Jagran Prakashan Q2 FY24 revenue at Rs 458.73 cr; Digital revenue up 32.7%

Jagran Prakashan Limited, publishers of Dainik Jagran, has reported consolidated operating revenue of Rs 458.73 crore, up by 1% on YoY basis for the second quarter ended September 30, 2023. Radio operating revenue stood at Rs 52.44 crore, registering a growth of 7.8% on YoY basis, while Digital revenue was up by 32.7% on YoY basis at Rs 27.57 crores.

Consolidated advertisement revenues were reported at Rs 318.61 crore, slightly up from Rs 317.69 crore in Q2 FY2023. This includes advertisement revenue from print, digital and radio.

Meanwhile, circulation revenues dipped to Rs 89.72 crore in Q2 FY204, from Rs 92.62 crore in the corresponding quarter of the previous fiscal.

Profit after tax slipped to Rs 41.52 crore, as against Rs 50.62 crore.

Financial Highlights

Stand Alone Q2FY24 (all comparisons with Q2FY23)

Operating Revenues at Rs 390.59 crores as against Rs 391.65 crores.

Advertisement Revenues at Rs 254.03 crores as against Rs 258.57crores.

Circulation Revenues at Rs 86.74 crores as against Rs 89.65 crores.

Other Operating Revenues at Rs 49.82 crores, up by 14.7% from Rs 43.43 crores.

Digital Revenue at Rs 21.01 crores, up by 31.9% from Rs 15.93 crores.

Operating Profit at Rs 64.52 crores as against Rs 82.10 crores.

PBT at Rs 60.17 crores as against Rs 73.99 crores.

PAT at Rs 44.84 crores as against Rs 55.43 crores.

EPS (non-annualized) of Rs 2.06 as against Rs 2.10.

Stand Alone H1FY24 (all comparisons with H1FY23)

Operating Revenues at Rs 776.15 crores as against Rs 785.31 crores.

Advertisement Revenues at Rs 497.87 crores as against Rs Rs 506.22 crores.

Circulation Revenues at Rs 178.96 crores as against Rs 180.19 crores.

Other Operating Revenues at Rs 99.33 crores, slightly up from Rs 98.90 crores.

Digital Revenue at Rs 35.45 crores, up by 8.4% from Rs 32.71 crores.

Operating Profit at Rs 126.64 crores as against Rs 154.94 crores.

PBT at Rs 120.72 crores as against Rs 134.06 crores.

PAT at Rs 92.33 crores as against Rs 100.50 crores.

EPS (non-annualized) of Rs 4.24, up by 11.3% from Rs 3.81.

Commenting on the performance of the company, Mahendra Mohan Gupta, Chairman, Jagran Prakashan Limited, said, “The economy of India has been resilient amid volatile and unpredictable geopolitical climate. It continued to record growth more than the inflation. However, the discretionary consumption by populace of low and middle income levels continued to remain subdued. High inflation in edibles leaves very little in their pocket for spending on items which are not necessary for survival. This environment is not supportive to the industries like newspaper, which thrive when discretionary spending is robust. Volumes apart, passing on inflation to consumers continues to remain difficult as any attempt to increase price drops volumes disproportionately and quickly. In this background and in the light of company’s strategy to hold price points to the extent possible, the company’s overall performance has to be viewed.”

Gupta further said, “The company had some growth in revenues during the current quarter as well as half year as compared to same period of previous year supported by growth of Radio business, Digital business and exceptional performance of NaiDunia, which had specific advantage due to location. However, profits were adversely impacted due to increased expenses on account of strengthening the operations of digital business, higher promotional and some non-recurring expenses and also on account of impact of inflation. Further, as stated earlier, I expect further improvement in revenues particularly in H2 benefitting from lower inflation and increased government spend and even more improved profits due to increased revenues coupled with newsprint cost savings due to moderation in prices which is not yet fully reflected in operating results.”