Jagran Prakashan Q1 loss at Rs 7.05 cr; revenue up 41.4% at Rs 270.32 cr

Jagran Prakashan Ltd, the publisher of Hindi daily Dainik Jagran, on Friday reported narrowing of its consolidated net loss to Rs 7.05 crore for the first quarter ended on June 30, 2021.

The company had posted a net loss of Rs 44.31 crore during the April-June quarter a year ago, Jagran Prakashan Ltd (JPL) said in a BSE filing.

Its revenue from operations was up 41.47 per cent at Rs 270.32 crore during the quarter under review, as against Rs 191.08 crore in the corresponding period a year ago.

JPL's total expenses stood at Rs 301.94 crore, up 13.79 per cent in Q1/FY 2021-22 as compared to Rs 265.34 crore of the corresponding quarter.

"The outbreak of COVID-19 pandemic has created economic disruption throughout the world including India. Consequently, the advertisement revenues and profitability for the quarter ended June 30, 2021 have been adversely impacted. The second wave across India has raised concerns over economic growth and business conditions, the company said.

While the restrictions are currently more localised and for a shorter duration as compared to the previous year.

Commenting on the performance of the company, JPL Chairman and Managing Director Mahendra Mohan Gupta said, "Results are satisfactory keeping in view the continued weekend lockdown and other similar restrictions. However, the growth numbers do not excite as the base was low."

During the April-June quarter, Jagran Prakashan's revenue from "printing, publishing and digital" was Rs 235.21 crore, up 34.98 per cent, as against Rs 174.26 crore of the corresponding period last fiscal.

FM Radio business revenue was up 42.55 per cent at Rs 20.47 crore as against Rs 14.36 crore of Q1/FY 2020-21.

Over the outlook, Gupta said: "With the increase in vaccination and hope that the country will have a sufficient number of vaccinated people by the time the feared the third wave strikes us, macro-economy and hence media and entertainment industry should do better in the remaining year than the previous year."

Shares of Jagran Prakashan Ltd on Friday settled at Rs 64.35 apiece on the BSE, down 1.98 per cent over the previous close.