Jagran Prakashan net profit falls 55.8% at Rs 23.27 cr in March quarter

Jagran Prakashan Ltd, the publisher of the Hindi daily Dainik Jagran, on Tuesday reported a 55.86 per cent decline in its consolidated net profit to Rs 23.27 crore for the fourth quarter ended March 2023.

The company had posted a net profit of Rs 52.73 crore during the January-March quarter a year ago, Jagran Prakashan Ltd (JPL) said in a BSE filing.

Its revenue from operations increased 8.19 per cent to Rs 459.38 crore during the quarter under review against Rs 424.58 crore in the year-ago period.

This quarter also "includes impairment of goodwill and investment in associates of Rs 72.96 crore", the company said in its earning statement.

JPL's total expenses surged 28.85 per cent to Rs 486.92 crore in Q4 FY23 compared to Rs 377.87 crore a year ago.

Its total income in the March quarter was Rs 512.25 crore, up 16.13 per cent.

For the fiscal ended March 2023, JPL's net profit was down 9.26 per cent at Rs 196.78 crore against Rs 216.87 crore in FY22.

However, its consolidated revenue from operations rose 14.86 per cent to Rs 1,856.17 crore in FY23.

JPL Chairman and Managing Director Mahendra Mohan Gupta said: "The Company performed satisfactorily, reporting growth twice of estimated growth in the economy during the year. As the numbers show, all the businesses recorded significant growth in revenues".

Share of Jagran Prakashan Ltd on Tuesday settled at Rs 68.90 per scrip on BSE, down 0.14 per cent from the previous close.