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Results
31-Oct-21
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Analysis
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D B Corp
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Recovery in both advertisement & circulation power revenue up 29%
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Consolidated net
sales of D B Corp for the quarter ended Sep 2021 has increased 29% to Rs 446.8
crore with total advertisement revenue up 34% to Rs 303.2 crore (print
advertisement up 32% to Rs 274.5 crore, radio up58% to Rs 28.7 crore) and
circulation revenue up 12% to Rs 115.9 crore. Operating profit
margin has jumped from 20.5% to 22.6%, leading to 42% rise in operating profit
to Rs 100.96 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 28.52% to 28.73%. Employee cost
decreased from 26.02% to 21.30%. Other expenses rose from 24.89% to
27.37%. Other income rose 30.79% to Rs 4.46 crore. PBIDT
rose 41.48% to Rs 105.42 crore. Provision for interest fell 31.06%
to Rs 4.75 crore. PBDT stood at Rs 100.67 crore compared to loss of
Rs 0.39 crore. Provision for depreciation fell 4.23% to Rs 27.63
crore. Profit before tax grew 88.39% to Rs 73.04
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 19.27 crore, compared
to Rs 10.25 crore. Effective tax rate was 26.38% compared to 26.44%.
Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 89% to Rs 53.77
crore.
Sales of Printing & Publishing of Newspaper segment has gone up
27.44% to Rs 418.45 crore (accounting for 93.59% of total
sales). Sales of Radio segment has gone up 58.14% to Rs 28.65 crore
(accounting for 6.41% of total sales). Inter-segment sales rose Rs
0.11 crore to Rs 0.30 crore.
Profit before interest, tax and other un-allocable items (PBIT) has
jumped 74.51% to Rs 78.02 crore. PBIT of Printing & Publishing
of Newspaper segment rose 60.08% to Rs 73.26 crore (accounting for 93.90% of
total PBIT). PBIT of Radio reported profit of Rs 4.76 crore compared
to loss of Rs 1.06 crore.
PBIT margin of Printing & Publishing of Newspaper segment rose from
13.94% to 17.51%. PBIT margin of Radio segment rose from negative
5.82% to 16.62%. Overall PBIT margin rose from 12.90% to
17.45%.
Half yearly performance
Consolidated net sales has increased 34.89% to Rs 751.06 crore. Operating
profit margin has jumped from 6.83% to 13.63%, leading to 169.14% rise in
operating profit to Rs 102.38 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 32.15% to 31.67%.
Employee cost decreased from 32.77% to 24.41%. Other
expenses rose from 28.24% to 30.29%. Other income fell 5.87% to Rs
8.18 crore. PBIDT rose 136.59% to Rs 110.56
crore. Provision for interest fell 26.49% to Rs 10.27 crore. PBDT
rose 206.14% to Rs 100.29 crore. Provision for depreciation fell
3.90% to Rs 55.46 crore. Profit before tax reported profit of Rs
44.83 crore compared to loss of Rs 24.95 crore. Share of profit/loss
were nil in both the periods. Provision for tax was debit of Rs
13.31 crore, compared to credit of Rs 5.42 crore. Effective tax rate
was 29.69% compared to 21.72%. Minority
interest was nil in both the periods.
Sales of Printing
& Publishing of Newspaper segment has gone up 33.25% to Rs 707.29 crore
(accounting for 94.13% of total sales). Sales of Radio segment has
gone up 69.06% to Rs 44.13 crore (accounting for 5.87% of total
sales). Inter-segment sales rose Rs 0.11 crore to Rs 0.37
crore.
PBIT of Printing & Publishing of Newspaper reported profit of Rs
56.33 crore compared to loss of Rs 1.79 crore. PBIT of Radio
reported profit of Rs 0.57 crore compared to loss of Rs 11.18
crore.
PBIT margin of Printing & Publishing of Newspaper segment rose from
negative 0.34% to 7.96%. PBIT margin of Radio segment rose from
negative 42.83% to 1.30%. Overall PBIT margin rose from 2.33% to
7.57%.
Management Comment
Commenting
on the performance for Q2 FY 2022, Sudhir Agarwal, Managing Director, DB Corp Ltd
said, "With the pandemic creating a sombre environment in the past few
quarters, we are pleased that the cloud of despair seems to have been lifted
with a strong wave of positive sentiments flowing in. We had always expected a
good recovery, but the robust momentum that we are witnessing in our key
Tier-II, Ill and beyond markets is truly encouraging. With this broad-based
recovery, we have not only crossed our performance of last year but are on
track to reach our performance of 2019 or before the pandemic started. This, we
believe, is a testament to our well-thought-out strategy, editorial integrity,
and continued leadership position in the markets we operate in, making us
natural partners for our advertising clients, and importantly, the first choice
in newspapers for millions of readers across the country. As our digital
footprint expands, we hope to be able to capture the mind-space of our readers
across Print as well as Digital mediums. We will continue to strive for our
stakeholders and are excited to go into the second half of the year with strong
momentum."
Other developments
Equity capital increased from Rs 174.96 crore as of 30 September 2020 to
Rs 174.97 crore as of 30 September 2021. Per share face Value
remained same at Rs 10.00.
Promoters’ stake was 71.81% as of 30 September 2021, compared to 71.78%
as of 30 September 2020. Promoters pledged stake was 17.27% as of 30
September 2021, compared to 36.89% as of 30 September 2020.
Loan funds declined from Rs 276.63 crore as of 30 September 2020 to Rs
231.37 crore as of 30 September 2021. Inventories declined from Rs
277.11 crore as of 30 September 2020 to Rs 240.60 crore as of 30 September
2021. Sundry debtors were higher at Rs 484.74 crore as of 30
September 2021 compared to Rs 472.11 crore as of 30 September
2020. Cash and bank balance rose to Rs 337.10 crore as of 30
September 2021 from Rs 103.12 crore as of 30 September
2020. Investments declined from Rs 18.48 crore as of 30 September
2020 to Rs 14.33 crore as of 30 September 2021. Fixed assets
increased to Rs 1,150.65 crore as of 30 September 2021 from Rs 1,114.38 crore
as of 30 September 2020. Intangible assets declined from Rs 87.28
crore to Rs 1.91 crore.
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D.B. Corp:Consolidated Results
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2109
(3)
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2009
(3)
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Var.(%)
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2109
(6)
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2009
(6)
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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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446.80
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346.37
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29
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751.06
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556.78
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0.00
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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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22.6
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20.5
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13.6
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6.8
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#DIV/0!
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20.2
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21.7
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OP
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100.96
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71.09
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42
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102.37
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38.04
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0.00
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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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4.46
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3.41
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31
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8.18
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8.69
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0.00
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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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105.42
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74.51
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41
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110.55
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46.73
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0.00
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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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4.75
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6.89
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-31
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10.27
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13.97
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0.00
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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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100.68
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67.62
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49
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100.29
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32.76
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0.00
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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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27.63
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28.85
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-4
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55.46
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57.71
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0.00
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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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73.04
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38.78
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88
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44.83
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-24.95
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0.00
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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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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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73.04
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38.78
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88
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44.83
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-24.95
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0.00
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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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19.27
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10.25
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88
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13.31
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-5.42
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0.00
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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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53.77
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28.52
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89
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31.52
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-19.53
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0.00
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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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0.00
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Net Profit
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53.77
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28.52
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89
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31.52
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-19.53
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0.00
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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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7.5
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15.7
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* Not annualised due to seasonality
of business.
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*On current equity of Rs 174.961
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) | 202109 | 202009 | Var.(%) | % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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| Sales | | Printing & Publishing of Newspaper | 93.59 | 418.45 | 328.36 | 27.44 | 94.13 | 707.29 | 530.79 | 33.25 | 94.53 | 1,425.81 | 2,086.24 | -31.66 | | Radio | 6.41 | 28.65 | 18.12 | 58.14 | 5.87 | 44.13 | 26.11 | 69.06 | 5.47 | 82.44 | 138.18 | -40.34 | | Total Reported Sales | 100.00 | 447.10 | 346.48 | 29.04 | 100.00 | 751.42 | 556.90 | 34.93 | 100.00 | 1,508.25 | 2,224.42 | -32.20 | | Less: Inter segment revenues | | 0.30 | 0.11 | 180.56 | | 0.37 | 0.11 | 221.05 | | 0.55 | 0.59 | -6.61 | | Net Sales | 100.00 | 446.80 | 346.37 | 29.00 | 100.00 | 751.06 | 556.78 | 34.89 | 100.00 | 1,507.70 | 2,223.83 | -32.20 | | PBIT | | Printing & Publishing of Newspaper | 93.90 | 73.26 | 45.76 | 60.08 | 98.99 | 56.33 | -1.79 | LP | 99.41 | 206.83 | 365.75 | -43.45 | | Radio | 6.10 | 4.76 | -1.06 | LP | 1.01 | 0.57 | -11.18 | LP | 0.59 | 1.22 | 27.36 | -95.53 | | Total PBIT | 100.00 | 78.02 | 44.71 | 74.51 | 100.00 | 56.90 | -12.97 | LP | 100.00 | 208.05 | 393.11 | -47.08 | | Less : Interest | | 4.75 | 6.89 | -31.06 | | 10.27 | 13.97 | -26.50 | | 24.31 | 25.11 | -3.17 | | Add: Other un-allcoable | | -0.23 | 0.95 | PL | | -1.80 | 1.99 | PL | | 9.51 | -19.84 | LP | | PBIT Margin(%) | | Printing & Publishing of Newspaper | | 17.51 | 13.94 | 357.00 | | 7.96 | -0.34 | 829.98 | | 14.51 | 17.53 | -302.57 | | Radio | | 16.62 | -5.82 | 2,244.71 | | 1.30 | -42.83 | 4,413.30 | | 1.48 | 19.80 | -1,831.64 | | PBT | 100.00 | 73.04 | 38.78 | 88.38 | 100.00 | 44.83 | -24.95 | LP | 100.00 | 193.25 | 348.16 | -44.50 |
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