Jagran Prakashan shares were trading 7% below an intraday low of Rs 96.80 on 31 October after the company announced its quarterly earnings for Q2FY24.

The company that houses brands like Dainik Jagran and Mid-Day reported a 17% year-on-year (YoY) decline in its net profit at Rs 41 crore for the quarter under review.

The revenue from the operation of the company saw a marginal increase of 1% to Rs 458 during the quarter against Rs 454 crore reported in the same quarter of the previous fiscal year.

Mahendra Mohan Gupta, Chairman of Jagran Prakashan, said, “The company had some growth in revenues during the current quarter supported by growth of Radio business, Digital business and exceptional performance of NaiDunia which had specific advantage due to location. However, profits were adversely impacted due to increased expenses on account of strengthening the operations of digital business, higher promotional and some non-recurring expenses and also on account of impact of inflation.”

The company said that they are expecting improvements in the second half of the current fiscal year, backing against the receding inflation trends and increased government spending. The company also expects that the profits will improve due to increased revenues with the newsprint cost savings due to moderation in prices.

During Q2, Dainik Jagran’s operating revenue declined by 5% YoY while the profit tumbled 26%. Moreover, the Mid-Day operating revenue increased by Rs67 crore during the same period.

At 3:30 pm, the shares of Jagran Prakashan closed 4.67% below at Rs 99.95 on NSE.