DB Corp Q1 net dips 15%, to buy 60% in Divya Prabhat

Media company DB Corp today posted a nearly 15% decline in its consolidated net profit at Rs 61 crore for the quarter ended June 30.

This is against a net profit of Rs 71.6 crore in the same period last year, DB Corp said in a filing to the Bombay Stock Exchange.

Total income stood at Rs 353.7 crore for the June quarter as against Rs 298.6 crore in the same quarter last fiscal, up 18.45%.

DB Corp runs publications such as Dainik Bhaskar, Divya Bhaskar, Saurashtra Samachar and Business Bhaskar.

In a separate filing, the company said its board had approved acquisition of 60% of the paid-up capital of Divya Prabhat Publications.

"The board has considered and accorded their in-principle approval for acquisition of 60% of the paid up share capital of Divya Prabhat Publications for Rs 1.2 crore," the filing said.

The stake in Divya Prabhat Publications is currently held by Sudhir Agarwal, one of the promoters of DB Corp.

Divya Prabhat Publications publishes 'Prabhat Kiran', an afternoon newspaper from Indore, Madhya Pradesh.