Madhya Pradesh Today Media Ltd Management Discussions

The global economy delivered modest yet stable growth in (calendar year) CY 2024, navigating a complex macroeconomic landscape shaped by residual disruptions and evolving geopolitical dynamics. Strong real income growth and easing interest rates supported activity in select regions; however, these tailwinds were offset by subdued consumer sentiment, fiscal tightening, and shifting global trade patterns. The imposition of new tariffs by the United States, followed by reciprocal actions from key trading partners, added further uncertainty to the global trade environment.

Global GDP growth was estimated at 3.3% in CY 2024, slight decline from the previous year. Advanced economies experienced a slowdown, reflecting the delayed impact of earlier monetary tightening particularly in the US and Europe where elevated interest rates constrained investment and consumption. In contrast, emerging and developing economies showed greater resilience, supported by robust domestic demand and more accommodative policy frameworks. Global headline inflation eased to 5.8% in CY 2024 from 6.7% in CY 2023, driven by tighter monetary policy, declining energy prices, and reduced supply chain pressures. Nonetheless, the global outlook remained vulnerable to downside risks. Escalating trade tensions and policy uncertainty contributed to increased market volatility and constrained capital flows, particularly in highly indebted economies. While many emerging markets sustained growth, they faced growing headwinds from tightening global financial conditions and weaker external buffers.

Source: Basis World Economic Outlook, July 2025 Report The medium-term global economic outlook remains to an extent uncertain, shaped by rising trade barriers, heightened geopolitical tensions, and increasing policy unpredictability. These headwinds are expected to dampen investment activity and household consumption, resulting in a projected 5.8% in CY 2024 to 4.2% in CY 2025E, and further to 3.6% in CY 2026E, supported by weakening demand and improving supply-side conditions.

The macroeconomic outlook for FY 2025 26E reflects a balance of strong domestic fundamentals and emerging external challenges. Robust domestic demand, improving supply-side conditions, and prudent fiscal management continue to support growth. However, elevated geopolitical risks, commodity price volatility, and tight global financial conditions necessitate ongoing policy vigilance to preserve economic momentum.

Source: Basis RBI Annual Report, 2025.

Economic Outlook

Indias economic outlook for FY 2025 26E remains broadly optimistic, anchored by strong domestic fundamentals and a supportive policy environment. The governments continued focus on capital expenditure, alongside a calibrated approach to fiscal consolidation, has helped sustain growth momentum. A robust banking sector with well-capitalized institutions and strengthened corporate balance sheets, coupled with resilient financial markets, provide a solid foundation for continued economic expansion. The services sector remains a key growth driver, while improving consumer and business sentiments continue to support aggregate demand.

For the first time, Digital media emerged as the largest segment within the M&E landscape, surpassing Television despite a deceleration in its growth rate. This performance reflects shifting consumer preferences, with digital consumption solidifying its dominance, albeit tempered by market maturity and evolving content dynamics.

Print media remained slightly subdued during the year, with flat-ish subscription growth and limited overall momentum. Nonetheless, premium advertising formats posted a relatively strong performance, supported by a rise in print-led innovations and a boost from high-profile events. However, evolving consumer preferences and likely cover price action in certain instances contributed to some decline in subscription volumes.

In CY 2024, Indias Print media sector remained flat with the total segment unchanged at INR 260 bn. This muted performance was driven by modest 0.7% increase in advertising revenues to INR 179 bn, and offset by a 1.2% decline in circulation revenues which stood at INR 81 bn. Print retained its appeal among premium audiences and brands prioritizing credibility in messaging.

At a time when fake news is more in circulation, readers have appreciated much more than ever before the importance of newspaper and the efforts of its journalists who even taking risk of life have worked hard to present the facts before them. This is why, despite several roadblocks in the way of delivery of newspapers, circulation started increasing quickly after initial drop to a record low level immediately after the first and Second lockdown.

Print advertising is one of the oldest and most widespread forms of media, which includes newspapers and consumer magazines. It is a creative, engaging, versatile and readily available form of advertising easily accessible to most people across the globe. In addition, it offers numerous advantages, such as in-depth analysis, coverage of events and mass circulation of quick, inexpensive, and tangible news and advertisements. As a result, it is widely preferred by advertisers worldwide. As far as current year is concerned, print industry is likely to record the highest ever de-growth in revenues but the comfort is that it should be in position to mitigate the impact to a large extent from saving in newsprint cost due to moderated newsprint prices which are likely to remain stable and saving in pages per copy. Besides this, austerity measures being applied to reduce fixed cost will immensely help.

In CY 2024, Indias Media & Entertainment (M&E) sector reached a significant milestone, reaching INR 2,502 bn a year-on-year growth of 3.3%. While this marked a moderation from the

8.3% expansion in CY 2023, the sectors performance was underpinned by a strong 8.1% rise in advertising revenues, led primarily by digital platforms. However, traditional segments continued to face structural challenges, particularly in subscription revenues, which remained under pressure. For the first time, Digital media emerged as the largest segment within the M&E landscape, surpassing Television despite a deceleration in its growth rate. This performance reflects shifting consumer preferences, with digital consumption solidifying its dominance, albeit tempered by market maturity and evolving content dynamics.

Advertising remained the backbone of revenue, showcasing the sectors inherent resilience despite still lagging behind pre-pandemic benchmarks. English dailies gained a 2% share in advertising volumes based from CY 2022, while regional papers saw a corresponding decline. Hindi publications maintained their leadership, contributing 38% of total advertising volumes due to their expansive reach. The Auto, Services, and Education sectors collectively drove approximately 45% of total print advertising volumes. Government and PSU advertising saw a temporary dip due to the Model Code of Conduct restrictions during the 2024 General Elections during CY 2024. Also, Print increasingly ventured into metro-focused events, contributing to growth in ancillary revenue streams.

Madhya Pradesh Today Media Limited Published its newspaper called "Pradesh Today" remained Madhya Pradesh Third most-widely read morning newspaper with highest readers across the Madhya Pradesh. It remained the undisputed leader in Madhya Pradesh, as it retained its No.1 position as the leading Hindi daily evening newspaper. The newspaper is published from different cities and has supplements for respective cities. Pradesh Today is Madhya Pradesh & Chhattisgarh most emerging Hindi daily. The newspaper spins out 11 editions.

The print industry in India continues to grow, riding on the back of demographic and socioeconomic factors, rising literacy levels, improved penetration and hyper-localisation of news. The readership of the print medium is increasing at a slower pace with the global expansion of digital medium.

The diverse cultures and languages in the country ensure a strong depth in regional language readership. Vernacular newspaper covers more local news and serves as a medium to express grievances and aspirations of its readers. Moreover, localisation has led to the publishing of multi-edition newspapers, combining national content with regional news and expanding their content diversity with supplements. This hyper localization has helped in adding more local advertisers to the overall pie.

Availability of good quality newsprint, advanced printing technology and equipment has made growth of vernacular newspapers commercially viable. This is leading to the constant expansion of newspapers even into small cities and towns. Indias newspaper distribution chain is unique and multi-tiered. Newspapers are sold through an extensive network of agents and vendors who offer door-to-door delivery services to the readers.

The Companys Total Revenue of Rs.2169.56 Lakhs in the FY 2024-25 as against Rs. 2155.70 Lakhs in the FY 2023-24, registering 0.64% increase over the Previous Year.

The Companys Net Profit Before Tax decreased to Rs. 375.75 Lakhs in the FY 2024-25 as against Rs. 360.25 Lakhs in the FY 2023-24 registering a 4.30% increase over the Previous Year.

The Companys Net Profit after Tax decreased to Rs. 318.85 Lakhs in the FY 2024-25 as against Rs. 252.63 Lakhs in the FY 2023-24, registering a 26.21% increase over the Previous Year.

During the year under review, the Company has not issued any dividend to its Members of the Company.

The Company has a robust risk management framework to manage and mitigate risks arising from external and internal factors. A risk identification exercise is carried out periodically to identify various strategic, operational, financial and compliance-related risks and these are evaluated for their likelihood and potential impact.

Few risks and uncertainties that can affect the business are adverse macroeconomic conditions influencing revenue growth, technological changes impacting media consumption patterns, Supply chain.

Potential risks are reviewed periodically and are managed as an integral part of decision-making. To sustain its competitive edge and to stay ahead of the curve, the Company has taken various initiatives. These initiatives include enhancing the existing technological capabilities and digital properties, training and empowering employees, expanding geographic presence and continue investing in print facilities.

The COVID-19 declared a pandemic by WHO has caused socio economic disruption to the extent that the economic activities have come to grinding halt since the nationwide lockdown. Imposition of lockdown and its restrictions which include prohibition of even movement, are being modified gradually with the commencement of economic activities which are expected to be normalised at least in the near future.

This has created an unprecedented environment which will result in significant de-growth in revenues, moderate to significant loss of profit or even loss and impairment of organisations liquidity. Even post lockdown, industries like media industry which are dependent on discretionary spend will find it hard to come back to their normal level of operations, revenues, profits and liquidity. Accordingly, the pandemic poses a great threat to the existence of media & entertainment industry more than any other. We also expect this crisis may trigger consolidation in the industry.

Our offices situated in different cities i.e. Bhopal, Indore, Jabalpur, Rewa, Katni, Raipur, Delhi, Ahmadabad, Jaipur, and many more cities of the India. Some of the offices have been taken on Lease and Rental; These offices are situated in different cities, which is our Strength and contributing in company growth. We are receiving day to day feedback from these offices and getting updated news from these offices. These offices are supporting in following manner:

The Company has an effective system of internal control corresponding with its size, nature of business and complexity of operations. It ensures accurate, reliable and timely compilation of financial and management information reports and optimum utilization of organization resources. The internal control mechanism comprises a well-defined organizational structure with clearly defined authority levels and documented policies, guidelines and procedures covering all business areas and functions.

These systems have been designed to safeguard the assets and interests of the Company, and also ensure compliance with the Companys policies, procedures and applicable regulations.

The internal control system is supplemented with an extensive program of internal audits and their reviews by the management. The in-house internal audit function supported by professional external audit firms conducted comprehensive risk focused audits across locations and functions to maintain a proper system of control.

Pradesh Today considers employees as its most vital and valuable assets and major strength. The employees are trained for necessary soft and hard skills on a regular basis.

Pradesh Today values performance and employees are paid basis their performance throughout the year. The Company has in place, strict policies for womens safety in the workplace. It is fully compliant with the provisions of the Sexual Harassment of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013. The Companys formulated policy in this regard is available company website epaper.pradeshtoday.com

Pradesh Today has created a logical and necessary workforce plan for each function. It is based on each role and requirements of each function. The Company engaged external consultants for the purpose. This has helped the Company acquire an optimum Manpower Plan for the year under review.

Pradesh Today identified a framework for key competencies required at every work level. This helped to recognize key print functions including media marketing (ad sales), circulation, marketing, finance and HR. This Framework was used for the development of employees to take over larger roles.

Statement in the Managements Discussion and Analysis describing the Companys objectives, projections, estimate, expectations on a go "forward looking statements" are within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could influence the Companys operations include economic developments within the country, demand and supply conditions in the industry, input prices, changes in government regulations, tax laws and other factors such as litigation and industrial relations.