Jagran Q2 consolidated revenue up 39.2% to Rs 402.53 crore
Consolidated advertisement revenue from print, digital, and radio increased 48% to Rs 287.73 crore from Rs 195.05 crore
Jagran Prakashan Limited (JPL), publishers of Dainik Jagran, has reported the financial results for the quarter ended 30th September 2021. The company's consolidated operating revenues for the quarter was up by 39.2% to Rs 402.53 crore from Rs 289.11 crore in the same quarter of the previous fiscal.
Consolidated advertisement revenue from print, digital, and radio increased 48% to Rs 287.73 crore from Rs 195.05 crore. Circulation revenues rose 11% to Rs 87.83 crore from Rs 79.32 crore. Other operating revenues at Rs 26.87 crore, up by 82.2% from Rs 14.75 crore.
Print digital revenue, which is also included in advertisement revenue, was up 23.3% to Rs 15.90 crore from Rs 12.90 crore. Operating profit zoomed 237% to Rs 101.37 crore on a lower base of Rs 42.79 crore. Likewise, net profit stood at Rs 60.91 crore, an increase of 422.2% from Rs 11.66 crore.
Commenting on the performance of the company for the quarter, JPL CMD Mr. Mahendra Mohan Gupta said, “I am pleased to inform you that this quarter saw a significant uptick in overall business performance of the Company. All businesses have performed well, and we expect strong growth to continue. I am also pleased to report that the Company surpassed pre-covid profits, much before our expectations.
“With our ability to adjust to the environment coupled with the cost control measures in the past 18 months, this quarter witnessed a steep growth in profits over the comparable pre-covid quarter. In Radio, with the improved operating leverage due to a combination of cost control and efficiency improvement measures taken at the beginning of the pandemic, incremental operating profit was over 80% of increased revenue in comparison with Q2FY21 as well as Q1FY22.
“The Media and Entertainment Industry expects to benefit from the resurgence in the economic activity driven by the festive season, accelerated pace of vaccination drive and reduction in COVID-19 cases. This considerably improves the outlook for the businesses of the Group. Our focus continues to be to maintain market position. Chasing unprofitable growth has never been our philosophy, and this is where the team has done an incredible job by delivering a healthy growth in profits.”
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