Q1-2016: Jagran Prakashan y-o-y revenue up 9.3%; Radio City op profit up 40%

BENGALURU: Indian publishing group Jagran Prakashan Limited (JPL) reported 9.3 per cent growth in consolidated operating revenue in the quarter ended 30 June, 2015 (Q1-2016) to Rs 481.15 crore as compared to the Rs 440.29 crore in Q1-2015.  Q-o-Q, JPL?s revenue grew 13.8 per cent as compared to the Rs 422.74 crore in Q4-2015. 

The company?s consolidated profit after tax (PAT) in the current quarter increased 18.5 per cent to Rs 66.36 crore as compared to the Rs 55.99 crore in Q1-2015. However, q-o-q PAT was 39.7 per cent lower than the Rs 129.67 crore in Q4-2015. Adjusted PAT after extraordinary items in Q1-2016 at Rs 179.94 crore was however higher than Q1-2015 and Q2-2015 PAT.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

JPL?s radio subsidiary Music Broadcast Limited (MBL), which has 20 radio stations under the brand ?Radio City? reported 40 per cent higher operating profit at Rs 14.5 crore in Q1-2016 as compared to Rs 10.4 crore in the corresponding year ago quarter. The company reported a loss of Rs 2.2 crore in Q1-2016 on account of Rs 13.6 crore (exceptional items) incentives to the management team in respect of their past services in terms of agreement with the erstwhile promoters. If the exceptional items are not considered, then MBL?s PAT would be 74 per cent higher in Q1-2015 at Rs 11.3 crore as compared to the Rs 6.5 crore in the corresponding year ago quarter. In the immediate trailing quarter Radio City?s PAT was Rs 8.47 crore.

Advertising and Circulation numbers

Consolidated advertisement revenue was up by 11.9 per cent to Rs 345.54 crore in Q1-2016 as compared to the Rs 308.89 crore in Q1-2015, while standalone advertisement revenue up by 8.4 per cent to Rs 312.23 crore as compared to the Rs 288.01 crore in Q1-2015. Radio City reported advertising revenue of Rs 13.08 crore in Q1-2016.

Consolidated Circulation revenue in the current quarter increased 5.1 per cent to Rs 100.51 crore as compared to the Rs 95.66 crore in Q1-2015. Standalone circulation revenue increased 5.4 per cent to Rs 94.48 crore in Q1-2016 as compared to the Rs 89.64 crore in the corresponding year ago quarter.

Let us look at the other numbers reported by Jagran Prakashan

Total Expense in Q1-2015 at Rs 369.45 crore was 12.2 per cent more than the Rs 329.35 crore Q1-2015 and 6.6 per cent more than the Rs 346.61 crore in the immediate trailing quarter.

Cost of Raw materials consumed in Q1-2016 at Rs 155.89 crore was 4.2 per cent less than the Rs 162.7 crore in Q1-2015, but 8.3 per cent more than the Rs 346.61 crore in Q4-2015.

The company?s radio segment results have been mentioned above. The segment reported 10.3 per cent growth in operating revenue to Rs 47.4 crore as compared to the Rs 43 crore in Q1-2015. For Q4-2015, MBL reported revenue of Rs 53.93 crore.

MBL?s interest costs have been increasing with time. In Q1-2016, the company paid more than six times the interest it paid at Rs 5.10 crore as compared to the Rs 0.80 crore in Q1-2015 and 26.2 per cent more than the Rs 4.04 crore in Q4-2015.

Company speak

JPL chairman and managing director Mahendra Mohan Gupta said, "Q1-2016 was eventful for more than one reason. The company not only completed the long awaited acquisition of Radio City but it also delivered the highest ever profit and probably the highest growth in advertisement revenue in the industry. This robust performance in an economically difficult time could be possible due to the company?s ability to timely sense the inordinate delay in economic recovery and act accordingly."

"From the first quarter itself, Radio City has started contributing to the company?s profits and I am confident that this acquisition is going to be hugely value accretive. Finally, even though the economy is not yet supporting the growth, the first quarter?s performance gives me the confidence that we will continue to grow and meet your expectations," added Gupta.

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