Q1FY21: Jagran Prakashan sees 75% drop in YoY ad revenue
At Rs 191.09 crore, the revenue too reportedly see a decline of 67.3% YoY
Jagran Prakashan has announced its quarterly results. Consolidated net revenue in Q1FY21 stood at Rs 191.09 crore, which is a decline of 67.3% yoy from Rs 584.28cr in Q1FY20, largely due to COVID-19 lockdown, according to media reports.
EBITDA stood at negative Rs 34.23cr in Q1FY21, which is a decrease of 124.26% yoy. For Q1FY20, it had posted EBITDA of Rs 141.1cr.
The consolidated net loss in Q1FY21 came in at Rs 44.31 crore, as aganst Q1FY20 when it had reported profit of Rs 65.75crore. The net profit margin in Q1FY21 came in at negative 23.19%, a decline of 34.44% yoy. The net profit margin for Q1FY20 was at 11.25%.
Ad revenues (print, radio & digital) for the quarter declined 74.8% YoY to Rs 108.7 crore. Other operating revenues dropped sharply by 81.3% YoY to Rs 8.27 crore.
Print ad revenues declined 75.6% YoY to Rs 86.0 crore, while the circulation revenues declined 32.1% YoY to Rs 74 crore. However, Q1 saw gradual month on month improvement in circulation and ad revenue for print segment, as in June, ad revenues came back to 35% and circulation revenues to 80% of average pre-COVID levels. Circulation Revenues declined 31.8% YoY to Rs 74 crore as against Rs 108.6 crore.
Print segment thereby reported an operating loss of Rs 17 crore during the quarter vs EBITDA of Rs 117 crore in Q1FY20 largely impacted by MidDay which reported an operating loss of Rs 8 crore during the quarter vs EBITDA of Rs 4 rore in Q1FY20.
Digital Revenues remained comparatively resilient during the quarter with a decline of 15.6% YoY to Rs 9.2 crore backed by digital initiatives like bringing of e-paper format of Dainik Jagran and Mid-Day under subscription, leading to Unique user base growth of 107% YoY to 108mn users which in turn helped cut down operating losses from Rs 2 crore in Q1FY20 to Rs 1 crore in current quarter.
Music Broadcast for the June quarter reported a revenue decline of 79.4% YoY to Rs 14.3crore and an operating loss of Rs 15.3 rore vs EBITDA of Rs 22.4 crore in Q1FY20.
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