT INFORMATION b) operating digital news portals namely For management purposes, the Group is organised into OPUK\Z[HU[PTLZJVTSP]LTPU[JVTSP]LOPUK\Z[HU business units based on its products and services and has com and aggregating, disseminating of news and four reportable segments, as follows: V[OLYJVU[LU[

- Printing and Publication of Newspapers and Periodicals No operating segments have been aggregated to form the HIV]LYLWVY[HISLVWLYH[PUNZLNTLU[Z - Business of entertainment, radio broadcast and all other related activities through its Radio channels operating The management of the Group monitors the operating results \UKLYIYHUKUHTLº-L]LY»HUKº9HKPV5HZOH» of its business units separately for the purpose of making in India decisions about resource allocation and performance HZZLZZTLU[:LNTLU[WLYMVYTHUJLPZL]HS\H[LKIHZLKVU - Business of providing internet related services through WYVÄ[VYSVZZHUKPZTLHZ\YLKJVUZPZ[LU[S`^P[OWYVÄ[VYSVZZ º:OPULJVT» QVI WVY[HS º+LZPTHY[PUPJVT» TV]PL PU[OLJVUZVSPKH[LKÄUHUJPHSZ[H[LTLU[Z(SZV[OL.YV\W»Z YL]PL^ ^LIZP[L º/; *HTW\ZJVT» LK\JH[PVU WVY[HS ÄUHUJPUNPUJS\KPUNÄUHUJLJVZ[ZHUKÄUHUJLPUJVTLHUK º/PUK\Z[HU[PTLZJVT»UL^Z^LIZP[LHUKºSP]LTPU[JVT» income taxes are managed on a Group basis and are not I\ZPULZZUL^Z^LIZP[LZ HSSVJH[LK[VVWLYH[PUNZLNTLU[Z

4\S[PTLKPH*VU[LU[4HUHNLTLU[44*4

` in Lacs) Particulars March 31, 2017 March 31, 2016

1. Segment Revenue a) Printing and Publishing of Newspaper and Periodicals   b) Radio Broadcast & Entertainment       c) Digital    d) Multimedia Content Management   - e) Unallocated    Total 2,66,316.57 2,51,887.35 Less : Inter segment revenue    5L[ZHSLZ0UJVTLMYVTVWLYH[PVUZ 2,45,209.36 2,50,151.26  :LNTLU[YLZ\S[ZWYVÄ[SVZZILMVYL[H_HUKÄUHUJLJVZ[ZMYVTLHJOZLNTLU[ a) Printing and Publishing of Newspaper & Periodicals    b) Radio Broadcast & Entertainment   c) Digital     d) Multimedia Content Management  - e) Unallocated   Total 17,354.50 22,050.32 Less : Finance cost     3LZZ!,_JLW[PVUHSP[LTZ5L[ - - Add: Other Income     7YVÄ[ILMVYL[H_ 30,788.27 31,404.88

ANNUAL REPORT 2016-17 265 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

` in Lacs) Particulars March 31, 2017 March 31, 2016

3. Segment Assets a) Printing and Publishing of Newspaper & Periodicals     b) Radio Broadcast & Entertainment      c) Digital    d) Multimedia Content Management   - e) Unallocated    Total Assets 4,59,568.02 4,32,130.03 4. Segment Liabilities a) Printing and Publishing of Newspaper & Periodicals       b) Radio Broadcast & Entertainment    c) Digital     d) Multimedia Content Management   - e) Unallocated      Total Liabilities 2,06,378.28 2,00,526.88

5. Other Disclosures ` in Lacs) Amount of Investment in a Joint Venture accounted for under equity method March 31, 2017 March 31, 2016

a) Printing and Publishing of Newspaper & Periodicals - - b) Radio Broadcast & Entertainment - - c) Digital - - d) Multimedia Content Management - - e) Unallocated      Total 228.63 1,088.48

` in Lacs) Capital Expenditure (excluding capital advances) March 31, 2017 March 31, 2016

a) Printing and Publishing of Newspaper & Periodicals     b) Radio Broadcast & Entertainment      c) Digital    d) Multimedia Content Management -- e) Unallocated   Total 22,296.72 40,348.79

Adjustments and eliminations 39. HEDGING ACTIVITIES AND DERIVATIVES Finance income and costs, and fair value gains and losses Derivatives not designated as hedging instruments VUÄUHUJPHSHZZL[ZHYLUV[HSSVJH[LK[VPUKP]PK\HSZLNTLU[Z HZ[OL\UKLYS`PUNPUZ[Y\TLU[ZHYLTHUHNLKVUHNYV\WIHZPZ The company uses foreign exchange forward contracts, 6W[PVUZ 0U[LYLZ[ YH[L Z^HW JV\WVU VUS` Z^HW L[J [V *\YYLU[[H_LZKLMLYYLK[H_LZHUKJLY[HPUÄUHUJPHSHZZL[Z THUHNL P[Z MVYLPNU J\YYLUJ` L_WVZ\YLZ ;OLZL JVU[YHJ[Z and liabilities are not allocated to those segments as they HYLUV[KLZPNUH[LKHZJHZOÅV^OLKNLZHUKHYLLU[LYLK HYLHSZVTHUHNLKVUHNYV\WIHZPZ  into for periods consistent with underlying transactions L_WVZ\YL Capital expenditure consists of additions of property, plant and equipment, intangible assets and investment properties PUJS\KPUNHZZL[ZMYVT[OLHJX\PZP[PVUVMZ\IZPKPHYPLZ

266 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

40. FAIR VALUES :L[V\[ILSV^PZHJVTWHYPZVUI`JSHZZVM[OLJHYY`PUNHTV\U[ZHUKMHPY]HS\LVM[OLJVTWHUPLZÄUHUJPHSPUZ[Y\TLU[Z other than those with carrying amounts that are reasonable approximations of fair values:

` in Lacs) Carrying value Fair value Particulars March 31, March 31, April 1, March 31, March 31, April 1, 2017 2016 2015 2017 2016 2015

Financial assets measured at fair Value 4\[\HS-\UKZ]HS\LKH[-=;73UV[L)             6[OLY0U]LZ[TLU[Z]HS\LKH[-=;73UV[L)       -VY^HYKHUK6W[PVU*VU[YHJ[ZUV[L+  -     -    Financial assets measured at Amortized Cost 0U]LZ[TLU[PU)VUKZUV[L)           3VHUZ5VU*\YYLU[BUV[L*D             Total 2,29,661.96 1,93,563.45 1,60,121.83 2,29,702.94 1,93,611.53 1,60,161.42 Financial liabilities measured at fair Value -VY^HYKHUK6W[PVU*VU[YHJ[ZUV[L*           Financial liabilities measured at amortized cost 3VUN[LYTIVYYV^PUNZUV[L(           Total 1,864.52 4,455.42 6,785.50 1,864.52 4,455.42 6,785.50

The management assessed that cash and cash equivalents, - The Group has investments in quoted mutual funds being other bank balances, trade receivables, short term loans, other ]HS\LKH[5L[(ZZL[=HS\L ÄUHUJPHSHZZL[[YHKLWH`HISLZZOVY[[LYTIVYYV^PUNZHUKV[OLY ÄUHUJPHS SPHIPSP[PLZ HWWYV_PTH[L [OLPY JHYY`PUN HTV\U[Z SHYNLS` - The Group invests in quoted equity shares valued at K\L[V[OLZOVY[[LYTTH[\YP[PLZVM[OLZLPUZ[Y\TLU[Z;OLMHPY JSVZPUNWYPJLVMZ[VJRVUYLJVNUPaLKZ[VJRL_JOHUNL ]HS\L VM [OL ÄUHUJPHS HZZL[Z HUK SPHIPSP[PLZ PZ PUJS\KLK H[ [OL amount at which the instrument could be exchanged in a current - Investments in venture capital funds are valued using transaction between willing parties, other than in a forced or valuation techniques, which employs the use of market SPX\PKH[PVUZHSL;OLMVSSV^PUNTL[OVKZHUKHZZ\TW[PVUZ^LYL VIZLY]HISLZPUW\[Z used to estimate the fair values:  ;OL .YV\W LU[LYZ PU[V KLYP]H[P]L ÄUHUJPHS PUZ[Y\TLU[Z - The fair values of the Group’s interest-bearing borrowings such as Interest rate swaps, Coupon only swap, Call and loans are determined by using DCF method using Spread Options, foreign exchange forward contracts being KPZJV\U[YH[L[OH[YLÅLJ[Z[OLPZZ\LY»ZIVYYV^PUNYH[LHZH[ valued using valuation techniques, which employs the use of [OLLUKVM[OLYLWVY[PUNWLYPVK;OLV^UUVUWLYMVYTHUJL THYRL[VIZLY]HISLPUW\[Z;OLJVTWHU`\ZLZ4HYR[V4HYRL[ YPZR^HZHZZLZZLK[VILPUZPNUPÄJHU[ WYV]PKLKI`)HURMVY]HS\H[PVUVM[OLZLKLYP]H[P]LJVU[YHJ[Z

- The fair values of the investment in unquoted equity - The loans are evaluated by the Group based on parameters shares/ debt instruments/ preference shares have such as interest rate, risk factors, risk characteristics and been estimated using a DCF model and/or comparable PUKP]PK\HSJYLKP[^VY[OPULZZVM[OLJV\U[LYWHY[`)HZLKVU investment price such as last round of funding made in this evaluation, allowances are taken into account for the [OLPU]LZ[LLJVTWHU`;OL]HS\H[PVUYLX\PYLZTHUHNLTLU[ L_WLJ[LKSVZZLZ to make certain assumptions about the model inputs, PUJS\KPUNMVYLJHZ[JHZOÅV^ZKPZJV\U[YH[LJYLKP[YPZRHUK - The Group has investment in quoted bonds and are ]VSH[PSP[`;OLWYVIHIPSP[PLZVM[OL]HYPV\ZLZ[PTH[LZ^P[OPU YLJVYKLK H[ HTVY[PaLK JVZ[ -HPY ]HS\L VM X\V[LK IVUKZ the range can be reasonably assessed and are used in are determined basis the closing price of the bonds on management’s estimate of fair value for these unquoted YLJVNUPZLKZ[VJRL_JOHUNL PU]LZ[TLU[Z

ANNUAL REPORT 2016-17 267 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

- The unquoted bonds are evaluated by the Group based ;OLZPNUPÄJHU[\UVIZLY]HISLPUW\[Z\ZLKPU[OLMHPY]HS\L on parameters such as interest rate, risk factors, risk measurement categorised within Level 3 of the fair value characteristics and individual credit-worthiness of the hierarchy together with a quantitative sensitivity analysis JV\U[LYWHY[` )HZLK VU [OPZ L]HS\H[PVU HSSV^HUJLZ HYL as at March 31, 2017 and March 31, 2016 are as shown [HRLUPU[VHJJV\U[MVY[OLL_WLJ[LKSVZZLZ below:

+LZJYPW[PVUVMZPNUPÄJHU[\UVIZLY]HISLPUW\[Z[V]HS\H[PVUHZH[4HYJO!

:PNUPÄJHU[ Range Impact of 1% Impact of 1% Valuation Particulars unobservable ^LPNO[LK Increase to fair Decrease to fair technique inputs average) value (` in Lacs) value (` in Lacs)

Investment in unquoted preference shares and Discounted Weighted      KLILU[\YLZH[3L]LSYLMLYUV[L JHZOÅV^ Average Cost of  Capital Discount for lack        of marketability Terminal Growth     Rate

+LZJYPW[PVUVMZPNUPÄJHU[\UVIZLY]HISLPUW\[Z[V]HS\H[PVUHZH[4HYJO!

:PNUPÄJHU[ Range Impact of 1% Impact of 1% Valuation Particulars unobservable ^LPNO[LK Increase to fair Decrease to fair technique inputs average) value (` in Lacs) value (` in Lacs)

Investment in unquoted preference shares and Discounted Weighted     KLILU[\YLZH[3L]LSYLMLYUV[L JHZOÅV^ Average Cost of  Capital Terminal Growth       Rate  The discount for lack of marketability represents the amounts that the company has determined that market participants ^V\SK[HRLPU[VHJJV\U[^OLUWYPJPUN[OLPU]LZ[TLU[Z

9LJVUJPSPH[PVUVMMHPY]HS\LTLHZ\YLTLU[VMPU]LZ[TLU[SL]LSPU\UX\V[LKLX\P[`ZOHYLZKLILU[\YLZWYLMLYLUJL ZOHYLZ]LU[\YLJHWP[HSM\UKTLHZ\YLKH[-=;73YLMLYUV[L!

` in Lacs) Particulars Total

As at April 1, 2015 630.38 Purchases  Impact of Fair value movement   Sales - As at March 31, 2016 2,625.00 Purchases  Impact of Fair value movement   Sales  As at March 31, 2017 1,689.50

268 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

41. FAIR VALUE HIERARCHY ;OLMVSSV^PUN[HISLWYV]PKLZ[OLMHPY]HS\LTLHZ\YLTLU[OPLYHYJO`VM[OLJVTWHUPLZHZZL[ZHUKSPHIPSP[PLZ Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2017:

Fair value measurement using Quoted prices :PNUPÄJHU[ :PNUPÄJHU[ Date of Particulars Total in active observable unobservable valuation markets(Level 1) inputs(Level 2) inputs(Level 3) ` in Lacs) ` in Lacs) ` in Lacs) ` in Lacs)

Assets measured at fair value: Mutual fund Investments valued at FVTPL March 31, 2017     - - Other Investments valued at FVTPL March 31, 2017       Forward and Option Contracts March 31, 2017  -  - Assets measured at Amortized Cost Investment in Bonds March 31, 2017   -  3VHUZ5VU*\YYLU[ March 31, 2017   -   -

;OLYLOH]LILLUUV[YHUZMLYZIL[^LLUSL]LSZK\YPUN[OLWLYPVK

Quantitative disclosures fair value measurement hierarchy for liabilities as at March 31, 2017:

Fair value measurement using Quoted prices :PNUPÄJHU[ :PNUPÄJHU[ Date of Total in active observable unobservable valuation markets(Level 1) inputs(Level 2) inputs(Level 3) ` in Lacs) ` in Lacs) ` in Lacs) ` in Lacs)

Liabilities measured at fair value: Forward and Option Contracts March 31, 2017  -  - Liabilities measured at amortized cost Long term borrowings March 31, 2017   -   -

Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2016:

Fair value measurement using Quoted prices :PNUPÄJHU[ :PNUPÄJHU[ Date of Total in active observable unobservable valuation markets(Level 1) inputs(Level 2) inputs(Level 3) ` in Lacs) ` in Lacs) ` in Lacs) ` in Lacs)

Assets measured at fair value: Mutual fund Investments valued at FVTPL March 31, 2016       - - Other Investments valued at FVTPL March 31, 2016     Assets measured at Amortized Cost Investment in Bonds March 31, 2016     - - 3VHUZ5VU*\YYLU[ March 31, 2016  -  -

;OLYLOH]LILLUUV[YHUZMLYZIL[^LLUSL]LSZK\YPUN[OLWLYPVK

ANNUAL REPORT 2016-17 269 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Quantitative disclosures fair value measurement hierarchy for liabilities as at March 31, 2016:

Fair value measurement using Quoted prices :PNUPÄJHU[ :PNUPÄJHU[ Date of Total in active observable unobservable valuation markets(Level 1) inputs(Level 2) inputs(Level 3) ` in Lacs) ` in Lacs) ` in Lacs) ` in Lacs)

Liabilities measured at fair value: Forward and Option Contracts March 31, 2016   -   - Liabilities measured at amortized cost Long term borrowings March 31, 2016   -   -

Quantitative disclosures fair value measurement hierarchy for assets as at April 1, 2015:

Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3) ` in Lacs) ` in Lacs) ` in Lacs) ` in Lacs)

Assets measured at fair value: Mutual fund Investments valued at FVTPL April 1, 2015   - - Other Investments valued at FVTPL April 1, 2015         Forward and Option Contracts April 1, 2015    -    - Assets measured at Amortized Cost Investment in Bonds April 1, 2015   - - 3VHUZ5VU*\YYLU[ April 1, 2015    -    -

;OLYLOH]LILLUUV[YHUZMLYZIL[^LLUSL]LSZK\YPUN[OLWLYPVK

Quantitative disclosures fair value measurement hierarchy for liabilities as at April 1, 2015:

Fair value measurement using Quoted prices in :PNUPÄJHU[ :PNUPÄJHU[ Date of Total active markets observable inputs unobservable valuation (Level 1) (Level 2) inputs (Level 3) ` in Lacs) ` in Lacs) ` in Lacs) ` in Lacs)

Liabilities measured at fair value: Forward and Option Contracts April 1, 2015   -   - Liabilities measured at amortized cost Long term borrowings April 1, 2015  -  -

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND The Group is exposed to market risk, credit risk and POLICIES SPX\PKP[`YPZR;OL.YV\W»ZZLUPVYTHUHNLTLU[V]LYZLLZ[OL ;OL .YV\W»Z WYPUJPWHS ÄUHUJPHS SPHIPSP[PLZ V[OLY [OHU TP[PNH[PVUVM[OLZLYPZRZ;OL.YV\W»ZÄUHUJPHSYPZRHJ[P]P[PLZ derivatives, comprise loans and borrowings, trade and are governed by appropriate policies and procedures and V[OLY WH`HISLZ ;OL THPU W\YWVZL VM [OLZL ÄUHUJPHS [OH[ ÄUHUJPHS YPZRZ HYL PKLU[PÄLK TLHZ\YLK HUK THUHNLK SPHIPSP[PLZ PZ [V ÄUHUJL [OL .YV\W»Z VWLYH[PVUZ HUK [V PUHJJVYKHUJL^P[O[OL.YV\W»ZWVSPJPLZHUKYPZRVIQLJ[P]LZ Z\WWVY[ P[Z VWLYH[PVUZ ;OL .YV\W»Z WYPUJPWHS ÄUHUJPHS All derivative activities for risk management purposes are assets include loans, trade and other receivables, and carried out by specialist teams that have the appropriate cash and cash equivalents that derive directly from its ZRPSSZ L_WLYPLUJL HUK Z\WLY]PZPVU 0[ PZ [OL .YV\W»Z WVSPJ` VWLYH[PVUZ ;OL .YV\W HSZV LU[LYZ PU[V MVYLPNU L_JOHUNL that no trading in foreign exchange derivatives for speculative KLYP]H[P]L[YHUZHJ[PVUZ W\YWVZLZ^PSSIL\UKLY[HRLU;OLWVSPJPLZMVYTHUHNPUNLHJO of these risks, which are summarised below:-

270 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Market risk The following assumptions have been made in calculating 4HYRL[YPZRPZ[OLYPZR[OH[[OLMHPY]HS\LVMM\[\YLJHZOÅV^Z the sensitivity analyses: VMHÄUHUJPHSPUZ[Y\TLU[^PSSÅ\J[\H[LILJH\ZLVMJOHUNLZ PUTHYRL[WYPJLZ4HYRL[YPZRJVTWYPZLZ[OYLL[`WLZVMYPZR! ;OL ZLUZP[P]P[` VM [OL YLSL]HU[ WYVÄ[ HUK SVZZ P[LT PZ [OL interest rate risk, currency risk and other price risk, such as LMMLJ[VM[OLHZZ\TLKJOHUNLZPUYLZWLJ[P]LTHYRL[YPZRZ JVTTVKP[`YPZR-PUHUJPHSPUZ[Y\TLU[ZHMMLJ[LKI`THYRL[ ;OPZPZIHZLKVU[OLÄUHUJPHSHZZL[ZHUKÄUHUJPHSSPHIPSP[PLZ risk include loans and borrowings, deposits and derivative OLSKH[4HYJOHUK4HYJO ÄUHUJPHSPUZ[Y\TLU[Z Interest rate risk The sensitivity analyses in the following sections relate to Interest rate risk is the risk that the fair value or future cash [OLWVZP[PVUHZH[4HYJOHUK4HYJO ÅV^Z VM H ÄUHUJPHS PUZ[Y\TLU[ ^PSS Å\J[\H[L ILJH\ZL VM JOHUNLZPUTHYRL[PU[LYLZ[YH[LZ;OL.YV\W»ZL_WVZ\YL[V The sensitivity analyses have been prepared on the basis the risk of changes in market interest rates relates primarily [OH[[OLHTV\U[VMUL[KLI[[OLYH[PVVMÄ_LK[VÅVH[PUN [V[OL.YV\W»ZJ\YYLU[KLI[VISPNH[PVUZ^P[OÄ_LKPU[LYLZ[ interest rates of the debt and derivatives and the proportion YH[LZ VM ÄUHUJPHS PUZ[Y\TLU[Z PU MVYLPNU J\YYLUJPLZ HYL HSS constant and on the basis of hedge designations in place at The Group manages its interest rate risk for short term 4HYJO IVYYV^PUNZI`YHPZPUNM\UKZH[HÄ_LKYH[LHUKMVY3VUN[LYT borrowing by selectively using interest rate swaps, coupon The analysis exclude the impact of movements in market only swap and other derivative instruments to manage its variables on: the carrying values of gratuity and other post L_WVZ\YL [V PU[LYLZ[ YH[L TV]LTLU[Z ;OLZL L_WVZ\YLZ YL[PYLTLU[VISPNH[PVUZHUKWYV]PZPVUZ are reviewed by appropriate levels of management as and ^OLUYLX\PYLK

;OLL_WVZ\YLVM[OL.YV\W»ZÄUHUJPHSSPHIPSP[PLZHZH[4HYJO[VPU[LYLZ[YH[LYPZRPZHZMVSSV^Z!

` in Lacs)

Particulars Floating rate Fixed rate Total ÄUHUJPHSSPHIPSP[PLZ ÄUHUJPHSSPHIPSP[PLZ

-PUHUJPHS3PHIPSP[PLZYLMLYUV[L(    

;OL^LPNO[LKH]LYHNLPU[LYLZ[YH[LVU[OLÄ_LKYH[LÄUHUJPHSSPHIPSP[PLZPZ WH   

;OLL_WVZ\YLVM[OL.YV\W»ZÄUHUJPHSSPHIPSP[PLZHZH[4HYJO[VPU[LYLZ[YH[LYPZRPZHZMVSSV^Z!

` in Lacs)

Particulars Floating rate Fixed rate Total ÄUHUJPHSSPHIPSP[PLZ ÄUHUJPHSSPHIPSP[PLZ

-PUHUJPHS3PHIPSP[PLZYLMLYUV[L(      

;OL^LPNO[LKH]LYHNLPU[LYLZ[YH[LVU[OLÄ_LKYH[LÄUHUJPHSSPHIPSP[PLZPZ  WH

ANNUAL REPORT 2016-17 271 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

;OLL_WVZ\YLVM[OL.YV\W»ZÄUHUJPHSSPHIPSP[PLZHZH[(WYPS[VPU[LYLZ[YH[LYPZRPZHZMVSSV^Z! 

` in Lacs)

Particulars Floating rate Fixed rate Total ÄUHUJPHSSPHIPSP[PLZ ÄUHUJPHSSPHIPSP[PLZ

-PUHUJPHS3PHIPSP[PLZYLMLYUV[L(   -  

;OL^LPNO[LKH]LYHNLPU[LYLZ[YH[LVU[OLÄ_LKYH[LÄUHUJPHSSPHIPSP[PLZPZ WH   

Interest rate sensitivity (floating) ;OL[HISLILSV^PSS\Z[YH[LZ[OLPTWHJ[VMH [V TV]LTLU[PUPU[LYLZ[YH[LZVUPU[LYLZ[L_WLUZLVUSVHUZHUK IVYYV^PUNZ;OLYPZRLZ[PTH[LWYV]PKLKHZZ\TLZ[OH[[OLJOHUNLZVJJ\YH[[OLYLWVY[PUNKH[LHUKOHZILLUJHSJ\SH[LK IHZLKVUYPZRL_WVZ\YLV\[Z[HUKPUNHZVMKH[L;OL`LHYLUKIHSHUJLZHYLUV[ULJLZZHYPS`YLWYLZLU[H[P]LVM[OLH]LYHNL KLI[V\[Z[HUKPUNK\YPUN[OL`LHY;OPZHUHS`ZPZHSZVHZZ\TLZ[OH[HSSV[OLY]HYPHISLZPUWHY[PJ\SHYMVYLPNUJ\YYLUJ`YH[LZ YLTHPUJVUZ[HU[   

` in Lacs) Movement in interest rates March 31, 2017 March 31, 2016

         

Foreign currency risk When a derivative is entered into for the purpose of being Foreign currency risk is the risk that the fair value or future a hedge, the company negotiates the terms of those JHZOÅV^ZVMHUL_WVZ\YL^PSSÅ\J[\H[LILJH\ZLVMJOHUNLZ KLYP]H[P]LZ[VTH[JO[OL[LYTZVM[OL\UKLYS`PUNL_WVZ\YL PU MVYLPNU L_JOHUNL YH[LZ ;OL .YV\W»Z L_WVZ\YL [V [OL For hedges of forecast transactions the derivatives cover risk of changes in foreign exchange rates relates primarily [OLWLYPVKVML_WVZ\YLMYVT[OLWVPU[[OLJHZOÅV^ZVM[OL [V [OL JVTWHUPLZ VWLYH[PUN HJ[P]P[PLZ ^OLU YL]LU\L VY transactions up to the point of settlement of the resulting expense is denominated in a foreign currency), investment receivable or payable that is denominated in the foreign HUKIVYYV^PUNPUMVYLPNUJ\YYLUJ`L[J J\YYLUJ`

The Group manages its foreign currency risk by hedging Foreign currency sensitivity foreign currency transactions with forward covers and The following tables demonstrate the sensitivity to a VW[PVU JVU[YHJ[Z ;OLZL [YHUZHJ[PVUZ NLULYHSS` YLSH[LZ reasonably possible change in exchange rates, with all to purchase of imported newsprint, investment and V[OLY]HYPHISLZOLSKJVUZ[HU[ IVYYV^PUNZPUMVYLPNUJ\YYLUJ` 

272 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

` in Lacs) Change in Foreign exchange rate ,MMLJ[VUWYVÄ[ILMVYL[H_

Particulars March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016

Change in USD rate Trade payables     Interest Payable     )VYYV^PUNZ)\`LYZ*YLKP[   -  Investments      Balance on Current Account       Trade Receivables     Advance from Customers      Loans and Advances   -   Income Accrued on Investments   -  Change in GBP rate Investments    - Trade Receivables     Advance from Customers   -  Loans and Advances   -   Change in SGD rate Trade payables     Investments     - Trade Receivables     - Balance on Current Account   -  Change in Pakistani Rupee Rate Trade Receivables    - Change in JPY rate Trade Payables   -   Change in AUD rate Trade Receivables     Change in Euro rate Trade payables     Trade Receivables      Loans and Advances   -  

Commodity price risk The management of the Group has developed and enacted The Group is affected by the price volatility of certain a risk management strategy regarding commodity price JVTTVKP[PLZ 0[Z VWLYH[PUN HJ[P]P[PLZ YLX\PYL [OL VUNVPUN YPZRHUKP[ZTP[PNH[PVU purchase of newsprint and Ink and therefore require a JVU[PU\V\ZZ\WWS`+\L[V[OL]VSH[PSP[`VM[OLWYPJLVM[OL Commodity price sensitivity newsprint, the Group also entered into various purchase The following table shows the effect of price changes in JVU[YHJ[Z      newsprint

Change in ,MMLJ[VUWYVÄ[ Particulars year-end price before tax (` in lacs)

March 31, 2017 Newsprint and Ink     March 31, 2016 Newsprint and Ink   

ANNUAL REPORT 2016-17 273 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Equity price risk The Group evaluates the concentration of risk with respect The Group invests in listed and non-listed equity securities to trade receivables as low, as its customers are located in which are susceptible to market price risk arising from several jurisdictions and industries and operate in largely uncertainties about future values of the investment PUKLWLUKLU[THYRL[Z ZLJ\YP[PLZ;OL.YV\WTHUHNLZ[OLLX\P[`WYPJLYPZR[OYV\NO KP]LYZPÄJH[PVUHUKI`WSHJPUNSPTP[ZVUPUKP]PK\HSHUK[V[HS Financial instruments and cash deposits LX\P[` PUZ[Y\TLU[Z 9LWVY[Z VU [OL LX\P[` WVY[MVSPV HYL *YLKP[ YPZR MYVT IHSHUJLZ ^P[O IHURZ HUK ÄUHUJPHS submitted to the Group’s senior management on a regular institutions is managed by the Group’s treasury department IHZPZ ;OL .YV\W»Z 0U]LZ[TLU[ *VTTP[LL YL]PL^Z HUK PU HJJVYKHUJL ^P[O [OL .YV\W»Z WVSPJ` 0U]LZ[TLU[Z VM HWWYV]LZHSSLX\P[`PU]LZ[TLU[KLJPZPVUZ surplus funds are made as per guidelines and within SPTP[ZHWWYV]LKI`)VHYKVM+PYLJ[VYZ)VHYKVM+PYLJ[VYZ Credit risk Management reviews and update guidelines, time to time Credit risk is the risk that counterparty will not meet its HZWLYYLX\PYLTLU[;OLN\PKLSPULZHYLZL[[VTPUPTPZL[OL VISPNH[PVUZ \UKLY H ÄUHUJPHS PUZ[Y\TLU[ VY J\Z[VTLY JVUJLU[YH[PVUVMYPZRZHUK[OLYLMVYLTP[PNH[LÄUHUJPHSSVZZ JVU[YHJ[ SLHKPUN [V H ÄUHUJPHS SVZZ ;OL JVTWHU` PZ [OYV\NOJV\U[LYWHY[`»ZWV[LU[PHSMHPS\YL[VTHRLWH`TLU[Z L_WVZLK[VJYLKP[YPZRMYVTP[ZVWLYH[PUNHJ[P]P[PLZWYPTHYPS` [YHKLYLJLP]HISLZHUKMYVTP[ZÄUHUJPUNHJ[P]P[PLZPUJS\KPUN KLWVZP[Z ^P[O IHURZ HUK ÄUHUJPHS PUZ[P[\[PVUZ MVYLPNU Liquidity risk L_JOHUNL[YHUZHJ[PVUZHUKV[OLYÄUHUJPHSPUZ[Y\TLU[Z ;OL.YV\WTVUP[VYZP[ZYPZRVMZOVY[HNLVMM\UKZ The Group’s objective is to maintain a balance between Trade receivables JVU[PU\P[` VM M\UKPUN HUK ÅL_PIPSP[` [OYV\NO [OL \ZL VM An impairment analysis is performed at each reporting )HURV]LYKYHM[Z)HURSVHUZ 4VUL`4HYRL[)VYYV^PUN KH[LVUHUPUKP]PK\HSIHZPZMVYTHQVYJSPLU[Z;OLTH_PT\T (WWYV_PTH[LS` VM[OL.YV\W»ZKLI[^PSSTH[\YLPUSLZZ exposure to credit risk at the reporting date is the carrying [OHUVUL`LHYH[4HYJO4HYJO!   ]HS\L VM LHJO JSHZZ VM ÄUHUJPHS HZZL[Z KPZJSVZLK PU 5V[L (WYPS  !   IHZLK VU [OL JHYY`PUN ]HS\L VM (;OL.YV\WKVLZUV[OVSKJVSSH[LYHSHZZLJ\YP[` IVYYV^PUNZYLÅLJ[LKPU[OLÄUHUJPHSZ[H[LTLU[Z

;OL[HISLILSV^Z\TTHYPZLZ[OLTH[\YP[`WYVÄSLVM[OL.YV\W»ZÄUHUJPHSSPHIPSP[PLZ

` in Lacs) Particulars Within 1 year More than Total 1 year

As at March 31, 2017 )VYYV^PUNZYLMLYUV[L(       ;YHKLHUKV[OLYWH`HISLZYLMLYUV[L)   -   6[OLYÄUHUJPHSSPHIPSP[PLZYLMLYUV[L*   -   As at March 31, 2016 )VYYV^PUNZYLMLYUV[L(         ;YHKLHUKV[OLYWH`HISLZYLMLYUV[L)    -    6[OLYÄUHUJPHSSPHIPSP[PLZYLMLYUV[L*     -     As at April 1, 2015 )VYYV^PUNZYLMLYUV[L(     ;YHKLHUKV[OLYWH`HISLZYLMLYUV[L)   -   6[OLYÄUHUJPHSSPHIPSP[PLZYLMLYUV[L*   -  

Collateral an obligation to return the securities to the company and The Group has pledged part of its Investment in Mutual the company has an obligation to repay the borrowing to -\UKZ PU VYKLY [V M\SÄS [OL JVSSH[LYHS YLX\PYLTLU[Z MVY [OLJV\U[LYWHY[PLZ\WVUTH[\YP[`+\L+H[L;OLYLHYLUV )VYYV^PUN([4HYJO4HYJOHUK(WYPS V[OLYZPNUPÄJHU[[LYTZHUKJVUKP[PVUZHZZVJPH[LK^P[O[OL 1, 2015, the invested values of the Investment in Mutual \ZL VM JVSSH[LYHS :LJ\YP[PLZ L_JLW[ WSLKNL NP]LU HNHPUZ[ Funds pledged were `   SHJZ `   SHJZ outstanding Bank facilities details is provided in borrowing and `SHJZYLZWLJ[P]LS`;OLJV\U[LYWHY[PLZOH]L UV[LUV[L(

274 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

43. CAPITAL MANAGEMENT HUK [OL YLX\PYLTLU[Z VM [OL ÄUHUJPHS JV]LUHU[Z ;V For the purpose of the Group’s capital management, capital maintain or adjust the capital structure, the Group may includes issued equity capital, share premium and all other adjust the dividend payment to shareholders, return capital LX\P[`YLZLY]LZ;OLWYPTHY`VIQLJ[P]LVM[OL.YV\W»ZJHWP[HS [VZOHYLOVSKLYZVYPZZ\LUL^ZOHYLZ;OL.YV\WTVUP[VYZ THUHNLTLU[PZ[VTH_PTPZL[OLZOHYLOVSKLY]HS\L capital using a gearing ratio, which is net debt divided by [V[HSJHWP[HSHUKUL[KLI[;OL.YV\WPUJS\KLZ^P[OPUUL[ The Group manages its capital structure and makes debt, interest bearing loans and borrowings, trade and adjustments in light of changes in economic conditions V[OLYWH`HISLZSLZZJHZOHUKJHZOLX\P]HSLU[Z

` in Lacs) Particulars March 31, 2017 March 31, 2016 April 1, 2015

)VYYV^PUNZ5V[L(       ;YHKLWH`HISLZ5V[L)        6[OLYÄUHUJPHSSPHIPSP[PLZ5V[L*      6[OLYJ\YYLU[SPHIPSP[PLZ5V[L        6[OLYUVUJ\YYLU[SPHIPSP[PLZ5V[L        1,98,635.88 1,92,047.97 1,17,525.02 3LZZ!JHZOHUKJHZOLX\P]HSLU[Z5V[L)        3LZZ!)HUR)HSHUJLV[OLY[OHUTLU[PVULKHIV]L5V[L)     Net debt 1,84,681.05 1,75,382.99 99,095.77 Equity and Other Equity 2,23,189.02 2,08,175.01 1,92,897.74 Total capital 2,23,189.02 2,08,175.01 1,92,897.74 Capital and net debt 4,07,870.07 3,83,558.00 2,91,993.51 Gearing ratio 45% 46% 34%

In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it TLL[ZÄUHUJPHSJV]LUHU[ZH[[HJOLK[V[OLPU[LYLZ[ILHYPUNSVHUZHUKIVYYV^PUNZ[OH[KLÄULJHWP[HSZ[Y\J[\YLYLX\PYLTLU[Z )YLHJOLZPUTLL[PUN[OLÄUHUJPHSJV]LUHU[Z^V\SKWLYTP[[OLIHUR[VPTTLKPH[LS`JHSSSVHUZHUKIVYYV^PUNZ;OL.YV\WOHZ ZH[PZÄLKHSSÄUHUJPHSKLI[JV]LUHU[ZWYLZJYPILKPU[OL[LYTZVMIHURSVHUL_JLW[;V[HS+LI[[V,)0;+(YH[PV^P[OYLZWLJ[[V [OLKLI[JV]LUHU[JVTWSPHUJLI`[OL7HYLU[*VTWHU`9LX\PYLK^HP]LYHWWYV]HSK[K1HU\HY` OHZILLUVI[HPULK from Citi Bank to condone the non-compliance and non-adherence of the Total Debt to EBITDA Ratio till September 30, 2017 MVY-*59 ,*)SVHU

44. SPECIFIED BANK NOTES (SBNs) FOR THE GROUP AS A WHOLE Ministry of Corporate Affairs issued an amendment to Schedule III of the Companies Act, 2013, regarding general PUZ[Y\J[PVUZMVYWYLWHYH[PVUVM)HSHUJL:OLL[[VKPZJSVZL[OLKL[HPSZVM:WLJPÄLK)HUR5V[LZ:)5OLSKHUK[YHUZHJ[LK K\YPUN[OLWLYPVK5V]LTILY [V+LJLTILY

The aforesaid disclosure is as follows: Other denomination Particulars SBNs Total notes

Closing cash in hand - November 8, 2016 2,78,12,000 6,51,472 2,84,63,472 7LYTP[[LKYLJLPW[Z - 3,59,74,599 3,59,74,599 - Permitted payments - 31,87,823 31,87,823 - Amount deposited into banks 2,78,12,000 2,78,11,543 5,56,23,543 Closing cash in hand - December 30, 2016 - 56,26,705 56,26,705

ANNUAL REPORT 2016-17 275 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

,_WSHUH[PVU!-VY[OLW\YWVZLVM[OPZJSH\ZL[OL[LYTº:WLJPÄLK III Fair value measurement of financial assets and liabilities )HUR 5V[LZ»:)5 ZOHSS OH]L [OL ZHTL TLHUPUN WYV]PKLK PU 

276 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

B: Ind-AS mandatory exemptions [V TLHZ\YLTLU[ VM JHZO ZL[[SLK H^HYKZ TVKPÄJH[PVU I Estimates of cash settled awards and awards that include a net a) The Group’s estimates in accordance with Ind-AS at ZL[[SLTLU[MLH[\YLPUYLZWLJ[VM^P[OOVSKPUN[H_LZ the date of transition to Ind-AS are consistent with estimates made for the same date in accordance 0[ JSHYPÄLZ [OH[ [OL MHPY ]HS\L VM JHZO ZL[[SLK H^HYKZ PZ ^P[O 0UKPHU .((7 HM[LY HKQ\Z[TLU[Z [V YLÅLJ[ HU` determined on a basis consistent with that used for equity difference in accounting policies) apart from the ZL[[SLKH^HYKZ4HYRL[IHZLKWLYMVYTHUJLJVUKP[PVUZHUK following items where application of Indian GAAP did UVU]LZ[PUNJVUKP[PVUZHYLYLÅLJ[LKPU[OLºMHPY]HS\LZ»I\[ not require estimation : non- market performance conditions and services vesting JVUKP[PVUZHYLYLÅLJ[LKPU[OLLZ[PTH[LVM[OLU\TILYVM  0TWHPYTLU[ VM ÄUHUJPHS HZZL[Z IHZLK VU L_WLJ[LK H^HYKZ L_WLJ[LK [V ]LZ[ (SZV [OL HTLUKTLU[ JSHYPÄLZ credit loss model that if the terms and conditions of a cash settled share IHZLK WH`TLU[ [YHUZHJ[PVU HYL TVKPÄLK ^P[O [OL YLZ\S[ The estimates used by the Group to present these that it becomes an equity settled share based payment HTV\U[ZPUHJJVYKHUJL^P[O0UK(:YLÅLJ[JVUKP[PVUZ transaction, the transaction is accounted for as such from HZH[[OL[YHUZP[PVUKH[LHUKHZVM4HYJO [OL KH[L VM [OL TVKPÄJH[PVU -\Y[OLY [OL HTLUKTLU[ requires the award that include a net settlement feature in b) Ind-AS 101 treats the information received after the respect of withholding taxes to be treated as equity settled KH[LVM[YHUZP[PVU[V0UK(:HZUVUHKQ\Z[PUNL]LU[Z PU P[Z LU[PYL[` ;OL JHZO WH`TLU[ [V [OL [H_ H\[OVYP[` PZ ;OLLU[P[`ZOHSSUV[YLÅLJ[[OH[UL^PUMVYTH[PVUPUP[Z [YLH[LKHZPMP[^HZWHY[VMHULX\P[`ZL[[SLTLU[ VWLUPUN0UK(:)HSHUJL:OLL[\USLZZ[OLLZ[PTH[LZ need adjustment for any differences in accounting 47. policies or there is objective evidence that the In accordance with the opinion of Expert Advisory LZ[PTH[LZ^LYLPULYYVY *VTTP[[LL,(*VMº;OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[Z VM0UKPH»PZZ\LKPU[OLTVU[OVM4HYJO[OL7HYLU[ 46. STANDARDS ISSUED BUT NOT YET EFFECTIVE *VTWHU`OHZJVUZVSPKH[LK[OLÄUHUJPHSZ[H[LTLU[ZVM/; 4*( OHZ PZZ\LK [OL *VTWHUPLZ 0UKPHU (JJV\U[PUN 4LKPH ,TWSV`LL >LSMHYL ;Y\Z[ ¸;Y\Z[¹ PU P[Z Z[HUKHSVUL Standards) Amendment Rules, 2017 which is effective from ÄUHUJPHS Z[H[LTLU[Z (JJVYKPUNS` [OL HTV\U[ VM SVHU VM (WYPS;OLUL^Z[HUKHYKPZZ\LKI\[UV[`L[LMMLJ[P]L `   3HJZ 4HYJO   `   3HJZ (WYPS up to the date of issuance of the Financial Statements is 1, 2015- ` 3HJZV\[Z[HUKPUNPU[OLUHTLVM;Y\Z[ KLZJYPILKILSV^;OL.YV\WPU[LUKZ[VHKVW[[OPZZ[HUKHYK in the books of the Company at the year end has been ^OLUP[ILJVTLZLMMLJ[P]L eliminated against the amount of loan outstanding in the name of Parent Company appearing in the books of Trust Amendment to Ind AS 7 Statement of Cash flows H[ [OL `LHY LUK -\Y[OLY [OL PU]LZ[TLU[ VM `   An entity shall provide disclosures that enable users of 3HJZ 4HYJO   `   3HJZ (WYPS   ÄUHUJPHS Z[H[LTLU[Z [V L]HS\H[L JOHUNLZ PU SPHIPSP[PLZ ` 3HJZTHKLI`[OL;Y\Z[PU[OLLX\P[`ZOHYLZVM HYPZPUN MYVT ÄUHUJPUN HJ[P]P[PLZ PUJS\KPUN IV[O JOHUNLZ [OL7HYLU[*VTWHU`[OYV\NOZLJVUKHY`THYRL[OHZILLU HYPZPUNMYVTJHZOÅV^ZHUKUVUJHZOJOHUNLZ shown as deduction from the Share Capital to the extent of face value of the shares [ `3HJZ4HYJO To the extent necessary to satisfy the requirement in, an `3HJZ(WYPS`3HJZDHUK:LJ\YP[PLZ entity shall disclose the following changes in liabilities Premium Account to the extent of amount exceeding face HYPZPUNMYVTÄUHUJPUNHJ[P]P[PLZ! value of equity shares [` `3HJZ4HYJO H JOHUNLZMYVTÄUHUJPUNJHZOÅV^Z" `3HJZ(WYPS`3HJZD-\Y[OLY the amount of dividend of `    3HJZ WYL]PV\Z `LHY I JOHUNLZ HYPZPUN MYVT VI[HPUPUN VY SVZPUN JVU[YVS VM `  3HJZYLJLP]LKI`[OL;Y\Z[MYVT[OL7HYLU[*VTWHU` subsidiaries or other businesses; during the year end has been added back to the surplus in J [OLLMMLJ[VMJOHUNLZPUMVYLPNUL_JOHUNLYH[LZ" [OL*VUZVSPKH[LKZ[H[LTLU[VMWYVÄ[HUKSVZZ K JOHUNLZPUMHPY]HS\LZ"HUK 48. L V[OLYJOHUNLZ In terms of the Scheme of Arrangement and Restructuring u/s 391-394 read with Sections 100-104 of the Amendment to Ind AS 102 : Companies Act, 1956 between the Company and HT ;OLHTLUKTLU[[V0UK(:WYV]PKLZZWLJPÄJN\PKHUJL 4\ZPJ HUK ,U[LY[HPUTLU[ *VTWHU` 3PTP[LK +LTLYNLK

ANNUAL REPORT 2016-17 277 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Company) as approved by the Hon’ble Delhi High Court, the assets and liabilities of the radio business of the Demerged JVTWHU` ^LYL [HRLU V]LY HZ H[ 1HU\HY`    6UL ;PTL ,U[Y` -LLZ 6;,- WHPK MVY HJX\PYPUN SPJLUZL MVY 9HKPV business paid by the Demerged Company in earlier years which was capitalized and amortized on straight line basis, is now amortized against the credit balance of Securities Premium Account instead of charging to the Statement VM7YVÄ[HUK3VZZV]LY[OL\ZLM\SSPMLVM[OLZHPKSPJLUZLZVY[OLPY\UL_WPYLKWLYPVK^OPJOL]LYPZSV^LYMYVTKH[LVM 4LYNLY VM 9HKPV I\ZPULZZ HZ WLY [OL HWWYV]LK :JOLTL *VUZLX\LU[S` HU HTV\U[ VM `  SHJZ 7YL]PV\Z @LHY `SHJZ[V^HYKZHTVY[PaH[PVUVM9HKPV3PJLUZLZOHZILLUKLIP[LK[V[OL:LJ\YP[PLZ7YLTP\T(JJV\U[

49. Goodwill in the Consolidated Financial Statements represents the excess of purchase consideration of Investments over [OL7HYLU[*VTWHU`»ZZOHYLPU[OLUL[HZZL[ZVMZ\IZPKPHYPLZ;OL.VVK^PSSPU[OLIVVRZPZHYYP]LKH[HZILSV^!

` in Lacs) Year Consideration HTML's share in .VVK^PSS*HWP[HS Paid the net assets Reserve) Subsidiary on the date of purchase

Hindustan Media Ventures Limited# 2003-04     HT Music and Entertainment Company Limited# 2005-06    HT Education Limited 2011-12      HT Music and Entertainment Company Limited 2011-12     HT Mobile Solutions Limited 2012-13 -     HT Learning Centers Limited 2012-13     

# the above Goodwill aggregating to `SHJZOHZILLUHTVY[PaLKPUIVVRZ

In addition to above, a Goodwill of `   SHJZ OHZ broadcasters at respective stations as per the terms of ILLUHJJV\U[LKMVYPU[OL*VUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ IPKKVJ\TLU[VU-49HKPV)YVHKJHZ[PUN7OHZL00 during the year ended March 31, 2017, persuant to Scheme of Arrangement u/s 391-394 of the Companies Act, 1956 IDuring  the previous year, the Group had launched its IL[^LLUHZ\IZPKPHY`/PUK\Z[HU4LKPH=LU[\YLZ3PTP[LK ZLJVUKYHKPVZ[H[PVU9HKPV5HZOH-4PU+LSOP ¸/4=3¹ HUK /; +PNP[HS :[YLHTZ 3PTP[LK ¸/;+:3¹ HUK ;OL JVTTLYJPHS SH\UJO VM 9HKPV 5HZOH  -4 [OLPYYLZWLJ[P]LZOHYLOVSKLYZ JYLKP[VYZ9LMLY5V[L PU +LSOP VU 4HYJO   PZ [OL ÄYZ[ VM [OL WOHZL 000 radio launches by the Group, which had acquired 10 50. new frequencies across Delhi, Mumbai, Hyderabad H Capital Advances include ` SHJZ7YL]PV\Z`LHY and UP during the phase III radio licence auction for ` SHJZWHPK[V^HYKZ*VTWHU`»ZWYVWVY[PVUH[L ]HSPKP[`VM`LHYZHNHPUZ[IPKZMVYHUHNNYLNH[L5VU share for right to use in the Common Infrastructure for Refundable One-time Entry Fee of `    SHJZ JOHUULS[YHUZTPZZPVUMVYP[ZMV\YZ[H[PVUZ[VILI\PS[VU During the year the Group has launched the remaining land owned by Prasar Bharti and to be used by all the 5L^*OHUULSZ

278 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

51. Capitalization Expenditure +\YPUN[OL`LHY[OLJVTWHU`OHZJHWP[HSPaLK[OLMVSSV^PUNL_WLUZLZVMYL]LU\LUH[\YL[V[OLJVZ[VMÄ_LKHZZL[JHWP[HS ^VYRPUWYVNYLZZ*>07*VUZLX\LU[S`L_WLUZLZKPZJSVZLK\UKLY[OLYLZWLJ[P]LUV[LZHYLUL[VMHTV\U[ZJHWP[HSPaLK I`[OLJVTWHU`

` in Lacs)

Particulars Year ended Year ended March 31, 2017 March 31, 2016

Salaries, wages and bonus -  Rent -  Miscellaneous expenses    Cost of raw material consumed     Consumption of stores and spares  - Travelling and conveyance   Printing and service charges -    Total 19.91 419.57

52. a) HTDSL allotted 1,14,12,104 Equity Shares of ` 10/- 0 +\YPUN[OL`LHYW\YZ\HU[[VH:JOLTLVM(YYHUNLTLU[ each and 85,87,896 Equity Shares of ` 10/- each to u/s 391-394 of the Companies Act, 1956 between the Company and HMVL, respectively, in discharge of the Company and HTDSL and their respective W\YJOHZLJVUZPKLYH[PVU*VUZLX\LU[\WVUHSSV[TLU[ shareholders and creditors, the Multimedia Content VMZOHYLZI`/;+:3[OL*VTWHU`UV^OVSKZ  4HUHNLTLU[

Shares in HTDSL as Investments in their books at Further pursuant to another Scheme of Arrangement fair value of `   SHJZ HUK `  SHJZ u/s 391-394 of the Companies Act, 1956 respectively, and have recorded excess of purchase between HMVL and HTDSL and their respective consideration over book value of net assets shareholders and creditors the Multimedia Content transferred to HTDSL on the Appointed Date as 4HUHNLTLU[

:[HUKHYKZ ZWLJPÄLK \UKLY :LJ[PVU  VM [OL *VUZLX\LU[ \WVU ÄSPUN VM [OL Q\KNLTLU[VYKLYZ Companies Act, 2013, read with Rule 7 of Companies passed by the Hon’ble High Courts with respective (JJV\U[Z9\SLZHUKV[OLY.LULYHSS`(JJLW[LK Registrar of Companies, both, Scheme-1 and Accounting Principles as on the Appointed Date in Scheme-2 became effective from December accordance with the Scheme approved by the Hon’ble   JSVZPUN OV\YZ º,MMLJ[P]L +H[L» /PNO*V\Y[Z;OPZPZUV[ZPTPSHY[V[OLHJJV\U[PUNHZ

WLY HWWSPJHISL 0UKPHU (JJV\U[PUN :[HUKHYKZ 0UK ;OLÄUHUJPHSPTWHJ[PU[LYTZVMIV[O[OL:JOLTLZ AS) prescribed under Section 133 of the Companies was considered in results for quarter and nine months (J[YLHK^P[OYLSL]HU[Y\SLZPZZ\LK[OLYL\UKLY ended December 31, 2016 by Company, HMVL However, this was in compliance with Accounting HUK /;+:3 ^P[O PTWHJ[ VU *VUZVSPKH[LK ÄUHUJPHS :[HUKHYKZ ZWLJPÄLK \UKLY :LJ[PVU  VM [OL statements as summarized below: Companies Act, 2013, read with Rule 7 of Companies

(JJV\U[Z9\SLZHUKV[OLY.LULYHSS`(JJLW[LK

ANNUAL REPORT 2016-17 279 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Accounting Principles as applicable when the scheme HWWYV]HSZ HUK ZHUJ[PVU I` [OL /VU»ISL +LSOP /PNO ^HZÄSLKILMVYL^P[O/VU»ISL/PNO*V\Y[HUKHZVU *V\Y[;OL:JOLTLPU[LYHSPHWYV]PKLZMVYKLTLYNLY [OL(WWVPU[LK+H[LPL4HYJO VM/;*HTW\Z

The above transactions have been undertaken 000 +\YPUN [OL WYL]PV\Z `LHY [OL 7HYLU[ *VTWHU` OHZ between the entities forming part of Group and have sold its entire holding in Ivy Talent India Private UVPTWHJ[VU[OLJVUZVSPKH[LKWYVÄ[ILMVYL[H_MVY[OL 3PTP[LK Z\IZPKPHY` JVTWHU` MVY HU HNNYLNH[L X\HY[LYHUK`LHYLUKLK4HYJO consideration of `  SHJZ -VYT [OL KH[L VM Z\JO ZHSL PL 4HYJO   0]` ;HSLU[ 0UKPH 00 +\YPUN [OL `LHY [OL )VHYK VM +PYLJ[VYZ HUK Private Limited has ceased to be a Subsidiary :OHYLOVSKLYZ VM -PYLÅ` L=LU[\YLZ 3PTP[LK -PYLÅ` /; +PNP[HS 4LKPH /VSKPUNZ 3PTP[LK /; +PNP[HS HUK VM [OL 7HYLU[ *VTWHU` (JJVYKPUNS` [OL 7HYLU[ /; 4VIPSL :VS\[PVUZ 3PTP[LK /; 4VIPSL HWWYV]LK Company has consolidated the results of operations a Composite Scheme of Capital Reduction and VM0]`;HSLU[0UKPH7YP]H[L3PTP[LK[PSS[OLKH[LVMZHSL (YYHUNLTLU[ [OL :JOLTL \UKLY :LJ[PVUZ  [V 104 of the Companies Act 1956, along with Section My Parichay Services Private Limited, which is an 52 of the Companies Act 2013 and Sections 391-394 associate of Ivy Talent India Private Limited, also VM *VTWHUPLZ (J[   HTVUN -PYLÅ` /; +PNP[HS ceased to be an associate of HT Media Limited HUK/;4VIPSL;OL*VTWHUPLZHUK[OLPYYLZWLJ[P]L pursuant to cessation of holding - subsidiary shareholders and creditors, subject to requisite YLSH[PVUZOPW^P[O0]`;HSLU[0UKPH7YP]H[L3PTP[LK

280 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

53. Additional information as required under Schedule III of the Companies Act, 2013, of the enterprises consolidated as Z\IZPKPHYPLZHZZVJPH[LZQVPU[]LU[\YLZ Net assets i.e. total assets Share in Share in other Share in total minus total liabilities 7YVÄ[VY3VZZ Comprehensive income Comprehensive income As % of Amount As % of Amount As % of Amount As % of total Amount consolidated (` lacs) consolidated (` lacs) consolidated (` lacs) comprehensive (` lacs) Particulars net assets WYVÄ[VYSVZZ other income comprehensive income

Current Year : As on March 31, 2017 I. Parent : HT Media Limited            II Subsidiaries : a) Indian Hindustan Media Ventures Limited             HT Music and Entertainment Company Limited          -    -PYLÅ`L]LU[\YLZ3PTP[LK             HT Mobile Solutions Limited            HT Digital Media Holdings Limited         -     HT Digital Streams Limited              HT Learning Centers Limited          HT Education Limited        -    /;+PNP[HS0UMVYTH[PVU7][3[K,K>VYSK      -   Private Limited) HT Global Education        -    IVY Talent India Private Limited #  -  -  -  - Topmovies Entertainment Limited             b) Foreign /;6]LYZLHZ7[L3[K               III Non- controlling interest in all subsidiaries                IV Joint Venture (Investment as per Equity Method) a) Indian 0UKPH,K\JH[PVU:LY]PJLZ7][3[K           -     b) Foreign :WVY[Z(ZPH7[L3[K      -   Total 100.00% 2,23,189.02 100.00% 17,025.22 100.00% (277.07) 100.00% 16,748.15 Previous Year : As on March 31, 2016 I. Parent : HT Media Limited             II Subsidiaries : a) Indian Hindustan Media Ventures Limited                  HT Music and Entertainment Company Limited         -    -PYLÅ`L]LU[\YLZ3PTP[LK              HT Mobile Solutions Limited               HT Digital Media Holdings Limited        -     HT Digital Streams Limited       -   HT Learning Centers Limited       -    HT Education Limited       -   /;+PNP[HS0UMVYTH[PVU7][3[K,K>VYSK       -   Private Limited) HT Global Education       -    IVY Talent India Private Limited #  -    -   Topmovies Entertainment Limited           b) Foreign /;6]LYZLHZ7[L3[K         III Non- controlling interest in all subsidiaries              IV Joint Venture (Investment as per Equity Method) a) Indian 0UKPH,K\JH[PVU:LY]PJLZ7][3[K          -     Total 100.00% 2,08,175.01 100.00% 17,347.23 100.00% (175.03) 100.00% 17,172.20

ANNUAL REPORT 2016-17 281 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

54. RECONCILIATION OF EQUITY AS AT APRIL 1, 2015 (DATE OF TRANSITION TO IND AS) ` in Lacs) Adjustment Regrouped for Share of JV Ind-AS Particulars Footnotes Ind-AS Indian GAAP as per Equity Adjustments Accounting*

ASSETS NON-CURRENT ASSETS H7YVWLY[`WSHU[HUKLX\PWTLU[ l        I*HWP[HS^VYRPUWYVNYLZZ   - -   J0U]LZ[TLU[WYVWLY[` i    -      K.VVK^PSSVU*VUZVSPKH[PVU  - -  L6[OLY0U[HUNPISLHZZL[Z    -   M0U[HUNPISLHZZL[Z\UKLYKL]LSVWTLU[  - -  N0U]LZ[TLU[PUQVPU[]LU[\YLZLX\P[` o -   -   O-PUHUJPHSHZZL[Z  P0U]LZ[TLU[Z   - -    PP 3VHUZ f          PPP6[OLYÄUHUJPHSHZZL[Z    - -    P 6[OLYUVUJ\YYLU[HZZL[Z f   -     Q 0UJVTL;H_(ZZL[Z   -  Total Non- current Assets 2,43,341.04 590.65 1,393.19 2,45,324.88 CURRENT ASSETS H0U]LU[VYPLZ  - -  I-PUHUJPHSHZZL[Z P 0U]LZ[TLU[Z q   -     PP ;YHKLYLJLP]HISLZ h          PPP *HZOHUKJHZOLX\P]HSLU[Z     -   P] 6[OLYIHURIHSHUJLZ   - -   ] 3VHUZ  -    ]P 6[OLYÄUHUJPHSHZZL[Z a      J6[OLYJ\YYLU[HZZL[Z       Total current assets 95,802.73 (985.43) 500.74 95,318.04 Total Assets 3,39,143.77 (394.78) 1,893.93 3,40,642.92 EQUITY AND LIABILITIES EQUITY H,X\P[`ZOHYLJHWP[HS  - -  I6[OLYLX\P[`     -      Total equity 1,90,238.49 - 2,659.25 1,92,897.74 Non Controlling Interest 19,228.17 - (92.72) 19,135.45 LIABILITIES Non-current liabilities H-PUHUJPHSSPHIPSP[PLZ P )VYYV^PUNZ  - -  PP;YHKL7H`HISLZ g    -    - I+LMLYYLK[H_SPHIPSP[PLZ5L[ m  -       J6[OLYUVUJ\YYLU[SPHIPSP[PLZ l  -      K7YV]PZPVUZ    -  Total non- current liabilities 11,228.86 (7.01) 590.38 11,812.23 Current liabilities H-PUHUJPHSSPHIPSP[PLZ  P)VYYV^PUNZ  - -   PP ;YHKL7H`HISLZ a, g          PPP6[OLYÄUHUJPHSSPHIPSP[PLZ         I6[OLYJ\YYLU[SPHIPSP[PLZ e, l        J7YV]PZPVUZ b        K0UJVTL[H_SPHIPSP[`    - -    Total current liabilities 1,18,448.25 (387.77) (1,262.98) 1,16,797.50 Total liabilities 1,29,677.11 (394.78) (672.60) 1,28,609.73 Total equity and liabilities 3,39,143.77 (394.78) 1,893.93 3,40,642.92

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282 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

RECONCILIATION OF EQUITY AS AT MARCH 31, 2016

` in Lacs) Adjustment Ind-AS Regrouped for Share of JV Particulars Footnotes Adjustments Ind-AS Indian GAAP as per Equity Accounting*

ASSETS NON-CURRENT ASSETS H7YVWLY[`WSHU[HUKLX\PWTLU[ l, r            I*HWP[HS^VYRPUWYVNYLZZ r  -   J0U]LZ[TLU[WYVWLY[` i    -     K.VVK^PSSVU*VUZVSPKH[PVU  - -  L6[OLY0U[HUNPISLHZZL[Z r         M0U[HUNPISLHZZL[Z\UKLYKL]LSVWTLU[        N0U]LZ[TLU[PUQVPU[]LU[\YLZLX\P[` o -    -    O-PUHUJPHSHZZL[Z  P0U]LZ[TLU[Z   - -    PP3VHUZ f           PPP6[OLYÄUHUJPHSHZZL[Z     -   P 6[OLYUVUJ\YYLU[HZZL[Z f        Q0UJVTL;H_(ZZL[Z     -  Total Non- current Assets 2,80,314.75 304.34 1,134.33 2,81,753.42 CURRENT ASSETS H0U]LU[VYPLZ   - -   I-PUHUJPHSHZZL[Z P 0U]LZ[TLU[Z q   -    PP ;YHKLYLJLP]HISLZ h         PPP *HZOHUKJHZOLX\P]HSLU[Z     -   P] 6[OLYIHURIHSHUJLZ  - -  ] 3VHUZ  - -  ]P 6[OLYÄUHUJPHSHZZL[Z    -  J6[OLYJ\YYLU[HZZL[Z       Total current assets 1,51,274.68 (923.79) 26.14 1,50,377.03 Total Assets 4,31,589.43 (619.45) 1,160.47 4,32,130.45 EQUITY AND LIABILITIES EQUITY H,X\P[`ZOHYLJHWP[HS  - -  I6[OLYLX\P[`  -     Total equity 2,05,146.15 - 3,028.86 2,08,175.01 Non Controlling Interest 23,597.12 - (168.56) 23,428.56 LIABILITIES NON-CURRENT LIABILITIES H-PUHUJPHSSPHIPSP[PLZ P)VYYV^PUNZ   - -   PP;YHKL7H`HISLZ g  -  - I+LMLYYLK[H_SPHIPSP[PLZ5L[ m   -    J6[OLYUVUJ\YYLU[SPHIPSP[PLZ l   -    K7YV]PZPVUZ   -  Total non-current liabilities 8,041.30 (12.54) 63.08 8,091.84 CURRENT LIABILITIES H-PUHUJPHSSPHIPSP[PLZ P )VYYV^PUNZ    - -    PP ;YHKL7H`HISLZ a, g           PPP 6[OLYÄUHUJPHSSPHIPSP[PLZ a         I6[OLYJ\YYLU[SPHIPSP[PLZ e, l           J7YV]PZPVUZ b             K0UJVTL[H_SPHIPSP[`  - -  Total current liabilities 1,94,804.86 (606.91) (1,762.91) 1,92,435.04 Total liabilities 2,02,846.16 (619.45) (1,699.83) 2,00,526.88 Total equity and liabilities 4,31,589.43 (619.45) 1,160.47 4,32,130.45

9LMLYMVV[UV[L¸V¹

ANNUAL REPORT 2016-17 283 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

RECONCILIATION OF TOTAL COMPREHENSIVE INCOME FOR THE YEAR ENDED MARCH 31, 2016 ` in Lacs) Adjustment Regrouped for Share of JV IndAS Particulars Footnotes Ind AS Indian GAAP as per Equity Adjustments Accounting*

INCOME Revenue from operations d, e, j        Other Income a, e, f, k, l       Total Income 2,65,554.73 (160.47) 375.64 2,65,769.90 EXPENSES Cost of materials consumed   - -   0UJYLHZLKLJYLHZLPUPU]LU[VYPLZ   - -   ,TWSV`LLILULÄ[ZL_WLUZL c,s          Finance costs a       Depreciation and amortization expense i, l      Other expenses a, d, f, g,         i, j, k Total expense 2,35,816.89 (1,589.68) 137.81 2,34,365.02 7YVÄ[ILMVYLZOHYLVMWYVÄ[SVZZVMHU 29,737.84 1,429.21 237.83 31,404.88 associate and a joint venture and tax Tax expense: *\YYLU[[H_     - -     (KQ\Z[TLU[VMJ\YYLU[[H_YLSH[PUN[V  - -  earlier periods J+LMLYYLK[H_JOHYNLJYLKP[ m   -    Total tax expense 8,316.59 - (282.36) 8,034.23 7YVÄ[MVY[OLWLYPVKHM[LY;H_ILMVYL 21,421.25 1,429.21 520.19 23,370.65 share of a joint venture and tax :OHYLVMWYVÄ[SVZZVMQVPU[]LU[\YL o - -       7YVÄ[MVY[OL`LHY 21,421.25 1,429.21 (908.62) 21,941.84 Other comprehensive Income 0[LTZ[OH[^PSSUV[[VILYLJSHZZPÄLK[V WYVÄ[HUKSVZZ 9LTLHZ\YLTLU[NHPUZSVZZLZVU c -      KLÄULKILULÄ[WSHUZ - Income tax effect c - -   0[LTZ[OH[^PSSILYLJSHZZPÄLK[VWYVÄ[HUKSVZZ - Exchange differences on translation of p - -     foreign operation - Income tax effect - - - - Other comprehensive income for the - (0.40) (201.74) (202.14) year, net of tax Total comprehensive income for the 21,421.25 1,428.81 (1,110.36) 21,739.70 year, net of tax Less: Non Controlling Interest   -    Equity holder of Parent 16,779.86 1,428.81 (1,034.47) 17,174.20

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284 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

Footnotes to the reconciliation of equity as at April 1, HTV\U[Z PUJS\KLK PU UL[ PU[LYLZ[ VU [OL UL[ KLÄULK HUK4HYJOHUKWYVÄ[VYSVZZMVY[OL`LHY ILULÄ[ SPHIPSP[`D HYL YLJVNUPZLK PTTLKPH[LS` PU [OL ended March 31, 2016 balance sheet with a corresponding debit or credit [VYL[HPULKLHYUPUNZ[OYV\NO6*0;O\Z[OLLTWSV`LL a. Derivative instruments ILULÄ[JVZ[PZYLK\JLKI`` SHJZNYVZZVM[H_ impact of `  SHJZ HUK YLTLHZ\YLTLU[ NHPUZ The fair value of forward foreign exchange contracts SVZZLZVUKLÄULKILULÄ[WSHUZOHZILLUYLJVNUPaLK and foreign currency options is recognised under PU[OL6*0UL[VM[H_HUKV[OLYL_WLUZLZ 0UK(:HUK^HZUV[YLJVNUPZLK\UKLY0UKPHU.((7 On the date of transition, impact of ` 3HJZPU d. Agent Commission Paid opening retained earnings as at April 01, 2015 and Under Indian GAAP, service charges paid on `3HJZVUYL[HPULKLHYUPUNZHZH[4HYJO HK]LY[PZLTLU[ YL]LU\L PZ KLK\J[LK MYVT YL]LU\L 2016 and fair valuation impact of derivative contracts As per Ind AS, the same has to be shown under amounting to `  3HJZ OH]L ILLU JOHYNLK [V V[OLY L_WLUZLZ /LUJL ZLY]PJL JOHYNLZ OHZ ILLU MVYLPNUL_JOHUNLÅ\J[\H[PVU(SZV\UKLY0UKPHU.((7 YLJSHZZPÄLKHZHUL_WLUZLMVY[OL`LHYLUKLK4HYJO premium pertaining to Interest Rate Swap portion of 31, 2016 thereby increasing the revenue from a composite option was fair valued and charged off operations by ` SHJZ HJJVYKPUNS`HZÄUHUJLJVZ[/V^L]LY\UKLY0UK(: [OLZHTLPZJOHYNLKIHZPZ[OLYH[LZHZWLY[OLJVU[YHJ[ e. Extended credit given (JJVYKPUNS`ÄUHUJLJVZ[ZMVY[OLWLYPVKLUKLK4HYJO (Z WLY 0UK (: PM [OLYL PZ H ZPNUPÄJHU[ SHN IL[^LLU 31, 2016 has increased by `  SHJZ -\Y[OLY when the good or services are provided and the income from amortisation of premium amounting to consideration is received the time value of money `  SHJZ VU MVYLPNU L_JOHUNL MVY^HYK JVU[YHJ[ ZOV\SKHSZVIL[HRLUPU[VHJJV\U[;OH[PZKLMLYYLK to sell USD recognised in other income under Indian payments might indicate that there is both a sale and a GAAP has been debited to other income and credited ÄUHUJPUN[YHUZHJ[PVU0M[OLYLPZHÄUHUJPUNLSLTLU[P[ [VV[OLYL_WLUZLZ is necessary to discount the consideration to present ]HS\L PU VYKLY [V HYYP]L H[ MHPY ]HS\L 6U [OL KH[L VM b. Proposed Dividend and tax thereon transition, impact of ` SHJZPUVWLUPUNYL[HPULK Under Indian GAAP, dividends proposed by the earnings as at April 01, 2015 has been accounted for board of directors after the balance sheet date but K\L [V [OL ZHTL -\Y[OLY YL]LU\L MYVT VWLYH[PVUZ ILMVYL [OL HWWYV]HS VM [OL ÄUHUJPHS Z[H[LTLU[Z for the year ended March 31, 2016 has decreased ^LYL JVUZPKLYLK HZ HKQ\Z[PUN L]LU[Z (JJVYKPUNS` by `SHJZHUKV[OLYPUJVTLOHZPUJYLHZLKI` provision for proposed dividend was recognised as a ` 3HJZ SPHIPSP[`

J 9LTLHZ\YLTLU[Z VM WVZ[LTWSV`TLU[ ILULÄ[ Accordingly, Security deposits are discounted to obligations ILYLJVNUPZLKH[HTVY[PaLKJVZ[;OLL_JLZZVM[OL Both under Indian GAAP and Ind AS, the Group principal amount of the deposit over its fair value is recognised costs related to its post-employment HJJV\U[LKMVYHZWYLWHPKSLHZLL_WLUZLPUJVTLHUK KLÄULK ILULÄ[ WSHU VU HU HJ[\HYPHS IHZPZ

ANNUAL REPORT 2016-17 285 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

The prepaid rent increased by `SHJZVU[OL   YLZWLJ[P]LS` (KKP[PVUHSS` KLWYLJPH[PVU VU date of transition and `SHJZ*VYYLZWVUKPUNS` Investment Property amounting to `  SHJZ OHZ other income has increased by `  3HJZ HUK ILLUJOHYNLK[V[OL:[H[LTLU[VM7YVÄ[HUK3VZZMVY rental expenses has increased by ` 3HJZ the period ended March 31, 2016 and impairment charge on investment property has been reversed to g. Straight lining of lease escalation the extent of `  3HJZ Indian GAAP mandated straight lining of lease LZJHSH[PVUPUJHZLVMUVUJHUJLSSHISLSLHZLZ0UK(: j. Circulation Revenue - Gift cost reclass does not mandate straight-lining of lease escalation, As per Ind AS, the gift cost is grouped under PM[OL`HYLPUSPUL^P[O[OLL_WLJ[LKNLULYHSPUÅH[PVU deduction from revenue and hence is netted off from JVTWLUZH[PUN [OL SLZZVY MVY L_WLJ[LK PUÅH[PVUHY` JPYJ\SH[PVUYL]LU\L0U0UKPHU.((7[OLNPM[JVZ[^HZ JVZ[ (JJVYKPUNS` [OL .YV\W OHZ YL]LYZLK 3LHZL accounted for as advertisement and sales promotion equalisation reserve created in books amounting to ` L_WLUZLZ;OPZOHZYLZ\S[LKPUKLJYLHZLPUJPYJ\SH[PVU   SHJZHUK`SHJZHZVU(WYPSHUK revenue for year March 31, 2016 and also reduction HZ VU 4HYJO   *VUZLX\LU[S` YLU[ L_WLUZL in advertisement and sales promotion expenses by for the year ended March 31, 2016 has reduced by ` `SHJZ   SHJZ k. Cash discount received h. Expected credit note As per Ind AS 1, cash discount received on before time Under Indian GAAP, the Group accounts for credit payments were netted off from respective expenses note when it is issued, provision for credit note is resulting in decrease in expenses and corresponding UV[ JVUZPKLYLK PU P[Z ZOPUL HUK YHKPV I\ZPULZZ (Z KLJYLHZL PU V[OLY PUJVTL MVY ÄUHUJPHS `LHY LUKLK per Para 17 of Ind AS 18 , if an entity retains only an 4HYJO(JJVYKPUNS`V[OLYPUJVTLHUKV[OLY PUZPNUPÄJHU[YPZRVMV^ULYZOPW[OL[YHUZHJ[PVUPZHZHSL expenses for the period ended March 31, 2016 has HUK YL]LU\L PZ YLJVNUPZLK 9L]LU\L PU Z\JO JHZLZ decreased by ` SHJZ is recognised at the time of sale provided the seller can reliably estimate future returns and recognises a l. Government Grant liability for returns based on Indian experience and Under Indian GAAP, the Group had deducted the V[OLYYLSL]HU[MHJ[VYZ HTV\U[ VM NV]LYUTLU[ NYHU[ MYVT JVZ[ VM [OL Ä_LK HZZL[Z/V^L]LY\UKLY0UK(:HZWLY0UK(:[OL Accordingly, the Group has created provision for Group has now recognised the related unamortized expected credit note as on transition date amounting deferred income from government grant, amounting to `  SHJZHZVU[OL[YHUZP[PVUKH[LHUK`   to ` SHJZ`  SHJZHUK`  SHJZ SHJZHZVU4HYJO under Other Non-Current Liabilities and Other Current 3PHIPSP[PLZ YLZWLJ[P]LS` HZ H[ [OL KH[L VM [YHUZP[PVU i. Investment property and depreciation The corresponding adjustment has been made to the Under Indian GAAP, advance paid for investment JHYY`PUNHTV\U[VM7YVWLY[`7SHU[HUK,X\PWTLU[UL[ WYVWLY[` ^HZ KPZJSVZLK HZ SVHUZ HUK HK]HUJLZ VM HJJ\T\SH[LK KLWYLJPH[PVU PTWHJ[ *VUZLX\LU[S` :\JO HK]HUJLZ HYL JV]LYLK \UKLY [OL KLÄUP[PVU VM deferred income is credited to Other Income over Investment Properties as per Ind AS 40 hence are the life of the asset and correspondingly depreciation KPZJSVZLKHJJVYKPUNS`(ZWLY0UK(:KLWYLJPH[PVU is charged on Property, Plant and Equipment in the needs to be charged on investment properties Z\IZLX\LU[ `LHYZ (JJVYKPUNS` 6[OLY 0UJVTL HUK HUK P[ PZ [V IL [LZ[LK MVY PTWHPYTLU[ (JJVYKPUNS` depreciation charge for the period ended March 31, cumulative adjustment with respect to depreciation 2016 has increased by `    SHJZ ;OL JHYY`PUN and impairment amounting to `    SHJZ HUK ` ]HS\LVM[HUNPISLÄ_LKHZZL[ZHZVU4HYJO SHJZOHZILLUTHKL[V[OLJHYY`PUN]HS\LVM has increased by `    SHJZ K\L [V [OL HIV]L Investment Property as on April 1, 2015 and March HKQ\Z[TLU[Z

286 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

m. Deferred tax venture has been made on the transition date and 4HYJO-\Y[OLYP[LTZVM:[H[LTLU[VM7YVÄ[ Indian GAAP requires deferred tax accounting using and Loss pertaining to the Joint Venture, which were the income statement approach, which focuses on consolidated line by line under Indian GAAP has now KPMMLYLUJLZ IL[^LLU [H_HISL WYVÄ[Z HUK HJJV\U[PUN been consolidated using Equity method as prescribed WYVÄ[Z MVY [OL WLYPVK 0UK (:  YLX\PYLZ LU[P[PLZ [V \UKLY0UK(:  account for deferred taxes using the balance sheet approach, which focuses on temporary differences p. Foreign currency translation reserve between the carrying amount of an asset or liability As required under Ind AS, foreign currency translation PU[OLIHSHUJLZOLL[HUKP[Z[H_IHZL;OLHWWSPJH[PVU on conversion of overseas subsidiaries are accounted of Ind AS 12 approach has resulted in recognition of [OYV\NO6[OLY*VTWYLOLUZP]L0UJVTL(JJVYKPUNS`H deferred tax on new temporary differences which was charge of ` SHJZOHZILLUHJJV\U[LKMVYPU6*0 UV[YLX\PYLK\UKLY0UKPHU.((7 \UKLY0UK(: In addition, the various transitional adjustments lead q. Fair Valuation of Equity Investments [V[LTWVYHY`KPMMLYLUJLZ(JJVYKPUN[V[OLHJJV\U[PUN Under the Indian GAAP, investments in equity policies, the Group has to account for such PUZ[Y\TLU[Z^LYLJSHZZPÄLKHZSVUN[LYTPU]LZ[TLU[Z KPMMLYLUJLZ+LMLYYLK[H_HKQ\Z[TLU[ZHYLYLJVNUPZLK or current investments based on the intended holding in correlation to the underlying transaction either in WLYPVKHUKYLHSPZHIPSP[`3VUN[LYTPU]LZ[TLU[Z^LYL YL[HPULKLHYUPUNZVYHZLWHYH[LJVTWVULU[VMLX\P[` carried at cost less provision for other than temporary Further, deferred tax adjustments are required to be KLJSPUL PU [OL ]HS\L VM Z\JO PU]LZ[TLU[Z *\YYLU[ recognised on certain consolidation adjustments investments were carried at lower of cost and fair \UKLY 0UK (: \USPRL WYL]PV\Z .((76U [OL KH[L VM ]HS\L

ANNUAL REPORT 2016-17 287 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

s. Share based payments value as against intrinsic value previously under Indian .((7(JJVYKPUNS`ZOHYLIHZLKWH`TLU[L_WLUZLVM Under Indian GAAP, the Group recognised only ` the intrinsic value for the employee stock based SHJZOHZILLUJYLKP[LK[V:[H[LTLU[VM7YVÄ[ JVTWLUZH[PVU WSHUZ HZ HU L_WLUZL ;OL .YV\W PZ HUK3VZZMVY[OL`LHYLUKLK4HYJO allowed to apply Ind AS 102 Share-based payment to equity instruments that remain unvested as of t. Other comprehensive income [YHUZP[PVU KH[L ;OL .YV\W OHZ LSLJ[LK [V H]HPS [OPZ Under Indian GAAP, the Group has not presented exemption and apply the requirements of Ind AS 102 V[OLYJVTWYLOLUZP]LPUJVTL6*0ZLWHYH[LS`/LUJL to all employee stock options remaining unvested as of P[ OHZ YLJVUJPSLK 0UKPHU .((7 WYVÄ[ [V WYVÄ[ HZ WLY [OL[YHUZP[PVUKH[L(JJVYKPUNS`[OL\U]LZ[LKVW[PVUZ 0UK(: -\Y[OLY 0UKPHU .((7 WYVÄ[ PZ YLJVUJPSLK [V as on the date of transition have been measured at fair [V[HSJVTWYLOLUZP]LPUJVTLHZWLY0UK(:

As per our report of even date For and on behalf of the Board of Directors of HT Media Limited For S.R. Batliboi & CO. LLP Chartered Accountants Piyush Gupta Dinesh Mittal ICAI Firm Registration Number: 301003E/ .YV\W*OPLM-PUHUJPHS6MÄJLY Whole-time Director, Group General E300005 Counsel & Company Secretary +05!  per Vishal Sharma Partner Membership Number: 096766 Rajiv Verma Shobhana Bhartia *OPLM,_LJ\[P]L6MÄJLY Chairperson & Editorial Director Place : New Delhi +05!  Date : May 19, 2017

288 HT MEDIA LIMITED 01-15 16-58 59-290 A About HT Media B Statutory Reports C Financial Statements

Not Not   HYL 2, 2015 Limited Streams Streams HT Digital November Applicable Applicable

- _JOHUNLYH[LVM       Not Not May Limited 24, 2013 Applicable Applicable Topmovies Topmovies Entertainment -

- - Not Not Ltd) October 27, 2011 World Pvt World HT Digital Applicable Applicable Pvt Ltd (Ed Information - -     Not Not May (Refer Note c) 13, 2011 HT Global Education Applicable Applicable ------(Except information for number of shares - Amount in Lacs) (Except information for number of shares                  HT Not Not            5, 2010 Limited Centers Learning February Applicable Applicable -

- Y]LZ :\YWS\Z;V[HS(ZZL[Z;V[HS3PHIPSP[PLZHUK0U]LZ[TLU[Z            HT Not Not April 1, 2011 Limited Education Applicable Applicable PVUHUK7YVÄ[HM[LY[H_H[PVUHYL[YHUZSH[LKH[HUU\HSH]LYHNLL - `           Not Applicable -

` August 19, 2010     Not SGD, 46.39 (Refer Note a and b) HT Overseas Pte. Ltd 1 SGD = Applicable -

Not Not (Refer Note a) Limited 19, 2009 February Solutions HT Mobile Applicable Applicable - - - VMZ\IZPKPHYPLZVYHZZVJPH[LJVTWHUPLZVYQVPU[]LU[\YLZ Not Not June (Refer -PYLÅ` Note a) Limited 11, 2007 Applicable Applicable e-Ventures e-Ventures -            TLU[ZHYLKLUVTPUH[LKPU:PUNHWVYL+VSSHYZ:OHYLJHWP[HS9LZL Not Not  Media Limited 26, 2007 Holdings HT Digital \NO/;+PNP[HS4LKPH/VSKPUNZ3PTP[LK Applicable Applicable September  HUK;\YUV]LY7YVÄ[ILMVYL[H_H[PVU7YV]PZPVUMVY[H_H[ ` ------

- - - Not Not Limited October 28, 2005 Company Applicable Applicable HT Music and Entertainment           Not Not July            Media 1, 2003                                  Limited                Ventures Ventures Hindustan Applicable                                   Applicable

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ANNUAL REPORT 2016-17 289 - - Agreement Joint Venture Joint Venture Sports Asia Pte Limited ZHUK1VPU[]LU[\YLZ Whole-time Director, Group General Group Whole-time Director, Counsel & Company Secretary +05!  Chairperson & Editorial Director +05!                    Agreement Joint Venture Joint Venture Joint venture Joint venture Not Applicable Not Applicable March 31, 2017March 31, 2017 March October 24, 2011 June 9, 2016 Limited India Education Services Private For and on behalf of the Board of Directors of HT Media Limited of Directors For and on behalf of the Board Piyush Gupta.YV\W*OPLM-PUHUJPHS6MÄJLY Dinesh Mittal Rajiv Verma Shobhana Bhartia *OPLM,_LJ\[P]L6MÄJLY in Lacs) ` U VM[OL*VTWHUPLZ(J[YLSH[LK[V(ZZVJPH[L*VTWHUPL HUJL:OLL[ in Lacs) ` in Lacs) ` 5L[^VY[OH[[YPI\[HISL[V:OHYLOVSKPUNHZWLYSH[LZ[H\KP[LK)HS PlaceDelhi : New Date : May 19, 2017  9LHZVU^O`[OL1VPU[]LU[\YLPZUV[JVUZVSPKH[LK  7YVÄ[3VZZMVY[OL`LHY  P *VUZPKLYLKPU*VUZVSPKH[PVU PP 5V[*VUZPKLYLKPU*VUZVSPKH[PVU  ,_[LUKVM/VSKPUN  +LZJYPW[PVUVMOV^[OLYLPZZPNUPÄJHU[PUÅ\LUJL    (TV\U[VM0U]LZ[TLU[PU1VPU[=LU[\YL 5HTLVM[OL(ZZVJPH[LZ1VPU[=LU[\YLZ 9LSH[PVUZOPW^P[O[OL7HYLU[*VTWHU`/;4LKPH3PTP[LK   3H[LZ[H\KP[LK)HSHUJL:OLL[+H[L  +H[LVU^OPJO1VPU[=LU[\YL^HZHZZVJPH[LKVYHJX\PYLK  :OHYLZVM1VPU[=LU[\YLZOLSKH[[OL`LHYLUK  Equity shares 5\TILY0U3HJZ ANNEXURE A AND JOINT VENTURES “ B” : ASSOCIATES PART :[H[LTLU[7\YZ\HU[[VÄYZ[WYV]PZV[VZ\IZLJ[PVUVMZLJ[PV

290 HT MEDIA LIMITED NOTES NOTES concept, content and design at ([email protected])