Q3-2016: DB Corp print revenue up 22%, radio revenue up 35%; radio op profit almost double

BENGALURU: DB Corp Limited (DB Corp), home to flagship newspapers Dainik Bhaskar, Divya Bhaskar, Dainik Divya Marathi and Saurashtra Samachar reported 22.5 per cent QoQ increase in Total Income from operations (TIO) for the quarter ended 31 December, 2015 (Q3-2016, current quarter). The company reported TIO of Rs 585.89 crore in the current quarter as compared to Rs 478.33 crore in the immediate trailing quarter. YoY, TIO increased 5.7 per cent as compared to Rs 554.57 crore in Q3-2015.


Revenue growth was driven by a 21.9 per cent QoQ growth in revenue from the company’s print segment at Rs 539.28 crore as compared to Rs 442.24 crore and a 34.9 per cent QoQ growth in the company’s radio segment revenue at Rs 32.32 crore (5.5 per cent of TIO) as compared to Rs 23.96 crore (five per cent of TIO). YoY, revenue from print segment increased 3.9 per cent as compared to Rs 518.9 crore, while radio segment revenue increased 25.8 per cent as compared to Rs 25.69 crore (4.6 per cent of TIO).


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


Operating Results/PAT


The company reports revenue from five segments:  Printing and publishing of newspaper and periodicals (Printing segment); Radio segment (under the brand My FM); Events; Internet; and power. Two of the segments are major contributors to the revenue – printing and radio and their numbers have been considered in this report.


The company reported 80.7 per cent QoQ growth in profit after tax (PAT) for the current quarter at Rs 108.63 crore (18.2 per cent margin) as compared to Rs 59.12 crore (12.4 per cent margin) and grew 1.6 per cent YoY as compared to Rs 105.11 crore (19 per cent margin).


The company’s print business reported 73.5 per cent QoQ increase in operating profit at Rs 162.91 crore as compared to Rs 93.91 crore and increased 3.3 per cent YoY as compared to Rs 157.76 crore.


Radio business reported almost double the operating profit (grew by 98.7 per cent) QoQ at Rs 12 crore as compared to Rs 6.04 crore and increased 27.1 per cent YoY as compared to Rs 9.44 crore.


Advertisement and subscription revenue


The company says that its advertising revenue declined 0.6 per cent YoY to Rs 391.2 crore in the current quarter as compared to Rs 393.4 crore in the corresponding quarter of last year, but increased 27 per cent QoQ as compared to Rs 307.9 crore. Circulation revenue increased 17.8 per cent in YOY in Q3-2016 to Rs 114.1 crore as compared to the Rs 96.9 crore and grew eight per cent QoQ as compared to Rs 105.7 crore.


DB Corp managing director Sudhir Agarwal said, “The success of our yield strategy has begun delivering encouraging results as we make aggressive efforts to gain back volume growth across our legacy and emerging markets, which have started responding well. We have taken every step to maintain our leadership position and we continue to be the largest circulated newspaper since last three years while we are the fourth largest circulated newspaper in the world – a great honour and responsibility for us. Our focus on stronger operating efficiencies and better expense management has ensured our financial health while softened newsprint costs have also protected our profitability.

Our non-print businesses are well on course as our digital business continues to gather momentum and our radio business strategy maintains commendable progress as we prepare to commence operations of the newly acquired stations over four to six months. The government is in the midst of introducing structural reforms with a long term vision and we believe that present green shoots will translate into a positive pick up for a better economic environment.”

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