Jagran Q3 consolidated net up 16% at Rs 81.61 cr
MUMBAI: Jagran Prakashan Limited (JPL), publishers of ‘Dainik Jagran’, has posted 16% growth in consolidated net profit at Rs 81.61 crore for the quarter ended 31st December compared to Rs 70.38 crore in the same quarter of the previous fiscal.
Operating profit for the quarter was up at Rs 147.13 crore, up by 11% from Rs 132.61 crore. Operating revenue dropped to Rs 552.98 crore as against Rs 613.83 crore.
Advertisement revenue including print and digital was down at Rs 336.29 crores as against Rs 373.50 crores. Circulation revenue came in at Rs 107.47 crore as against Rs 107.97 crore.
Other operating revenue stood at Rs 42.22 crore as against Rs 46.28 crore. Print digital revenue at Rs 11.73 crore, up by 12.6% from Rs 10.42 crore.
Commenting on the performance of the company, JPL CMD Mahendra Mohan Gupta said, “Performance for Q3 was in line with the overall economy in general and media & entertainment industry in particular. However, the Company did report YoY growth in operating profit, PBT and PAT after two quarters. This could become possible due to improvement in per copy realisation, moderation in newsprint prices, strengthening cost control measures further, improving efficiencies, lower spend on discretionary items, certain businesses turning into profit and lower tax rate. Some of these savings are sustainable and will give additional benefits when growth in revenue returns.
“I am pleased with the results of the latest readership survey which once again confirms our leadership position in the country and core markets, where we have reduced the gap from our closest competitors. This survey further shows that the newspaper continues to be the most preferred medium for consumption of news and information. In fact, the survey affirms our belief that in India all media platforms have room to grow with digital as penetration and per capita consumption in terms of time spent continues to be considerably low as compared to the global trends.”