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Jagran Prakashan: Higher margins boost performance - Views on News from Equitymaster
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Jagran Prakashan: Higher margins boost performance
Dec 7, 2015

Jagran Prakashan has announced results for the second quarter of financial year 2015-2016 (2QFY16). The company has reported a 19% YoY growth in sales and 61% YoY growth in net profits respectively. Here is our analysis of the results.

Performance summary

  • The sales grew by 19% YoY during 2QFY16.
  • During the quarter, the company reported an operating profit growth of 42% YoY, higher than the sales growth.
  • EBITDA margin increased YoY from 22.4% to 26.6% in 2QFY16.
  • Profit after tax for the company grew by 61% YoY.

Consolidated Financial performance snapshot

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 4,252 5,074 19.3% 8,553 9,773 14.3%
Expenditure 3,300 3,726 12.9% 6,633 7,190 8.4%
Operating profit (EBDITA) 952 1,348 41.7% 1,920 2,584 34.5%
EBDITA margin (%) 22.4% 26.6%   22.5% 26.4%  
Other income 182 114 -37.2% 353 367 3.9%
Interest 73 81 10.4% 157 208 32.1%
Depreciation & amortisation 245 287 17.0% 483 518 7.2%
Profit before tax and exceptional items 815 1,095 34.3% 1,633 2,225 36.2%
Exceptional items - -   - -  
Profit before tax 815 1,095 34.3% 1,633 2,225 36.2%
Profit before tax margin (%) 19.2% 21.6%   19.1% 22.8%  
Tax 249 327 - 516 676 -
Extraordinary items (net of tax)   145     1,163  
Profit after tax 566 913 61.3% 1,117 2,712 142.8%
Net profit margin (%) 13.3% 18.0%   13.1% 27.8%  
Share of profits of associates (0) (0)   (0) 0  
Minority Interest (0)     0    
Profit after share of associates & minority interest 566 913   1,117 2,712  
No. of shares (m)         327  
Reported earnings per share (Rs)*         14.3  
P/E (x)*         10.5  

(*trailing twelve month earnings)

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