DB Corp's net profit stands at Rs 483 million in Q3FY23; reports 2.6% YoY ad revenue growth

DB Corp’s total revenue grew by 4.6% to reach Rs 5,745 million in Q3FY23, as against Rs 5,495 million in Q3FY22.

Over the period of nine months in FY23, the company’s revenue grew by around 24% to Rs Rs 16,209 million as against Rs 13,087 million in the corresponding period of the previous year.

DB Corp’s net profit stands at Rs 483 million in Q3 of FY23, as against Rs 865 million in Q3 of FY22, after considering forex loss of 24 million. In FY23’s 9-month period, its net profit grew 8.5% to Rs 1,281 million (considering Forex loss of Rs 72 million) as against Rs 1,180 million in the corresponding period of the previous year. 

Its EBIDTA stands at Rs 1,007 million, as against Rs 1,459 million considering Forex loss of Rs 21 million, aided by stringent cost control measures, and despite high newsprint prices and large digital business investment for future growth.

Meanwhile, DB Corp’s advertising revenue grew by 2.6% YOY and 6.3% QOQ to Rs 4,052 million in Q3FY23. 

The company’s circulation revenue stands at Rs 1,157 million in Q3FY23, as against Rs 1,141 million in Q3FY22.

For the period of 9MFY23, DB Corp’s advertising revenue grew by 29% to Rs.11,233 million as against Rs 8,693 million in 9MFY22, and circulation revenue grew by around 2% to Rs 3,469 million as against Rs 3,406 million.

For its radio business My FM, the advertising revenue stood at Rs 362 million in Q3FY23 versus Rs 376 million in Q3FY22. My FM’s EBIDTA stood at Rs 118 million in the last quarter versus Rs 147 million for the corresponding period in the past year.

Sudhir Agarwal, Managing Director, DB Corp, said, “The Indian economy continues to be the most resilient on the global stage, and while most major economies are facing recessionary sentiments, the Indian consumption story has played out well in the past nine months. The festive season saw a strong revival of growth and this was primarily driven by Tier-II and beyond cities that seem to be the engines driving the growth of the economy. Our strong presence in these markets has ensured that we are key beneficiaries of robust growth in ad revenues coupled with the continued trend of advertisers turning to traditional sectors like print for their ad spending. 

Strategic area of focus and key updates:

Db Corp said that for over two years now, Dainik Bhaskar has continued its focus on building the best-in-class, ad-free user experience on its digital app while maintaining high-quality, insightful and engaging content for its readers.

The company further said that as per the latest Comscore report, Dainik Bhaskar app monthly users grew by over 7x since the beginning of 2020 from 2 million users in January 2020 to more than 15 million users in November 2022.

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