D. B. Corp (DBCORP) Q2 24/25 earnings summary

Executive summary

• Total revenue for H1 FY25 grew 2% year-over-year to INR 11,988 million, with EBITDA up 10.4% to INR 3,351 million and net profit rising 12% to INR 2,004 million, reflecting cost efficiencies and soft newsprint prices.

• Q2 FY25 revenue declined to INR 5,825 million from INR 6,090 million in Q2 FY24, mainly due to a high base from last year's election-driven ad surge and prolonged monsoon.

• Digital business MAU reached nearly 20 million as of August 2024, with strong growth in new geographies and leadership in Hindi and Gujarati news apps.

• The Board declared two interim dividends in H1 FY25, including Rs 5 per share, reflecting strong capital allocation and consistent payout policy.

Financial highlights

• H1 FY25 advertising revenue was INR 8,291 million, up 1% YoY; circulation revenue was INR 2,367 million.

• Q2 FY25 advertising revenue was INR 4,014 million (down 6.7% YoY), circulation revenue INR 1,175 million (down 2.5% YoY), and EBITDA margin at 25%.

• Radio segment advertising revenue grew 16% YoY in Q2 to INR 414 million; EBITDA up 22% to INR 132 million.

• Newsprint costs fell 18% YoY, aiding margin expansion.

Outlook and guidance

• Management expects strong single-digit revenue growth for FY25, excluding last year's one-time election surge, leveraging editorial excellence, digital expansion, and robust advertiser support.

• Newsprint prices are expected to remain soft in the coming quarters, supporting margins.

• Focus remains on cost control, digital expansion, and circulation recovery initiatives post-Diwali.

• Margins are targeted to reach up to 30% if market conditions support.