Jagran Prakashan rose 12.35% to Rs 69.15 after the company's consolidated net profit surged 378.93% to Rs 61.83 crore on 39.23% increase in net sales to Rs 402.53 crore in Q2 September 2021 over Q2 September 2020.
On a consolidated basis, profit before tax (PBT) surged 520.68% to Rs 81.62 crore in Q2 September 2021 over Q2 September 2020. Operating profit was at Rs 101.37 crore, up by 236.9% from Rs 42.79 crore last year.During the quarter, Jagran Prakashan's revenue from 'printing, publishing and digital' segment was Rs 341.64 crore, rising 36.96% as against Rs 249.44 crore of the corresponding period last fiscal.
FM Radio business revenue was up 39.76% to Rs 42.04 crore as against Rs 30.08 crore of Q2 FY21.
Advertisement revenues stood at Rs 287.73 crore, up by 47.5% from Rs 195.05 crore in the same period last year. The figure represents advertisement revenue from print, digital and radio.
Circulation revenues was reported at Rs 87.83 crores, up by 10.7% from Rs 79.32 crore last year.
The company said that due to Covid-19, the figures do not represent normal quarter/operations and are not strictly comparable with last year or preceding quarter.
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."
In a separate filing, Jagran Prakashan informed about the appointment of Amit Jaiswal as the new chief financial officer of the company with effect from 1 November 2021.
Jagran Prakashan is a media conglomerate with interests spanning across printing and publication of newspapers & magazines, FM radio, digital, outdoor advertising and promotional marketing, event management and activation businesses. The Group publishes 10 publications from 13 states in 5 different languages. Group's Radio has operations at 39 FM stations besides web stations.
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