Jagran Prakashan posts Rs 459 cr as Q2 consolidated revenue
The publisher has recorded ad revenue of Rs 254 crore for the quarter; expects further improvement in revenues in H2 on the back of lower inflation & increased government spending
Jagran Prakashan Limited (JPL), publishers of Dainik Jagran, has posted standalone operating revenue at Rs 390.59 crore in Q2 FY24 as against Rs 391.65 crore in Q2 FY23.
The consolidated operating profit amounted to Rs 458.73 crore with respect to the quarter ending September 30, 2024.
The company’s standalone ad revenues stood at Rs 254.03 crore in Q2 FY24, as against Rs 258.57 crore in the same quarter last year. The consolidated advertisement revenues were at Rs 318.61 crore in Q2 FY24, slightly up from Rs 317.69 crore in Q2 FY23.
In terms of standalone circulation revenues, the Q2 numbers of this fiscal touched Rs 86.74 crore as against Rs 89.65 crore in the same quarter last FY. The consolidated circulation revenues were Rs 89.72 crore.
The standalone digital revenue earned by the group was Rs 21.01 crore, up by 31.9 per cent from Rs 15.93 crore in the quarter ended September 30, 2023. The same number for consolidated statements stood at Rs 27.57 crore, up by 32.7 per cent from Rs 20.77 crore.
Mahendra Mohan Gupta, Chairman, JPL, said in the press statement, “High inflation in edibles leaves very little in their pocket for spending on items, which are not necessary for survival. This environment is not supportive for industries like newspapers, which thrive when discretionary spending is robust. Volumes apart, passing on inflation to consumers continues to remain difficult as any attempt to increase price drops volumes disproportionately and quickly.”
“In this background and in the light of the company's strategy to hold price points to the extent possible, the company’s overall performance has to be viewed. The company had some growth in revenues during the current quarter as well as a half year as compared to the same period of the previous year supported by the growth of the radio and digital business, and exceptional performance of NaiDunia that had a specific advantage due to location,” he added.
Gupta further explained, “However, profits were adversely impacted due to increased expenses on account of strengthening the operations of digital business, higher promotional and some non-recurring expenses and also on account of the impact of inflation. Further, as stated earlier, I expect further improvement in revenues particularly in H2 benefiting from lower inflation and increased government spending and even more improved profits due to increased revenues coupled with newsprint cost savings due to moderation in prices, which is not yet fully reflected in operating results.”
