Jagran Prakaskhan near new high after Q2 net profit rises more than five-fold to at Rs60.91cr

The company’s operating revenues stood at Rs402.53cr in Q2FY22, up by 39.2% yoy from Rs289.11cr in Q2FY21.

Oct 26, 2021 09:10 IST India Infoline News Service

Jagran Prakashan
Jagran Prakashan Limited, publishers of ‘Dainik Jagran’, India’s largest read newspaper has reported the financial results for the quarter ended September 30, 2021.

The company’s operating revenues stood at Rs402.53cr in Q2FY22, up by 39.2% yoy from Rs289.11cr in Q2FY21. Advertisement Revenues at Rs287.73cr, up by 47.5% yoy from Rs195.05cr. Circulation Revenues at Rs87.83cr, up by 10.7% yoy from Rs79.32cr. Other Operating Revenues at Rs26.87cr, up by 82.2% yoy from Rs14.75cr. Print Digital Revenue at Rs15.90cr, up by 23.3% yoy from Rs12.90cr.

Operating Profit of the company in Q2FY22 stood at Rs101.37cr, up by 236.9% yoy from Rs42.79cr. Net Profit at Rs60.91cr, up by 422.2% yoy from Rs11.66cr.

The company stock was in demand on Tuesday and at around 9.56 am, Jagran Prakashan Ltd was trading at Rs69.55 per piece up by Rs8 or 13% from its previous closing of Rs61.55 per piece on the BSE. The scrip opened at Rs66.80 and has touched a day's high of Rs71.20 per piece near 52-week high of Rs71.50 per piece on Tuesday.

During H1FY22, operating revenues stood at Rs672.85cr, up by 40.1% yoy from Rs480.20cr. Advertisement Revenues at Rs453.37cr, up by 49.2% yoy from Rs303.83cr. Circulation Revenues at Rs172.20cr, up by 12.3% yoy from Rs153.36cr. Other Operating Revenues at Rs47.18cr, up by 105% yoy from Rs23.02cr. Print Digital Revenue at Rs28.20cr, up by 27.5% yoy from Rs22.11cr.

The company’s operating profit in H1FY22 at Rs107.15cr, up by 1150.9% yoy from Rs8.57cr. Net Profit at Rs53.72cr, up by 266.5% yoy from Rs (-)32.26cr.

The company’s board has approved the appointment of Amit Jaiswal as the new CFO of the company with effect from November 1.

Commenting on the performance of the company for the quarter ended September 30, 2021, Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, “I am pleased to inform that this quarter saw a significant uptick in overall business performance of the Company. All businesses have performed well and we expect strong growth to continue. I am also pleased to report that the Company surpassed pre-covid profits much before our expectations.

With our ability to adjust to the environment coupled with the cost control measures in past 18 months, this quarter witnessed a steep growth in profits over comparable pre-covid quarter. In Radio, with the improved operating leverage due to combination of cost control and efficiency improvement measures taken at the beginning of the pandemic, incremental operating profit was over 80% of increased revenue in comparison with Q2FY21 as well as Q1FY22.

The Media and Entertainment Industry expects to benefit from the resurgence in the economic activity driven by the festive season, accelerated pace of vaccination drive and reduction in COVID-19 cases. This considerably improves outlook for the businesses of the Group. Our focus continues to be to maintain market position. Chasing unprofitable growth has never been our philosophy and this is where the team has done an incredible job by delivering a healthy growth in profits.”

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