DB Corp Q1: Net profit up over 2.5-fold at ₹78.75 crore

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₹78.75 crore in the first quarter ended June 30, 2023 riding on robust advertising revenue growth. The company had posted a consolidated net profit of ₹31 crore in the same period last fiscal, DB Corp said in a regulatory filing. Consolidated total income during the period under review stood at ₹573.6 crore, as compared to ₹499.38 crore in the corresponding quarter last fiscal, it added.

Total expenses in the first quarter were at ₹469.97 crore, as against ₹457.3 crore in the same period a year ago. The company, which publishes newspapers including Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar, said the resurgence in print media continues to dominate all forms of media as the most trusted source of news, and this resurgence has resulted in a strong fillip as advertisers look for the best avenue for their marketing spends. "Print advertisement continues to register strong revenue growth of 24 per cent year-on-year for the last five quarters from ₹1,351 crore to ₹1,675.5 crore," the company said.

Advertising revenue in the first quarter grew by 17.2 per cent to ₹394.6 crore, as against ₹336.8 crore in the corresponding period a year ago, it added. Circulation revenue grew by around 4 per cent to ₹119.9 crore, as against ₹115.6 crore in the same period last fiscal. Newsprint prices continued its downward trend in Q1 FY24, DB Corp said, adding "we are hopeful that this trend will continue based on our assessment", the company said.