Ladies and gentlemen, good day and welcome to the D. B. Corp Limited Q2 and H1 FY 2025 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. We have with us today the senior management team of D. B. Corp Limited, Mr. Pawan Agarwal, Deputy Managing Director, Mr. Girish Agarwal, Non-Executive Director, Mr. Lalit Jain, Chief Financial Officer, Mr. Mushtaq Ali, Senior Vice President, Finance and Accounts, and Mr. Prasoon Kumar Pandey, Head Investor and Media Relations, who will represent D. B. Corp Limited on the call.
The management will be sharing the key operating and financial highlights from the quarter ended September 30, 2024, followed by a question and answer session. Please note that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Documents relating to the company's financial performance have already been emailed to you and are available on the website of the stock exchanges and the company's investor section. Trust you have been able to go through the same. I now hand the conference over to Mr. Pawan Agarwal. Thank you, and over to you, sir.
A very good evening to everyone, and thank you for joining the Q2 FY 2025 D. B. Corp earnings conference call. We begin the call by highlighting the key financial performance for the quarter ended September 30, 2024, followed by key operational updates. Starting with our overall performance for the first half of the year, we saw total revenue growth of 2% to INR 11,988 million, compared to INR 11,755 million in the previous year. Our advertising revenue has increased by 1% to INR 8,291 million, while circulation revenue is almost flat at INR 2,367 million. I am particularly pleased to report that our EBITDA grew by 10.4%, reaching INR 3,351 million, up from INR 3,035 million.
This growth was driven by effective cost control measures alongside the benefits of softer newsprint prices, leading to an expansion in our EBITDA margin from 26% to 28%. Our Print business EBITDA margin expanded by 400 basis points to 32% for H1 of FY 2025. Our net profit also saw an increase of 12% standing at INR 2,004 million, compared to INR 1,790 million last year. Radio business led radio industry growth with 11% YOY growth to INR 801 million against INR 720 million of last year.
Now coming to quarter two, FY 2025 results, total revenue was recorded at INR 5,825 million, down from INR 6,090 million in Q2 FY 2024, primarily due to prolonged monsoon and high base effect from last year's election environment driven advertising surge. Advertising revenues stood at INR 4,014 million, reflecting the same trend. Circulation revenue was flat at INR 1,175 million. Our EBITDA for that quarter was INR 1,442 million with an EBITDA margin of 25%, down from INR 1,676 million in the prior year. Net profit for the quarter was INR 826 million compared to INR 1,003 million last year.
In the Radio segment, we experienced good growth with advertising revenue up 16% year-on-year to INR 414 million compared to INR 356 million. EBITDA in this segment grew by 22% to INR 132 million from INR 108 million. We are in parallel focusing on our digital business strategy and happy to share that our MAU has now reached to 19.6 million as on August 31st, 2024, and Dainik Bhaskar is the digital leader with the number one Hindi, Gujarati news app. With this, I would now request Mr. Girish Agarwal to update us on the operations. Girish, over to you.
Thank you, Pawan, and good evening, everyone. Thank you for joining us. I would like to build on the overview you have just heard and provide some further additional insight into our performance for this quarter. Frankly speaking, we were not able to meet our advertisement growth targets in quarter two FY 2025 due to prolonged monsoon and also a pretty high base of last year. However, if you see the last three years CAGR growth in revenue and bottom-line performance, our advertisement revenue has shown robust growth over the past three years, registering a CAGR of almost 20%, reflecting the strength of our business model, and profit after tax has also experienced impressive growth of around 44% CAGR in last three years. This showcase our commitment to profitability.
Good news, what I can share with you is that the newsprint prices for the next couple of quarters are indicated to be remaining soft as what we have experienced in quarter two this year. In the first half of this financial year, we saw a slight year-on-year increase in advertising revenue, also supported by a strong performance in our radio segment. Our EBITDA margin expanded slightly, largely driven by our effective cost management and favorable newsprint price. Our capital allocation strategy remains strong with our consistent approach to dividends. We have declared two interim dividends so far, reflecting our financial health and commitment to returning value to our stakeholders. As a leader, Dainik Bhaskar is well-positioned for continued growth. While some sectors have faced challenges, others, particularly automobile, real estate, jewelry, education, are maintaining the momentum for the advertising.
Our editorial team is dedicated to covering local issues that matter most to our readers, and we are very happy to see positive engagement with our content. Our focus on our reader engagement, operational efficiency, and market leadership continues to yield positive results for us, and we remain committed to delivering value to our stakeholders. Thank you.
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Doshi from Care Portfolio Managers. Please go ahead.
Yeah, thank you. Sir, just wanted to understand. Congratulations on the continuous digital MAU sustainable numbers. But that digital growth, if you can elaborate, it has come from which region? Is it coming from some new area that we were planning to explore or from the existing states that we are already present? Any color on that.
As you know, in digital, there is no boundary. We are expanding all over India, where all people can read Hindi and Gujarati. The growth in Hindi has come from our state, and also we opened up market of Uttar Pradesh and Bihar and Uttarakhand for digital presence. I think we have got a pretty sizable growth from there also.
Okay. Sir, our circulation revenue has obviously de-grown. Is it the number of copies have reduced by those 2.5%? If not, then what is the reason? There is two mentions in the press release about some mega offer as well as some closed agency initiative. If you can slightly elaborate on that.
You are right. Post-election, we have seen a decline of around 2%, 3% in our circulation. That's a matter of concern for us, and that is the reason why we've been brainstorming a lot from last almost a month to see how we can bring not only these copies back, go back to the growth trajectory. We have planned some reader initiative, and you will see lot many such activities happening from November itself post-Diwali.
Okay. This closed agency initiative is part of that only, mega offers, et cetera?
Everything.
Okay. Sir, is this the reduction in circulation revenue? What is the industry trend while we know our numbers, but overall as an industry is also de-growing or what is it?
Post-election, most of us, I think everybody of us saw a reduction in circulation because during election, Lok Sabha election in the month of. Generally what happened, there is a circulation dip in the summer month. I think that dip got slightly postponed to the quarter two because of the election euphoria in the quarter one.
Okay. And sir, our dividend payout has been very good, obviously, even under Q1 and Q2 both results. Our history indicates our, what, 60%, and so far we have already distributed 100%. Any change of plans for dividend payout or policy of the company?
I think it is a board decision as and when they meet and they decide looking at the cash reserve company has and the requirement for the future. I am sure board will continue deciding in the matter which is beneficial for the stakeholders.
Okay, thank you. I will join back in the queue.
Yes, sir.
Thank you. The next question is from the line of Rakesh from Nine Rivers Capital. Please go ahead.
Hi. Thank you for the opportunity. Am I audible?
No, sir, you are not audible, sir.
Excuse me. Hello. Thank you for the opportunity. Am I audible?
Slightly better, but still much to be desired. Tell me.
Okay. Is it better now?
Yes, sir.
Okay. Thank you, sir. Thank you. Other expense, we witness a sharp increase in other expenses in Q2 versus last year. Any reason for that?
Multiple things in that thing. Some of the expenses which we were delaying from last one year. As you would appreciate, lot many things for the staff, lot many things for the market need to be done. As in digital also, we are looking at newer geographies and all that. All these expenses put together, we saw that increase over there.
Okay. That is sustainable or that will remain like that in the coming quarters? Or it will increase further?
Because next month onwards, we are trying to do some circulation drive, some leadership promotion scheme. So there may be some impact over there. I really can't quantify the number right now.
Okay. But it will be in line with the revenue growth?
Certainly, yes.
Okay. And sir, coming to the first question with respect to the revenue growth this quarter, revenue growth was impacted. One reason was monsoon, and second reason was the election that was there in the last year, same quarter, that is in the MP as well as Chhattisgarh. If we look at a full year, every year, quarter, there will be some election in some state. For the full year, what kind of revenue growth we are looking at? Growth in the revenue.
I think overall, we have to see how market is responding. For example, if you look at the India's GDP growth in the quarter one was 8.1% largely, while in July it came down to 6.1% and in August it is 6.2% or 6.3%, 6.3%. I think the overall country saw that the July and August or September was slightly subdued month. That also impacted us. But in certain category, we are able to see the growth. For example, automobile. Now Automobile is one category who was earlier not advertising much. But in this quarter we have seen the Automobile has shown a fantastic growth because automobile had stocks piled up and they need to liquidate that. So Automobile grew by almost 50% in this quarter.
Real estate saw a huge growth of almost 35% in this quarter, while government almost went down to half. It all depends. Lifestyle is still not kicking in. There's a decline in lifestyle category compared to last year. I think it all depends how the market and the economy shapes up. Based on that, we are trying to do our best.
Okay. Because sir, when I look at last three years' performance, the economy has grown at 6%, 7%, but we have grown at 15%, 2.5x of the revenue. Can we see the same kind of growth this full year, for full year?
To be very honest, 15% full year this year, I don't think that's a number would be really correct, 55. But if I take the election revenue out of that, strong single digit number should be the one what we are aiming for and should be able to deliver.
Okay. That is very helpful. Secondly, with respect to the digital business. Sir, we have seen the number of subscriber in the last two quarters increasing significantly from 14 million in March to 20 million at the end of August 2024. Just wanted to understand if there's any change with respect to the content strategy or the new initiative taken by the management with respect to increasing that user base.
Sir, whatever little I could understand your question, since your voice is slightly blurring, you said there is a growth in the digital subscriber readers, so any reason for that. Let me tell you, the reason is more about the content, the technical quality of the product, and as well as the newer geography which we are expanding on. See, advantage in digital is that since I am already having a digital network, so I can expand to anybody who can read Hindi and Gujarati, sitting in any part of the country can subscribe to me, can download my app. I do not have to set up a distribution system for him. I think that is the advantage we are getting furthermore, and the quality of course.
Okay. Quality means content you are talking?
Yes. Quality is both the technology and as well as the content because if you are technology-wise if you are weak, then obviously it become irritating for anybody to download your app. At the same time, the content has to be fabulous.
Okay. If I understand that point correctly, one is the quality of the content or the nature of the content as well as the user-friendly app that is helping us to grow better.
Whatever I could make out of your thing, I would have to say yes only because your voice is totally blurred.
Okay. Sir, I will join back with you. I think there is some network issue. I will join back with you. Thank you for talking to me. Thank you.
Thank you.
Thank you. The next question is from the line of Mohammed Patel from Care Portfolio Managers. Please go ahead.
Hope I'm audible, sir.
Yes, sir.
Can you be a bit more specific on what actually increased in the other expenses, YoY?
Other expenses had multiple things, reaching out to the circulation agents to see how we can motivate them again to come in. Second, and also had certain events what we did for the Advertising revenue clients. That is also a part of it. For example, we do multiple awards functions and all that. That's a part of this. This also had some expenses for the advertising promotion, like company does some engagement activity with the advertisers. That is also included. We've not been doing it last year. This year we did that. So multiple such expenses on them. Nothing which is very extraordinary.
The same reason from quarter-on-quarter increase as well.
I think next quarter onward some of this will go down drastically, which was done for the festival season specifically.
Okay. My next question is, how are we looking at the festival season? Are we seeing the revival in the ad spends?
Festival, so far, we have just completed Navratri days. I think it is good, and I hope this continues. Though, let me put the rider there. It is not amazingly that I am already burning the crackers right now. It is not that good, but it is good. I hope this continues going forward furthermore.
Okay. Sir, what is the share of government in Q2 last year?
Government share.
Of this year.
Last year, government share was pretty high because of the local elections there, and this year it has come down. As I told you, government revenue has come down by almost half compared to last year.
Can you share the percentage contribution?
You will appreciate because of the competition involved, we don't give the exact number out.
Okay. What was the government share in the last year, Q3 and Q4? I was just trying to understand, can this impact the sales growth for Q3 and Q4 as well, upcoming quarters?
Frankly speaking, upcoming quarters, I don't think much of the government will impact much of it. I don't have the exact number right now. Mr. Prasoon Pandey can give you the details offline, please.
Because last year, Q4 should include central election as well.
Yeah. I am thinking that Prasoon Pandey should be able to give you the exact details, much more on that.
Okay. What will be our annual expenses on the Digital business?
If you remember, sir, we took the approval from all of you and our Board that we will not disclose any detailed number of our Digital business. Because of that, we are not giving out any Digital specific numbers.
Okay, sir. Thanks.
Thank you.
Thank you. A reminder to all participants, please limit yourself to three per questions. The next question is from the line of Pranav Shrimal from PINC Wealth Advisory. Please go ahead.
Hello? Yes, sir. Hello?
Sir, can you use the phone directly rather than headphones?
Yeah, I'm using the phone. I hope I'm audible. Hello?
Yes, sir. Better. Go ahead.
Yeah. Just in case I missed it, sir. Coming in the next Q3, where do we see the impact and revenue coming from? Has Jewelry and Auto business picked up or is it still the same?
Sir, I think your voice is not audible. I think you are using some instrument which is not having a clear transmission.
Hello?
Sorry to interrupt, Mr. Pranav Shrimal.
Hello?
If you are using a handset, I request you to come a bit close to the handset and speak.
No, I am not using the handset. Hello? I am using my phone. Hello?
Sir, I am not able to hear you well.
I will join back the queue, sir.
Please, sir.
Okay, thank you. The next question is from the line of Sagar Parekh from One Up Financial Consultants. Please go ahead.
Yeah. Hi, sir. Hope I'm audible.
Very much.
Yeah. Hi. Firstly on this advertisement, did I hear it correctly that you expect a strong single-digit growth for FY 2025? Because H1 has been flat for us, in terms of advertisement growth.
Yeah. I'm expecting strong single-digit growth overall year, minus the last year's surge of the election point. If I compare apple to apple, then I'm looking at a strong single-digit number.
Last year, FY 2025, your overall advertisement was about INR 1,600 crore. How much do we have to take it out, which was like a one-time election related search?
As of now, I don't have the exact number, but our target is that if I take out roughly whatever 5% of that or whatever number, if I take that out, then we should be able to deliver strong single digit on that.
Oh, okay. So 5% was broadly the one-time kind of search due to elections.
[inaudible] .
Got it. Secondly, on this newsprint prices, what is our outlook for that? I think in the press release it was mentioned that it is likely to remain similar.
Since it was INR 51,500 last year in this quarter, in this quarter it is INR 48,000.
Yeah.
I believe that the quarter three and four should largely be there itself, maybe 1%-2% here and there.
Right. Got it. One more question is on this. If I look at our results, there is this line item called net impairment losses on financial assets. Every quarter there is an item which is like INR 5 crore, INR 6 crore, INR 7 crore kind of number. Last year was about INR 25 crore. What exactly is this number pertaining to?
Yes. Lalit Jain, please explain.
It is, and company has improved a lot so far as the concerned.
Sorry, I cannot hear you.
Lalit Jain, can you be louder, please?
See, there is a substantial improvement in our collection of debtors, and because of that, this year we need not to make so much provision.
Is this provision of debtors?
Yeah. Provision against the debtors. As per the Expected Credit Loss identified by the auditors. There is a substantial improvement in the debtors collection.
Like 34, this H1 also is about INR 10 crore, INR 11 crore kind of number.
Yeah. Against the INR 14 crore of last year,
Yeah
this was INR 10.9 crore. That number has reduced over a period of time.
Yes.
This is likely to like INR 20- INR 25 crore we can expect every year to flow through to P&L basically because of this expected
Yeah. Roughly, you can say.
Okay, got it. My last question would be on the Digital piece. I understand that we do not disclose anything yet, but when can we see, apart from monthly active users, any other data points which can help us gauge our Digital business better? When can we see some better disclosure or some increase in disclosure quality from your side?
Yeah, I can only assure you as of now that the team is working very hard on it and giving the results which nobody else in this country is doing, and which is evident from the MAU itself. For example, we have our MAU of almost 19, 20 million.
Yeah.
If you compare this MAU with any other news platform which you can see from Comscore, we would be having in the language of Hindi, at least five times higher size. That itself speaks of the kind of effort which team is putting in the market. As you know, as far as the disclosure quality is concerned, we always try to be the best and inform you everything possible. But this is a very competitive space. That's the reason we have taken the liberty from you and approval from all of you that allow us not to disclose the numbers. Otherwise, you know how the market is.
It will largely be a subscription-driven business model going forward, right?
It should be both. Subscription as well as Advertising revenue also.
Okay. Sure. Got it. Okay, thanks.
Thank you for your understanding.
Thank you. The next question is from the line of Janish Shah from JS Equity Investments. Please go ahead.
Yeah. Am I audible, sir?
Sir, if you could, yeah, speak again, please.
Is this better?
Much better, sir. Thank you.
Okay. Thank you very much, sir. Again, dwelling a little bit more on the Digital piece. I just wanted to understand how are the markets reacting when it comes to the people consuming digital media as well as through newspapers. Is there a cannibalization which is happening in the market right now or that is what you are. Is there an impact which you are right now taking on your business? And probably the fruits of that may get reaped in future. Is that the kind of a scenario which is there in the market? If you can help try and understand how these two pieces are balancing in the market and it may be a transitionary period.
But if you can just give some understanding about how do you see the transition happening in the market over the next two years, three years, and maybe the monetization of this change. When do you see the inflection point coming in? That will be helpful to understand the business much better rather than just tracking the quarterly numbers. That will be helpful for the longer-term understanding of the company. Thank you.
Sure. See, as far as the market is concerned, you will have to understand, print has a particular number, a particular percentage of reach in the market. For example, a state which has a population of, say, 10 crore. In that market, let's assume 10 crore population means almost 1.8 or say 2 crore households over there. And the number of people, those who can read, say literacy of 70%. So it means almost 1.4 crore households could read a newspaper, then the poverty line and all that. So it still take up 1 crore. But in that one state, the newspaper circulation would be in the range of around 10 lakh copies, 15 lakh copies. Which means what? There's a huge chunk of people, those who were not reading newspaper even earlier for some reason.
They were not because not inclined or convenience or expensive or whatever you want to call it.
Yeah.
Now through digital, I am able to reach out to that audience also. Cannibalization is a very limited aspect, to be very honest. Because we are operating digital from last five, seven years on our ad business very aggressively. Since 2020 to 2024, you have seen from 2 million have gone tenfold to 20 million. I have not seen any major cannibalization happening on the circulation front. But having said that, is there a cannibalization of a single digit? Of course, there is. But that should not deter me at all because even with that cannibalization of 5%, 7%, newspapers are thriving, revenues are growing. Markets are increasing for them also because they have also a huge untapped market to further grow. Going forward, as you mentioned about the newer territories in digital, I have advantage.
In the markets where I am not physically present through my newspaper, I can reach out through a digital market also. Going forward, the monetization, I think our focus is right now to acquire a customer, make him habitual to read my app. Monetization will happen at some point of time. The market will shape up at some point of time. I hope I answered your query, sir.
Yeah, but is there any timeline or any kind of visibility which you can give? That will be helpful. At some point in time it will happen, but I think to just get some understanding whether it is three years away or five years away, how does your assessment go? I am not holding onto the numbers, but in general, just to get some more data points or your understanding as to, because numbers have grown quite substantially. That is true. But where do you see the merit of it is the right time to monetize or start monetizing on these numbers is something which is very much, it is a question which everybody would be interested to understand or know about in that sense.
I can only say one word: have patience.
Yeah. I understand your compulsions as well. Any which way, I will leave it to you on that. Second, maybe I think if you can give a little bit more of an update on the Googles and the Facebooks globally, the law which can make them pay you for the content. Where do we see in that journey, and how far we are away from that piece as well in terms of a monetization perspective?
Competition Commission of India is reviewing the petition filed by all of us for this issue of Google and Facebook. Since the matter is sub judice, I may not be able to comment on that.
Okay. Maybe the last question from me is: Is that consolidation post-COVID which is now done, or it is still happening in the market, which you got a substantial benefit of as a large player, or if you can give a little bit of an understanding with that regard.
The consolidation benefit came to us, and it should continue to coming to us because of our quality.
Yeah. Is it still at the pace at which it is happening, or it is slowed down in the sense that the smaller numbers or smaller players are still able to survive in the market and they are still holding on to their places? Is that the case which is there? How do you read that situation?
Yes, obviously the pace has come down, but I am very hopeful that with the kind of quality journalism what we are doing, this pace will continue and will take a blip and jump in coming months, coming maybe whatever time, but it will.
Okay. Thank you. Thank you very much and best of luck for future results or future performances.
Welcome.
Thank you.
And understanding.
Thank you. The next question is from the line of Krushi Parekh from Pentacle Family Office. Please go ahead.
Yeah, hi. At a very broader level, can you help me understand how are we acquiring the app users? Which are the strategies, which are the tools that we are using?
Very simple, sir. Good quality of journalism and fantastic technological support on the app, so that when a consumer comes to my app through any kind of reference or promotion, he should feel that it is worth it spending time over there.
Right. When you say references and promotions, how are we promoting this? How are we incentivizing people to share the word about our app?
We are not incentivizing anybody for this. We are simply using whatever mediums available, normal mediums available in the advertising market, promotion market, in a reasonable manner. I think it's all about content. We all keep forgetting that no amount of promotion can bring a customer to you or make him stay if your content is not good.
Absolutely, sir.
Focus is on content.
Yes, that was my question. Thank you.
Thank you. The next question is from the line of Mohit Saini, who is an individual investor. Please go ahead.
Good evening, Girish Agarwal and team. Hope I'm audible.
[Non-English content]. Good evening.
Yeah. Sir, can you just make me understand for the reason of top-line fall this quarter?
Sorry, sir?
The reason for the fall in top-line this quarter.
Since you came late, you may not have heard my earlier discussion. The top-line fall actually happened because last year in this quarter, the advertising was impacted upward because of the elections in the market. In MP, Chhattisgarh, Rajasthan, there was government advertising and also government was spending a hell of a lot money in the market, which gave extra disposable income for a lot of people. People were advertising and spending money on those stuff. This year, because that is down, also if you look at the GDP of the country between the Q1 and Q2, there is a difference from 8%, it came down to 6.2%. I think that also impacted. And third was the prolonged monsoon this time also. So a little bit of impact because of that also.
If I take only election out compared to last year and this year, then which is -7% position for me, it almost gets reversed.
Okay, sir. Sir, also in the print circulation that in the last conference call you said we are planning to push for more print, selling newspapers to the dealers and just pushing it due to softening of newsprint prices. But that has not happened yet in the numbers as I can see.
Sir, we got some benefit out of the Lok Sabha election on that. We are almost on the verge of launching a lot of reader scheme, promotional schemes, post Diwali. What happened, anything you do in September, because the monsoon was bad and October is a festive month, so better to avoid this month from the involvement point of view. From November onwards, you will see a lot of things happening and please wish us luck for that.
Yeah, definitely sir.
Thank you.
Also, just a small question adding to that. On the ESOPs that you are providing, are there more in the pipeline for this quarter?
Yes, sir. There will be some ESOPs here happening because we firmly believe the people, those who are working day in and day out for you better incentivize them either through salary or some structure.
Okay. One last question, sir, small. Are we looking to top the last year quarter three, INR 640 crore mark in top line? Can you just throw some light on that?
Sir, we are trying our best, working hard for this. Let's see how your well wishes impact us now.
Yeah, sure sir. All the best.
Thank you.
Thank you. The next question is from the line of Akash, an individual investor. Please go ahead.
Hello. Akash, am I audible?
Yes, sir.
Am I audible? Okay. Thank you, sir. Sir, I need to ask what is the ad yield rates if we compare that to the pre-COVID level?
Sorry sir, what are you saying?
Sir, I am asking what is the ad yield if we compare it to the pre-COVID levels?
Slight improvements are not much improvement because advertiser, as you know, always they try to push us down and we have been trying to push ourself a bit up. Nothing worthwhile that I can gloat about.
Okay. Right, sir. And sir, what is the Print circulation this quarter, sir?
Unfortunately, sir, compared to last year, we are down by 2%-3% and we need to really work hard much more on that to see, and we are planning a lot of things. Hopefully, we should be able to improve going forward.
Okay. And sir, can you put the light on the sectorial performance? Like what are the contributions of the different sectors?
Yes, sir. Education, if you see quarter-on-quarter, education was single digit growth. No, not quarter-on-quarter, YoY. Education was single digit growth. Government went down almost half. Automobile showed a 50% growth. Real estate showed a good 30% growth. FMCG as a category showed a 20% growth. Lifestyle, which is like clothing and shoes and all that category went down by almost 10%. Jewelry, slight growth. Yeah. So that's the mix of it, sir.
All right, sir. And sir, what is the major contribution, sir? Like what are the contributions of these sectors?
Almost same what they were doing last year barring the government, sir.
Okay. So, okay, sir. Last year your copies were like 40 lakhs. It is around like 39 lakhs odd.
Yes, sir.
Okay. Thank you, sir.
Thank you.
All the best.
Thank you, sir.
Thank you. The next question is from the line of Rahil Shah from Crown Capital. Please go ahead.
Hi sir. Good evening. Am I audible? Hello?
Yes, sir. You are audible. Go ahead please.
Okay. Sir, just one question regarding, you have mentioned ad revenues, you expect single high digit growth, but I would also like to know your views and expectations overall for the business. For 2025, what kind of top line growth do you expect? Also, more than a month back in an interview you had mentioned that you expect margins to be around 29%-33%. Do you still believe you can achieve that because this quarter has been weak?
Sir, in this quarter our margin came down from 28% to 25%. Correct? If you look at the H1, our margin are at 28%. If I do, my team, if they are working hard, I am sure if they do something better, we should be able to reach 30%. It is not an easy task, but it is not an undoable task. We are working hard. If market supports us, India's GDP supports us, I am sure we should be able to do that.
Okay. On the top line, like all businesses combined?
Yeah. If the top line grows then only this margin will grow.
Any certain percentage figure you have in mind which you will be able to achieve?
Looking at strong single digit growth there.
All right, sir. Okay. Thank you and all the best.
Thank you, sir.
Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of our question and answer session. I would now like to hand the conference back to the management for closing comments.
Thank you everyone for your participation and time on this earnings call today. I hope we have responded to your queries and we will always be happy to be of assistance through our investor relations department, headed by Mr. Prasoon Kumar Pandey for all your further queries. Thank you and have a great evening. Thank you.
Thank you. On behalf of D. B. Corp Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.