D B Corp fell 1.51% to Rs 74.65 after the company's consolidated net profit tanked 62.26% to Rs 28.52 crore on 34.82% decline in revenue from operations to Rs 346.36 crore in Q2 September 2020 over Q2 September 2019.
Consolidated profit before tax (PBT) shed 39.31% to Rs 38.77 crore in Q2 September 2020 as against Rs 63.88 crore in Q2 September 2019. Total tax expenses for the quarter stood at Rs 10.25 crore as against a tax rebate of Rs 11.69 crore in Q2 September 2019. The Q2 result was declared during market hours today, 21 October 2020.
EBIDTA declined 25.94% to Rs 74.5 crore (21.3% margin) in Q2 September 2020 as against Rs 100.6 crore (margin of 18.8%) in Q2 September 2019.
Circulation revenue slipped 19.67% to Rs 103.30 crore in Q2 September 2020 compared with Rs 128.60 crore in Q2 September 2019. Advertising revenue tumbled 38.33% to Rs 226.30 crore in Q1 FY21 as against Rs 367 crore in Q2 FY20.
Commenting on the performance, Sudhir Agarwal, managing director, DB Corp said, We entered the first half of this financial year filled with uncertainty, brought about by the global pandemic, and while the threat is far from over, we are extremely pleased with the resilience shown by our business, employees and partners. All the markets that the Dainik Bhaskar Group operates in, primarily, Tier-II and Tier-III cities, have been returning to normalcy at a rate that is outpacing the metros.
While our results are reflective of the disruption in the first quarter, it is important to note that on almost all parameters, i.e operations, advertising revenues and circulation, we have seen phenomenal traction beginning mid-July, that has improved sequentially. With Navratri coming in late by a month this year, our advertising revenues from this season shifted from the last week of September to October. Adjusted for this, we are happy to report that our performance is now approaching near pre-Covid levels. Our profitability has been witnessing improvement on the back of our relentless cost optimisation measures, soft newsprint prices.
With the upcoming festive season already showing signs of an imminent revival, and given the strong work that our teams have put in the past few months, we are hopeful that we should be able to recover a large part of the performance that was lost to the pandemic.
DB Corp is lndia's largest print media company that publishes 5 newspapers in multiple languages across 12 states in India. The company's other business interests also span the radio segment through the brand 94.3 MY FM Radio station with presence in 7 states and 30 cities.
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