Jagran Prakashan Limited, which owns the largest Hindi newspaper Dainik Jagran, has posted a consolidated net profit of Rs 110.32 crore in the third quarter of the financial year 2022, up 43.1% from Rs 77.08 crore in the corresponding quarter of the previous fiscal.
The consolidated operating revenue stood at Rs 518.51 crore, up by 28.8% from Rs 402.61 crore.
The company said in its regulatory filing that it earned Rs 387.08 crores through print, digital and radio advertising, up 32.3% from Rs 292.67 crore in the corresponding period of the previous fiscal.
The circulation revenue stood at Rs 89.68 crore, up 6.4% from Rs 84.27 crore.
The company’s consolidated operating profit (EBITDA) stood at Rs 167.94 crore, up 29.9% from Rs 129.32 crore.
Dainik Jagran’s operating revenue grew 24% up in the quarter ending December 31, 2021, to Rs 340 crore from Rs 274 crore in the corresponding quarter of the previous year.
Other print publications of Jagran Prakashan Limited - Midday, Naidunia, I-Next, Punjabi Jagran, Inquilab-North and Sakhi - posted operating revenue of Rs 64.8 crore, up 20% from Rs 54 crore in Q3FY21.
Commenting on the performance of the company for the quarter ended December 31, 2021, Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, “It gives me immense pleasure to report that moving further up on the accelerated growth path of the previous quarter, overall business performance of the Company during this quarter was outstanding. This was possible due to a strengthening Indian economy, festive season, tireless efforts of our team, continuing cost control measures taken since outbreak of pandemic and increased government advertisements.
“During the current quarter, almost all our businesses viz. print, digital, radio and outdoor have performed incredibly.
“The Omicron variant has derailed recovery a bit but fortunately it has not caused the damage to human life and economy as Delta did. We already see a steady decline in the positivity rate and I earnestly hope that the third wave has peaked. With business continuity measures in place, we are well-positioned to tide over the current wave of the pandemic but we continue to closely monitor the situation and its impact on our operations.
“We expect growth momentum to continue but the industry has to deal with the very high unexpected increase in newsprint prices.
“At JPL, we remain committed to providing high-quality credible content across all our media platforms and continue to focus on delivering sustainable long-term value.”