Any current/future capex/capital investment/strategic investment?

Capex plan for FY2019 is around Rs. 50 to 60 Crores. (Page 14) The group maintains a conservative leveraging approach, keeping debt equity ratio below 0.5 despite acquisitions. (Page 13) Currently, there is no lucrative acquisition opportunity in the pipeline, but the company keeps signing NDAs and evaluating prospects across print, radio, and digital. (Page 13) The company remains open to acquisitions across all media spaces whenever good opportunities arise. (Page 13) Emphasis on organic and inorganic growth opportunities with cash generation exceeding most industries. (Page 4) Buyback polic

Future growth expectations in sales/revenue/volumes?

Print media advertising revenue is expected to grow at a CAGR of 8-9% from 2018 to 2023 (CRISIL, FICCI E&Y reports). For FY2019, print advertisement revenue guidance is 8% growth; circulation revenue to grow 2-3% driven by better per-copy realization. Radio business is expected to grow at 12-15% in the medium term, with strong profit growth for Radio City. Digital media is projected to grow at 20-25% year-on-year in the medium term, though currently a smaller revenue base. Overall company topline growth should be higher than print alone due to faster growth in radio (12-15%), outdoor (

Future growth expectations in earnings/operating earnings/profits/EPS?

Print media advertisement revenue is expected to grow at a CAGR of 8-9% from 2018 to 2023, per CRISIL and other analyst reports. (Page 16) Operating margins reported at 27% in Q1 FY2019, same as the previous year, expected to improve with advertisement revenue growth. (Page 16) Company expects minimum 10% profit growth for the full year FY2019 driven by ad revenue growth. (Page 16) Radio business projected to grow at 12%-14% medium-term with steeper profit growth for Radio City. (Pages 15 and 12) Digital business, though smaller, is expected to grow at 20%-25% year-on-year medium-term. (Page 1

Jagran PrakashanQ1 FY19Media

Jagran Prakashan Q1 FY19 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹62.65P/E: 7.2Market Cap: ₹1.4K CrSector: Media

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

Print media advertising revenue is expected to grow at a CAGR of 8-9% from 2018 to 2023 (CRISIL, FICCI E&Y reports).
For FY2019, print advertisement revenue guidance is 8% growth; circulation revenue to grow 2-3% driven by better per-copy realization.
Radio business is expected to grow at 12-15% in the medium term, with strong profit growth for Radio City.
Digital media is projected to grow at 20-25% year-on-year in the medium term, though currently a smaller revenue base.
Overall company topline growth should be higher than print alone due to faster growth in radio (12-15%), outdoor (20-25%), events, and digital (25%).
Despite short-term challenges, the industry is expected to recover with return to normal growth in the second half of the year.
Circulation growth faces some volume drops due to cover price increases, but yield improvements are compensating.

Margin guidance

Category 3

Print media advertisement revenue is expected to grow at a CAGR of 8-9% from 2018 to 2023, per CRISIL and other analyst reports. (Page 16)
Operating margins reported at 27% in Q1 FY2019, same as the previous year, expected to improve with advertisement revenue growth. (Page 16)
Company expects minimum 10% profit growth for the full year FY2019 driven by ad revenue growth. (Page 16)
Radio business projected to grow at 12%-14% medium-term with steeper profit growth for Radio City. (Pages 15 and 12)
Digital business, though smaller, is expected to grow at 20%-25% year-on-year medium-term. (Page 12)
Overall, with 8% ad revenue growth, 2%-3% circulation revenue growth, and fast growth in other businesses (radio, digital, outdoor), the topline and profit growth should be healthy. (Page 8 and 7)
Management confident of returning to double-digit profit growth beyond the near-term challenges faced in 2017-18. (Page 4 and 3)

See what Jagran Prakashan management said on margin guidance — free account, 30 seconds.

Fundraise plans

- The management highlighted a conservative approach towards leverage, with a net worth of nearly Rs. 1500 Crores and annual cash generation of about Rs. 550 Crores. - They prefer not to unnecessarily burden the balance sheet with capital and have historically kept debt-equity ratio below 0.5 even after multiple acquisitions. - Currently, there is no mention of any ongoing or imminent fundraising through debt or equity. - No lucrative acquisition opportunities are in the pipeline as of now. - The company is open to acquisitions financed through available cash and manageable leverage if a good business case arises, but no specific plans disclosed. - The focus remains on prudent capital allocation rather than aggressive fundraising. Thus, no current or future fundraising through debt or equity has been announced or planned explicitly as per the discussion.

Order book

The provided transcript from the Jagran Prakashan Limited Q1 FY2019 earnings call does not mention any information regarding current or expected order book or pending orders. The discussion primarily revolves around business performance, growth outlook, margins, buyback strategies, and industry trends in print, radio, and digital media segments. Specific data about order book or pending orders is not disclosed or discussed in the excerpts from pages 2 to 26.

See what Jagran Prakashan management said on order book — free account, 30 seconds.

Capex plans

Yes

Capex plan for FY2019 is around Rs. 50 to 60 Crores. (Page 14)
The group maintains a conservative leveraging approach, keeping debt equity ratio below 0.5 despite acquisitions. (Page 13)
Currently, there is no lucrative acquisition opportunity in the pipeline, but the company keeps signing NDAs and evaluating prospects across print, radio, and digital. (Page 13)
The company remains open to acquisitions across all media spaces whenever good opportunities arise. (Page 13)
Emphasis on organic and inorganic growth opportunities with cash generation exceeding most industries. (Page 4)
Buyback policy is utilized based on most tax-efficient manner; no fixed payout ratio, cash is distributed after business needs are met. (Page 12)

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