Jagran Prakashan Q2FY21: Digital biz posts 29% YoY growth in revenue
Consolidated ad revenue witnessed a 47.3% YoY decrease
Jagran Prakashan, publishers of ‘Dainik Jagran’, has reported the quarterly results for the quarter ended 30th September, 2020. Its consolidated quarterly operating revenue stood at Rs 289.11 crore. The consolidated operating losses of Q1 was wiped off in Q2. The consolidated Quarterly Digital Revenue Growth: 29%. The consolidated cash generation from operations during H1 was Rs 124.21 crore.
The paper posted standalone operating revenue of Rs 252.76 crore in Q2FY21 as against Rs 433.10 crore in Q2FY20%, down 42%. Ad revenue stood at Rs 160.3 crore, down 45.4% from Rs 294. 4 crore YoY. Circulation Revenues at Rs 77.43 crore as against Rs 102.71 crore. Other Operating Revenues at Rs 14.60 crore as against Rs 35.94 crore. Print Digital Revenue at Rs 11.66 crore, up by 28.4% from Rs 9.08 crore.*
Operating Profit at Rs 51.47 crore as against Rs 70.34 crore.
In the first half of FY21, standalone operating revenues was at Rs 427.22 crore as against Rs 921.88 crore. Advertisement revenues at Rs 253.87 crore as against Rs 636.79 crore. Circulation revenues at Rs 150.56 crore as against Rs 205.40 crore. Other Operating Revenues at Rs 22.79 crore as against Rs 79.69 crore. Print digital revenue at Rs 22.54 crore, up by 5.8% from Rs 19.41 crore. Operating profit at Rs 40.58 crore as against Rs 185.35 crore.
Consolidated operating revenues YoY stood at Rs 289.11 crore as against Rs 514.50 crore. Advertisement Revenues at Rs 195.05 crore as against Rs 370.61 crore. Circulation revenues at Rs 79.32 crore as against Rs 107.19 crore. Other operating oevenues at Rs 14.75 crore as against Rs 36.71 crore. Print digital revenue at Rs 12.90 crore, up by 28.7% from Rs 10.02 crore. Operating profit at Rs 42.79 crore as against Rs 90.12 crore.
Operating revenues in H1FY21 stood at Rs 480.20 crore as against Rs 1098.78 crore in H1FY20. Advertisement Revenues at Rs 303.83 crore as against Rs 801.95 crore. Circulation Revenues at Rs 153.36 crore as against Rs 215.78 crore. Other operating revenues at Rs 23.02 crore as against Rs 81.05 crore. Print digital revenue at Rs 22.11 crore, up by 5.6% from Rs 20.93 crore. Operating profit at Rs 8.57 crore as against Rs 231.22 crore.
Mahendra Mohan Gupta, Chairman and Managing Director, JPL commented: “Business environment improved with gradual unlocking. This resulted in month on month
improvement in business activities as well as revenues. Digital business was the only business reporting year on year growth of 29% in revenues. However, the businesses and operations, which are metro centric, had far slower recovery than that witnessed in other markets. Our Radio business has more than 60% revenue coming from metros and Midday has operations only in Mumbai. One of the major editions of Dainik Jagran also operates in NCR.
Despite slower recovery in revenues, I am glad that the team has succeeded in maintaining market position for all businesses and the Company reported operating profit for H1 completely wiping off the losses for Q1. For Q2, there was net profit as well. This became possible due to control over cost which we are committed to continue with. I expect to report profit for the period of nine months ending on 31st December 2020 at the back of further improvement in revenues in Q3 I am also happy that the recovery in volume of Print and Radio was higher than that for the industry, though there was erosion in value for us as well. Festive season is an opportunity to improve the rates and I am sure that we will be able to do the same.
While the performance of Q2 is better than Q1, I assure you that there will not be any stone left unturned to make best use of available opportunities. I further assure you that the interest of all stake holders is at the core of our heart and we shall do everything at our command to continuously reward the shareholders while remaining prudent. In line with this philosophy and in the interest of all concerned including the Company, Music Broadcast Limited has approved a scheme of arrangement proposing to make bonus issue to the non-promoter shareholders.”
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