BENGALURU: Indian publishing group Jagran Prakashan Limited (JPL), recently signed a share purchase agreement subject to regulatory approvals for 100 per cent acquisition of Music Broadcast Private Limited (MBPL, Radio City) through an all cash deal that JPL says will get it into the high growth and profitable radio segment.
As per JPL’s investor presentation, Radio City reported 38 per cent y-o-y growth in revenue to Rs 59.7 crore in the current quarter as compared to the Rs 42.5 crore in Q3-2014. Radio City’s expense was up 21 per cent in the current quarter at Rs 37.1 crore as compared to the Rs 30.5 crore in the corresponding quarter of the last fiscal.
Radio City reported more than double the PAT (up 2.49 times) in Q3-2015 at Rs 17.1 crore (29.1 per cent of Radio City’s revenue) as compared to the Rs 6.9 crore (16.1 per cent of Radio City’s revenue) in Q3-2014. Cash profit almost doubled (up 1.99 times) in Q3-2015 at Rs 21 crore (35.8 per cent of Radio City’s revenue) as compared to the Rs 10.6 crore (24.8 per cent of Radio City’s revenue) in the corresponding year ago quarter.
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JPL’s advertising revenue in Q3-2015 at Rs 388.4 crore (71.9 per cent of revenue) was 5.6 per cent more than the Rs 320.4 crore (70.6 per cent of revenue) in Q3-2014 and 10.3 per cent more than the Rs 306.9 crore (70.3 per cent of revenue) in Q2-2015.
JPL’s total expenditure in Q3-2015 was down 0.2 per cent at Rs 364.53 crores (77.5 per cent of JPL revenue) as compared to the Rs 365.09 crore (80.3 per cent of JPL revenue) in Q3-2014 but 10.6 per cent more than the Rs 329.5 crore (75.5 per cent of JPL revenue) in Q2-2015.
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