Jagran Prakashan records consolidated net profit of Rs 40.29 crore in Q1FY23

Jagran Prakashan, the publisher of Hindi daily Dainik Jagran, has reported a consolidated net profit of Rs 40.49 crore for the quarter ended June 30, 2022.

The company had posted a net loss of Rs 7.05 crore in the April-June period a year ago.

Its revenue from operations jumped 68.11% to Rs 454.46 crore during Q1FY23, as against Rs 270.32 crore in the corresponding period a year ago.

Total expenses stood at Rs 412.85 crore, up 36.73% from Rs 301.94 crore in Q1 FY22.

Mahendra Mohan Gupta, Chairman and Managing Director, JPL said the company maintained the trend of recovery of lost revenues since the outbreak of the pandemic even though the consumption remains subdued.

"High inflation and record high newsprint costs have impacted the profitability of the company in spite of the continued cost optimisation measures taken since the onset of the pandemic," he said.

During the quarter, JPL's revenue from 'Printing, publishing and digital' rose 54.53% to Rs 363.49 crore, as against Rs 235.21 crore in the year-ago period.

Jagran’s ad revenue from the print business grew by 83% (YoY) to Rs 246 crore. Its circulation revenue increased by 11% (YoY) to Rs 93 crore. 

Mid-Day’s ad revenue increased by 213% (YoY) to Rs 14 crore and circulation revenue grew by 3% to Rs 3 crore. 

Its other publications have recorded Rs 26 crore ad revenue and Rs 13 crore from circulation in Q1FY23.  

FM radio business revenue was up over two-fold to Rs 44.14 crore as against Rs 20.47 crore in Q1 FY 2021-22. Other revenue stood at Rs 47.84 crore, up three-fold.

"Print business stays strong and continues to be the growth driver for us. Radio, Outdoor, Events and Digital all did remarkably well and posted growth in revenue," Gupta added. 

He further said, “Digital further cemented its position which augurs well for the future and would help us capitalise on the potential of integrated offerings with digital. We are adding new offerings with an additional focus on generating video content and partnering with international operators who are adding to our Group’s capabilities.” 

Commenting on the radio business, Gupta said, “Radio delivered better than expected yields, staging a strong rebound, reporting operating and cash profits as against losses in the previous year. Innovation in offerings, efforts to get new advertisers, leveraging brand strength, and its Radio-digital strategy initiatives will provide further impetus to growth.” 

On Outdoor and event business, Gupta commented, “Outdoor and event businesses performed better than expectations in terms of revenue and profit growth. Both the businesses reported revenue growth of more than 200% and recorded higher revenues and profits which were not only higher on a QoQ basis, but were also higher than the pandemic levels.”

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