Jagran Prakashan's operating revenue up by 4.7% at Rs 510.97 cr in Q3FY24

Jagran Prakashan (JPL), in its financial results for Q3FY24, reported a decrease of 11.88% in Profit After Tax (PAT), which stood at Rs 73.48 crore compared to Rs 83.39 crore in Q3FY23

JPL reported its consolidated operating revenue at Rs 510.97 crore, up by 4.7% from Rs 488.16 crore in Q3FY23.

Additionally, the company reported advertising revenue of Rs 366.77 crore, reflecting a rise of 5.8% from Rs 346.50 crore.

Circulation revenue amounted to Rs 88.32 crore as against Rs 94.80 crore, down by 6.83%.

Other operating revenue stood at Rs 55.88 crore, up by 19.2% from Rs 46.86 crore. Digital revenue totalled Rs 27.90 crore, up by 25% from Rs 22.33 crore. Operating profit stood at Rs 104.75 crore as against Rs 81.98 crore, up by 27.8%.

Profit Before Tax (PBT) was reported at Rs 96.91 crore, up by 43.4% from Rs 67.57 crore.

Dainik Jagran reported an operating revenue of Rs 314.05 crore, marking a minimal decrease from the Rs 314.52 crore it achieved in the third quarter of FY23.

Comparatively, other publications saw an increase in operating revenue, with Rs 67.16 crore in Q3FY24, which is a growth of 5.04% from Rs 63.93 crore in Q3FY23.

The radio segment also experienced a positive change in its operating revenue, reaching Rs 60.44 crore in Q3FY24, showing an increase of 10.55% from Rs 54.67 crore in the third quarter of FY23.

Digital operations showed growth, with operating revenue of Rs 27.90 crore in Q3FY24, indicating a 24.96% increase from the Rs 22.33 crore.

The outdoor and event segment reported an operating revenue of Rs 48.34 crore in Q3FY24, signifying a 25.18% increase from the Rs 38.62 crore.

Mahendra Mohan Gupta, Chairman, JPL, said, "Despite economy being resilient and maintaining a healthy growth momentum primarily aided by capex and spend on luxury

and premium items by a small group of people, overall consumption by a large section of the society in urban as well as rural India remains muted. It does not augur well for the industries which depend upon advertisement revenue for profit. State elections in some of the large and politically important states have been extremely helpful to those operating in these areas and compensated the media houses substantially for the loss of commercial revenues."

"I am aware that India is transforming faster than ever before, and the policy decisions taken including steep increase in capex by the government will translate into sustainable increase in consumption through employment generation and improvement in per capita income. This gives me confidence that the whole media industry is poised to be back on the path of long term sustainable growth sooner than later," he added.

Furthermore, Gupta mentioned that the company’s revenues during the quarter grew moderately on YoY basis. However, on QoQ basis the growth in revenues was satisfactory owing to festive season and elections in the states of MP/Chhattisgarh where company’s newspapers Naidunia/Navdunia are circulating. Standalone profits of the company at operating as well as net level grew meaningfully on YoY as well as QoQ basis primarily due to moderation in newsprint prices, continued cost control and improved performance of all businesses.

“I expect further decrease in newsprint prices and improvement in performance of core and other businesses in coming quarters which will augment the Company’s profits even further provided we continue to remain cost vigilant and efficient as always,” he added.

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