Complete removal of duty on newsprint, fixing tax asymmetry between digital and print & incorporation of FM radio into mobile handsets top the Budget wishlist of industry heads
The industry expects measures that will ease their financial burden, help reduce costs and continue delivering reliable news to the public
The newsprint cost has increased 7-8% in recent times, crossing $600 USD per metric tonne as compared to $500 six-seven months ago
However it's tough to quantify and depends upon the spending of political parties, clarified Group CFO Gupta during the Q2 earnings call
The company's total revenue grew to Rs 602 crore
Industry players say the reduction in newsprint cost to $600 will provide a favourable position and enhance their financial outlook, but the benefits will be seen only by next quarter
The company posted a 15% growth in total revenue
Industry experts believe it is the reduced global demand for the paper that has led to the reduction in price
During the earnings call, HT Media Group CFO Gupta also expressed his optimism about profitability in the coming quarters and newsprint prices coming down gradually
At the Q2FY23 earnings conference call, Agarwal, Non-Executive Director, DB Corp, shared that the impact of correction should be visible from the Q4 of FY23
We bring you a roundup of the news that made headlines this past week
We bring you a roundup of the news that made headlines this past week
According to industry players, the top price for newsprint for the year was $1000/tonne, up from $450/tonne in Jan-March 2021; prices have dipped but remain on the high side
At the Q1FY23 earnings conference call, Agarwal, Non-Executive Director, DB Corp, shared that they are hopeful that the print sector should be reaching a satisfactory level with growth over FY 2020
Anurag Thakur also noted that the volume of share of imports in percentage terms from Russia exhibited marginal increase in 2020-21 and 2021-22
The Information & Broadcasting Minister recently informed the Lok Sabha that newsprint import has dropped to 597,766 kg in FY22 from 648,620 kg in FY21
We bring you a roundup of the news that made headlines this past week
Newsprint cost has now risen to $1000 per tonne due to the pandemic's impact on the functioning of mills & Ukraine war disrupting import of newsprint
Experts say newsprint prices could escalate further if conflict does not end soon
The newsprint price, which was below $300/tonne in 2020, now stands at $700-$750/tonne
With prices poised to rise up to $730/tonne by Q3, newspaper houses have been strategising to minimise losses at a time when print still recovering from the pandemic
However, on an optimistic note, experts say that holistic economic development promised by the Union Budget may boost consumer sentiment and lead to better numbers for print
The print industry was looking forward to the 5% custom duty waiver on newsprints
Newsprint cost has jumped 20 per cent in the past three months due to the Covid-19 pandemic, publishers have reportedly claimed in a representation given to government
Earl J Wilkinson, Executive Director and CEO of INMA, has issued a statement on the findings of the survey
Industry experts suggest reduction in raw material purchase cost has in all likelihood saved the entire newspaper fraternity about Rs 1,000 crore in overall spends
Industry heads say the cut on customs duty on import of newsprint and light-weight coated paper will finally bring down the production costs