DB Corp has announced its financial results for the quarter and financial year ended March 31, 2024.
According to the publication, “Our app has registered a tremendous growth from 2 million in January 2020 to approx 14 million in March 2024. This has propelled Dainik Bhaskar to extend its leadership as the dominant digital leader with the #1 Hindi and Gujarati News Apps, with the competition either staying flat or declining its user base.”
The newspaper group’s average cost for newsprint has reduced from the high of Rs 63,500 PMT in Q2 FY23 to around Rs 51,500 PMT in Q2 FY24 and now to Rs 49,300 PMT in Q4 FY24 resulting in newsprint cost reduction of 14% YoY in FY24.
The Group has seen its advertising revenue grow by Rs 269.7 crore, 18.2% in terms of growth percentage to reach Rs 1752.4 crore.
Its EBITDA has expanded by 1100 bps or Rs 342.2 crore to reach Rs 703.3 crore (28% Margin) and PAT increased by 152% over FY23 to reach Rs 425.5 crore.
Meanwhile, Circulation Revenue grew by 3.5% to Rs 479 crore as against Rs 462.7 crore. The Total Revenue increased by 14.5% to Rs 2482 crore as against Rs 2168.2 crore.
The group’s radio business has also seen its advertising revenue grow by 21% YOY at Rs 162.3 crore versus Rs 134.2 crore and its EBITDA grew by 36.9% YOY to Rs 55 crore versus Rs 40.2 crore.
On a quarterly basis, Q4 FY24 saw broad-based growth for the 11th quarter in a row with 24.6% growth in Advertising Revenue to Rs 445.7 crore.
The EBITDA margin expanded by 1500 bps to reach Rs 196.7 crore (31% margin) with 121.2% YOY Growth and PAT saw 198.6% YOY growth to Rs 122.5 crore.
The Circulation Revenue grew by around 3% to Rs 118.7 crore as against Rs 115.3 crore in Q4 FY23.
Additionally, the Total Revenue grew by 17.8% to Rs 641.8 crore as against Rs 544.6 crore and the Net Profit grew by 198.6% YOY to Rs 122.5 crore as against Rs 41 crore.
Sudhir Agarwal, Managing Director, DB Corp Ltd said, "Fiscal 2024 marks yet another year of continued growth for the Print Media sector in general and Dainik Bhaskar in particular. The momentum that has built over the past few quarters is a demonstration of the underlying strength of the medium. Apart from our Print business, our radio business continues this growth trajectory, digital business is also progressing as planned, and we are enthused by the immense potential of our omni-channel platform that is now firing on all cylinders.”
“We are happy that we have built a strong platform of growth and are encouraged by the broad-based advertising revenues that we continue to attract. With India’s growth momentum going strong, we see a plethora of opportunities and going into the new financial year, we are hopeful to be able to continue this momentum and increase our leadership position and deliver growth to all stakeholders,” he added.
