Q2-2016: Jagran Prakashan YoY revenue up 19%; Radio City Op revenue up 8.3%

BENGALURU: Indian publishing group Jagran Prakashan Limited (JPL) reported 19.1 per cent growth in consolidated operating revenue in the quarter ended 30 September, 2015 (Q2-2016, current quarter) to Rs 519.5 crore as compared to the Rs 436.3 crore in Q2-2015 and eight per cent more than the Rs 481.15 in Q1-2016

The company?s consolidated profit after tax (PAT) in the current quarter increased 35.5 per cent to Rs 76.7 crore as compared to the Rs 56.6 crore in Q2-2015 and 1.9 per cent lower than the Rs 78.21 crore in Q1-2016.

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

Radio Business

JPL?s radio business that includes subsidiary Music Broadcast Limited (MBL) has 31 (including 11 radio stations acquired in phase 3 auctions) under the brand Radio City and eight other stations acquired under the brand Radio Mantra. The company?s radio business reported 8.3 per cent growth to Rs 55.54 crore in Q2-2016 as compared to the Rs 51.29 crore in Q2-2015 and 17.2 per cent more than the Rs 47.38 crore in the immediate trailing quarter.

JPL?s radio business reported 6.4 per cent drop in profit at Rs at Rs 12.05 crore in Q3-2016 as compared to Rs 12.88 crore in Q2-2015 and a loss of Rs 2.23 crore in the immediate trailing quarter. 

Advertising and Circulation numbers

Consolidated advertisement revenue was up by 26.8 per cent to Rs 389 crore in the current quarter as compared to the Rs 306.9 crore in Q2-2015 and was 12.6 per cent more than the Rs.345.54 crore in Q1-2016. Standalone Advertisement Revenues were at Rs 312.74 crore, up by 9.1 per cent from Rs 286.58 crore.

Consolidated Circulation revenue in the current quarter increased 3.1 per cent to Rs 99.8 crore from Rs 96.5 crore in Q2-2015, but was 0.7 per cent lower than the Rs 100.51 crore in Q1-2016. 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. Standalone Circulation Revenues were at Rs 93.87 crore, up by 3.4 per cent from Rs 90.75 crore.

Total Expense in Q2-2016 at Rs 401.31 crore was 21.8 per cent more than the Rs 329.5 crore in Q2-2015 and was 8.6 per cent more than the Rs 369.45 crore in the immediate trailing quarter.

Cost of Raw materials consumed in Q2-2016 at Rs 154.5 crore was 3.6 per cent less than the Rs 160.3 crore in Q2-2015 and 0.9 per cent lower than the Rs 155.89 crore in Q1-2016.

Company speak

JPL chairman and managing director Mahendra Mohan Gupta said, "It gives me immense pleasure to report that the company has for the first time crossed the mark of Rs 500 crore in turnover in a quarter. Chasing unprofitable growth has never been our philosophy and this is where the team has done an incredible job by delivering still healthier growth in profits.?

?We are happy with acquisition of one of the two strongest FM radio networks of the country; Radio City which continues to perform on the expected lines. Phase-III auction has witnessed unrealistic bidding for metro as well as non-metro stations and I do not see the frequencies, taken at exorbitant prices, giving the return on investment. As far as we are concerned, we remained disciplined but could still manage to get what we had planned. We do not subscribe to the strategy of multiple frequency as opposed to expansion to newer markets and therefore biding for multiple frequency was never part of our plan. Besides publication and radio businesses, digital business too continues to record steep growth in revenues and occupy a prominent market position,? he said.

?With strong franchise across various media platforms, market position and operating performance duly backed by financial prudence, the company is very well poised to next level of growth and enhancing the wealth of shareholders,? added Gupta.

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