New Delhi: DB Corp. Ltd, publisher of the Dainik Bhaskar Hindi daily, posted a 14% drop in net profit in the three months to June as expenditure rose on input and staff costs.
Dainik Bhaskar is the country’s second-biggest newspaper by readers, according to the Indian Readership Survey.
Profit fell to Rs63.4 crore from Rs73.4 crore in the year earlier. Net sales rose to Rs348 crore from Rs286 crore.
Expenditure rose to Rs261.8 crore from Rs181.8 crore due to the increase in raw material and employee costs.
The company told the Bombay Stock on Thursday that the board had approved the purchase of a 60% stake in Divya Prabhat Publications for Rs1.2 crore. The stake is currently held by Sudhir Agarwal, one of the company’s promoters. Divya Prabhat publishes Prabhat Kiran, an afternoon newspaper from Indore, Madhya Pradesh.
Hindustan, published by Hindustan Media Ventures Ltd (HMVL), competes with Dainik Bhaskar in some areas. HMVL is run by HT Media Ltd, which publishes Hindustan Times and Mint.