Capitaline

Results 15-Aug-21

Analysis

D B Corp

Sales up 45%, loss lower by 54%

Consolidated sales for the quarter ended Jun 2021 was up 45% to Rs 304.26 crore with advertisement revenue up 60% to Rs 171.5 crore and circulation was up by 19% to Rs 110.6 crore. With OPM stand at 0.5% against negative 15.7% the operating profit was RS 1.41 crore against a loss of Rs 33.05 crore. The OI was down by 29% to Rs 3.72 crore, the interest was down by 22% to Rs 5.52 crore and the depreciation was down 4% to Rs 27.82 crore. At PBT level it was a loss of Rs 28.21 crore, a fall of 56%. The taxation was down by 62% to Rs 5.96 crore. Thus the PAT was down 54% to Rs 22.25 crore.

Yearly performance

Net sales (including other operating income) has declined 32% to Rs 1507.7 crore. Operating profit margin has slumped from 21.7% to 20.2%, leading to 37% decline in operating profit to Rs 304.77 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 34.46% to 27.95%. Employee cost increased from 18.80% to 25.17%. Other expenses rose from 25.08% to 26.66%. Other income rose 16% to Rs 14.49 crore. Provision for interest fell 3% to Rs 24.31 crore. Provision for depreciation fell 5% to Rs 114.89 crore. Profit before tax shrink 48% to Rs 180.06 crore. Share of profit/loss were nil in both the periods. EO income was Rs 13.19 crore against nil in previous year. The Company has reassessed its performance royalty liability recorded in earlier years post the intellectual property appellate board (IPAB) order and has accordingly written back Rs 13.194 crore. Thus PBT was down 44% to Rs 193.25 crore. Provision for tax was expense of Rs 51.83 crore, compared to Rs 73.19 crore. PAT was down 49% to R 141.42 crore. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 49% to Rs 141.42 crore.

Other developments

Promoters’ stake was 71.81% as of Jun 30, 2021 compared to 71.81% as end of 31 March 2021.

Promoters pledged stake was 16.4% as of Jun 30, 2021 compared to 24.3% as of 31 March 2021.

D.B. Corp:Consolidated Results
	2106 (3)	2006 (3)	Var. (%)	2103 (12)	2003 (12)	Var. (%)
Sales	304.26	210.41	45	1507.70	2223.83	-32
OPM (%)	0.5	-15.7		20.2	21.7
OP	1.41	-33.05	-104	304.77	481.51	-37
Other inc.	3.72	5.28	-29	14.49	12.48	16
PBIDT	5.13	-27.78	-118	319.26	493.99	-35
Interest	5.52	7.08	-22	24.31	25.11	-3
PBDT	-0.39	-34.86	-99	294.95	468.88	-37
Dep.	27.82	28.86	-4	114.89	120.72	-5
PBT	-28.21	-63.72	-56	180.05	348.16	-48
EO Income	0.00	0.00		13.19	0.00
PBT after EO	-28.21	-63.72	-56	193.25	348.16	-44
Tax	-5.96	-15.67	-62	51.83	73.19	-29
PAT	-22.25	-48.05	-54	141.42	274.98	-49
Minority Interest	0.00	0.00		0.00	0.00
Net Profit	-22.25	-48.05	-54	141.42	274.98	-49
EPS *	#	#		7.5	15.7
* Not annualised due to seasonality of business.
*On current equity of Rs 174.961 crore. Face Value: Rs 10
Var. (%) exceeding 999 has been truncated to 999
EO: Extraordinary items; LP: Loss to Profit, PL: Profit to Loss

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