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Results
30-Jan-22
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Analysis
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D B Corp
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Net down 13% hit largely by 750 bps fall in OPM
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Consolidate net sales of D B Corp for the quarter ended Dec 2021 has increased 10%
to Rs 545.52 crore driven by 5% growth in circulation revenue to Rs 114.1 crore
and advertisement revenue up by 8% to Rs 395.4 crore. Operating profit
margin has declined from 33.5% to 26.0%, leading to 14% decline in operating
profit to Rs 142.02 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 24.55% to 29.23%.
Employee cost decreased from 18.43% to 17.47%. Other
expenses rose from 23.53% to 27.26%. Other income rose 73.89% to Rs
3.93 crore. PBIDT fell 13.06% to Rs 145.94 crore. Provision
for interest fell 63.06% to Rs 2.05 crore. PBDT fell 11.35% to Rs
143.9 crore. Provision for depreciation fell 5.13% to Rs 27.54
crore. Profit before tax down 12.71% to Rs 116.36 crore. Provision
for tax was expense of Rs 29.84 crore, compared to Rs 34.26
crore. Effective tax rate was 25.64% compared to 25.70%. PAT was
down 13% to Rs 86.52 crore. Share of
profit/loss were nil in both the periods. Minority interest was nil
in both the periods. Net profit attributable to owners of the
company decreased 13% to Rs 86.52 crore.
Sales of Printing, Publishing and allied business segment has gone up
9.20% to Rs 508.22 crore (accounting for 93.13% of total
sales). Sales of Radio segment has gone up 29.28% to Rs 37.48 crore
(accounting for 6.87% of total sales). Inter-segment sales rose Rs
0.06 crore to Rs 0.18 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 17.21% to Rs 117.31 crore. PBIT of Printing, Publishing and
allied business segment fell 20.93% to Rs 106.53 crore (accounting for 90.81%
of total PBIT). PBIT of Radio segment rose 54.93% to Rs 10.78 crore
(accounting for 9.19% of total PBIT).
PBIT margin of Printing, Publishing and allied business segment fell
from 28.95% to 20.96%. PBIT margin of Radio segment rose from 23.99%
to 28.75%. Overall PBIT margin fell from 28.66% to
21.50%.
Nine-month performance
Net sales (including other operating income) of D B Corp has increased 23.35%
to Rs 1296.58 crore. Operating profit margin has declined from
19.38% to 18.85%, leading to 20% rise in operating profit to Rs 244.39
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 28.57% to 30.64%. Employee cost
decreased from 26.02% to 21.49%. Other expenses rose from 26.02% to
29.02%. Other income rose 10.59% to Rs 12.11 crore. PBIDT rose
19.52% to Rs 256.5 crore. Provision for interest fell 36.94% to Rs
12.31 crore. PBDT rose 25.17% to Rs 244.19
crore. Provision for depreciation fell 4.31% to Rs 83
crore. Profit before tax grew 48.77% to Rs 161.19
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 43.15 crore, compared
to Rs 28.84 crore. Effective tax rate was 26.77% compared to 26.62%.
Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 48.46% to Rs 118.04
crore.
Sales of Printing, Publishing and allied business segment has gone up
22.02% to Rs 1,215.51 crore (accounting for 93.71% of total
sales). Sales of Radio segment has gone up 48.13% to Rs 81.61 crore
(accounting for 6.29% of total sales). Inter-segment sales rose Rs
0.18 crore to Rs 0.55 crore.
Profit before interest, tax and other unallocable items (PBIT) has
jumped 35.33% to Rs 174.21 crore. PBIT of Printing, Publishing and
allied business segment rose 22.49% to Rs 162.86 crore (accounting for 93.49%
of total PBIT). PBIT of Radio reported profit of Rs 11.35 crore
compared to loss of Rs 4.23 crore.
PBIT margin of Printing, Publishing and
allied business segment rose from 13.35% to 13.40%. PBIT margin of
Radio segment rose from negative 7.67% to 13.91%. Overall PBIT
margin rose from 12.25% to 13.43%.
Management Comment
Commenting on the performance for
Q3 FY 2022, Mr. Sudhir Agarwal, Managing Director, DB Corp Ltd said, “While the
cases of Omicron are surging, the impact on the ground is much less severe as
compared to the previous two waves, with a combination of vaccines, lower
levels of hospitalisation and a reduction of the fear associated with Covid,
helping in keeping the overall sentiment strong. The momentum that had started
in the previous quarter has extended significantly in this quarter with the
Group recording strong QoQ and YoY growth on a reasonable base. We are seeing
renewed vigour in advertising revenues, with new categories starting to look
towards Print for their ad spend, coupled with select traditional categories
like Real Estate, Education, Jewellery that have bounced back to pre-Covid
levels. The other large traditional sectors are beginning to show signs of
revival and that underscores further growth potential. As the market leader in
Indian Language Print, backed with strong editorial integrity, we are a natural
choice for advertisers, both new age as well as the traditional as they look to
create localised and targeted ad campaigns. Our focus in the past few quarters
has been to create parallelly a strong digital footprint for Dainik Bhaskar
group, and we are happy to report that our efforts are yielding results with
our websites and apps showing remarkable growth in reader engagement. We are
working hard to close the fourth quarter on a strong note and continue to work
towards meeting the expectation of all our stakeholders.”
D.B. Corp:Consolidated Results
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2112
(3)
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2012
(3)
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Var.(%)
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2112
(9)
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2012
(9)
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Var.(%)
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2103 (12)
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2003 (12)
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Var. (%)
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Sales
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545.52
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494.32
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10
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1296.58
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1051.10
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23
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1507.70
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2223.83
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-32
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OPM (%)
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26.0
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33.5
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18.8
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19.4
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20.2
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21.7
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OP
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142.01
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165.61
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-14
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244.38
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203.65
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20
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304.77
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481.51
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-37
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Other inc.
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3.93
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2.26
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74
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12.11
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10.95
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11
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14.49
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12.48
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16
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PBIDT
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145.94
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167.87
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-13
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256.50
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214.60
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20
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319.26
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493.99
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-35
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Interest
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2.05
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5.55
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-63
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12.31
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19.52
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-37
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24.31
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25.11
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-3
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PBDT
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143.90
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162.32
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-11
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244.18
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195.08
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25
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294.95
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468.88
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-37
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Dep.
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27.54
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29.03
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-5
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83.00
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86.74
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-4
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114.89
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120.72
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-5
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PBT
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116.36
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133.29
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-13
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161.19
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108.35
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49
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180.05
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348.16
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-48
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EO Income
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0.00
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0.00
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0.00
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0.00
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13.19
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0.00
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PBT after EO
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116.36
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133.29
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-13
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161.19
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108.35
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49
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193.25
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348.16
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-44
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Tax
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29.84
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34.26
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-13
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43.15
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28.84
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50
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51.83
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73.19
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-29
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PAT
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86.52
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99.04
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-13
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118.04
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79.51
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48
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141.42
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274.98
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-49
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Minority Interest
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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Net Profit
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86.52
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99.04
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-13
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118.04
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79.51
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48
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141.42
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274.98
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-49
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EPS *
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#
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#
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#
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#
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7.5
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15.6
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* Not annualised due to seasonality
of business.
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*On current equity of Rs 176.761
crore. Face Value: Rs 10
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Var. (%) exceeding 999 has been
truncated to 999
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EO: Extraordinary items; LP: Loss to
Profit, PL: Profit to Loss
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D B Corp : Consolidated Segment Results | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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Sales | Printing, Publishing and allied business | 93.13 | 508.22 | 465.39 | 9.20 | 93.71 | 1,215.51 | 996.18 | 22.02 | 94.53 | 1,425.81 | 2,086.24 | -31.66 | Radio | 6.87 | 37.48 | 28.99 | 29.28 | 6.29 | 81.61 | 55.10 | 48.13 | 5.47 | 82.44 | 138.18 | -40.34 | Total Reported Sales | 100.00 | 545.70 | 494.39 | 10.38 | 100.00 | 1,297.12 | 1,051.28 | 23.38 | 100.00 | 1,508.25 | 2,224.42 | -32.20 | Less: Inter segment revenues | | 0.18 | 0.06 | 181.25 | | 0.55 | 0.18 | 206.18 | | 0.55 | 0.59 | -6.61 | Net Sales | 100.00 | 545.52 | 494.32 | 10.36 | 100.00 | 1,296.58 | 1,051.10 | 23.35 | 100.00 | 1,507.70 | 2,223.83 | -32.20 | PBIT | Printing, Publishing and allied business | 90.81 | 106.53 | 134.74 | -20.93 | 93.49 | 162.86 | 132.96 | 22.49 | 99.41 | 206.83 | 365.75 | -43.45 | Radio | 9.19 | 10.78 | 6.96 | 54.93 | 6.51 | 11.35 | -4.23 | LP | 0.59 | 1.22 | 27.36 | -95.53 | Total PBIT | 100.00 | 117.31 | 141.70 | -17.21 | 100.00 | 174.21 | 128.73 | 35.33 | 100.00 | 208.05 | 393.11 | -47.08 | Less : Interest | | 2.05 | 5.55 | -63.14 | | 12.31 | 19.52 | -36.92 | | 24.31 | 25.11 | -3.17 | Add: Other un-allcoable | | 1.09 | -2.85 | LP | | -0.71 | -0.87 | 18.07 | | 9.51 | -19.84 | LP | PBIT Margin(%) | Printing, Publishing and allied business | | 20.96 | 28.95 | -798.96 | | 13.40 | 13.35 | 5.20 | | 14.51 | 17.53 | -302.57 | Radio | | 28.75 | 23.99 | 475.96 | | 13.91 | -7.67 | 2,157.41 | | 1.48 | 19.80 | -1,831.64 | PBT | 100.00 | 116.36 | 133.29 | -12.71 | 100.00 | 161.19 | 108.35 | 48.77 | 100.00 | 193.25 | 348.16 | -44.50 |
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