D.B. Corp registered a 5% fall in consolidated sales to Rs 598.59 crore for the quarter ended December 2017. PAT fell 34% to Rs 78.11 crore.

Performance not comparable on YOY basis as last year's figure included one-offs pertaining to private treaty billing.

In December 2016 quarter, the company had reversed the provision for royalty payable to Indian Performing Rights Society Rs 5.77 crore pertaining to the period before June 21, 2012, pursuant to decision of the Honorable Supreme Court of India, wherein the Honorable Court has rejected the demand raised by IPRS for royalty. This was netted of against the respective expenses head.

For the nine months, D.B. Corp registered a 1% growth in consolidated sales to Rs 1761.21 crore.

PAT fell 14% to Rs 266.88 crore.

For the nine months EBITDA growth would have been in mid-single digit, after adjusting last year's oneoffs and circulation expansion related expenditures.

Nine month PAT growth would have been in double digit, after adjusting last year's one-offs and

circulation expansion related expenditures.

For the nine months circulation revenue increased 6.3% to Rs 382.5 crore. Around 4% growth has been driven by yield growth largely from mature markets.

Its Circulation expansion efforts have been delivering excellent growth. The company added almost 6 lakhs copies since the initiation of the expansion drive from July 2017. This is 12% growth on a high base of circulation copies, and on increased cover price.

The focus in the third quarter of this fiscal was on product strengthening campaign and the circulation enhancement.

Both have successfully complemented each other to deliver results.

The outcome has been a steady growth in circulation.

Press In India Report 2016-17 released by Registrar of Newspapers of India (RNI) has maintained Dainik Bhaskar newspaper to be the largest circulated multi-edition daily.

The second phase of rest of Bihar launch has been completed Dainik Bhaskar has expanded its reach to 38 districts. Most of the expansion in Bihar is over. By Feb 2018, the company expects to finish the expansion in Bihar. Incremental expenses will not be significant.

Key markets that have driven the circulation are Bihar (3 lakh), rest came from Rajasthan, Gujarat and Madhya Pradesh.

The management is not happy with the advertisement growth performance. Real estate was down by 40%, education was down by 7% and electronics were down by 20%.

Healthcare category has shown growth.

20% of the decline in advertising has been due to Government and Real Estate sectors.

Last year Rs 40 crore of October sales was shifted to November due to festive season.

Real estate, education and lifestyle has shown positive trend in December and January and so the current quarter is expected to be good.

News print prices are likely to grow 8-10% starting q1 and q2 of FY 2019. Impact on OPM will depend on how advertising revenues grows or falls.

The company spent Rs 25 crore for expansion in Bihar and Gujarat. This will come down drastically in next quarter.

As per new survey, total newspaper reader ship has grown by 40% compared to three year ago figures. This is a huge jump and the company expects advertisers to take note of it.

"My FM" Radio station has presence in 7 states and 30 cities.

In radio, it continues to be largest player in Rest of Maharashtra and No. 1 in Chandigarh / Haryana / Punjab / Rajasthan / Madhya Pradesh & Chhattisgarh.

For the quarter Radio business advertising revenues stood at Rs 33.6 crore against Rs 36.3 crore. Radio business EBIDTA stood at Rs 9.7 crore (29% margin), against Rs 14.8 crore. Radio Business PAT stands at Rs 4.2 crore (12% margin), against Rs 8.1 crore.

For the nine month Radio business grew 6% to Rs 99.7 crore.

Radio business EBIDTA stands at Rs 24.6 crore (margin 25%) from Rs 39.8 crore (margin 42%). 9M radio business EBITDA includes royalty reversal amounting to Rs 5.8 crore.

Radio business PAT stands at Rs 9.8 crore (margin 10%) from Rs 21.5 crore (margin 23%). Last year 9 months PAT includes royalty reversal amounting to Rs 5.8 crore.

Nine month Digital business revenue fell to Rs 39.8 crore against Rs 42.5 crore.

Radio business performance was also impacted by shifting of festive season.

Established radio stations are operating at 80-90% of capacity.

New radio stations are operating at around 60% of capacity.