HT Media Announces Average Variable Pay Bonus Payout For Employees
HT Media MD & CEO, Praveen Someshwar has announced a 60-65% average variable payout to employees in the company's quarterly town hall meeting.
Sources privy to the development have confirmed the news to E4M that Someshwar announced an immediate variable payout. Rating 1 is given for performance below expectations, Rating 2 is given for almost meeting expectations, Rating 3 is given for meeting expectations, Rating 4 is exceeds expectations and Rating 5 is substantially exceeds expectations.
In the last town hall, Someshwar faced questions on variable pay bonuses and was non-committal on the same. Sources also shared that the decision was taken after discussions in the last quarter. However, an announcement was made only now.
During the Q4 earnings call with investors, Piyush Gupta, Group CFO, of HT Media shared that the newsprint prices are about Rs 60,000 per metric tonne. Gupta said, “As we are looking out next year, we are already seeing softness happening, so we are very hopeful that these prices will come down about 10% to 15% from here on.”
He also added, “Now, as we embark on the next fiscal year, we've already completed the month of May nearly. There's a big program on yield improvement that we have put in place, with which we are hoping to unlock the value and go back to our pre-Covid yields. The paper prices, of course, are coming down, which you will see translating into EBITDA, and therefore PBT and PAT in the coming year. But with the revenue uptick you will see the profitably come back to a pre-Covid, at a very robust level.”
