Jagran Prakashan Limited (JPL), which owns the Hindi daily newspaper Dainik Jagran, has reported consolidated operating revenues of Rs 553 crore for the quarter ended September 30, 2018 (Q2FY19), which is down marginally 2.2% year-on-year (YoY) from Rs 567 crore posted in the same quarter last year (Q2FY18). On a sequential basis, it was down 7.8% from Rs 600 crore posted in the previous quarter (Q1FY19).
Profit After Tax (PAT) for the quarter fell by 49% from Rs 88 crore in Q1FY19 to Rs 43.5 crore, and dropped 38% YoY.
Digital Advertisement revenues
The company posted consolidated digital ad revenues of Rs 11.4 crore for the quarter, up 35% YoY from Rs 8.4 crore in Q2FY18. Jagran Prakashan had posted digital ad revenue of Rs 9.5 crore in the previous quarter. The digital business is 3% of overall company’s revenue.
There were 40.2 million unique visitors at the end of September 30, 2018 across its digital properties. Last quarter its unique visitors stood at 40.6 million at the end of June 2018. Jagran Prakashan has a total of 9 digital properties including Jagran.com, Bol India Bol, Mid-Day.com, Jagran Junction, RadioCity.in, and Inext Live, and launched HerZindagi, a lifestyle channel for women.
Print advertisement revenue
Print advertisement revenue fell by 4.5% YoY to Rs 444 crore from Rs 465 crore in Q2FY18, and fell 9.5% quarter-on-quarter (QoQ) from Rs 491 last quarter. The company’s operating margin for print products stood negative at 1.17% due to high newsprint cost.
Dainik Jagran, the company’s flagship publication, posted revenues of Rs 352 crore for the quarter, down by 12% QoQ from Rs 400 crore in Q1FY19, and marginally up 5.3% from Rs 372 crore on a YoY basis.
Midday Infomedia earnings
Jagran Prakashan’s wholly owned subsidiary, Midday Infomedia Limited posted revenues of Rs 25.8 crore, as compared to revenues of Rs 28.3 crore in Q2FY18, and revenues of Rs 27.9 crore in the previous quarter. Of this, advertisement revenues accounted for Rs 19.2 crore or 74% of the revenue.
It posted a YoY dip of 20% in the net profit at Rs 0.92 crore, as compared to a net profit of Rs 1.6 crore in Q2FY18 and on QoQ basis it fell by 63% as compared to Rs 2.4 crore in the last quarter.