Publishing company Jagran Prakashan announced Q1FY24 results: Consolidated Q1FY24: Operating Revenues at Rs 454.58 crore, slightly up Rs 454.47 crore. Advertisement Revenues at Rs 309.37 crore, up by 1.5% from Rs 304.92 crore. Circulation Revenues at Rs 95.13 crore, up by 1.8% from Rs 93.42 crore. Other Operating Revenues at Rs 50.07 crore as against Rs 56.13 crore. Digital Revenue at Rs 20.43 crore as against Rs 20.78 crore. Operating Profit at Rs 69.42 crore as against Rs 77.15 crore. PBT at Rs 56.76 crore, up by 4.8% from Rs 54.18 crore. PAT at Rs 43.89 crore, up by 8.4% from Rs 40.50 crore. EPS (non-annualized) of Rs 2.05, up by 30.3% from Rs 1.57. Standalone Q1FY24: Operating Revenues at Rs 385.56 crore as against Rs 393.66 crore. Advertisement Revenues at Rs 243.83 crore as against Rs Rs 247.65 crore. Circulation Revenues at Rs 92.22 crore, up by 1.9% from Rs 90.54 crore. Other Operating Revenues at Rs 49.51 crore as against Rs 55.47 crore. Digital Revenue at Rs 14.43 crore as against Rs 16.78 crore. Operating Profit at Rs 62.11 crore as against Rs 72.84 crore. PBT at Rs 60.55 crore, up by 0.1% from Rs 60.07 crore. PAT at Rs 47.48 crore, up by 5.4% from Rs 45.07 crore. EPS (non-annualized) of Rs 2.18 up by 27.5% from Rs 1.71. Commenting on the performance of the Company, Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, “The Indian economy continues to do well on the strength of government capex, unlike past decade in which growth was driven by consumption. Unfortunately, exports, start-ups, and manufacturing remain under pressure partly due to the global slowdown and partly due to lower discretionary consumption by mass domestically. Exceptionally high inflation in some of the food items has hurt this class, leaving very little in their pocket for spending on items that are not necessary for survival. This environment is not conducive to high or double-digit growth for the industries like media and entertainment. Volumes apart, passing on inflation to consumers continues to remain difficult as any attempt to increase price drops volumes disproportionately and quickly. In this background and in light of the company’s strategy to hold price points to the extent possible and not in comparison with the competitors who have had certain specific advantages due to location, the company’s overall performance has to be viewed. The company maintained the same revenues and profits as it reported in Q1FY23. Going forward, however, I expect improved revenues particularly in H2 benefitting from lower inflation and increased government spending and even more improved profits due to increased revenues coupled with newsprint cost savings due to moderation in prices which is not yet fully reflected in operating results. Outdoor and Event businesses maintained robust performance over the last some quarters and have been contributing to the overall profit of the company. There was some fall in revenue during the quarter in comparison to Q1FY23 due to a shift in strategy to focus on more stable and profitable revenue streams which would continue. These businesses maintained profits of the last year despite a fall in revenue in Q1FY24. The digital business had nearly the same revenue as in Q1FY23 partly because of unfavorable market conditions and partly because of the inability to monetize the consumer base to the expected level. However, operational metrics remain strong and I hope that the team will work towards generating revenues commensurate with the user base and the costs most of which are fixed in nature. The radio business recorded strong growth in revenue as well as profit during the quarter. However, they are still behind pre-pandemic revenues by 30 - 35%. Further, its increasing dependence on revenue streams other than pure play radio is reducing the operating leverage. These areas are being closely monitored for taking appropriate action wherever required.” Result PDF
Publishing company Jagran Prakash announced Q4FY23 & FY23 results: Consolidated Q4FY23 vs Q4FY22: Operating Revenues at Rs 459.38 crore, up by 8.2% from Rs 424.59 crore Advertisement Revenues at Rs 321.30 crore, up by 7.8% from Rs 298.10 crore Circulation Revenues at Rs 92.38 crore, up by 2.9% from Rs 89.76 crore Other Operating Revenues at Rs 45.71 crore, up by 24.4% from Rs 36.73 crore Digital Revenue at Rs 21.78 crore, up by 20.4% from Rs 18.09 crore Operating Profit at Rs 81.76 crore as against Rs 84.54 crore PBT at Rs 25.20 crore as against Rs 63.56 crore PAT at Rs 23.28 crore as against Rs 52.73 crore EPS (non-annualized) of Rs 0.94 as against Rs 2.06 Consolidated FY23 vs FY22: Operating Revenues at Rs 1,856.17 crore, up by 14.9% from Rs 1,615.95 crore Advertisement Revenues at Rs 1290.40 crore, up by 13.3% from Rs 1138.95 crore Circulation Revenues at Rs 373.22 crore, up by 6.1% from Rs 351.64 crore Other Operating Revenues at Rs 192.56 crore, up by 53.1% from Rs 125.76 crore Digital Revenue at Rs 85.66 crore, up by 16.1% from Rs 73.77 crore Operating Profit at Rs 326.88 crore as against Rs 359.63 crore PBT at Rs 253.19 crore as against Rs 282.21 crore PAT at Rs 196.79 crore, up by 13.6% from Rs 216.88 crore EPS (non-annualized) of Rs 7.61 as against Rs 8.41 Commenting on the performance of the Company, Mahendra Mohan Gupta, Chairman, and Managing Director, JPL said, “The financial year began with worsening geo-political conditions causing uncertainties and disruption in the supply chain but India successfully managed to contain its impact on economy by controlling inflation and ensuring supplies to its citizens with minimum disruption. Media and Entertainment Industry thrives on discretionary spending and suffers when there are challenges like high inflation, lack of jobs, and uncertain outlook. These adversities weaken the demand in general which has a direct correlation with the industry’s performance. The Company performed satisfactorily reporting growth twice of estimated growth in the economy during the year. As the numbers show, all the businesses recorded significant growth in revenues. Outdoor and Event & Activation businesses deserve special mention as the delivery in terms of growth in revenues and profit exceeded those reported in the pre-pandemic financial year. I am glad to report that they are constantly increasing their share in the total pie and creating value for the stakeholders which is not yet captured in the market capitalisation of the Company. Both these businesses are self-dependent for funds required for meeting increased working capital requirements due to increased scale of operations and also inorganic growth and I hope and trust that they would continue to do so unless there is an opportunity for larger investments." Result PDF
Publishing firm Jagran Prakashan announced Q3FY23 results: Standalone Q3FY23: Operating revenues at Rs 416.87 crore as against Rs Rs 445.16 crore. Advertisement revenues at Rs 279 crore against Rs 317.67 crore. Circulation revenues at Rs 91.69 crore, up by 5.6% from Rs 86.80 crore. Other operating revenues at Rs 46.19 crore, up by 13.5% from Rs 40.69 crore. Digital revenue at Rs 16.91 crore against Rs 19.78 crore. Operating Profit at Rs 71.42 crore against Rs 150.28 crore. PAT at Rs 50.01 crore as against Rs 106.48 crore. EPS (non-annualized) of Rs 1.90 as against Rs 4.03. Standalone 9MFY23: Operating revenues at Rs 1,202.18 crore, up by 16.2% from Rs 1,034.86 crore. Advertisement revenues at Rs 785.22 crore, up by 13% from Rs 695.11 crore. Circulation revenues at Rs 271.88 crore, up by 7.3% from Rs 253.39 crore. Other operating revenues at Rs 145.09 crore, up by 68% from Rs 86.36 crore. Digital revenue at Rs 49.62 crore, up by 8.1% from Rs 45.89 crore. Operating profit at Rs 226.36 crore as against Rs 272.06 crore. PAT at Rs 150.51 crore as against 187.94 crore. EPS (non-annualized) of Rs 5.71 as against Rs 7.10. Consolidated Q3FY23: Operating revenues at Rs 488.16 crore against Rs 518.51 crore. Advertisement revenues at Rs 346.50 crore against Rs 387.08 crore. Circulation revenues at Rs 94.80 crore, up by 5.7% from Rs 89.68 crore. Other operating revenues at Rs 46.86 crore, up by 12.2% from Rs 41.75 crore. Digital revenue at Rs 22.33 crore against Rs 24.09 crore. Operating profit at Rs 81.98 crore against Rs 167.94 crore. PAT at Rs 83.39 crore as against Rs 110.31 crore. EPS (non-annualized) of Rs 3.12 as against Rs 4.13. Consolidated 9MFY23: Operating revenues at Rs 1,396.79 crore, up by 17.2% from Rs 1,191.36 crore. Advertisement revenues at Rs 969.11 crore, up by 15.3% from Rs 840.45 crore. Circulation revenues at Rs 280.84 crore, up by 7.2% from Rs 261.88 crore. Other operating revenues at Rs 146.85 crore, up by 64.9% from Rs 89.03 crore. Digital revenue at Rs 63.88 crore, up by 14.7% from Rs 55.68 crore. Operating profit at Rs 245.12 crore as against Rs 275.09 crore. PAT at Rs 173.51 crore, up by 5.7% from Rs 164.14 crore. EPS (non-annualized) of Rs 6.65 up by 4.7% from Rs 6.35. Commenting on the performance of the Company, Mr. Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, “Geo-political conflicts and deteriorating global economic environment are not sparing even Indian economy which is facing challenges like high inflation and lack of jobs, weakening consumer demand in general. Media and Entertainment Industry thrives on discretionary spending and suffers when there is uncertainty about jobs and income growth. The industry has staged a strong comeback post-pandemic and registered robust growth in previous as well as current fiscal but certain key segments of the industry are still far behind pre-corona times. On the one hand, inflation is increasing the cost and on the other hand, weak consumer demand is limiting the industry’s capacity to increase the sale price of its products and services.In this background, I am satisfied with the performance of the company. Exceptional high cost of newsprint and delay in recovery of advertisement revenue to pre-pandemic level owing to uncertainties and challenges faced by the economy have caused muted growth in profits but I am happy to see double-digit growth in revenues in nine months of the current year on the back of brand strength, strong market position and efforts of the teams. The good news is newsprint prices have started moderating and I hope that this trend will continue till these get normalized. I am also glad that Digital, Outdoor, and Event businesses continue to report more than pre-pandemic revenues. Outdoor and Event businesses performed incredibly and made a significant contribution to overall revenue as well as profit. I get the sense that both these businesses are now stabilized and on track of increasing their share of the total pie. Our focus on digital continues. We are committed to scaling it up prudently and credibly to reap the benefit of rapid digitalisation. New offerings, quality video content and collaboration with international operators to add to our Group’s capabilities are part of our digital strategy for future growth. Radio registered double-digit growth in revenue and profit during the quarter on QoQ as well as in nine months as compared to the same period of the previous year. Integration of Digital and Radio and innovative solution-based offerings will continue to be the tools to drive growth. Midday which suffered most during an extended pandemic in Mumbai seems to be on a recovery path. It posted double-digit growth in revenue on QoQ as well as YoY basis while reporting operating profit after a few quarters. I would also like to report that the focused efforts taken to unlock the value of surplus assets and spare the capital wherever possible since outbreak of the pandemic has started showing results and the company has succeeded in liquidating a couple of high-value surplus assets. On the strength of augmented liquidity which has helped in overcoming successfully the unique challenges posed by the pandemic, the company is in process of completing its biggest buyback offer. I close this note reiterating that we remain committed to doing our best in the interest of all the stakeholders and reward them as always and expect your support in our endeavors as hitherto." Result PDF
Publishing company Jagran Prakashan announced Q2FY23 results: Standalone: H1FY23 vs H1FY22: Operating Revenues at Rs 785.31 crore; up by 33.2% from Rs 589.70 crore Advertisement Revenues at Rs 506.22 crore; up by 34.1% from Rs 377.43 crore Circulation Revenues at Rs 180.19 crore; up by 8.2% from Rs 166.59 crore Other Operating Revenues at Rs 98.90 crore; up by 116.5% from Rs 45.67 crore Digital Revenue at Rs 37.71 crore; up by 25.2% from Rs 26.12 crore Operating Profit at Rs 154.94 crore; up by 27.2% from Rs 121.77 crore PAT at Rs 100.50 crore, up by 23.4% from Rs 81.47 crore EPS (non-annualised) of Rs 3.81; up by 24.1% from Rs 3.07 Q2FY23 vs Q2FY22: Operating Revenues at Rs 391.65 crore; up by 12.8% from Rs 347.06 crore Advertisement Revenues at Rs 258.57 crore; up by 9.4% from Rs 236.32 crore Circulation Revenues at Rs 89.65 crore; up by 5.4% from Rs 85.04 crore Other Operating Revenues at Rs 43.43 crore; up by 68.9% from Rs 25.70 crore Digital Revenue at Rs 15.93 crore; up by 6.8% from Rs 14.92 crore Operating Profit at Rs 82.10 crore as against Rs 98.30 crore of previous year PAT at Rs 55.43 crore as against Rs 67.10 crore EPS (non-annualised) of Rs 2.10 as against Rs 2.54 Consolidated: H1FY23 vs H1FY22: Operating Revenues at Rs 908.63 crore; up by 35% from Rs 672.85 crore Advertisement Revenues at Rs 622.61 crore; up by 37.3% from Rs 453.37 crore Circulation Revenues at Rs 186.04 crore; up by 8.1% from Rs 172.20 crore Other Operating Revenues at Rs 99.98 crore; up by 111.5% from Rs 47.18 crore Digital Revenue at Rs 41.55 crore; up by 31.5% from Rs 31.59 crore Operating Profit at Rs 163.14 crore; up by 52.3% from Rs 107.15 crore PAT at Rs 91.12 crore; up by 69.3% from Rs 53.83 crore EPS (non-annualised) of Rs 3.53; up by 57.6% from Rs 2.24 Q2FY23 vs Q2FY22: Operating Revenues at Rs 454.16 crore; up by 12.8% from Rs 402.53 crore Advertisement Revenues at Rs 317.69 crore; up by 10.4% from Rs 287.73 crore Circulation Revenues at Rs 92.62 crore; up by 5.4% from Rs 87.83 crore Other Operating Revenues at Rs 43.86 crore; up by 62.6% from Rs 26.97 crore Digital Revenue at Rs 20.77 crore; up by 14.4% from Rs 18.15 crore Operating Profit at Rs 86 crore as against Rs 101.37 crore PAT at Rs 50.62 crore as against Rs 60.89 crore EPS (non-annualised) of Rs 1.96 as against Rs 2.35 Mahendra Mohan Gupta, Chairman and Managing Director, JPL, said, “I am pleased to report that the Company performed satisfactorily in an uncertain and volatile environment. While pandemic was over and global economy in recovery mode, ongoing war worsened inflation to a level not experienced by advanced economies in more than a decade. India is demonstrating resilience to global slow down and managing inflation ably but cannot remain completely isolated from the global events due to its dependence on global supply chain for many of its requirements such as oil. This is hurting mass consumption in general and rural economy, which during pandemic was doing reasonably well. As far as newspaper publishers are concerned, they are bearing the brunt of steep increase in newsprint prices and advertisement revenue is taking more than expected time to reach pre-pandemic level. However, the company registered double digit growth in revenues on the strength of its brands and strong market position but fell short of desired profits owning to exceptional increase in cost despite continued cost control measures . I am glad to add that all businesses—Print, Radio, Outdoor, Event and Digital—posted growth in revenues and some of them have exceeded the pre-pandemic revenues. Our focus on digital continues and therefore the business is gaining in strength. New offerings with an additional focus on generating video content and partnering with international operators to add to our Group’s capabilities are part of digital strategy for future growth. Radio registered double digit growth in revenue and maintained its profitability. Integration of Digital and Radio and innovative solution based offerings will remain focus areas to drive growth. Outdoor and Event businesses delivered exceptional growth in revenue and profit. These two businesses and Digital are generating revenues higher than pre-pandemic times. I am also happy to report that after distributing interim dividend at Rs.4 per share, i.e. 200% of paid up capital of the company in current year, the board has recommended buyback of equity shares aggregating Rs 345 crore for shareholders’ approval, in line with our policy of rewarding shareholders. I would also like to reiterate 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.” Result PDF
Publishing firm Jagran Prakashan announced Q1FY23 Result : Consolidated Operating Revenue: Rs 454.47 crores up by 68.1% on YoY basis Consolidated Operating Profit: Rs. 77.15 crores up by 1234.8% on YoY basis Consolidated Net Profit: Rs 40.50 crores up by 673.8% on YoY basis Digital Revenue: Rs 20.78 crores up by 54.6% on YoY basis Declaration of Interim Dividend of Rs. 4 per share i.e. 200% of paid up capital: Standalone: Operating Revenues at Rs 393.66 crores, up by 62.2% from Rs 242.64 crores. Advertisement Revenues at Rs 247.65 crores, up by 75.5% from Rs 141.12 crores. Circulation Revenues at Rs 90.54 crores, up by 11% from Rs 81.56 crores. Other Operating Revenues at Rs 55.47 crores, up by 177.8% from Rs 19.97 crores. Digital Revenue at Rs 16.78 crores, up by 49.8% from Rs 11.20 crores. Operating Profit at Rs 72.84 crores, up by 210.3% from Rs 23.47 crores. PAT at Rs 45.07 crores, up by 213.7% from Rs 14.37 crores. EPS (non-annualized) of Rs 1.71, up by 233.3% from Rs 0.51. Consolidated: Operating Revenues at Rs 454.47 crores, up by 68.1% from Rs 270.32 crores. Advertisement Revenues at Rs 304.92 crores, up by 84.1% from Rs 165.64 crores. Circulation Revenues at Rs 93.42 crores, up by 10.7% from Rs 84.37 crores. Other Operating Revenues at Rs 56.13 crores, up by 176.3% from Rs 20.31 crores. Digital Revenue at Rs 20.78 crores, up by 54.6% from Rs 13.44 crores. Operating Profit at Rs 77.15 crores, up by 1234.8% from Rs 5.78 crores. PAT at Rs 40.50 crores, up by 673.8% from Rs (-)7.06 crores. EPS (non-annualized) of Rs 1.57, up by 1670% from Rs (-)0.10 Commenting on the performance of the Company, Mr. Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, “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 inspite of 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. I am glad to report that after completing the buyback of Rs.102 crores in August 2021, the Board is distributing 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.” Result PDF
Publishing company Jagran Prakashan declares Q4FY22 result: Consolidated Operating Revenue: Rs 1615.95 crores up by 25.3% on YoY basis Consolidated Operating Profit: Rs. 359.63 crores up by 57.9% on YoY basis Consolidated Net Profit: Rs 216.88 crores up by 176.9% on YoY basis Digital Revenue: Rs 64.74 crores up by 31% on YoY basis Commenting on the performance of the Company, Mr. Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, “I am glad to report strong recovery in revenues and profit despite pandemic hit Q1 and high inflation. Legacy of our brands and our ability to deliver against odds give me confidence that the Group will continue to grow its revenues regardless of the new challenges that may emerge in a highly volatile and uncertain global environment. Print industry stays strong and continues to be the growth driver for us. Not only the readers but advertisers also are back. Difficult times coupled with the inflationary pressure have made us all wiser in past two years and the industry has moved towards correcting cover prices and controlling costs through improving efficiency in all areas of operation. I hope that this trend will continue and the business model of print industry will become more sustainable and predictable in times to come. Digital, as we see, is an integral part of our businesses. Our digital business, unlike most of the digital businesses operating in India, is profitable. Our strategy, data based approach and prudent investment over the years, I believe, are the key differentiators. The Group is attracting global giants and striking relationships which is enhancing our capabilities besides giving us revenues. Radio has also staged a strong comeback reporting operating and cash profits as against the losses in the previous year. This is the business which has been highly innovative in terms of its offerings, efforts to get new advertisers and leveraging the strength of its brand. Radio-digital strategy augurs well for them and gives impetus to growth. Outdoor business reported revenue growth of 81% and the Event business had a growth of 55%, both reporting profits against losses in the previous year. These businesses being heavily dependent on free movement of people were expected to recover from pandemic blow much later. The Group has strong liquidity of Rs. 1000 crores to meet any contingency, pursue any growth opportunity and reward the shareholders in line with its philosophy of surplus cash at the earliest.” Result PDF