Jagran Prakashan Ltd announces Q3FY24, 9MFY24 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 financial results for the quarter ended December 31, 2023.

Consolidated

Q3FY24 (all comparisons with Q3FY23)

- Operating Revenues at Rs 510.97 crores, up by 4.7% from Rs 488.16 crores.
- Advertisement Revenues at Rs 366.77 crores, up by 5.8% from Rs 346.50 crores.*
- Circulation Revenues at Rs 88.32 crores as against Rs 94.80 crores.
- Other Operating Revenues at Rs 55.88 crores, up by 19.2% from Rs 46.86 crores.
- Digital Revenue at Rs 27.90 crores, up by 25% from Rs 22.33 crores.**
- Operating Profit at Rs 104.75 crores, up by 27.8% from Rs 81.98 crores.
- PBT at Rs 96.91 crores, up by 43.4% from Rs 67.57 crores.
- PAT at Rs 73.48 crores as against Rs 83.39 crores.
- EPS (non-annualized) of Rs 3.39, up by 8.6% from Rs 3.12.

* Represents advertisement revenue from print, digital and radio.

** included in Advertisement Revenue

9MFY24 (all comparisons with 9MFY23)

- Operating Revenues at Rs 1424.27 crores, up by 2% from Rs 1396.79 crores.
- Advertisement Revenues at Rs 994.75 crores, up by 2.6% from Rs 969.11 crores.*
- Circulation Revenues at Rs 273.17 crores as against Rs 280.84 crores.
- Other Operating Revenues at Rs 156.35 crores, up by 6.5% from Rs 146.85 crores.
- Digital Revenue at Rs 75.90 crores, up by 18.8% from Rs 63.88 crores.**
- Operating Profit at Rs 246.10 crores as against Rs 245.12 crores.
- PBT at Rs 210.13 crores, up by 11.1% from Rs 189.16 crores.
- PAT at Rs 158.89 crores as against Rs 173.51 crores.
- EPS (non-annualized) of 7.39, up by 11.1% from Rs 6.65.

* Represents advertisement revenue from print, digital and radio.

** included in Advertisement Revenue

Commenting on the performance of the Company, Mr. Mahendra Mohan Gupta, Chairman, JPL said, "Despite economy being resilient and maintaining a healthy growth momentum primarily aided by capex and spend on luxury and premium items by a small group of people, overall consumption by a large section of the society in urban as well as rural India remains muted. It does not augur well for the industries which depend upon advertisement revenue for profit. State elections in some of the large and politically important states have been extremely helpful to those operating in these areas and compensated the media houses substantially for the loss of commercial revenues.

I am aware that India is transforming faster than ever before and the policy decisions taken including steep increase in capex by government will translate into sustainable increase in consumption through employment generation and improvement in per capita income. This gives me confidence that the whole of media industry is poised to be back on path of long term sustainable growth sooner than later.

The company's revenues during the quarter grew moderately on YoY basis. However, on QoQ basis the growth in revenues was satisfactory owing to festive season and elections in the states of MP/Chhattisgarh where company's newspapers Naidunia/Navdunia are circulating. Standalone profits of the company at operating as well as net level grew meaningfully on YoY as well as QoQ basis primarily due to moderation in newsprint prices, continued cost control and improved performance of all businesses . I expect further decrease in newsprint prices and improvement in performance of core and other businesses in coming quarters which will augment the Company's profits even further provided we continue to remain cost vigilant and efficient as always."

Shares of Jagran Prakashan Limited was last trading in BSE at Rs. 100.50 as compared to the previous close of Rs. 104.65. The total number of shares traded during the day was 29544 in over 593 trades.

The stock hit an intraday high of Rs. 105.95 and intraday low of 98.95. The net turnover during the day was Rs. 3004902.00.

Source : Equity Bulls

Keywords

JagranPrakashan INE199G01027 Q3FY24 9MFY24 ResultUpdate