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DB Corp Ltd. is India's largest print media company that publishes 6 newspapers with Dainik Bhaskar 46 editions, Divya Bhaskar 9 editions & Divya Marathi 6 editions with 208 sub-editions in 4 multiple languages (Hindi, Gujarati, Marathi and English) across 12 states in India.
Its flagship newspapers Dainik Bhaskar (in Hindi) established in 1958, Divya Bhaskar and Saurashtra Samachar (in Gujarati) have a combined average daily readership of 19.8 million, making us one of the most widely read newspaper groups in India with presence in Madhya Pradesh, Chhattisgarh, Rajasthan, Haryana, Punjab, Chandigarh, Himachal Pradesh, Delhi, Gujarat, Maharashtra, Bihar and Jharkhand.
March 2018 quarter results
D.B. Corp registered a 10% rise in consolidated sales to Rs 567.81 crore for the quarter ended March 2018.
Consolidated Advertising Revenues grew 8.2% to Rs 386.1 crore.
Circulation revenue increased 8.5% to Rs 132.0 crore largely an outcome of Circulation expansion strategy.
OPM fell 450 bps to 17.2% which saw OP fall 13% to Rs 97.92 crore.
Other income grew 42% to Rs 7.19 crore and interest cost jumped 318% to Rs 1.99 crore. After providing for depreciation, (up 11% to Rs 24.26 crore), PBT fell 17% to Rs 78.86 crore. Provision for taxation was down 29% to Rs 21.77 crore after which PAT fell 11% to Rs 57.09 crore.
FY 2018 results
For FY 2018, D.B. Corp registered a 3% growth in consolidated sales to Rs 2328.49 crore.
Advertising Revenues grew 3% to Rs 1642.5 crore.
Circulation Revenue grew 7% to Rs 514.5 crore, largely an outcome of volume growth driven by circulation expansion strategy and without any reduction in cover prices.
OPM fell 420 bps to 24.2% which saw OP fall 12% to Rs 563.76 crore.
Other income grew 40% to Rs 23.75 crore and interest cost fell 10% to Rs 6.70 crore. After providing for depreciation (up 7% to Rs 92.35 crore), PBT fell 14% to Rs 488.46 crore. Provision for taxation was down 14% to Rs 164.49 crore after which PAT fell 14% to Rs 323.97 crore.
One offs
For FY 2018 excluding circulation expansion related one-off expenditures and previous year's non-recurring gains on account of Pvt treaty business deals and music royalty reversal of Radio business, EBIDTA has registered growth.
For FY 2018 excluding circulation expansion related one-off expenditures and previous year's nonrecurring gains on account of Pvt treaty business deals and music royalty reversal of Radio business, PAT has registered high single digit growth.
Valuation
The share Price trades at Rs 265
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