DB Corp has recorded a 25.4% year-on-year increase in ad revenue to Rs 1482.7 crore in FY2023 as against Rs 1182.7 crore in FY2022.
The company said that print advertising registered a strong growth of 27% YoY for FY2023 and 16% YoY for Q4FY23.
Total revenue grew by 21.2% to Rs 2168.2 crore in FY23 as against Rs 1788.5 crore, while circulation revenue grew by around 1.5% to Rs 462.7 crore as against Rs 455.8 crore.
In FY23, EBITDA grew by 12% to Rs 361.1 crore as against Rs 322.8 crore, after considering forex loss of Rs 5.2 crore, aided by stringent cost control measures and despite high newsprint prices and large digital business investment for future growth, the company stated. Net Profit grew 19% to Rs 169.1 crore as against Rs 142.6 crore, after considering forex loss of Rs 6 crore.
The advertising revenue grew 20% to Rs 134.2 crore in FY23 versus Rs 112.2 crore in the previous year. EBITDA grew by 28% to Rs 40.2 crore (EBITDA margin at 30%) against Rs 31.4 crore.
In Q4FY23, Radio’s Advertising revenue grew by 6% YOY at Rs 32.2 crore versus Rs 30.3 crore in Q4FY22. EBIDTA stood at Rs 8.4 crore in the last quarter as against Rs 8.2 crore in Q4FY23.
As compared to Q4 of FY2022, DB Corp’s advertising revenue grew by 14.2% to Rs 357.8 crore in Q4FY23.
In Q4FY23, total revenue grew by 13.5% at Rs 544.6 crore as against Rs 479.9 crore in the corresponding quarter of the previous year. Circulation revenue stood at Rs 1,15.3 crore as against Rs 1,15.2 crore in Q4FY22. EBITDA grew by 34% to Rs 88.9 crore as against Rs 66.3 crore aided by stringent cost control measures, and more. Net Profit grew by 67% at Rs 41 crore as against Rs 24.5 crore.
Commenting on the performance for Q4FY23, Sudhir Agarwal, Managing Director, DB Corp, said, "While other major economies around the world faced a tough year, the Indian Economy, especially the non-Metro centres, showed great resilience in fiscal 2023. GST Collections in Tier-II and beyond cities have increased by 15-25% underscoring the strong potential of these markets. Advertisers continue to repose their trust in print media, especially in these markets, with new-age advertisers also seeing tremendous value in using hyperlocal ad campaigns. Dainik Bhaskar’s editorial strategies and dominant position in these markets has resulted in strong growth of advertising revenues across the board. Our circulation strategy has enabled us to extend our lead as India’s number one Newspaper and Newspaper Group."
"Our readers are the central focus of all our teams, and we continue to innovate our content, and improve our omnichannel platform for delivering truthful, crisp and pertinent content to our loyal reader base. With our strong financial position, we are well-placed to continue the growth trajectory and deliver robust returns to all our stakeholders," he added.
The company said that print media has once again demonstrated that it is the most trusted source of news. This trend is underscored by the strong growth in advertising revenues in the print media, while other traditional media is reporting a slowdown. “Print in general and Dainik Bhaskar in particular, retain their well-respected and credible brand equity. This momentum on both the advertising and circulation fronts has helped us deliver strong results.”
“On the advertising front, traditional advertisers such as Real Estate, Education, White Goods and Jewellery etc. continue to use print as their preferred medium. Advertisers from the BFSI sector have also seen growth, especially in the last quarter, and the auto segment is starting to see some movement. Government advertising looks promising. New-age digital sectors continue to see value in the Print media, and in this quarter too, digital, app-based companies and start-ups have increased their advertising spends. We are bullish on ad environment going forward, in all our key markets,” DB Corp stated.