India's Jagran Prakashan Q2 profit falls as input costs rise

Jagran Prakashan

04/11/2022 14:10

BENGALURU, Nov 4 (Reuters) - India's Jagran Prakashan
 JAGP.NS  posted a 16.6% fall in second-quarter profit, as the
publisher of the country's most read Hindi daily Dainik Jagran
was hit by higher input costs.
    Despite several brands increasing their advertising spend
since the economy reopened, the domestic print industry has
suffered from increasing prices of newsprint.
    The company's consolidated net profit fell to 515.8 million
Indian rupees ($6.29 million) in the July-September quarter,
from 618.3 million rupees, a year earlier. Revenue from
operations rose 12.7% to 4.54 billion rupees.
        Total expenses rose nearly 20% to 4.06 billion rupees,
with input cost rising 37%. 
    Profit before tax at its main publishing and digital
business dropped 22%, while losses at its FM radio business
widened to 92.5 million rupees from 87.2 million rupees, year
ago.
    The media conglomerate, which publishes 10 titles in five
languages in its print segment, said in its exchange filing that
it has approved the proposal for buyback of shares of up to 3.45
billion rupees via a tender offer route. 
($1 = 82.0680 Indian rupees)
 (Reporting by Nishit Navin and Anuran Sadhu in Bengaluru;
Editing by Shailesh Kuber)
 ((Nishit.Navin@thomsonreuters.com;))