DB Corp Limited (DBCL) home to flagship newspapers - Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar, today announced its financial results for the quarter ended September 30, 2022.
"Dainik Bhaskar Group reports yet another quarter of strong results driven by a robust revival of economic sentiment in the markets that it operates in and on the back of well-established editorial prowess and proven circulation strategy. The omnichannel approach to reach readers, innovations in print through special editions as well as renewed vigour to deepen and expand its leadership position in key markets have yielded positive results," said the publication.
In H1 of FY2023, the ad revenue of the group shot up 51% to Rs 718.1 crore as against Rs 474.2 crore in H1 FY2022. The circulation revenue grew by 2% o Rs 231.2 core as against Rs 226.5 crore. Total revenue grew by 38% to Rs 1046.4 croe as against Rs 759.2 crore.
EBITDA grew 55% to Rs 171.5 crore as against Rs 110.5 core after considering forex loss of Rs 4.2 crore, bolstered by cost control and notwithstanding the newsprint hike and large digital business investment for future growth.
Net profit grew 153% to Rs 79.8 crore as against Rs 31.5 crore after forex loss of Rs 4.8 crore.
In the radio business, ad revenue was up 49% to Rs 65.8 crore versus Rs 44.3 crore in the same half last year. EBIDTA grew by 137% to Rs. 20.1 crore (EBITDA margin at 30%) versus Rs. 8.5 crore.
In Q2 of FY2023, advertising revenue grew by 26% to Rs. 381.2 crore as against Rs. 302.9 crore.
Circulation revenue stood at Rs. 115.6 crore as against Rs. 115.9 crore. Total revenue grew by 21% at Rs. 546.1 crore as against Rs. 451.3 crore.
EBIDTA stood at Rs. 97.7 crore as against Rs. 105.4 crore considering Forex loss of Rs 2.5 crore, aided by stringent cost control measures, & despite high newsprint prices and large digital business investment for future growth.
Net profit of the group stood at Rs 48.8 crore as against Rs 53.8 crore.
In DB Corp's radio business, ad revenue grew by 18% YOY to Rs 34 crore. EBIDTA grew by 22% to Rs. 10.6 crore (EBITDA margin at 31%) versus Rs. 8.7 crore.
Commenting on the performance for Q2 FY2023, Sudhir Agarwal, Managing Director, DB Corp Ltd said, “While the last six months have been news-heavy with major geo-political events dotting the landscape, the Indian Economy with its large consumer base and growing manufacturing sector has shown signs of resilience and revival. Our Industry has been a beneficiary of this momentum and Dainik Bhaskar, being the industry leader has led the way not only in financial results, but also for furthering the reversion-to-print trend which is being witnessed amidst digitisation of media. Our editorial integrity has always been of paramount importance to us and that has been validated by the increase in advertisers across the spectrum – new age as well as traditional businesses. Our omni-channel news delivery platform, along with a well-oiled machinery on the circulation front, has propelled us to the #1 Indian Language newspaper Company. We continue to focus our energies in building a strong and resilient financial position to ensure that we are able to capitalise on all opportunities that come our way.”
