JAGRAN PRAKASHAN, an Indian newspaper publisher in which Dublin-listed media company Independent News & Media has a 13.5 per cent stake, has reported a 9.6 per cent rise in operating revenue for its third quarter compared to the same period in the previous year.

An 8.5 per cent increase in advertising revenue to €21.5 million, and a rise of 7.8 per cent in revenue from circulation, contributed to increased profits.

Ebitda margin (excluding other income) for the quarter was 28.8 per cent compared to 14.5 per cent for the corresponding quarter of the previous year, while profit after tax was €5.8 million, up 156.9 per cent.

Jagran Prakashan (JPL) owns Dainik Jagran, India’s largest daily newspaper, which has a total readership of 54.58 million. Founded in 1942, it is one of the world’s most read newspapers.

In a statement yesterday, the company said that JPL had invested in the event and outdoor businesses, both of which showed “strong traction”, with revenue growing by 28.1 per cent to €3.1 million.

The expansion of the company’s internet presence – including the launch of a blog and news portal – also drove revenue growth.

Chairman and managing director of JPL, Mahendra Mohan Gupta, said yesterday that the third quarter performance was “satisfactory”.

“We expect improved performance in the coming quarters on the back of strong economic recovery,” he added.

Last year, Independent News Media (INM) sold a 7.3 per cent stake in Jagran, netting €21.7 million in the process.

The sale was part of an extensive debt-restructuring programme undertaken by INM last year which involved the disposal of some of its media interests worldwide as well as a debt for equity swap, after the company failed to meet a €200 million bond repayment deadline.

Last November, chief executive Gavin O’Reilly said the company had no plans to dispose of further assets.