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Dainik Jagran brightens up Jagran Prakashan’s Q3 showing
MUMBAI: After maintaining top position of its Hindi daily newspaper Dainik Jagran in the Indian Readership Survey 2013, Jagran Prakashan Ltd (JPL) has another reason to cheer yet again. The Kanpur-headquartered company recorded stronger performance for the third quarter ended December 2013.
Operating profit (EBITDA) surged 19.6 per cent to Rs 108.9 crore (Rs 1.09 billion). EBITDA margin stood at 22.5 per cent, signalling a contraction of 150 bps YoY.
JPL’s net profit increased 6.8 per cent to Rs 68.57 crore (Rs 685.7 million) despite higher interest charge. Other income of Rs 7.43 crore (Rs 74.3 million), including forex gains of Rs 2.38 crore (Rs 23.8 million), came in handy.
A steady increase in ad revenue as well as in higher subscription revenue has led to improvement in realisation, thereby boosting its performance.
JPL’s income from operations for the fiscal third quarter stood at Rs 427.4 crore (Rs 4.27 billion), up 12.7 per cent from the year ago period.
Not unexpectedly, Dainik Jagran continued to take the lion’s share of JPL’s performance. The Hindi daily reported 11.3 per increase in its operating revenue to Rs 332.5 crore (Rs 3.32 billion).
Other publications including Nai Dunia, Mid Day, I-Next, City Plus, Punjabi Jagran, Josh and Sakhi contributed Rs 90.2 crore (Rs 902 million) to the topline.
Advertising revenue grew 14.7 per cent YoY to Rs 300 crore (Rs 3.00 billion), surpassing what the company had expected during the Q2FY14 financial performance release.
Subscription revenue increased to Rs 86.11 crore (Rs 861.1 million), up 13.4 per cent YoY.
Higher newsprint cost, weakening rupee, employee benefit costs and other operating expenses grew 23 per cent to Rs 318.45 crore (Rs 3.18 billion).
Meanwhile, shares of JPL ended the session on the BSE marginally up at Rs 88.45. The stock hit an intraday high of Rs 90.50 and a low of Rs 88.15.