Sensex
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PVR
Truly entertaining
Good expansion plans and entry in to many new related businesses will sustain high growth
| Buy | PVR |
| BSE Code | 532689 |
| NSE Code | PVR |
| Bloomberg | PVRL@IN |
| Reuter | PVRL.BO |
| 52-week High/Low | Rs 377 / 148 |
| Current Price | Rs 247 (as on 15th February 2008) |
PVR was incorporated in 1995 pursuant to a JV with Village Roadshows, one of the largest cinema exhibition companies in the world. It opened the first multiplex in India in Delhi in 1997. In November 2002, Village Roadshows divested its stake in PVR as part of an overall strategy to rationalize its operations across 18 countries. Since then, PVR has come a long way and is presently the largest multiplex player in India with 77 screens across 21 properties. PVR is also present in the movie distribution business through its 100% subsidiary PVR Pictures.
A pioneer of the multiplex culture in India, PVR currently has a significant marketshare in the northern region. The company is an established film distributor and has also ventured into film production. Going ahead, PVR plans to have a pan-India presence in film exhibition.
Good show
For the quarter ended December 2007, the company registered sales growth of 63% to Rs 64.81 crore. OPM expanded by 610 basis points to 20.0%. This took OP up by 135% to Rs 12.97 crore.
PBT was up 283% to Rs 9.22 crore and PAT soared 268% to Rs 6.11.
Revenue from Ticket sales for the quarter ended December 2007 were Rs 43.87 crore (up 52%) and Income from revenue sharing for the quarter ended December 2007 were Rs 7.56 crore (up 66%). Overall revenue from ticket sales and income from revenue sharing for the quarter ended December 2007 were higher by 54%.
Revenue from Food & Beverage sales for the quarter ended December 2007 were Rs 13.63 crore (up 53%). This was achieved through a robust increase in average spend per patron (up by 14% ) and increase in admits at existing cinemas and new cinemas opened by the company.
Revenues from Advertising & Promotions for the quarter ended December 2007 saw a phenomenal growth on account of growth in corporate alliances and increase in sponsorship revenues from existing as well as new cinema properties. The revenues for the quarter were Rs 10.05 crore (up 107%). Royalty income for the quarter ended December 2007 was Rs 37 lacs (down 13%). Revenues from Management fee for the quarter ended December 2007 were Rs 21 lacs (up 4%). Revenues from Convenience fee for the quarter ended December 2007 were Rs 61 Lacs (up 220%) on account of increase in tickets sales from website and allied channels like IVR, Mobile Ticketing etc.
For the nine month ended December 2007, the company registered sales growth of 47% to Rs 181.27 crore. OPM expanded by 540 basis points to 20.7%. This took OP up by 98% to Rs 37.56 crore.
PBT was up 136% to Rs 27.77 crore and PAT soared 120% to Rs 18.36.
The top 5 movies during the quarter were Om Shanti Om, Jab We Met, Bhool Bhulaiyya, Taare Zameen Par and Welcome. Based on the All India net box office estimates for the top 5 movies released during this quarter (Data obtained from Ibosnetwork.
Across its cinema circuit, 4.76 million patrons visited its cinemas during the quarter ended December 2007 and 14.30 million patrons visited its cinemas during nine months ended December 2007.
Rising OPM set to improve further
During the quarter ended December 2007 OPM jumped to 20% from the 13.4% on account of high occupancy rates, higher ATPs, lower entertainment tax and economies of scale showing through the business model. This is expected to further rise due to operating leverage and contribution from the more profitable movie production business.
Multiplex industry on strong growth path
The multiplex industry is set to witness strong volume growth in the years to come. Rising income levels, increasing consumerism, advent of organized retail and overall multiplex under-penetration in India are expected to drive volumes for the industry. However, industry profitability is contingent on variables like timely mall development, regulatory outlook (entertainment taxes, service tax), steady availability of quality content and the growing bargaining power of content providers (movie production houses). Given this, the first movers, good executors, strong brands and evolving integrated players like PVR are likely to be better placed in a competitive marketplace
Enjoys a first mover advantage and a dominant position
PVR is one of India’s leading and premium Multiplex Cinema operator. It pioneered the concept of multiplexes in India by establishing India’s first Multiplex Cinema, PVR Anupam, in Saket, Delhi in 1997 and the largest Multiplex Cinema in India, PVR Bangalore in 2004. As of December, 2007, its geographically diverse cinema circuit in India consisted of 24 cinemas with a total of 95 screens spread over Delhi, Gurgaon, Faridabad, Ghaziabad, Noida, Mumbai, Bangalore, Hyderabad, Indore, Lucknow, Ludhiana, Aurangabad, Latur & Baroda.
It dominates the screen count in India's multiplex industry along with Adlabs. PVR's screens pan 24 properties and have a cumulative capacity of more than 24,000 seats. PVR is also the only player to have crossed the mark of serving 14mn patrons in a year, a milestone it achieved in FY07 when it clocked 14.73mn patrons. PVR vitally, also has a dominant share at the box office with an 11-13% share of All India box office collections of leading releases.
PVR initially focused on the North Indian geography and is the dominant multiplex operator in the region; Delhi and NCR in particular. According to available data PVR accounts for almost two-third of the properties in the region. While most of the screens that PVR has are leased, two properties (Spice World, Noida and SRS, Faridabad) are run on the franchisee model.
Expansion plans to foray into new markets
PVR has aggressive expansion plans and intends to scale up its operations to 248 screens by FY10E from the current 95 screens. Besides strengthening its dominance in North India, PVR has lined up aggressive expansion plans in the South and West of India as well.
This includes PVR's plans to set up a 7-screen multiplex in Mumbai (Phoenix Mills) with a capacity of 2,050 seats. This property is a part of PVR's wholly owned subsidiary - CR Retail. This is currently the only owned property with PVR. The management expects the Phoenix mill property to come on stream in early CY08, after a prolonged delay on account of property hand-over etc. Profitability from this property would be higher than other properties as it is an owned property.
PVR has inked a tie-up between PVR and Prestige Group, whereby PVR shall partner with Prestige as an anchor tenant for its next 5 mall developments in South India. Through this tie-up, PVR is looking to expand its presence across the cities of Bangalore (Whitefield and Shantiniketan)
About 40-50 new properties will be commissioned in FY 2009
Entry into low cost multi-screen cinemas augurs well
PVR proposes to operate low-cost multi-screen cinemas that would offer superior ambience and high hygiene standards; branded as ‘PVR Talkies’. The target segments for PVR Talkies would be smaller towns and Tier II and III cities.
It plans to provide varied options in food and other entertainment at these cinemas. Ticket pricing would however, be at a steep discount to multiplexes but at a premium to traditional single screen cinemas. As against an ATP of Rs130-150 in the larger cities, tickets at PVR Talkies will be priced at Rs60-65. Being a ‘no frills’ offering, PVR Talkies is expected to have lower overheads and lower capex requirement. PVR has three such projects running currently at Latur, Baroda and Aurangabad.
Recently the company has announced the launch of premium brand of multiplex called "PVR Premiere" and intends to open 30-40 screens such PVR Premiere across metros and cosmopolitan towns in India by 2010E. PVR Premiere is positioned as the flagship brand of PVR and is restricted to key markets and premium locations within such key markets.
PVR plans to be a comprehensive brand in the exhibition industry with 'PVR Cinemas' for urban & semi urban cities; 'PVR Talkies' for consumers in tier II and III cities and 'PVR Premiere' for its upper end urban consumers.
Diversifying into production and distribution forays
Over the recent quarters PVR has been looking at de-risking its business model by backward integrating in the movie value chain. This would augur well for the company as integrated movie exhibition houses are better placed than standalone multiplexes in the longer term.
In the distribution business, in the past PVR has distributed Bollywood movies like Omkara, Don, Honeymoon Travels, etc in the North Indian territory. The company has successfully distributed in India some big Hollywood films like ‘The Aviator’, ‘Chicago’ and ‘Finding Neverland’. PVR has also been appointed as a co-distributor for Paramount Films in the Delhi and Gurgaon region.
In terms of financial investments PVR has invested more than Rs.20mn in the distribution venture; in business PVR signs distribution agreements on commission and revenue sharing basis.
PVR's entry into film production through its wholly owned sub- PVR Pictures strengthens its bargaining power as content providers will continue to call shots across the value chain. Under its initial foray into the movie production business, PVR has signed a 2-film mega deal worth Rs 30 crore with Bollywood actor Aamir Khan. Under the said agreement, PVR would have the Home video, satellite, exhibition and TV rights for these two movies for 15 years.
The entry into this business will also provide PVR with other revenue streams from content distribution avenues like IPTV, DTH and mobile, going forward. PVR's first film project- ‘Taare Zameen Par’ that is one of the two projects being coproduced with Aamir Khan has done exceedingly well at the box office. Trade papers indicate it to be one of the top grousers in 2007 with a gross BO collection of more than Rs 75 crore (domestically) in weeks after release. PVR was the co-producer with invested capital close to Rs 12 crore -14 crore.
The second film is expected to be released in February 2008 according to trade papers.
Apart from "Taare Zameen Par", some of the recent movies distributed by PVR include "Bal Ganesh", "Lions of Punjab", "Breach", "Hannibal Rising", "Don", "Omkara", "Honeymoon Travels" and "Bheja Fry".
According to the management, PVR Pictures has signed up four more projects for co-production; two of which are with Raj Kumar Santoshi. These projects are expected to release in FY09.
JV with Major Cineplex group
PVR has announced the formation of a JV with Major Cineplex group of Thailand to bring lifestyle entertainment concepts to Indian consumers. PVR is expected to hold 51% stake in the JV.
Major Cineplex Group Public Co Ltd is the largest operator of movie theaters in Thailand. Combined with its subsidiary, EGV Entertainment, the company has 258 screens in 32 locations. It is also a major player in lifestyle entertainment, where it has experience and expertise. These facilities are built around its multiplex properties.
The JV will set up entertainment facilities like bowling alleys, gaming zones, karaoke centers and skating rinks. The company, though, has not yet firmed up its capital commitments towards the JV.
This is a right step towards broadening its presence across the retail value chain and build further on the high 20 mn footfalls PVR' exhibition business generates. Good execution can help increase consumer spends (read better profitability) on the property. The lifestyle entertainment business is largely disaggregated and an operator with a bouquet of offerings (movies, F&B, entertainment) can command higher spends.
Sustainable high growth will help it command rich valuations
We expect the company to register sales and net profit of Rs 238.80 crore and Rs 22.88 crore in FY 2008. On equity of Rs 23.01 crore and face value of Rs 10 per share, EPS works out to Rs 9.9. This is expected to rise to Rs 14.7 in FY 2009. The share price trades at Rs 247. While the P/E on FY 2007 EPS is 24.9, it falls to 16.8 on FY 2009 EPS.
| | 0503 (12) | 0603 (12) | 0703 (12) | 0803 (12P) | 0903 (12P) |
| Sales | 68.64 | 103.02 | 164.72 | 238.80 | 334.31 |
| OPM (%) | 16.2 | 15.8 | 15.8 | 20.5 | 21.0 |
| OP | 11.15 | 16.3 | 26.02 | 49.07 | 70.21 |
| Other inc. | 2.03 | 3 | 7.15 | 8.23 | 9.46 |
| PBIDT | 13.18 | 19.3 | 33.17 | 57.29 | 79.67 |
| Interest | 2.39 | 3.23 | 5.5 | 7.20 | 9.36 |
| PBDT | 10.79 | 16.07 | 27.67 | 50.09 | 70.31 |
| Dep. | 5.52 | 7.07 | 12.42 | 15.68 | 19.60 |
| PBT | 5.27 | 9 | 15.25 | 34.41 | 50.71 |
| Tax | 1.62 | 3.53 | 4.69 | 11.53 | 16.99 |
| PAT | 3.65 | 5.47 | 10.56 | 22.88 | 33.72 |
| EPS* (Rs) | 1.6 | 2.4 | 4.6 | 9.9 | 14.7 |
| EPS is calculated current equity of Rs 23.01 crore; | |||||
| PVR: Results |
| | 0712(3) | 0612(3) | Var. (%) | 0712(9) | 0612(9) | Var. (%) | 0703 (12) | 0603 (12) | Var. (%) |
| Sales | 64.81 | 39.71 | 63 | 181.27 | 123.63 | 47 | 164.72 | 103.02 | 60 |
| OPM (%) | 20.0 | 13.9 | | 20.7 | 15.3 | | 15.8 | 15.8 | |
| OP | 12.97 | 5.51 | 135 | 37.56 | 18.97 | 98 | 26.02 | 16.3 | 60 |
| Other inc. | 2.57 | 1.85 | 39 | 6.64 | 5.77 | 15 | 7.15 | 3 | 138 |
| PBIDT | 15.54 | 7.36 | 111 | 44.2 | 24.74 | 79 | 33.17 | 19.3 | 72 |
| Interest | 2.13 | 1.44 | 48 | 5.05 | 4.04 | 25 | 5.5 | 3.23 | 70 |
| PBDT | 13.41 | 5.92 | 127 | 39.15 | 20.7 | 89 | 27.67 | 16.07 | 72 |
| Dep. | 4.19 | 3.51 | 19 | 11.38 | 8.93 | 27 | 12.42 | 7.07 | 76 |
| PBT | 9.22 | 2.41 | 283 | 27.77 | 11.77 | 136 | 15.25 | 9 | 69 |
| Tax | 3.11 | 0.75 | 315 | 9.41 | 3.43 | 174 | 4.69 | 3.53 | 33 |
| PAT | 6.11 | 1.66 | 268 | 18.36 | 8.34 | 120 | 10.56 | 5.47 | 93 |
| EPS* (Rs) | # | # | | # | # | | 4.6 | 2.4 | |
| EPS is calculated current equity of Rs 23.01 crore; | |||||||||
Jagran Prakashan
Capitalising on its premier position
The company is capitalising on its leading position in Hindi daily newspaper through a number of initiatives to keep up its growth momentum
| Buy | Jagran Prakashan |
| BSE Code | 532705 |
| NSE Code | JAGRAN |
| Bloomberg | JAGP@IN |
| Reuter | JAGP.BO |
| 52-week High/Low | Rs 169 / 60 |
| Current Price | Rs 97 (as on 13th February 2008) |
Jagran Prakashan is a leading media house of India, which publishes Dainik Jagran, India's largest read daily with a total readership of 536 lakh readers (IRS 2007 R2). It was also voted the most credible and trusted newspaper in India, according to a survey by Globscan, conducted in 10 of the world's leading countries, including the US, UK, Germany and Russia. Being a leader in Hindi means its reach is much larger than English media majors’ reach.
Dainik Jagran is now published in 31 editions across 11 states from 29 different facilities. The company also publishes two youth oriented newspaper brands viz. I-Next a daily bilingual compact and City Plus, an English infotainment weekly compact, besides publication of Sakhi, a monthly magazine targeted at women. The group also publishes Jagran Varshiki, an annual general knowledge digest, and various national and state statistical compilations.
JP has consolidated its presence in established markets and added 17 new editions in the last five years. JP is also expanding its operations pan India in out-of-home and events management. JP has been building on its strong regional franchise and is open to inorganic route to further boost presence and growth.
Jagran Engage provides specialized ‘Out of Home’ (OOH) advertising services with a pan India footprint. Jagran Solutions provides below the line activities like promotional marketing, event management and on ground activities having pan India presence. J9 provides IVR/AVR/SMS services through its short code service 57272 and is into web space and the company's Hindi news portal, which is known as in.jagran.yahoo.
Jagran Solutions is JPL’s event management business was established in 2006. Since this business compliments the OOH business, the company shares most of its clients with Jagran Engage. The clients of Jagran Solutions include Microsoft, Hutch, Godrej, TVS, ICICI Prudential, Escorts, Standard Chartered Bank, M&M, Bajaj and HLL.
Independent News & Media PLC (Independent)
Impressive earnings growth for the period ended December 2007
For the quarter ended December 2007, Jagran Prakashan reported 29% rise in net sales at Rs 199.03 crore, largely aided by a 29% increase in advertising revenues at Rs 131.15 crore and 11% increase in circulation revenues. Increase in advertisement revenue was driven by increase in total space including color space and also better rates whereas increase in circulation revenue was mainly driven by increase in circulation of Dainik Jagran. Operating margin improved 310bps at 21.7%. With regard to cost elements, the Raw material consumed in proportion to net sales (net of stock adjustments) was lower by 520bps at 36.1% backed by softening in the newsprint prices in the international market and rupee appreciation and other expenditure decreased 150bps at 22.4%. Employee costs increased 60bps at 12.1% and Direct expenses of outdoor, event and SMS services increased 300bps at 7.6% as a % of sales (net of stock adjustments)
Operating profits grew 50% at Rs 43.27 crore. The other income for the quarter decreased 4% at Rs 5.64 crore. The interest cost decreased 12% at Rs 1.43 crore and the depreciation charge inclined 53% at Rs 8.90 crore. The resultant PBT grew 42% at Rs 38.58 crore.
Tax provision (including FBT and Deferred tax) for the quarter increased 38% at Rs 12.68 crore with effective tax rate at 32.9%. The resultant PAT grew 44% at Rs 25.90 crore. Net profit net of prior period adjustment grew 46% at Rs 25.93 crore.
For the nine months ended December 2007, Net sales grew 29% Rs 559.62 crore. The growth was driven by 32% growth in advertising revenues at Rs 374.46 crore. The operating margins improved 260bps at 23.9%. The improvement in margin was backed by 370bps dip in consumption of raw material at 36.1% and other expenditure down 220bps at 21.5% whereas staff cost was up 10bps at 11.8% and Direct expenses of outdoor, Event and SMS business was up 320bps at 6.6% as a % of net sales (net of stock adjustment).
The resultant operating profits inclined 45% at Rs 133.78 crore. Other income was stable at Rs 18.21 crore. The 9% decrease in interest outgo at Rs 4.85 crore and 49% increase in depreciation charge at Rs 24.23 crore resulted in PBT growth of 38% at Rs 122.90 crore. Tax provision including current tax and FBT increased 39% at Rs 40.26 crore. PAT expanded 38% at Rs 82.64 crore. Net profit after prior period adjustment grew 42% to Rs 82.64 crore.
The company expects to maintain the growth momentum going forward.
Highlights during the quarter
The company launched I-Next in Varanasi, Allahabad and Agra and attains status of No.2 newspaper in cities of Kanpur and Varanasi and critical circulation numbers much beyond the expectations in other cities where too it is fast approaching to acquire status of No.2 newspaper.
The company launched 2 more editions of City Plus in New Delhi.
The company has entered into Joint Venture with Television Eighteen for launching business newspaper in Hindi and other regional languages. The company would be starting with Hindi and Gujarati.
Outlook for the Print Media remains buoyant
Worldwide, marketers have reduced their television dependence by focusing more on print, outdoor media and the Internet. The trend is also taking root in India.
According to PWC, the domestic print media market is estimated to grow at 12% CAGR during the next five years, translating to a size of Rs 19500 in 2010, as against a size of Rs 10900 in 2005. This growth is likely to be driven by an increase in literacy and disposable income levels across the country.
Print media also enjoys much better loyalty compared to electronic media.
Strong brand-Big gap between JPL and its nearest competitor
Jagran Prakashan publishes 31 editions and 250 sub editions of Hindi daily newspaper, Dainik Jagaran (DJ) in 11 states covering nearly the entire Hindi speaking base (58% of population) in India. DJ daily is way ahead of nearest competitor Dainik Bhaskar and Amar Ujala in most markets. JP has not only consolidated in its home market but expanded aggressively, launching 17 new editions in last five years. Led by quality content JP has expanded circulations at 14% CAGR in last five years and ad-revenue has grown faster at 26% CAGR accounting for 65% share. JP’s dominant presence in north, rising literacy/per capita income and shift in socio economic groups (SEC-C to B&B to A) provide strong visibility for future growth.
I-Next a, newspaper brand launched in third quarter of last fiscal, was expanded to other markets viz. Varanasi, Allahabad and Agra during the December quarter, After ‘Dainik Jagran’, I-Next has become the most Circulated newspaper ahead of other mainline dailies in the cities of Kanpur and Varansi. It has expanded the market size and has attained circulation numbers and positioning beyond expectations in a short period of time. City Plus, another newspaper brand launched in NCR in second quarter of the previous year, was further expanded with launch of editions at two more locations of New Delhi.
Unique inherent advantages of being a Hindi newspaper
The Indian newspaper industry can be broadly categorized as (1) Hindi, (2) English and (3) the other Indian languages. The Hindi language newspapers comprise 44.6% of the total newspapers while the English ones make 7.4% of the same. The other languages comprise the remaining 48% of the newspapers. It is quite evident that the Hindi language newspapers in aggregate have the highest circulation throughout India. Thus JPL has the advantage of being the market leader in the largest media segment.
Secondly, the growth in the readership of newspapers, particularly those in vernacular languages, is linked to the growth in the literacy rate in the country. According to the 2001 Census, the literacy rate in India stands at 65.2%. However, in the four out of the ten states where DJ's 18 editions are published, the literacy rate is below the national average of 65.2%. The literacy rate in Bihar (47.53%), Jharkhand (54.13%), Uttar Pradesh (57.36%), Jammu & Kashmir (54.46%) are all below the average literacy rate. Thus, as a result of the lower literacy rate in these states, the growth potential is higher.
Strategic partnership with Independent News and Media could facilitate its English newspaper plans
In FY06, JPL entered into a strategic partnership with Independent News and Media (INM). INM is a reputed media house in Europe; publishing 175 titles of newspapers and magazines in nine
countries across four continents. It publishes the flagship national title – The Independent in the U.K. INM is the largest newspaper group in Northern Ireland. It holds 20% stake in JPL and would be publishing the facsimile edition of its international edition of The Independent from New Delhi, fi and when permissions are received. This partnership would facilitate JPL’s entry into the English newspaper segment and publish international content for its Indian readers. Moreover, INM is the largest outdoor advertising operator in South Africa; consequently, JPL is likely to benefit from INM’s international technology, practice and expertise in the Out-of-Home (OOH) business.
Event management and OOH advertising activities picking up
The company’s event management and out-of-home advertising activities have picked up significantly.
JPL has already acquired 1000 sites at strategic locations in OOH and has a credible client base. The management targets revenues from these to grow 7 times to Rs 200 crore by FY10.
JP is also increasing focus on its internet portal Jagaran.com in association with Yahoo India. Jagran Prakashan and Yahoo India, on March 28, 2007, jointly announced the launch of a new co-branded Hindi news and current affairs Internet property. The new property seamlessly Integrates acclaimed Jagran content with Yahoo! India’s online presence
The OOH business clocked revenues of Rs 13 crore for the quarter ended December 2007 with loss at Rs 1.25 crore. The segment has a run-rate of Rs 4 crore per month. The OOH segment would break even in Q4FY08. Currently the occupancy is at 60-65%. The company started its first LED display in Bangalore.
For the nine months, J9 (internet ventures) reported revenues of Rs 2-2.5 crore. It has started a new Home Shopping venture on profit sharing basis. Sizeable revenues would start accruing in 2009-10.
Event management business was loss making in Q2FY08 but profitable for Q3FY08. For FY08, the management expects this segment to be profitable.
Business newspaper in Hindi will be a new growth driver in the long run
Network18 and Jagran Prakashan have announced a 50:50 joint venture initiative in the business print space. The primary mandate of this JV will be to launch a Hindi business daily for the Indian market in 2008. Subsequently, this will be followed by other Indian language dailies focused on financial and economic news.
This JV will in effect create a new category of local language business dailies within the India print space, as this will be the first Hindi business paper to hit the market nationally. The venture has been positioned to benefit from the respective competencies of TV18 & Jagran Prakashan. TV18 shall bring forth its expertise in business content to the JV, while JPL shall bring forth its print competencies including operational expertise, print and related infrastructure and distribution to the venture. Both TV18 & JPL have agreed to co-promote the offerings under the venture and exploit cross platform synergy opportunities present from both sides.
Valuation
In March 2007 the company had announced 25% hike in Ad-rates and another hike is expected in March 2008.
We expect the company to register EPS of Rs 3.3 in FY 2008 and Rs 4 in FY 2009. The share price trades at Rs 97. While P/E on FY 2008 EPS works out to 29, it falls to 24 on FY 209 EPS. Due to its premier position in Hindi daily news media which it is capitalising on through ad rate hikes, increased coluur advertising, new synergistic launches, outdoor advertising, event management, internet and business newspaper, the company will continue to command premium valuations.
| | 0503 (12) | 0603 (12) | 0703 (12) | 0803 (12P) | 0903 (12P) |
| Sales | 376.37 | 480.53 | 598.18 | 764.20 | 947.60 |
| OPM (%) | 6.8 | 14.6 | 20.0 | 22.1 | 22.0 |
| OP | 25.42 | 70.16 | 119.84 | 168.56 | 208.47 |
| Other inc. | 1.01 | 6.35 | 24.80 | 24.71 | 25.00 |
| PBIDT | 26.43 | 76.50 | 144.64 | 193.27 | 233.47 |
| Interest | 6.87 | 7.61 | 8.50 | 7.71 | 7.50 |
| PBDT | 19.56 | 68.89 | 136.14 | 185.55 | 225.97 |
| Dep. | 17.57 | 20.12 | 23.72 | 35.44 | 41.81 |
| PBT | 1.99 | 48.77 | 112.43 | 150.11 | 184.16 |
| EO | 0.00 | 2.17 | 0.00 | 0.00 | 0.00 |
| PBT after EO | 1.99 | 46.61 | 112.43 | 150.11 | 184.16 |
| Tax | 0.76 | 14.91 | 38.95 | 51.04 | 62.61 |
| PAT | 1.23 | 31.70 | 73.48 | 99.07 | 121.55 |
| EPS* (Rs) | 0.2 | 1.1 | 2.4 | 3.3 | 4.0 |
| * Annualised on Current equity of Rs 60.23 crore; | |||||
| Jagran Prakashan: Results |
| | 0712 (3) | 0612 (3) | Var. (%) | 0712 (9) | 0612 (9) | Var. (%) | 0703 (12) | 0603 (12) | Var. (%) |
| Net Sales | 199.03 | 154.57 | 29 | 559.62 | 434.52 | 29 | 598.18 | 480.53 | 24 |
| OPM (%) | 21.7 | 18.6 | | 23.9 | 21.3 | | 20.0 | 14.6 | |
| OP | 43.27 | 28.75 | 50 | 133.78 | 92.47 | 45 | 119.84 | 70.16 | 71 |
| Other Income | 5.64 | 5.88 | -4 | 18.21 | 18.21 | 0 | 24.80 | 6.35 | 291 |
| PBIDT | 48.91 | 34.64 | 41 | 151.99 | 110.68 | 37 | 144.64 | 76.50 | 89 |
| Interest | 1.43 | 1.63 | -12 | 4.85 | 5.32 | -9 | 8.50 | 7.61 | 12 |
| PBDT | 47.48 | 33.01 | 44 | 147.13 | 105.36 | 40 | 136.14 | 68.89 | 98 |
| Depreciation / Amortization | 8.90 | 5.83 | 53 | 24.23 | 16.25 | 49 | 23.72 | 20.12 | 18 |
| PBT before EO | 38.58 | 27.18 | 42 | 122.90 | 89.11 | 38 | 112.43 | 48.77 | 131 |
| EO (net of tax) | 0.00 | 0.00 | | 0.00 | 0.00 | | 0.00 | 2.17 | |
| PBT after EO | 38.58 | 27.18 | 42 | 122.90 | 89.11 | 38 | 112.43 | 46.61 | 141 |
| Tax | 12.68 | 9.20 | 38 | 40.26 | 29.02 | 39 | 38.95 | 14.91 | 161 |
| PAT | 25.90 | 17.98 | 44 | 82.64 | 60.09 | 38 | 73.48 | 31.70 | 132 |
| Prior period items (net) | -0.02 | 0.28 | | 0.00 | 1.96 | | -2.74 | 0.00 | |
| PAT | 25.93 | 17.70 | 46 | 82.64 | 58.13 | 42 | 76.22 | 31.70 | 140 |
| EPS * | 3.4 | 2.4 | | 3.7 | 2.7 | | 2.4 | 1.1 | |
| * Annualised on current equity of Rs 60.23 crore. | |||||||||