D. B. Corp Limited (DBCORP) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the DB Corp Limited Q4 FY '20 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Ms. Hina Agarwal. Thank you, and over to you, ma'am.

Thank you, and good evening to everyone. We welcome you to the Q4 and Full Year FY '20 Conference Call of DB Corp Limited. We have with us today the senior management team of DB Corp Limited. Mr. Pawan Agarwal, Deputy Managing Director; Mr. Girish Agarwaal, Non-Executive Director; Mr. P.G. Mishra, Group CFO; Mr. Mushtaq Ali, Vice President, Finance and Accounts; Mr. Lalit Jain, CGM, Finance and Account; and Mr. Prasoon Kumar Pandey, Head, Investor and Media Relations, who will represent DB Corp Limited on the call. We will be sharing the key operating and financial highlights for the quarter and year ended 31st March 2020 followed by a question-and-answer session. Before we will begin, we would like to state 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 e-mailed to you. Now I invite Mr. Pawan Agarwal to share his outlook on DB Corp's performance for the past fiscal. Over to you, sir.

Thank you, Hina, and good evening to everyone. We hope that everyone on the call and their families are safe. We will begin the call by highlighting the key financial performance for the year ended 31st March, 2020, followed by key developments in the business and various growth strategies implemented by the company to maintain and strengthen our leadership position across markets. We would also like to take this opportunity to share with you a brief outline of the steps taken by the company to ensure continuity of operations during this challenging period led by the COVID-19. Starting with the financial performance. For full year FY '2020, PAT reported at INR 2,750 million, after considering a ForEx loss of INR 116 million with a PAT margin of 12% in FY '2020. EBITDA came in at INR 4,940 million, resulting in an EBITDA margin of 22%. Despite a weak business environment, our overall cost-optimization measures continue to help us not only reign in our overall cost but have helped us become a leaner and fitter organization, coupled with the fact that newsprint prices continued a downward trajectory during the past fiscal was an added bonus for securing profitability. Coming to the revenues. Our consolidated advertising revenues stood at INR 15,640 million in FY '2020. The circulation revenues for the year FY '2020 stood at INR 5,122 million and the total revenue stood at INR 22,363 million. For quarter 4 FY '20, our consolidated ad revenue stand at INR 3,303 million. Circulation revenue was at INR 1,200 million. Total revenues at INR 4,898 million. EBITDA INR 690 million and PAT at INR 241 million. Dainik Bhaskar Group radio business continues to maintain leadership position in all significant markets. Radio advertising revenues for the year stood at INR 1,391 million. EBITDA stood at INR 431 million with an EBITDA margin of 31%. PAT stood at INR 198 million with a margin of 14%. Let me now take you through some of the developments and key milestones that we have achieved recently. As per the recently released Audit Bureau of Circulation report for July to December 2019, Dainik Bhaskar Group continues to be at the #1 position in India among dailies while delivering growth in many of its key markets. For instance, in Rajasthan, with 16.44 lakh copies, we are the #1 newspaper; in other markets like Gujarat and Bihar, we have gained market share while maintaining dominant position in Madhya Pradesh. The latest IRS 2019 quarter 4 leadership survey results declare Dainik Bhaskar Group as the largest newspaper group of India, excluding financial dailies, in average issue readership. The group has not only improved its position but has achieved a dominant lead over competition in most of the geographies that it operates in. In Rajasthan, Dainik Bhaskar has achieved a dual leadership as per ABC July-December '19 and also as per IRS 2019 quarter 4. As you are all aware, the last fortnight of FY '2020 saw the beginning of the outbreak of the COVID-19 pandemic in India and was followed by a preventive nationwide lockdown, which certainly posed challenges to all businesses, including our business. I would now request Mr. Girish Agarwaal to shed some light on how our company is tackling these challenges.

Thank you, Pawan. Good evening to everyone, and hope that everybody is safe and healthy. I'm sure by now you've heard the word "unprecedented" several times across industries and countries. And rightfully so, all industries across countries are finding themselves in a situation that is hard to predict and ride out. It is at times like these that we are thankful for all the hard work that our teams have put in over the past year that has enabled the Dainik Bhaskar Group to stay strong and committed. The declaration of lockdown on 24th of March 2020 resulted in a sudden fall in newspaper circulation, mainly due to shutting down of cash sales counter like railway stations, bus depots, bookstalls, et cetera. However, residential societies, apartments and families continue to consume the newspaper with minor impact. The copies which are being circulated in offices and shops got totally impacted because of the lockdown. Since the people were locked down in their homes, market research has indicated an increase in time spent by consumers on reading newspapers. We are hopeful that this habit of readers would continue and prove beneficial to the industry. We take pride in informing that we continued the operation of our newspapers without any interruption in all our 65 editions across all states. I would like to specially appreciate the efforts put in by our production, editorial, sales team and each and every team member for continuously working and producing the newspaper every single day. Some of us were able to work from home, but newspaper publishing, printing could not be done from home, and our team delivered without wavering about their personal safety. Furthermore, like our policemen and health workers perform their duty for the larger benefit of the country, the newspapers teams across India also continued working to ensure that the truth in form of news is being delivered. Our key efforts at combating the pandemic and its after-effects were mainly on 3 fronts. First, we ensured the safety for all our stakeholders, like our staff, distributors and newspaper hawkers. Second, on the circulation front, at the beginning of this pandemic, there was a rumormongering about social media -- through social media about the fear of spread of virus through newspapers. Dainik Bhaskar Group, like always, took this challenge head on. We coordinated campaign to educate the readers that newspapers do not spread the coronavirus through awareness campaign, and such campaign had an immediate impact on helping improve the circulation. We faced the circulation fall for the first 10 days. We went down to almost 55%, 60% in terms of our circulation number, but I'm glad to inform you that immediately after that we started gaining the copies back. And today, we are at almost 80% circulation of our normal number that we have gained again. On the advertisement front, from the date of announcement of lockdown, we saw advertising revenue came to a standstill. But only after a few days, our approach of handholding clients and ad agencies started to show the response. April month witnessed a big slowdown due to complete lockdown on all, except, essential products. There has been some improvement from May onwards, continuing from sectors like government, education, automobiles, consumer durable and FMCG. As markets are reopening, our teams are working on generating revenue through customized packages based on ground-level feedback, and we are hopeful of ad revenue gradually returning to normal as the economy continues to further open. It is important to note that our markets are non-metros, Tier 2, Tier 3, Tier 4, semi-urban and rural, which were mostly in Orange and Green zone and where most of the markets and all the marketers are forecasting much faster recovery in these markets. In current scenario, most of the clients' media plan are focusing on these markets only. So most of the clients are now focusing on Tier 2, Tier 3, semi-urban markets, rural markets. This may be beneficial for our company going forward. On operating cost front, we took all possible steps to revisit and revert all cost operations to make it efficient and effective with a long-term sustainability. You will see the effect of our cost-control measures from current Q1 itself. Our past automation drive in many of our businesses operations have helped immensely. We are ably supported by soft newsprint prices. During the month of April, May and June, since the advertising was very low, we reduced the number of pages without compromising on the reading materials. Since there was no change in the cover price of newspapers and the circulation and the number of pages were less, the circulation revenue was able to sustainably cover the newsprint costs -- substantially cover the newsprint cost and production expenses. Going forward, we will go back to our normal pagination with the build-up of the advertising. The quality of balance sheet with 0 debt and adequate level of cash and bank balance has assured that all business operations are executed optimally. That summarizes our recent effort to tackle this challenge. And we are confident that, given our sustainable business model and robust financial position, you will see this through, and we are very optimistic about a faster recovery. This is all from our side. My colleague and I will now be happy to respond to your questions.

[Operator Instructions] We take the first question from the line of Yogesh Kirve from B&K Securities.

So the print advertisement declined during the quarter of about 20%. Can you provide us some sense about what was the run rate before the lockdown started? So would -- just like to isolate the COVID impact, if you could?

Sure. See, the month of January -- if you remember, 9 months, we were 8.6% down in terms of advertising revenue from April to December. January number was also in the same range. February was slightly better. But in the month of March, because though the lockdown happened on 24th, but most of the advertising indication in the market started slowing down from, in fact, 10th, 15th of March itself. So March took the major beating running into 35%, 40%. So that's the reason we have a impact of almost 19-point-some-8% in the Q4 itself.

Okay. And regarding the trend since April, so if you could just provide some quantitative impact. So when you say the April was very -- the slowdown was very strong, so what was sort of an indicative number, at least in terms of the print volumes? And where are we at present, I mean, May and June? How things are recovered?

Okay. In normal circumstances, we don't give forward-looking indication number. But since this is very unusual circumstances, and I must answer this question of yours. So in the month of April, we were at almost 15% of our last year base because April was total lockdown. So we had some of the FMCG advertising and bit of government advertising. April was a washout. In the month of May, we came up to almost 20%. But as I speak to you today in the month of June, we hope that June will be at 30% plus.

Okay. That's quite helpful. And lastly, in terms of the cost, any targets are we looking at in terms of the annual cost savings or the major heads where we are looking to save costs?

Yes. Our overall cost base without the newsprint is around INR 1,000 crores last year. In that, we should be able to show a saving of almost 10% to 12% this year. And most of this will be sustainable.

Okay. Right. I understand a lot of raw material would be linked to the pagination and the ad volumes. At least in terms of the newsprint costs where, where are the costs headed? And any estimate regarding what could be the cost for the full year?

Okay. So let me give you the newsprint prices. Last year, full year, our newsprint price was INR 38,840 crores, as overall number. And -- but in the Q4, as you know, the prices were softening down. So in the Q4, we were at almost INR 37,000 crores number. I'm giving you a roundabout number, INR 37,000 crores. And as we speak currently in the Q1 for this year, we believe we will be at INR 36,000 crores and maybe slightly advantageous going forward furthermore. This is for per tonne.

Rightly. And sir, lastly, regarding the receivables, because of this lockdown, has there been any kind of craze for extension of the credit cycles? And what are the steps that we are taking on that front?

Okay. I must mention there, that all the state governments were very kind enough that they cleared their old outstanding. So we were able to recover most of the government money in the month of April and May, but -- and the private sector also responded very positively, barring few clients.

Okay. So overall, in terms of receivable days, we should be lower or at least at par with where we were looking forward.

I would say almost at par.

We take the next question from the line of Ankit Shah from White Equity.

Sir, can you share some details on company's dedicated strategy and the progress on the same regard? And also, can you share the observations or progress in number of users during the COVID period?

Sure. So just the 2 things we've seen in the post COVID is the consumption of news has definitely moved from WhatsApp to the news apps. People are seeing more and more fake news on WhatsApp. And this is the time when we -- when the publishers, when we were able to demonstrate our editorial quality, making people move to a news app. So the traffic -- direct traffic has grown to over -- and this has happened only in the last 2 months, 3 months, which is post COVID, about over 3x growth on our apps, direct platform, including a very sizable increase in our time spent per day user.

Okay. And sir, on the digital strategy front. So a few quarters back, you had appointed dedicated leadership team for that business. Sir, can you share some light or share some pieces of that strategy with us or what's the progress on that?

Remember, we had requested and taken the liberty that we will not be sharing the digital numbers and the strategy for a few quarters. And I would request you to allow us to do that furthermore. As we indicated that the numbers have seen almost 3x jump. So we are in the right direction. Allow us to keep it to ourselves for a while more, please.

Sure, sure. No problem. Sir, next question is on the pledged share price. 2 quarters back, you had shared that promoters intend to bring pledged shares down to around about single digits, in about 12 to 18 months' time. Now in light of the developments around COVID, are we on course to achieve this? Or should we expect some delay on this plan?

So what has happened, the overall person or promoter's debt has come down by 50% in last 8 months' time. That's one good thing. The share pledge, as we speak today, is around 34%. That is largely because the share prices in the last 2 months have gone half. Otherwise, we would have been at 15%, 16% pledge.

Right. Yes. And should we expect further improvement on this in terms of the absolute outstanding so share price is okay, a fixed number?

we delivered that, that we have reduced it by 50%. Balance 50%, we hope that maybe in the next years' time, we should be able to reduce it to 0. Furthermore, for complete disclosure, I would also like to mention the amount, we had our total promoter loan ranging in some around INR 300 crores, which is down to INR 160 crores now.

We take the next question from the line of Aasim Bharde from IDFC Securities.

Sir, could you talk about how circulation revenues trending during Q1 so far? And could you also take that between April, May and June?

So our circulation, as I mentioned to you that in the last it would be, 10 days of March took the beating. And again, in April was -- started coming back. As we mentioned to you, the Q4 number of the circulation were 53 lakh copies in the Q4 number, keeping the impact on the last 10 days of March in that. On that number, we are already back to almost 80% plus on that number. And we are very hopeful that, in next couple of months' time, we should be able to achieve to our normal number as well, because now most of our markets are open, the shops are opening, the offices are getting opened up soon. So the copies which -- the 20% copies of shops and offices and railway station and cash point, that should also come back to normal number soon.

Okay. And what is the current cash on the balance sheet?

At March 31, the cash was INR 135 crores.

And would you have any sense at what level it would end as of Q1?

What I can mention to you that, in Q1, I'm sure you must be thinking about the kind of losses company had to suffer in Q1. So just to give you a perspective, in Q1, our total losses will be less than INR 50 crores.

[Operator Instructions] Next question is from the line of Sanjesh Jain from ICICI Securities.

So just one on the earnings with future. Do you see lower subscription losses or a profit from the subscription become more sustainable? What you are speaking, which is going to happen in Q1, will this kind of lower investment in subscription will become more sustainable going forward?

See, what has happened in April, May and June, because there's no advertising in the paper, largely 0 at 25%, 30% base, so we were able to reduce the number of pages, hence, without compromising on the reading material. Going forward, the number of pages will increase again with more ads coming in. So I can say, in this quarter, we actually made some money by circulating copies because cover price remained the same. And we are not intending to increase the cover price in near future. So really, answering your point that will it be sustainable model of being cash positive on a subscription revenue itself? Will not be possible, because we would like to increase the pages for carrying more ads than that.

No. I got it. But lowering the losses from what we were earlier doing, will that happen?

Yes, to some extent, yes. But I would like to increase my pages back to normal, what we were doing 21, 22 pages on a daily basis average.

Got it. Got it. And second, on the expansion of the circulation which you were earlier planning before COVID, any update there?

So right now, all our focus is on to getting back to this 20% remaining copies what we have to get back from the market. Once we get that 20% copies back, then certainly we will discuss again about the expansion.

But right now, we will focus on reaching where we were earlier before COVID. That would be the initial plan, right?

Yes. Certainly, yes. That's the target end of that. We are seeing a benefit also in this whole process. Because the market are tight, situations are tight, we are seeing that lot of people are preferring a more quality newspaper. So we are very hopeful that this, after 2 months, we should be able to increase our market share in circulation also.

We take the next question from the line of [indiscernible] from [ Magic India ].

In P&L account, what is fair value through OCI equity instrument loss of INR 18 crores, INR 18.4 crores?

This is the valuation of the private equity investment what we had made earlier in that brand equity deals what we did.

It's a write-off of the brand equity? Or what is that? I didn't get you.

Yes.

And then you have a loss of comprehensive income, loss of INR 13.4 crores. What is the nature of that one?

It's the same also.

I didn't get you. INR 18.4 crores plus INR 13.4 crores is write-off on brand value, is it?

No. If you remember, some of the money the company has taken the advertising equity in the companies that we have taken the equity by giving them the advertising. So based on that, there's a mark-to-market and all that, so there's a big decline in the -- those company valuations, so we have to take that provision in that.

I heard something you mentioned, FX loss. What is this FX loss of 100 and something you mentioned in your -- earlier?

No. No. Not loss. I think, in our operating expenses, what we call OpEx. So in that OpEx, we are able to bring down almost 10%, 12% going forward.

No. Is there any loss on foreign exchange, when I mean FX rate...

You're talking about the foreign exchange loss? Yes, there is a foreign exchange loss of around INR 8 crores in the Q4 because of the dollar rate going up, from $71 to $76.

One observation, which you have already answered, see, the market cap of the company has been substantially eroded. There's no deterioration in P&L account or balance sheet. One reason probably is this promoter pledge is acting like a Damocles' sword. Why not promoters direct, instead of borrowing from these mutual funds who are most unreliable compared to even banks? Maybe you need to apply your thought on the process because I mean we feel whatever pledge these days we invested are jittery?

I appreciate your point. And we are also equally concerned about that. That's the reason, as I mentioned to you, that we have reduced it to half. Our original plan was to take off this INR 160 crores also in next 6 months' time. But maybe because of this COVID, it may take maybe another 6 months more. So we are working towards it. And soon, we want to be a 0 pledged company.

Appreciate that. I hope you will directly borrow from the banks and remove our tension from it.

[Operator Instructions] Next question is from the line of [ Hassan Mahedi ] from Financial Consultant.

[Foreign Language]

[Foreign Language]

[Foreign Language]

[Foreign Language]?

[Foreign Language]

[Foreign Language]

[Operator Instructions] Next question is from the line of Anuj Sharma of M3 Investment.

Yes. Sir, could you just talk about how much of our revenues would be in such brand equity-related valuations? I mean, how much of our revenues would have been booked which would have been through these deals?

Can we answer this to you off-line because I don't have the paper right now with me on that?

Okay. Does this also include real estate swap in the sense, taking...

Yes. We -- some of it may include real estate barter also. Like real estate barter total amount was around INR 137 crores. I don't often remember the other one, but we can certainly get back to you off-line on this, please, if you don't mind.

We take the next question from the line of Himanshu Patel from Churchgate Partners, before that [Operator Instructions]

Could you please share us with us the revenue growth in the digital business for the quarter 4 and the financial year 2020?

Sir, if you remember, couple of quarters back, we had taken the liberty of requesting all the investors that allow us not to disclose the digital number separately for few more quarters. So my apologies, we'll not be able to share any numbers from the digital.

[Operator Instructions] Ladies and gentlemen, we take the next question from the line of Anuj Sharma from M3 Investment.

Just wanted to understand, when you say that you don't want to increase the cover price, what thought process goes behind that decision? For example, if you raise power price and increase pagination, any thought on reducing the subscription or circulation loss through cover prices rise? I mean, how much do you think will be the offset in terms of circulation loss because of this?

Sir, currently, we are -- we have reduced the number of pages as per the same cover price. And going forward also, the pages may, at least for couple of months, will remain less because of the advertising buildup. So till the time the advertising come to the -- its normal and the pages comes to normal, there's no question of increasing the cover price. And after that, one can evaluate that. That's the reason I mentioned that for couple of -- in the near future in couple of months, it would not be prudent to look at the cover price increase until the time pagination comes to normal.

Okay. Also, your peers talk about some synergies and distribution leading to some cost savings. Do you endorse or you are a part of that synergistic group? And how much savings do you think would accrue from such synergies and distribution, printing facilities and others?

We are actively engaged with our peer group and others also to see how we can leverage our distribution network as well as the printing facility. We are working on it. In past also, we have done something, but that synergy will be able to bring in only maybe $1 million maximum, not much beyond that.

Okay. In terms of competitive intensity, how do you see that evolving in the next, let's suppose, a year or 2, given that this pandemic has affected a lot of newspaper publishers? And do you see any scope of acquiring any small niche papers which might help you to boost your coverage?

Let me answer your second question first. We have no such offer on table where somebody wants to get acquired. So I will not be able to comment on it till the time somebody is available for us to look at it. Coming to the first point of yours is that, the competitive advantage. Yes, certainly, especially like in Rajasthan, we have got the readership report in our favor. We have got ABC in our favor. And we clearly see, in last 3 months' time, our market share of advertising has gone much beyond in Rajasthan. And going forward also, we believe that our market share in advertising will increase in all the markets because, since the markets are tight, advertiser is now choosing to go with 1 publication, whoever is the leader and largest and able to provide the larger read. And I think we will be able to take the benefit of that.

Okay, okay. And increase in realizations would be, of course, difficult. But do you see any reduction in ad rates in the near term?

Unfortunately, for the month of April, May, June, most of the newspaper, I would say, every newspaper in the country, offered a scheme for the advertisers to support them to continue in the market to talk to the consumer. Hopefully, from July, we should be able to stop all those schemes. So I don't see a major impact on the rates happening going forward.

Okay. And 1 last question. While I'll take the numbers off-line in terms of brand swap and equity swap. Is there any percentage of revenue you have in mind, where you don't want to cross such deals or going forward, I mean, let's suppose 5% revenue, 7% revenues. Because we have seen that many newspaper businesses have not been able to get better out of these deals and cash deals are also better. So any thought on that business segment, please?

I totally agree with you. That's the reason this equity deal for advertising we have stopped doing from last 5 years. But those were done earlier, we still have to carry them in our books and keep evaluating them every year as per the provision of the auditor. And real estate barter, also, we have put up a cap. If you noticed in the last few years' time, we have maintained INR 137 crores. And that, too, in last 4, 5 years accumulative. So we are not crossing a particular threshold at all.

Okay. So these losses have not been account of any transaction in the last 5 years. You have not done any transaction on brand equity swap in the last 5 years. These are pre 5 years, is it?

Yes, yes. We can give you more details off-line.

Great. I will connect with Mr. Pandey.

We take the next question from the line of Yogesh Kirve from B&K Securities.

Sir, this is more from a long-term strategy perspective. So we are seeing lot of increase in the engagement on our digital property. So how far are we from building any subscription or the end-user revenues on the digital platform? I mean revenues like that would have been so much of envy in the current environment, right? Whether advertisement revenue takes those knock quickly on account of all such disruptions or over a slowdown, but the subscription revenue tend to be more sticky. So how far are we from developing any sort of end-user revenues on digital?

Frankly speaking, we are working right now to create a great user experience on our digital platform, engage our readers, increase their time spend on the platform, increase the absolute number of people coming on to our platform on our app. And once that critical mass is achieved by us, based on that, we should be able to take -- we could be able to take a call that, how we want to monetize the platform. But it will be too early to comment on it right now.

Okay. Will be referred to the critical mass, right? We already we have the viewers, the readership or the audience visit, which is much higher than our newspaper, right, because we get visit from outside our states, outside of India. So any -- if there any -- so can we expect something in the next 2 or 3 years that we would be sort of a -- we would have that critical mass and then explore products around that?

We are certainly working towards it.

Okay. And finally, we had this big disruption because of COVID. So how do we assess any long-term risk arising out of it? One, from the user perspective, has there been any deterioration in the readership habits? And secondly, from the advertiser perspective, whether there will be some permanent reallocation of the ad budget. So I understand it a bit of in crystal gazing, but any -- how are we thinking about it?

Yes. On the circulation front, as you noted yourself that we are at 80% level today overall. In a couple of markets, we are at 85% also. So I don't think any major or worthwhile shift from print to a digital platform exclusively we are witnessing. So that we are pretty confident of, that our readers are loyal. Morning habit is a must for them. Coming on to the advertisers. It's early to say because they've started coming back to us now. And so far, I've not come across any advertiser who's saying, "I'm going to stop a particular print medium and go on to the next one only." Everybody is trying a mix of every medium. So let's see, how it unfolds going forward.

We take the next question from the line of Rishab Shraddalal, Individual Investor.

Yes. I'm from Ahmedabad. And first of all, congratulations for completing 17 years there. I have 3 simple questions. First is pertaining to the trade receivables. As of 3st March, the trade receivables are roughly INR 630 crores. If you can quantify us what portion of that pertains to the receivables from the state government that we have completely received?

Okay. One second. Yes. Carry on, please.

Yes. The second question is pertaining to the dividends. The company has skipped giving any dividend this quarter? So if you can let us know whether the company is planning to give an interim dividend in the next quarter or do any kind of a buyback? And the third question is pertaining to the business, where, do you plan to launch -- presently, we have newspaper in 3 languages. So do you plan to launch a newspaper in another language?

Okay. So first of all, your first question about the breakup. So out of INR 630 crores, the breakup is INR 440 crores commercial and INR 190 crores government. And out of that INR 190 crore, we have been able to -- sorry, yes, we have been able to recover a large portion. I cannot be giving you the right -- exact number now. Wait for a month, when we declare the Q1 results next month, I'll give you the exact number on that. But the large portion of government revenue from the states has been recovered. Coming to your second question on the dividend part. As you remember, as you must have noticed, that company has been announcing almost 64% of our PAT over the last 2, 3 years' time as a dividend as a payout. And our dividend policy remains the same. And whatever cash company will have this year, based on that, we will announce the dividend. Coming to your third question about launching another language. I think the potential in Hindi, Gujarati and Marathi still is big for us. And this is a time to consolidate, focus more on what we have and make most of it there. Since you are from Gujarat, Ahmedabad, you would have seen how the Divya Bhaskar has gained traction in terms of readership and appreciation in last many months and is really being growing over there. We would like to further grow in that market and become the first choice of the advertisers also.

Right, right. Just a small follow-up. When you mentioned that out of the INR 190 crores of the government dues, you mentioned that a large portion has received. So can I just get a rough idea whether it is 50%, 60%? I mean if you can give a rough idea. I do not expect you to give an exact number.

In the year, almost 25% of that in last 2, 3 months.

Okay. And whether the company is planning to do any kind of buyback in the coming months?

Whatever be the Board decision we shall let you know about that.

Well, ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to the management for closing comments.

Thank you for your participation and time on this earnings call. I hope that we have responded to your queries adequately today. We'll be happy to be of assistance through our Investor Relations department headed by Mr. Prasoon Pandey for further inquiries. Take care and stay safe. Thank you.

Thank you. On behalf of DB Corp Limited, we conclude today's conference. Thank you for joining. You may now disconnect your lines.