Jagran Prakashan Q2 profit rises 14.23% at Rs 75.45 cr

Jagran Prakashan Ltd (JPL), the publisher of leading Hindi daily Dainik Jagran, today reported 14.23 per cent rise in standalone net profit at Rs 75.45 crore for the quarter ended on September 30, 2016, helped by higher digital advertising revenue.
The company had posted a net profit of Rs 66.05 crore in the July-September quarter of the previous fiscal.
Its total income from operations during the quarter was Rs 459.01 crore, up 6.28 per cent compared to Rs 431.87 crore in the year-ago period, Jagran Prakashan said in a BSE filing.
JPL Chairman and Managing Director Mahendra Mohan Gupta said: "The highlight of the quarter was the performance of Digital supported by strong half year performance of Radio. The growth in print business was subdued partly due to heavy rains and resultant floods in major areas of our operations and partly due to delayed payout of wages on implementation of 7th Pay Commission".

During the quarter, its advertisement revenues stood at Rs 322.94 crore, up by 5.1 per cent, from Rs 307.36 crore in the second quarter of the previous fiscal.
Its digital advertisement revenue jumped by 30 per cent to Rs 6.05 crore from Rs 4.65 crore.
In a separate filing, Jagran Prakashan said its Board of Directors have decided to redeem 2,900 unlisted unsecured non-convertible debentures of Rs 1 lakh each aggregating to Rs 29 crore, held by Jagran Media Network Investment Pvt Ltd -- its holding company.
Shares of the company closed 2.20 per cent down at Rs 166.40 on BSE today.