JPL other publications turn to Rs 2.24 crore operating loss

Jagran Prakashan Limited (JPL) reported a Rs 2.24 crore operating loss in its other-publications portfolio in Q2FY27, reversing a Rs 3.84 crore operating profit in Q2FY26. Subsidiary Midday Infomedia Limited (MIL) recorded a Rs 1.69 crore loss after tax after its operating revenue declined to Rs 13.40 crore from Rs 16.46 crore.

Why did JPL’s other publications report an operating loss?

JPL’s other-publications portfolio recorded a Rs 2.24 crore operating loss on Rs 57.99 crore of operating revenue in Q2FY27. The portfolio, which excludes digital operations, comprises Midday, Naidunia, I-Next, Punjabi Jagran, Inquilab-North and Sakhi. Its operating margin was negative 3.87%, compared with a positive 6.53% in Q2FY26.

The portfolio’s operating result reversed from a Rs 3.84 crore profit on Rs 58.79 crore of revenue in Q2FY26. Revenue was lower by Rs 0.80 crore year on year, while the operating result changed by Rs 6.08 crore. The reported figures show that revenue remained close to the prior-year level despite the shift from profit to loss.

The Q2FY27 operating loss was also wider than the Rs 2.04 crore loss recorded in Q1FY27. Operating revenue rose from Rs 54.45 crore in Q1FY27 to Rs 57.99 crore in Q2FY27, but the operating margin declined to negative 3.87% from negative 3.75% over the sequential comparison.

How did MIL perform in Q2FY27?

MIL reported a Rs 1.69 crore loss after tax in Q2FY27, compared with a Rs 1.47 crore profit after tax in Q2FY26. Its loss before tax was Rs 1.65 crore against a Rs 1.31 crore profit a year earlier, while operating performance changed to a Rs 1.32 crore loss from a Rs 1.76 crore profit.

MIL’s operating revenue declined by Rs 3.06 crore to Rs 13.40 crore in Q2FY27 from Rs 16.46 crore in Q2FY26. Advertisement revenue fell by Rs 2.67 crore to Rs 10.68 crore from Rs 13.35 crore, a 20.0% decline based on the reported values. Circulation revenue decreased to Rs 2.32 crore from Rs 2.57 crore, and other operating income declined to Rs 0.40 crore from Rs 0.54 crore.

Expenses were Rs 14.72 crore in Q2FY27, broadly unchanged from Rs 14.70 crore in Q2FY26, while operating revenue fell by Rs 3.06 crore. MIL’s operating margin consequently moved to negative 9.88% from positive 10.71%. It reported other income of Rs 0.67 crore, depreciation of Rs 0.80 crore and interest of Rs 0.20 crore in Q2FY27.

How did other publications compare with JPL’s major businesses?

Other publications was the only major JPL business shown with an operating loss in Q2FY27. Digital print reported a Rs 1.16 crore operating profit, while Dainik Jagran, radio, and outdoor and event were also profitable. The comparison below uses the operating revenue and operating profit figures reported for Q2FY27 and Q2FY26.

Dainik Jagran remained JPL’s largest reported business by operating revenue at Rs 311.90 crore in Q2FY27, but its operating profit declined to Rs 50.17 crore from Rs 68.87 crore in Q2FY26. Its operating margin fell to 16.09% from 23.01% in the year-on-year comparison.

Radio moved from a Rs 5.49 crore operating loss in Q2FY26 to a Rs 6.15 crore operating profit in Q2FY27 as revenue increased to Rs 40.96 crore from Rs 37.84 crore. Digital print also moved into profit, recording Rs 1.16 crore against a Rs 2.90 crore loss, while its revenue rose to Rs 26.81 crore from Rs 21.69 crore.

What do JPL’s Q2FY27 revenue and profit figures show?

JPL’s consolidated operating revenue increased 5.6% to Rs 493.44 crore in Q2FY27 from Rs 467.36 crore in Q2FY26. Advertisement revenue rose 6.1% to Rs 346.69 crore, while other operating revenue increased 11.5% to Rs 66.50 crore. Circulation revenue was Rs 80.25 crore, compared with Rs 81.00 crore a year earlier.

Print digital revenue increased 23.6% to Rs 26.81 crore in Q2FY27 from Rs 21.69 crore, and JPL states that this revenue is included in advertisement revenue. Consolidated operating profit nevertheless declined to Rs 57.32 crore from Rs 66.58 crore, while profit after tax fell to Rs 42.82 crore from Rs 56.94 crore.

JPL’s other income was Rs 22.52 crore in Q2FY27, down from Rs 30.60 crore in Q2FY26. The prior-year other-income figure included Rs 7.95 crore received from maturity proceeds of a Keyman policy. Profit before tax declined to Rs 58.18 crore from Rs 71.14 crore, and non-annualised earnings per share fell to Rs 1.89 from Rs 2.69.

What changed sequentially for MIL in Q2FY27?

MIL’s operating loss widened to Rs 1.32 crore in Q2FY27 from Rs 1.15 crore in Q1FY27, although operating revenue increased to Rs 13.40 crore from Rs 12.78 crore. Its operating margin moved to negative 9.88% from negative 9.03% over the two quarters.

Advertisement revenue improved sequentially to Rs 10.68 crore in Q2FY27 from Rs 10.02 crore in Q1FY27, while circulation revenue declined to Rs 2.32 crore from Rs 2.36 crore. Other operating income was unchanged at Rs 0.40 crore in both quarters. Expenses increased to Rs 14.72 crore from Rs 13.93 crore.

MIL’s loss after tax widened to Rs 1.69 crore in Q2FY27 from Rs 1.52 crore in Q1FY27. Other income increased to Rs 0.67 crore from Rs 0.65 crore, while depreciation and interest were unchanged at Rs 0.80 crore and Rs 0.20 crore, respectively, in both reported quarters.

Conclusion

JPL’s other-publications portfolio shifted from a Rs 3.84 crore operating profit in Q2FY26 to a Rs 2.24 crore operating loss in Q2FY27, despite revenue remaining near the previous year’s level at Rs 57.99 crore. MIL’s Rs 3.06 crore year-on-year decline in operating revenue, including a Rs 2.67 crore reduction in advertising revenue, coincided with its move to a Rs 1.69 crore loss after tax.

The next reported quarterly figures will show whether revenue and expenses in other publications change after the Q2FY27 outcome. JPL disclosed no profitability target or turnaround plan for this portfolio, while MIL’s Q2FY27 expenses of Rs 14.72 crore exceeded its Rs 13.40 crore operating revenue.