DB Corp Q2 Profit Drops 17.6% Due to Slowing Market

New Delhi, Oct 15 (PTI) Media group DB Corp Ltd on Tuesday reported a 17.63 per cent decline in its consolidated net profit to Rs 82.57 crore for the quarter ended in September 2024 due to an extended monsoon season, slowing market activity and consumer spendings.

The company had posted a consolidated net profit of Rs 100.25 crore in the July-September quarter a year ago, according to a regulatory filing by DB Corp.

Its revenue from operations declined by 4.62 per cent to Rs 558.95 crore during the quarter under review from Rs 586.04 crore in the corresponding period of the previous fiscal.

DB Corp's total expenses in the September quarter were marginally up at Rs 472.17 crore.

Its revenue from “Printing, Publishing and allied business” was down 6 per cent at Rs 517.58 crore in the September quarter of FY25.

However, revenue from the radio business was up 16.31 per cent at Rs 41.41 crore.

Commenting on the results, DB Corp Managing Director Sudhir Agarwal said: "In Q2 FY25, we did not meet our revenue growth targets, primarily due to the extended monsoon season, which slowed market activity and consumer spending, and a high base effect - Q2FY24 was an exceptionally strong quarter bolstered by significant advertising driven by state elections filled environment."

During the quarter, DB Corp's advertising revenue declined 6.67 per cent to Rs 401.4 crore.

Its circulation revenue was also down 2.48 per cent to Rs 117.5 crore.

On the outlook, Agarwal said he believes, the company "will continue our growth trajectory in the coming quarters to meet our long-term growth strategy as we are actively adapting to current market conditions.'

DB Corp is one of the largest print media companies and publishes five newspapers - Dainik Bhaskar, Divya Bhaskar, Divya Marathi, Saurashtra Samachar and DB Star. It also owns 94.3 MY FM" Radio station.

Meanwhile, in a separate filing, DB Corp informed its board in a meeting held on Tuesday approved a second interim dividend of Rs 5/- per equity share of face value of Rs. 10/- each for the Financial Year 2024-25.

Shares of DB Corp Ltd on Tuesday settled at Rs 318.90 on BSE, down 5.79 per cent from its previous close.