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DB Corp registers 18.4% YOY growth in advertising revenue in Q3 FY2024
Total revenue grew by around 15.5% YOY to Rs 6,648 million as against Rs 5,756 million.
DB Corp (DBCL), a print media company and home to flagship newspapers - Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar, has announced its financial results for the quarter and nine months ended December 31, 2023.
Q3 FY2024 benefitted from the festive season, elections and general economic buoyance. Advertising revenue registered a growth of 18.4% YOY to Rs 4,819 million against Rs 4,069 million, rounding nearly 10 quarters of consistent growth.
Circulation revenue grew by around 3.4% to Rs 1,200 million as against Rs 1,161 million. Total revenue grew by around 15.5% to Rs 6,648 million as against Rs 5,756 million.
Radio business revenue grew 28.3% YOY at Rs 464.4 million versus Rs 362 million. Net profit grew by 156.8% YOY to Rs 1,240 million as against Rs 483 million. EBIDTA margin expanded by 1400 basis points to 31% from 17% last year.
As per the latest Comscore report, Dainik Bhaskar App monthly users grew from 2 million users in January 2020 to around 13 million users in December 2023.
The average cost for newsprint has reduced from the high of Rs 63,500 PMT in Q2 FY2023 to around Rs 51,500 PMT in Q2 FY2024 and now to Rs 50200 PMT in Q3 FY2024 resulting in newsprint cost reduction of 18.3% YoY. Newsprint prices are expected to soften further in ensuing quarters.
Commenting on the performance for Q3 FY2024, Sudhir Agarwal, managing director, DB Corp, said, “Dainik Bhaskar’s leadership position in the print media sector is exemplified by a track record of strong growth outperformance for nearly 10 quarters now, making it the torchbearer of growth for the sector. We are encouraged by our readers, advertisers and our partners who continue to repose trust in us and use our platforms of print, digital and radio to amplify their messaging.”
“With an omni-channel delivery mechanism working well, we believe that we should be able to extend our leadership position and fortify our financial position going ahead,” he added.