Jagran Prakashan Q3 net down 11%
MUMBAI: Print media major Jagran Prakashan’s consolidated net profit has fallen 11% to Rs 87.2 crore for the quarter ended 31 December compared to 98 crore in the corresponding quarter of the previous fiscal.
Operating profit declined 13% to Rs 162.9 crore compared to Rs 186.6 crore. Operating profit margin fell to 27.2% compared to 31%.
Consolidated revenue was down 1% to Rs 598.1 crore as against 601.6 crore. Ad revenue fell 2% to Rs 439 crore compared to Rs 447.6 crore in the year ago period. Circulation revenue saw muted growth at Rs 110.2 crore compared to Rs 109.4 crore.
In terms of the break-up, Dainik Jagran’s operating profit has fallen to Rs 131.5 crore compared to Rs 151.6 crore. Operating revenue has dropped to Rs 391.2 crore compared to Rs 400.3 crore.
The operating profit of other publications including Nai Duniya and Mid-Day has dropped to Rs 7.6 crore compared to Rs 11.7 crore. Operating revenue was down to Rs 88.6 crore from Rs 90.4 crore.
The digital business posted an operating loss of Rs 4.5 crore compared to Rs 3.7 crore. Operating revenue declined to Rs 7.8 crore from Rs 6.7 crore. The outdoor segment saw improvement in operating profit at Rs 5 crore compared to Rs 1.6 crore while operating revenue jumped to Rs 38.4 crore from Rs 33.9 crore.
Commenting on the performance of the company, Jagran Prakashan chairman and MD Mahendra Mohan Gupta said, “I am pleased with the findings of readership survey which clearly establish once again the dominance of Dainik Jagran in the print industry of the country. Dainik Jagran continues to be No. 1 newspaper since 2003 without a break which is a matter of pride. These findings justify our strategy to continue to invest in systematic growth in circulation even if the external environment was not supporting the growth in advertisement revenue.
“Although there is a flat revenue and some de-growth in profits which is on account of the reasons beyond our control, some recovery has been seen in various discretionary spend sectors, real estate, BFSI, and Education. Let us hope that these recoveries are sustained.
As far as other businesses viz. Radio, Digital, and Outdoor are concerned, they were reportedly outperformers in their respective sectors. As stated while commenting on the performance for the second quarter, implementation issues related to GST continue to haunt everyone but I continue to be optimistic and hope that these will be sorted out sooner than later and will drive the economic growth. Till then, let us wait and do not draw any conclusion for the economy in general or print industry in particular.”