D.B.Corp Limited
NSE Symbol DBCORP
D.B.CORP LIMITED has declared its q1 FY 2012 results for q/e June 2011.
STAND ALONE RESULTS COMPARISON
Net Sales is Rs.348 cr – up by 12.11% from Q4 FY 11(preceding Qtr) and up by 21.71% from Q1 FY 11*Corresponding qtr).
Raw Materials consumption has increased more than proportionately to Rs.118.36 cr – up by 13.63% from Q4 FY 11 and up by 42.29% from Q1 FY 11.
Total Expenditure has therefore increased to Rs.261.82 cr – up by 6.31% from Q4 FY 11; and up by 43.99% from Q1 FY 11.
Profit from Operations stands at Rs.90.83 cr – up by 30.45% from Q4 FY 11 ; But down by 14.15% from Q1 FY 11.
Profit before tax stands at Rs.91.75 cr – up by 30.81% from Q4 FY 11; But down by 15.24% from Q1 FY 11.
Net Profit stands at Rs.63.39 cr – up by 35.55% from Q4 FY 11; but down by 13.61% from Q1 FY 11.
Against a Face Value of Rs.10, the Basic EPS stands at Rs.3.46 in Q1 FY 12; at Rs.2.58 in preceding quarter of Q4 FY11 and at Rs.4.04 in the corresponding qtr of Q1 FY 11.Thus, the performance of DB corp has improved from the preceding qtr but is still down below that of the corresponding quarter of last year.
The current Market Price is Rs.237. The annualized EPS works out to Rs.3.46 x 4 = 13.84. The PE Ratio is 17.12
PRESS RELEASE SUMMARY
Performance Highlights for Q1 FY 2011-12
• Stand-alone Advertising Revenue increased by ~ 21% YOY to Rs. 2841 million in current quarter from Rs. 2358.2 million in Q1 of last fiscal.
o Consistent and strong advertising growth which is one of the best in the Indian print space
• On an apple to apple basis, i.e. excluding advertising revenues of new markets of Jharkhand and Maharashtra, Stand-alone Advertising Revenue has grown by ~ 18% YOY
• Stand-alone Total Revenue has grown by ~ 19% YOY to Rs. 3527 million in current quarter against Rs. 2977.2 million of Q1 of last fiscal
• Stand-alone EBIDTA margin for Q1 stands at 29% at Rs. 1024.4 million
• Print Business EBIDTA margin for Q1, excluding losses of new markets - Jharkhand and Maharashtra, stands at 35% at Rs. 1154 million
• Stand-alone PAT margin stands at 18% at Rs. 634 million.
o Consistently delivering one of the highest PAT margin in Indian print media space, since beginning, after factoring in new market losses, including one-time pre-operative expenses on account of new launches
• Consolidated Advertising Revenue increased by 20.2% YOY to Rs. 2832.4 million in current quarter from Rs. 2357.1 million in Q1 of last fiscal
• Consolidated Total Revenue has grown by 18.4% YOY to Rs. 3538 million in current quarter against Rs. 2987 million of Q1 of last fiscal
• Consolidated EBIDTA margin stands at 28.4% at Rs. 1004 million
• Consolidated PAT margin stands at 17.3% at Rs. 611 million
• Radio business: Advertising revenue has grown by 17.3% to Rs. 125 million in Q1 of current year, against Rs.106.3 million in Q1 FY 10-11
• Radio business has achieved EBIDTA of Rs. 17 million (~14% margin) in current quarter
• EPS stands at Rs. 3.33
Q1 FY2011-12 FINANCIAL RESULTS
(comparison with Q1 FY 2010-11)
Total Consolidated Revenue has expanded by 18.4% to Rs. 3537 million from Rs. 2987 million on account of:
i) Net Increase in Stand-alone Total Revenue of Rs. 550 million in Q1 FY 2012 on YOY basis
• Advertising revenue increases to Rs. 2841 million from Rs. 2358.2 million, reflecting a growth of ~21% YOY basis
• On an apple to apple basis, i.e. excluding advertising revenues of new markets of Jharkhand and Maharashtra, Stand-alone Advertising Revenue has grown by YOY~ 18%
• Circulation revenue grew YOY by ~6% to Rs. 568.1 million from Rs. 537.4 million
Consolidated EBIDTA margin stands at 28.4% at Rs.1004 million
• Stand-alone EBIDTA margin stands at 29% at Rs. 1024.4 million. The same factors our pre marketing and survey related expenses of around Rs. 61.5 million in Q1 FY2012 for Jharkhand, Maharashtra and Bihar which have been booked in the revenue account, instead of capitalizing or deferring the outlay for future quarters, considering the long term impact of these expenditures.
Print Business Mature editions EBIDTA margin stands at 37.1%
Consolidated PAT margin stands at 17.3% at Rs. 611 million
ANNOUNCEMENTS TO NSE
22-07-2011 D.B.Corp Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on July 21, 2011, inter alia, has considered and accorded their in principle approval for acquisition by D. B. Corp Ltd. (DBCL), of 60% of the paid up share capital of Divya Prabhat Publications Private Limited, which is presently held by Mr. Sudhir Agarwal, one of the promoters of the Company, for INR 12Mln. Divya Prabhat Publications Pvt. Ltd. publishes 'Prabhat Kiran', an afternoon newspaper from Indore (M.P.).
04-07-2011 "DB Corp Limited Announces Launch of 2nd Edition of Dainik Divya Marathi in Nashik, Maharashtra".
30-05-2011 "DB Corp Limited Announces Launch of Marathi Newspaper - Dainik Divya Marathi in Aurangabad".
18-05-2011 D.B.Corp have recommended a Final Dividend @ 20% (i.e. Rs.2/- per equity share of Rs.10/- each), and if approved by the shareholders at the forthcoming Annual General Meeting of the Company, the same will be paid / dispatched on July 26, 2011.
18-04-2011 "DB Corp Limited Announces Successful Launch of Dainik Bhaskar In Dhanbad, Jharkhand".
04-04-2011 D.B.Corp Limited has informed the Exchange vide its letter dated March 31, 2011, regarding "Allotment of shares pursuant to Sanction of the Scheme of Demerger of the Radio business of the Synergy Media Entertainment Limited (SMEL) into our company i.e. D.B. Corp Limited".
03-02-2011 "D. B. Corp Limited To Launch In Maharashtra In Marathi Language".
22-01-2011 the Hon'ble High Court of Madhya Pradesh, at Jabalpur and Hon'ble High Court of Gujarat, at Ahmedabad, have accorded their sanction, pursuant to the provisions of sections 391 to 394 and other applicable provisions of the Companies Act, 1956, respectively, on January 13, 2011 and January 17, 2011, to the Scheme of Demerger of the Radio business of the Synergy Media Entertainment Limited (SMEL) into the Company i.e. D.B. Corp Limited. The Company is awaiting the copies of the orders of the above from the respective Courts.
STAND ALONE RESULTS TABLE
| DB CORP | 30-Jun-11 | 31-Mar-11 | 30-Jun-10 |
| Net Sales | 34800.5 | 31042.2 | 28592 |
| Other Operating Income | 465 | 548.9 | 171.6 |
| Increase in SIT /WIP | -0.2 | -0.3 | -0.2 |
| Raw Materials | 11835.5 | 10415.7 | 8318 |
| Employees Cost | 5569.6 | 4755 | 3583.6 |
| Depreciation | 1159.8 | 1103.2 | 762.4 |
| Other Expenditure | 7617.4 | 8354.6 | 5519 |
| Total Expenditure | 26182.1 | 24628.2 | 18182.8 |
| Profit from Operations | 9083.4 | 6962.9 | 10580.8 |
| Other Income | 360.5 | 391.1 | 644.7 |
| Interest | 268.8 | 339.8 | 401.1 |
| Profit before tax | 9175.1 | 7014.2 | 10824.4 |
| Tax expense | 2836.1 | 2337.6 | 3486.8 |
| Net Profit | 6339 | 4676.6 | 7337.6 |
| Face Value (In Rs | 10 | 10 | 10 |
| Paid Up Equity | 18329.3 | 18328.3 | 18152.3 |
| Basic EPS | 3.46 | 2.58 | 4.04 |
| Diluted EPS | 3.45 | 2.57 | 4.04 |
| Public holding (%) | 13.55 | 13.87 | 13.65 |
ABOUT D.B.CORP LTD
D B Corp Ltd. is engaged in printing and publication of Newspaper in three languages across 13 states, in Radio Business with "My FM" Radio station in 7 states and 17 cities along with strong web presence in India. Only media house to enjoy leadership at multiple states, in multiple languages and with well diversified readership.'Dainik Bhaskar', the flagship Newspaper brand is established since 1958.
• D B Corp Ltd. is present in 11 states in Hindi Market. Besides we are also present in 2 states in Gujarati language in Gujarat and Maharashtra and in 1 state in Marathi language in Maharashtra.
• D B Corp is the only Newspaper Group which has presence in 13 states, in 4 different languages namely Hindi, Gujarati, Marathi and English.
• D B Corp Ltd. is one of the leading print media companies in India, publishing 8 newspapers, 62 newspaper editions and 191 sub-editions in four languages (Hindi, Gujarati, Marathi and English) in 13 states in India.
• Its flagship newspapers, Dainik Bhaskar, (in Hindi), Divya Bhaskar and Saurashtra Samachar,(In Gujarati), have a combined average daily readership of 18.1 million readers, making it one of the most widely read newspaper groups in India with presence in Madhya Pradesh, Chattisgarh, Rajasthan, Haryana, Punjab, Chandigarh, Himachal Pradesh, , Jharkhand, Uttrakhand, Delhi, Jammu & Kashmir, Gujarat and Maharashtra. Our other newspapers are Business Bhaskar, DB Gold and DB Star and, on a franchisee basis, DNA (in Gujarat, Rajasthan and Madhya Pradesh).
• D B Corp Limited recently extended its presence to 4th language Marathi with launch of its 60th edition Dainik Divya Marathi newspaper in Aurangabad, Maharashtra on 29th May, 2011.
• Due to its unique launch ability,it became no.1 from the date of its Launch in almost all places, out placing the decades old local newspaper of that place.
• Warburg Pincus, one of the leading Private Equity Investors, acquired 7.14% stake in the Company in 2006 and since then, the nominee director from Warburg Pincus is on its board, which has further strengthened and consolidated our Corporate Governance practices.
• Its Flag Ship Hindi Paper "Dainik Bhaskar" is present in 11 states with 36 editions
• Besides the above brands, D B Corp Ltd. also Publishes English Newspaper "DNA" on a Franchisee basis from Ahmedabad, Jaipur and Indore.
• Further, It also Publishes Compact Newspaper "DB Star" from Bhopal, Indore, Gwalior, Raipur and Jodhpur.
• D B Corp Ltd. also publishes Largest Daily Newspaper of Saurashtra " Saurashtra Samachar".
• D B Corp Ltd. also publishes Compact Newspaper "D B Gold" from Surat city.
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