JPL Reports 68.1% Increase In Consolidated Revenue In Q1

Jagran Prakashan Limited (JPL), publishers of ‘Dainik Jagran’, has reported a 68.1% increase in consolidated revenues at Rs 454.47 crore in Q1FY23 against Rs 270.32 crore in Q1FY22.

Consolidated advertisement revenue from print, digital, and radio segments was up by 84.1% at Rs 304.92 crore from Rs 165.64 crore. Circulation revenues were up by 10.7% at Rs 93.42 crore from Rs 84.37 crore.

The company's operating profit has increased by over 13 times to Rs 77.15 crore from Rs 5.78 crore. It has reported a quarterly net profit of Rs 40.50 crore against a net loss of Rs 7.06 crore a year ago.

In terms of segment-wise performance, Danik Jagran reported operating profit and revenue of Rs 68.16 crore and Rs 290.27 crore respectively. Other publications (Midday, Naidunia, I-Next, Punjabi Jagran, Inquilab-North & Sakhi) reported an operating loss of Rs 93 lakh on operating revenue of Rs 56.87 crore.

The operating revenue and operating profit from the radio segment stood at Rs 44.14 crore and Rs 4.25 crore respectively. The digital segment operating revenue came in at Rs 20.78 crore with an operating profit of Rs 2.62 crore. Outdoor and Event segment recorded operating revenue of Rs 47.84 crore while the operating profit came in at Rs 4.53 crore.

Commenting on the performance of the company, JPL CMD Mahendra Mohan Gupta says, “I am happy to report that the company maintained the trend of recovery of lost revenues since the break-out of the pandemic even though the consumption continues to remain subdued. High inflation and record-high newsprint costs have impacted the profitability of the company despite the continued cost optimisation measures taken since the onset of the pandemic. We continue to dominate all our major markets on the strength of high credibility of our brands, the content we provide to our consumers and our business practices.”

“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. 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.”

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. 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."

Gupta states that the company will be offering a dividend of Rs 4 per share. "I am glad to report that after completing the buyback of Rs.102 crores in August 2021, the board is distributing an interim dividend @ Rs.4 per share i.e. 200% of paid up capital of the Company, in line with our policy of rewarding shareholders. I would also like to reassure that we remain committed to do our best in the interest of all the stakeholders and reward them as always and we expect your support in our endeavours as hitherto.”