For 3QFY2016, Jagran Prakashan (JPL)s consolidated top-line grew by 22.5% yoy, mainly due to strong growth in the advertisement segment. The Radio City business revenue has also been added to the overall advertising revenue. However, circulation revenue showed lower growth during the quarter. The company reported strong profitability on a consolidated basis due to lower news print costs and with contribution from Radio City. Ad revenue up ~29% yoy, Circulation revenue up ~2% yoy: The companys advertising revenue growth for the quarter was healthy at ~29% yoy to ~Rs435cr, primarily driven by increase in print revenue and radio advertisement revenue. Circulation revenue was up 2% yoy to `102cr due to increase in cover prices. Further, income from other businesses grew by ~23% yoy to ~Rs40cr. Consequently, the consolidated top-line grew by ~23% yoy to~ Rs576cr. OPM improves: The consolidated operating profit grew by ~30% yoy to Rs172cr and the OPM expanded by 170bp yoy to 29.9%, owing to lower raw material costs. This led to a strong reported net profit growth of ~40% yoy to Rs93cr (including profits from the radio business). Outlook and valuation: Considering Dainik Jagrans status as the most read Hindi newspaper in the country and its...