Leading media houses, Jagran Prakashan, DB Corp, and HT Media have announced their financial results for the fourth quarter of the present financial year 2023-24 ending March 31, 2024.
Dainik Bhaskar Group zooms
For DB Corp, which publishes Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar, total revenue in FY 24 grew by 14.5% to Rs 24,821 million (Rs 2482.1 crore) as against Rs 21,682 million (Rs 2168.2 crore) the year before – an absolute growth of Rs 3,139 million (Rs 313.9 crore). Net profit in FY 24 grew by 151.7% on a y-o-y basis to Rs 4,255 million (Rs 425.5 crore) from Rs 1,691 million (Rs169.1 crore).
In Q4, total revenue grew by an impressive 17.8% to Rs 6,418 million (Rs 641.8 crore) as against Rs. 5,446 million (Rs 544.6 crore) in Q4 FY2023. Net profit in Q4 grew by 198.6% y-o-y to Rs 1,225 million (Rs 122.5 crore) as against Rs 410 million (Rs 41 crore) in Q4 of the last financial year.
The print media continued to be impactful and effective in the overall media landscape, the company said. “All sectors are turning towards Indian language newspapers. Auto saw a resurgence, along with education, real estate, jewelry, health and government advertisements all showing strong growth.”
Newsprint prices continued to be soft in Q4 FY2024 and the expectation is that newsprint purchase prices will remain stable in the next few quarters. The company’s average cost for newsprint has reduced from the high of Rs 63,500 PMT in Q2 FY2023 to around Rs 51,500 PMT in Q2 FY2024 and now to Rs 49,300 PMT in Q4 FY2024 resulting in a newsprint cost reduction of 14% YoY in FY 24.
HT Media narrows loss
HT Media, which published Hindustan Times, Mint and Hindi Hindustan, reported a decreased consolidated net loss of Rs 31 lakh in Q4, FY 24. The company recorded a consolidated net loss of Rs 20.73 crore in the corresponding quarter of the previous financial year.
Revenue from printing and publishing newspapers and periodicals in the quarter was Rs 375.97 crore, up from Rs 373.85 crore in the same period last year. Revenue in digital increased from Rs 31.63 crore in Q4FY23 to Rs 43.21 crore in Q4FY24.
The company reported a reduced consolidated net loss of Rs 91.38 crore for the fiscal year ending March 31, 2024, compared to a consolidated net loss of Rs 251.75 crore recorded in FY23.
Revenue from operations in FY24 decreased to Rs 1,694.72 crore from Rs 1,711.1 crore in FY23. HT Media’s board has given the green light to invest Rs 10 crore in Mosaic Media Ventures, a company fully owned by HT Media, by purchasing shares in the company.
The investment aims to expand the business of collecting and sharing news, analysis, and research for business, management, investors, and the public. The completion of the transaction is anticipated to occur within 12 months after receiving board approval.
Jagran Prakashan profit falls
Jagran Prakashan, which publishes the Hindi daily Dainik Jagran, reported a 74.1% decline in its consolidated net profit to Rs 6.02 crore for the fourth quarter ended on March 31, 2024. The company posted a net profit of Rs 23.27 crore in the January-March quarter a year ago. However, its revenue from operations was up 10.9% to Rs 509.64 crore during the quarter under review compared to Rs 459.38 crore in Q4FY23.
Overall, in FY24, consolidated operating revenues stood at Rs 1,933.91 crore, up by 4.2% from Rs 1,856.17 crore in FY23. Profit after tax was recorded at Rs 164.92 crore, a fall from Rs 196.79 crore in the last financial year. Advertisement revenues were Rs 1,367.94 crore, up by 6% from Rs 1,290.40 crore while circulation revenue stood at Rs 359.01 crore as against Rs 373.22 crore in FY 23.
