Jagran Prakashan Q1 net profit at Rs 40.5 cr; revenue up 68% to Rs 454 cr

Jagran Prakashan Ltd, the publisher of Hindi daily Dainik Jagran, on Saturday reported a consolidated net profit of Rs 40.49 crore for the quarter ended June 30, 2022.

The company had posted a net loss of Rs 7.05 crore during the April-June period a year ago, Jagran Prakashan Ltd (JPL) said in a BSE filing.

Its revenue from operations jumped 68.11 per cent to Rs 454.46 crore during the quarter under review, as against Rs 270.32 crore in the corresponding period a year ago.

Total expenses stood at Rs 412.85 crore, up 36.73 per cent from Rs 301.94 crore in Q1 FY22.

JPL Chairman and Managing Director Mahendra Mohan Gupta said the company maintained the trend of recovery of lost revenues since the outbreak of the pandemic even though the consumption remains subdued.

"High inflation and record high newsprint costs have impacted the profitability of the Company in spite of the continued cost optimisation measures taken since the onset of the pandemic," he said.

During the quarter, JPL's revenue from 'Printing, publishing and digital' rose 54.53 per cent to Rs 363.49 crore, as against Rs 235.21 crore in the year-ago period.

FM radio business revenue was up over two-fold to Rs 44.14 crore as against Rs 20.47 crore in Q1 FY 2021-22. Other revenue stood at Rs 47.84 crore, up three-fold.

"Print business stays strong and continues to be the growth driver for us. Radio, Outdoor, Events and Digital all did remarkably well and posted growth in revenue," Gupta added.