Jagran's Q2 consolidated revenue up 13% to Rs 454.16 crore

Jagran Prakashan Limited (JPL) has reported a 12.8% increase in its consolidated revenue for Q2 at Rs 454.16 crore from Rs 402.53 crore in the same quarter of the previous fiscal. Consolidated advertisement revenue from print, digital, and radio was up 10.4% to Rs 317.69 crore from Rs 287.73 crore.

Print ad revenue increased 10% to Rs 254 crore from Rs 232 crore. Circulation revenue increased by 5.4% to Rs 92.62 crore from Rs 87.83 crore. Revenue from the radio business increased 16% to Rs 48.6 crore from Rs 42 crore.

The company's digital revenue grew 14.4% to Rs 20.77 crore from Rs 18.15 crore. Revenue from the outdoor and events business increased 79% to Rs 35.3 crore from Rs 19.7 crore. Other operating revenue jumped 63% to Rs 43.86 crore from Rs 26.97 crore.

Expenses jumped 22% to Rs 368 crore from Rs 301 crore due to a steep increase in newsprint prices. Operating profit dropped 15% to Rs 86 crore from Rs 101.37 crore. Net profit dropped 17% to Rs 50.62 crores as against Rs 60.89 crores.

Commenting on the performance of the company, JPL CMD Mahendra Mohan Gupta said, “The newspaper publishers are bearing the brunt of a steep increase in newsprint prices on the one hand and on the other hand advertisement revenue is taking more than expected time to reach pre-pandemic level. However, the Company registered double-digit growth in revenues on the strength of its brands and strong market position but fell short of desired profits owning to an exceptional increase in cost despite continued cost control measures. I am glad to add that all businesses Print, Radio, Outdoor, Event, and Digital posted growth in revenues and some of them have exceeded the pre-pandemic revenues.

"Our focus on digital continues and therefore the business is gaining in strength New offerings with an additional focus on generating video content and partnering with international operators to add to our Group’s capabilities are part of digital strategy for future growth. Radio registered double-digit growth in revenue and maintained its profitability. Integration of Digital and Radio and innovative solution-based offerings will remain focus areas to drive growth. Outdoor and Event businesses delivered exceptional growth in revenue and profit. These two businesses and Digital are generating revenues higher than pre-pandemic times."

Gupta also noted that the Board has recommended the buyback of equity shares aggregating Rs 345 crore for shareholders’ approval, in line with our policy of rewarding shareholders. "I would also like to reiterate that we remain committed to doing our best in the interest of all the stakeholders and reward them as always and we expect your support in our endeavours as hitherto.”