Jagran Prakashan Limited reports Q2FY21 results

Jagran Prakashan Limited (JPL) (BSE SCRIP ID: 532705; NSE SYMBOL: JAGRAN), publishers of 'Dainik Jagran', India's largest read newspaper (Source: IRS2019 Q4), has reported the quarterly results for the quarter ended 30th September, 2020.

Consolidated - Q2FY21 (all comparisons with Q2FY20)

- Operating Revenues at Rs 289.11 crores as against Rs 514.50 crores.
- Advertisement Revenues at Rs 195.05 crores as against Rs 370.61 crores.*
- Circulation Revenues at Rs 79.32 crores as against Rs 107.19 crores.
- Other Operating Revenues at Rs 14.75 crores as against Rs 36.71 crores.
- Print Digital Revenue at Rs 12.90 crores, up by 28.7% from Rs 10.02 crores.**
- Operating Profit at Rs 42.79 crores as against Rs 90.12 crores.

* Represents advertisement revenue from print, digital and radio.
** included in Advertisement Revenue

H1FY21 (all comparisons with H1FY20)

- Operating Revenues at Rs 480.20 crores as against Rs 1098.78 crores.
- Advertisement Revenues at Rs 303.83 crores as against Rs 801.95 crores.*
- Circulation Revenues at Rs 153.36 crores as against Rs 215.78 crores.
- Other Operating Revenues at Rs 23.02 crores as against Rs 81.05 crores.
- Print Digital Revenue at Rs 22.11 crores, up by 5.6% from Rs 20.93 crores.**
- Operating Profit at Rs 8.57 crores as against Rs 231.22 crores.

* Represents advertisement revenue from print, digital and radio.
** included in Advertisement Revenue

Commenting on the performance of the Company, Mr. Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, "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."

Shares of JAGRAN PRAKASHAN LTD. was last trading in BSE at Rs.37.9 as compared to the previous close of Rs. 36.65. The total number of shares traded during the day was 48428 in over 591 trades.

The stock hit an intraday high of Rs. 38.85 and intraday low of 36.7. The net turnover during the day was Rs. 1832391.

Source : Equity Bulls

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