MUMBAI: At a time when the print media industry is grappling with shrinking readership, rising input costs, and digital disruption, The Indian Express Pvt Ltd (TIEPL) has pulled off a resilient performance, clocking a 40 per cent jump in net profit for FY24.
The newspaper group, known for flagship publications such as The Indian Express and Loksatta, reported a net profit of Rs83.2 crore in FY24, up from Rs59.5 crore a year ago. This sharp rise in profit came on the back of a modest increase in operating income, which stood at Rs486 crore, compared with Rs456.2 crore in FY23.
The company’s profitability was aided by a correction in newsprint prices over the past four to six quarters, and a disciplined control over costs. A leading credit rating agency reaffirmed the ratings on TIEPL’s Rs105 crore fund-based and non-fund-based bank facilities, citing healthy brand recognition, robust margins, and a strong liquidity position.
Revenues to remain range-bound
TIEPL’s operations, while modest in scale, are expected to remain steady, with revenues projected to be in the Rs480–500 crore range for FY25 and FY26. Its publications enjoy strong traction in Delhi and Maharashtra, which together account for nearly 60 per cent of its circulation volume.
However, the company continues to face structural headwinds typical of the industry — a high reliance on imported newsprint, exposure to currency fluctuations, and the broader shift in consumer preferences from print to digital, particularly in the English-language segment.
Despite these challenges, TIEPL has managed to maintain a strong financial risk profile, underpinned by consistent cash flows and a diversified advertiser base. The group also runs a portfolio of niche publications and industry-specific magazines, and hosts prestigious events such as the Ramnath Goenka Excellence in Journalism Awards.
Looking ahead, while growth may remain range-bound, the company’s demonstrated ability to manage costs and adapt to evolving industry dynamics has set it apart as one of the few success stories in the traditional print media space.
