Jagran Prakashan Q1 consolidated net profit at Rs 88.36 cr
MUMBAI: Jagran Prakashan, publishers of ‘Dainik Jagran’, has reported a consolidated net profit of Rs 88.36 crore for Q1 FY19 as against Rs 88.75 crore in Q1 FY18. Operating profit was Rs 163.55 crore, up by 1.4% from Rs 161.26 crore.
The company posted operating revenues of Rs 602.57 crore, up by 1.9% from Rs 591.33 crore. Ad revenues stood at Rs 445.34 crore, up by 1.4% from Rs 439.23 crore. Circulation revenues were flat at Rs 109.69 crore compared Rs 108.60 crore.
The company said that digital business is near breakeven at an operating level on the back of revenue growth of 24.3%. Digital ad revenue was Rs 9.56 crore, up by 24.3% from Rs 7.69 crore.
The company also completed buyback shares worth Rs.292.50 crore.
Commenting on the performance of the company, Jagran Prakashan CMD Mahendra Mohan Gupta said, “After two consecutive quarters of de-growth, this quarter witnessed some growth in advertisement revenue. We were also able to pass part of the increase in newsprint price to the readers in the majority of our areas of operation but there were still some areas where it could not become possible due to the competitors’ not agreeing to our proposal of increasing cover prices. We expect a spike in growth in H2.
“Digital, Outdoor and Radio businesses deserve special mention as these businesses performed incredibly well and cumulatively contributed significantly in the company’s profit.
“I hope that we will end the current fiscal with the expected growth in profits achieved at the back of higher per copy realisation coupled with high single-digit growth in advertisement revenues of print business in addition to double-digit growth in the above referred businesses.
“I am also glad that in pursuance of the company’s policy to distribute the surplus cash, buyback of shares worth Rs.292 crore was successfully completed a few days ago and we assure that we will continue with our policy to reward our shareholders.”