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DB Corp's radio business numbers expand with network growth

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BENGALURU: DB Corp’s MY FM radio network now encompasses 26 live stations with the launch of nine new stations over the last two quarters of this fiscal (year ending 31 March 2017 or FY-17). DB Corp’s radio business revenue for the quarter ended 31 December 2016 (Q3-17, current quarter) increased 12.4 percent to Rs 36.32 crore as compared to Rs 32.32 crore in the corresponding year ago quarter (year-over-year or y-o-y).  The company’s press release says that its radio business operating profit (EBIDTA) grew 3 percent y-o-y to Rs 14.8 crore (41 percent margin), while profit after tax (PAT) also increased 3 percent y-o-y to Rs 8.1 crore (22 percent margin).

DB Corp Limited (DB Corp), home to flagship newspapers Dainik Bhaskar, Divya Bhaskar, Dainik Divya Marathi and Saurashtra Samachar reported 6.3 percent higher consolidated revenue for the current quarter as compared to the corresponding year ago quarter. The media house’s total income from operations (TIO or revenue) in Q3-17 was Rs 627.27 crore as compared to Rs 589.97 crore.

DB Corp’s consolidated profit after tax (PAT) increased 6.6 percent y-o-y to Rs 118.1 crore as compared to Rs 110.75 crore. However, quarter-over-quarter (q-o-q) it’s PAT declined 14.9 percent from Rs 103.96 crore in Q1-17.

EBIDTA (excluding other income) for the current quarter increased 4.5 percent y-o-y to Rs198.25 crore as compared to Rs 189.63 crore and increased 39.2 percent q-o-q from Rs 142.39 crore.

Four segments contribute to DB Corp’s numbers - Printing and publishing of newspaper and periodicals (Printing) segment; Radio segment; Event segment, Internet segment; and Power segment. Its Printing and Radio segments are major contributors to the company’s top and bottomlines and have been considered here.

The radio segment or business numbers have been mentioned above.

Printing and publishing of newspaper and periodicals (Printing) segment          

DB Corp’s Printing segment reported 4.9 percent y-o-y growth in revenue to Rs 569.91 crore in the current quarter as compared to the Rs 543.36 crore in Q3-16.The Printing segment’s revenue increased 15.4 percent q-o-q Rs from Rs 493.79 crore. The segment’s operating profit in the current quarter increased 4 percent y-o-y to Rs 173.55 crore as compared to Rs 166.91 crore and increased 34.5 percent q-o-q from Rs 129 crore.

Other numbers

DB Corp’s consolidated Total Expenditure for Q3-17 increased 6.6 percent y-o-y to Rs 450.81 crore as compared to Rs 422.92 crore and increased 9.9 percent q-o-q from Rs 410.12 crore.

Consolidated Cost of raw materials consumed in Q3-17 increased 6.5 percent y-o-y to Rs 177.24 crore from Rs 166.46 crore and increased 8.5 percent q-o-q from Rs 163.43 crore. Consolidated Employee Benefits Expense in the current quarter increased 6.6 percent y-o-y to Rs 108.5 crore as compared to Rs 102.16 crore in Q3-16 and increased 1 percent q-o-q from Rs 107.41 crore. Consolidated Total comprehensive income in Q3-17 increased 7.3 percent y-o-y to Rs 118.11 crore from Rs 110.05 crore, and increased 38.6 percent q-o-q from Rs 85.21 crore.

Company speak

Commenting on the performance DB Corp managing director Sudhir Agarwal said, “The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, which has broadly been a quarter of weak demand and subdued consumer spending and I take this opportunity to thank the team for their sincerity and dedication. Dainik Bhaskar has been acknowledged as the nation’s largest circulated multi-edition daily by RNI which is again an endorsement of our operating approach and philosophy. We have undertaken several growth oriented initiatives across all our print, digital and radio segments that have made a

holistic impact on the business. We will continue to maintain this discipline and control at all levels while we are also empowering employees to enhance agility in the workplace.

We expect the immediate-to-midterm impact of the currency purge undertaken by the Government, on consumption, to normalise over the next few months, a process which has already slightly started improving. We will continue to sharpen our strengths across our print and non-print businesses as well as

our deep knowledge of our customers’ domain that are driving our ability to play a strategic role in the Indian M&E environment

Note: The unit of currency in this report is the Indian rupee - Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

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