DB Corp Ltd (NSE: DBCORP) Q1 2026 Earnings Call dated Jul. 16, 2025
Corporate Participants:
Unidentified Speaker
Pawan Agarwal — Deputy Managing Director
Analysts:
Unidentified Participant
Amit Doshi — Analyst
Himanshu Upadhyay — Analyst
Shivam Mittal — Analyst
Pradyumna Choudhary — Analyst
Yash — Analyst
Amit Doshi — Analyst
Lohit Saini — Analyst
Krushi Parekh — Analyst
Anurag Hitesh Cheddar — Analyst
Presentation:
operator
SA Ladies and Gentlemen, good evening and welcome to the DBCorp Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. We have with us today the senior management team of DBCorp Ltd. 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 DBCorp Ltd. On the call the management will be sharing the key operating and financial highlights for the quarter ended June 30, 2025 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 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 Investors 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.
Pawan Agarwal — Deputy Managing Director
Good evening everyone and thank you for joining the Q1 FY26DP COP earnings conference call. We will begin the call by highlighting the key financial performance for the quarter ended June 30, 2025 followed by key operational updates. The total revenue for the quarter stood at Rupees 5872 million compared to Rupees 6163 million in Q1FY25. The momentum in advertising revenue remains intact when adjusted for the elevated base effect of last year’s general elections.
Advertising revenues for the first quarter stood at Rs. 3,978 Million. Normalizing for the election related spike in Q1 of the previous year, we recorded single digit growth in ad revenues. This performance underscores the resilience of a brand sustained advertiser trust and stable underlying market dynamics coming to circulation now. Notably, this quarter was a usual lean summer months period. In spite of that we managed to hold our circulation numbers. Overall EBITDA stood at rupees 1384 million compared to rupees 1909 million last year and net profit came in at rupees 808 million as against rupees 1179 million in Q1FY25.
Let me talk about the new spring prices now which remain soft with average cost declining to rupees 47,100 per metric ton in Q1FY26 compared to rupees 47,400 per metric ton Q4FY25 we expect the newsprint price environment to remain stable in the coming quarters, subject to currency fluctuations. Moving to our radio business, the momentum remains steady. Advertising revenue for the quarter grew 1.2% year on year and 4% quarter on quarter to rupees 392 million as against rupees 388 million in Q1FY25. EBITDA for the radio segment came in at rupees 115 million compared to rupees 132 million in the same period last year.
To sum up, despite a high base, we delivered a resilient performance in Q1 FY26 with signs of sustained advertiser interest, steady leadership traction and of course healthy cost management supporting our profitability. I now hand over the call to Mr. Girish Agarwal for his comments. Good evening everybody and thank you Pawan and thank you everybody for joining us. Our Q1 FY26 performance singles signals are decent and promising start to the new fiscal year. In fact I’m very happy to inform you that after many quarters this is the quarter where almost all the categories have shown growth but for the government advertising because of the election base last year we while the reported advertising revenue showed a year on year dip due to high election driven base.
But excluding election billing we registered a decent single digit growth reflecting the continued strength of our brand advertisers, confidence and steady consumer demand. The other encouraging trend has been on digital side. Our monthly active users have seen a healthy rise crossing 20 million mark to almost 22 million active users in the month of May 2025. Looking forward, we remain optimistic about the broader economic environment and its positive impact on consumption in India. We are committed to strengthening our market position, enhancing reader loyalty through high quality local content and driving innovation and monetization on the app side.
While continued emphasis on operation, efficiency and stakeholder value creation, we are confident in our ability to resume robust growth in the quarters ahead since the government election billing issue is over now. With all that, we could now open the floor to the for question and answer session. Thank you very much. And over to you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a Question may press star and one on the touchstone 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 questions.
Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Amit Doshi from Care Portfolio managers. Please go ahead.
Amit Doshi
Yeah, thank you sir. What has been the circulation copy like? Revenue grew by 1% but in the last quarter I think the other expenses were quite high and I see this repeating in the same even in this quarter. So what is the impact that you know additional spend that we are doing on the circulation number of copies compared to last quarter and this quarter?
Pawan Agarwal
Okay now if you see this circulation number, revenue has remained flat for a reason.
Why? Because we have not increased the COVID price. If you look at the COVID price it is at 4.89 rupees which is on this quarter. And even last year although the number was same and the last quarter also number was same yoy as well as Q on Q we have tried multiple things in last 8, 9 months time to increase our circulation and as a result of that the summer months where we generally see a decline the quarter one we see a decline in circulation, we’ve been able to not show any decline. I think that’s a decent achievement.
We’ve been able to gather this time looking at the other cost, our other operational cost included the again the circulation initiatives which we are doing on the ground and as well as a digital initiative which we are pushing in the market. And we hope that in the coming quarter this should stabilize.
Amit Doshi
Okay, okay. So just a number on number of copies of last quarter versus current quarter
Pawan Agarwal
we are almost at 40 lakh copies.
Amit Doshi
Okay, okay, okay. Okay. So now that you know it is happening to you know hear your comment on that, you know every segment saw growth.
Of course we read that you know ex government it was around single digit but now that government this is going from next quarter onwards last high days. So do you still expect to continue the same in terms of outlook going forward for the balance?
Pawan Agarwal
If you look at the category which I mentioned like in education we grew almost by 10%. In real estate our growth is almost 27%. In automobile category the growth is around 7%. In the healthcare sector growth is around 17%. In the jewelry sector growth is around 18%. So all the top categories have shown good growth but government took a dip by almost 40%.
So that’s where the entire growth instead of showing growth became negative. But that is over now. I’m very confident that from the quarter two onwards things will further give us the impetus to grow.
Amit Doshi
So almost all the segment that you spoke had the double digit growth. So even excluding government, we have written in the press release that we saw single digit growth.
Pawan Agarwal
Yeah. Why? Because the decline of the government is huge compared to all these categories in this quarter.
Amit Doshi
Okay, okay, okay, okay, okay. Understood, understood. And so this app which was very again you know, superb to see the numbers of, you know, 20 million jumping to 22 million.
I just wanted to understand what would have been the impact in jump jump of this app visa, you know, because of this India Pakistan, you know, news development, what is the ground team efforts? You know you mentioned last year that last quarter that there was, you know, you have a significant team on the ground spreading the awareness of digital app. So just wanted to understand was it a typical spurt owing to this India Pakistan issue or something else?
Pawan Agarwal
See any news vehicle, whether it’s newspaper, television, digital, we all generally follow the news trend, you know, so if there is a big news in the market, people tend to read more, people tend to search more, people tend to see watch television more so that what happened.
So you know, if in a particular quarter some incident happens, some election happens, some what we have we saw last time, Operation Sindur and all that, this becomes a moment where people want to know more, read more, understand more. And that’s where we come in picture to capture the audience trust by giving them the credible news. Apart from that also on a daily basis we have almost 3,500 news gathering team, those who are directly on the payroll of DV Corp. And then we have almost 3,500 more stringers in various markets. So these 7,000 people are giving us almost 15,000 news content every day which helps people us to engage people through our newspaper as well as web and app.
Amit Doshi
Okay, okay, thank you. I have more questions. I’ll join the queue.
Pawan Agarwal
Thank you.
operator
Thank you. The next question is from Himanshu Paade from Bugle Rock pms. Please go ahead.
Himanshu Upadhyay
Yeah, hi, my first question was can you give how the competition is behaving with us focusing more on circulation of copies and running certain schemes etc. Are we seeing competition also coming up with strategies to focus on circulation or you think?
Pawan Agarwal
Okay, I would actually take it into two buckets. One is competition responding to us in the market. Are they doing something largely no. Okay, we’ve been running schemes and all that.
Largely no. But to be very honest on the second bucket, I believe this is a time for all the newspapers in India whether they are my competitor or not, this is a time for all of them to really start focusing again on the market and say here we are, we are going to offer you more benefits. We are going to offer you more reading material. We are going to deliver paper more earlier to you. Please read. So I think this is a time all the newspapers in India need to make sure that we must do whatever possible to grow the category.
So I am really not very concerned whether competition does not react on me and I get some benefit. No, I want everybody to be in the market so that the category becomes much more vibrant.
Himanshu Upadhyay
Okay, thanks. And can you give an idea in region wise or when you are running these schemes etc. Rural versus metro where we are seeing better impact and how are we tweaking our strategies? Let’s say we gave. We first spoke about this in Q4FY24 call. We are working on certain things and now Q1 and last year we started working down many of those things the last one year.
How have the things moved or how are we fine tuning our strategies and what are we doing better this year versus last year when we are seeing that we want to continue this whole exhibition for next year.
Pawan Agarwal
Also in terms of circulation, we are working in the cities as well as in the. In the tier 3, 4 also when you say rural as per the government of India census the rule definition means a village with a population of less than 5000 with 75% male engage in the agriculture per suite. So that is not our core audience.
Frankly speaking we are looking at the market. Those who have a population, those who have shops, those who can shop. So say around 25,000 plus population is my target area. So they are not rural. I would call them semi urban or tier four or five cities. So we are focusing on all these markets. Suddenly the growth is coming from certain markets. Certain markets do not respond well. So it’s a mixed basket. You know in certain markets we gain circulation. But for example, I’ll give you one specific point. In Rajasthan we gained circulation in the cities but the tier 5 and 6 and the 4 market didn’t respond much.
So now our next phase is to say how can we make them respond more. So I think it’s an ongoing thing and we have decided in our mind that this is not a matter of two months, six months, four months. This is going to be a way the life is which means for circulation growth, for circulation maintenance. Also I need to do everything possible the way FMCD companies continuously be in the market to make sure they sell. I think we also have to do it now going forward.
Himanshu Upadhyay
Okay. But any. I just. As a layman I’m not in the market where you are doing many of these activities.
Very difficult for me to comprehend. But how. So how can I better understand what you are trying to do and how the steps are better than versus last year. So something of that will be helpful.
Pawan Agarwal
I would recommend and suggest that you. I’ll ask my team Mr. Prasanth Pandey to have a one on one call with you. Because that’s a longer discussion so it’ll be more better. And if anybody else also wants to join you Mr. Prasant Pandekan can update all of them. And one more thing. When we say government has revenues have fallen 40% but last year there would be also a lot of political advertisements.
Himanshu Upadhyay
Okay. Given by political parties.
Pawan Agarwal
So yeah that. That’s including all. I’m putting them in one bucket. Government and political parties.
Himanshu Upadhyay
Okay. So that combined bucket today is down by 40%.
Pawan Agarwal
Yeah. Correct.
Himanshu Upadhyay
Okay. And in radio also the revenue line is flat. Okay.
Pawan Agarwal
Because they also had a government billing last year. No billing was there on. On the radio also
Himanshu Upadhyay
I’d like to like how much you would have seen similar 7% type of growth rate or you would have seen higher growth rate in radio. Because on advertisement side. Robin, would you have an exact number with you right now? They also.
Unidentified Speaker
They’ve also. Radio is also grown by a high single digit. If we remove the election, the government election delay.
Himanshu Upadhyay
Okay. Okay, I’ll join back in the queue.
Unidentified Speaker
Thank you.
operator
Thank you. The next question is from Shivam Mittal from kipms. Please go ahead.
Shivam Mittal
Hello. Yes sir. Thank you so much for the opportunity. So in terms of revenue. So I think from Google we are increasing our effort to increase that revenue from 5 million dollar to 10 million. So any update on that aspect? But what is that 5 million 10 million. Sorry sir. So we reach charge from Google for providing content.
Pawan Agarwal
The voice is slightly blur. I’m not able to. Yeah. Can you. Yeah. Handphone, handset.
Shivam Mittal
Yes. Hello.
Pawan Agarwal
Yes.
Shivam Mittal
Yeah. Is it right?
Pawan Agarwal
Yeah, better.
Shivam Mittal
So we were to increase our share from Google from $5 million to $10 million for sharing content with Google.
Pawan Agarwal
No, no, see the matter is sub judais with CCI in terms of all the publications have gone. DNP has gone and ask them for a revenue sharing with Google. Nothing has happened so far. So this 5 million number I’m not too clear on this.
Shivam Mittal
And sir, any update with respect to UP expansion project?
Pawan Agarwal
So as you are aware that via Digital, we are doing a lot of efforts in UP and we are getting good traction in the market.
Shivam Mittal
Yes, sir. Okay. Sir, with respect to. Sir, how many like in district or what is the circulation number we have in up? You can provide that
Pawan Agarwal
the up, we don’t have any circulation number there. We are approaching UP through digital.
Shivam Mittal
Okay, I was seeing that. So I guess margin. So there, there is some maybe printing error or something. So from last year on Q1, FY25, so our EBITDA margin has actually reduced from 27.9 to 19.8% while in press release. So like again studies business EBITDA margin expanded by 800 basis points to 31%.
Pawan Agarwal
Yeah, if you look at my print number, the Q4 margin was 23% and Q1 margin has become 31%.
So from Q4 to Q1 there’s expansion of the margin. But if you look at the overall EBITDA margin of the FY25 was 30%. So from that 30% in the Q1 we are at 31. But if you compare Q4 which was 23, we are at 31 in Q1. In the print business there was no typing mistake, sir.
operator
Thank you. The next question is from Jhaun from Trinetra Asset Managers. Please go ahead.
Unidentified Participant
Good afternoon and thanks for the opportunity. So I saw in your press release that the digital app has earned an impressive 22 million monthly users.
Could you share your broad vision for this digital business and your main priorities for it over maybe next couple of years?
Pawan Agarwal
Our priority, our focus in digital is simple, to get more and more people to come onto our platform. As you know, we started the whole journey in a more organized manner in 2919. Sorry, 2019 to 2020, before COVID In last five years time, from a base of 2 million, we have now become, become almost 20 million. On an average in the month of May, we went up to 22 million. So our only focus is to provide the real content, the factual content, the ground content to our consumers, you know, and for that we are expanding our editorial team on the ground.
And based on that, we expect that this number, which is now at 20 million average, should keep growing, you know, on a monthly basis.
Unidentified Participant
Got it, sir, got it. Understood. And you have also been conducting paywall experiments for several quarters. Could you share some qualitative learning from these experiments? For instance, like what have you learned about like price sensitivity, content preferences and demographic profiles of users who are most willing to pay.
Pawan Agarwal
Correct. India is a very price sensitive market and everybody is very conscious on what they Pay and what they get in return. So our experiment process is still on.
But we have got the decent results in few pockets where we have done and we are now doing more experiments in the more markets.
Unidentified Participant
Understood? Answer. Thank you sir. That’s all from my side. Thank you sir.
operator
Thank you. The next question is from Pradyuma Chaudhary from JM Financial family office. Please go ahead.
Pradyumna Choudhary
Yeah. Hi. Thank you for the opportunity. So just one question from my end. On the other expenses side, you already mentioned that this is due to two reasons. One is on the circulation initiatives and the other is the digital spend. But like if I look at it, the increase seems pretty significant.
18 crores in Q1 compared to Q1 of last year. So how should we think about it? Will this continue to be at this level or would it reduce in a couple of quarters? How should we think about it? Because it’s translating into lower margins. If you look at yoy,
Pawan Agarwal
if you see the number in the Q4 last year went up to almost 19.7. 197 crores, you know, almost 198 crores. Correct. From 198 crores of Q4 it has come down to 178 crores in the Q1. You know, which means the large impetus which happened in the Q4 of the circulation scheme and all that, it’s over.
So we are trying and hoping that it should continue at the level of Q1 going forward. But you know, it’s a market requirement. If we feel we are getting more response and we need to push more, I think with your permission, we shall do so also. All right. So for now we can assume that this human level is what should be the sustenance one going forward at least.
Pradyumna Choudhary
Yeah. Largely understood. Thank you. Thank you. And all the best.
Pawan Agarwal
Thank you.
operator
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue.
The next question is from Yash from JP Associates. Please go ahead.
Yash
Hi, good evening. Good evening. So government revenue is down by 40%. But what is the contribution to overall revenue that we have?
Pawan Agarwal
The government last year contributed almost 27% in this quarter.
Yash
27% in this quarter
Pawan Agarwal
last year because of the election and political advertising all put together.
Yash
Okay. But as per my records, it was mentioned 20% in last year.
Pawan Agarwal
Yeah, the exact number is 24% here. Okay. This include the. What we have done, we have clubbed the bucket of the government as well as the political parties put together.
Yash
Fine. What about this year?
Pawan Agarwal
It has Come down to almost 17 16%.
Yash
So from 27 to 16% is what you say. Right. Okay. My second question is with regards to
Pawan Agarwal
the government generally in the, in the. In a. In a overall normal environment, government stays in the range of 12 to 14%.
Yash
Okay. And from your results highlights I can see that the print and other business advertisement revenue has gone down by around 30 odd crores. But the EBITDA is down by around 50 odd crores.
Pawan Agarwal
Correct. Because the expenses on the digital as well as the circulation expenses went up.
So if you look at the overall number, the expenses from 161 crores other operation cost went up to 178 crores. And also the personal cost because of the annual increase from 107 went up to 110 crores. Yeah. So these are the areas where the cost went up.
Yash
Okay. And how much is just a print business advertisement revenue?
Pawan Agarwal
We don’t disclose the sectorial revenue and absolute numbers for certain competitive reasons. I hope you will appreciate that.
Yash
Okay. And what about the digital? Even that is not because. I mean this has been going on for quite some time now.
Because every quarter we know we look forward to digital numbers performance.
Pawan Agarwal
We took the permission from all of you and our board also that looking at the competitive environment not to disclose the individual sectorial numbers.
Yash
Okay. All right. All right. Thank you.
operator
Thank you. The next question is from Manit Doshi from Care Portfolio Managers. Please go ahead.
Amit Doshi
Yes, sir. We have been noticing that promoter has been continuously buying from the market. Just wanted to understand the plans of the promoter with regard to their shareholding in the company.
Pawan Agarwal
Yeah. So as you know, promoters as per the rule cannot hold more than 75%.
So based on that we will certainly comply with the rule. We are complying with the rule and we believe in the future of the company very strongly. And we believe in the numbers going forward. And hence we are looking at this as an opportunity to buy. So one of our group company is buying the shares.
Amit Doshi
Okay. Okay. Thank you sir and wish you all the very best. Thank you.
operator
Thank you. The next question is from Lohit Saini from JRM stockbrokers. Please go ahead.
Lohit Saini
Thank you for the opportunity. Pleasure, sir. So I have one question regarding your social media platforms like Dainik Jagran and XT Media’s Live Hindustan which are also into print media currently have more followers on YouTube compared to Danik Bhaskar.
We are leading in terms of followers on Instagram, Facebook and Twitter. Yes, sir. So given this scenario, what are the strategic initiatives we can implement? To enhance our outreach and grow our subscriber base on YouTube. And with YouTube shorts gaining rapidly among Indian audiences. So how do we plan to leverage this format to drive higher engagement? Especially considering our strong performance in other social media platforms.
Pawan Agarwal
These are the operational points. I may not be able to answer you here, but certainly you have raised a valid point. We will certainly pass on this input to our operating team, those who look after the social platform of Bhaskar to see what all the strategy they have to increase the numbers over there.
Lohit Saini
Okay. Okay, thank you.
Pawan Agarwal
Thank you sir.
operator
Thank you. Next question is from Pradyumna Chaudhary from JM Financial family office. Please go ahead.
Pradyumna Choudhary
Yeah, thanks for the follow up. Just another question. So in the current quarter, what sort of an advertising revenue growth are we seeing now? That the base quarter would also not really have election related spend. Current quarter means Q2 you’re talking about, sir?
Pawan Agarwal
Yes. Yeah, in Q2 last 15, 16 days of July has been good. You know, there’s been a decent number in markets and the monsoon prediction also is doing good. Fortunately so far the monsoon have not created any havoc in the market where the markets are shut and all that.
So as of now it looks pretty good. Decent. All right, understood. And on the newsprint prices they continue to be stable or any incremental on that side, quarter two is very much under control. So we don’t see any change happening in quarter two. Quarter three we are not too sure because in terms of market, I don’t know that way. So quarter three we have to wait and watch. But quarter, Quarter two is all under control. But like the spot prices continue to be soft. As of now, quarter two, as I told you, we already have the forward booking.
So quarter two is all under control.
Pradyumna Choudhary
All right, thank you. Thank you sir.
operator
Thank you. The next question is from Khrushi Parikh from Bugle Rock pms. Please go ahead.
Krushi Parekh
Yeah, hi, I just have one question. When we have around 2 crores of monthly active users, what kind of traffic patterns are we seeing? How much is directly through our apps, how much is through social media or maybe through other web sources that people are coming in. So just some understanding on the traffic. First of all, sir, I think you said 2 million 2 crore. Yeah, 20.
So these 2 crore readers on our app, they come directly to us?
Pawan Agarwal
Sir, they don’t come through because this is not a web. So they all come directly onto our app. They have to download the app. Then only they can see any news or read any news over there. It is not a web Format where you see something on Facebook or YouTube or Google and they divert you to the web page of mine. So it’s an app where you have to download app and come inside. Okay, so if someone has posted something to our website, that will be a separate traffic altogether.
Absolutely, sir. Absolutely. So frankly speaking, web is a very casual approach. Because on web you can simply come in for a minute or second and you can leave because there’s no effort of yours. Somebody just puts you in that direction while on an app. It’s a very arrived decision of you because you’ll have to download the app, you’ll have to keep the app on your phone and then open it up. It’s a much more engaged platform.
Krushi Parekh
Okay. Okay. Got it. Yeah, that. That’s the only question I have. Thank you.
Pawan Agarwal
Thank you, sir.
operator
Thank you. The next question is from Khushi, who’s an individual investor.
Please go ahead.
Unidentified Participant
Hello everybody. Thank you. Good evening, ma’. Am. So my first question to you is what is the sectorial contribution to the revenue for this quarter?
Pawan Agarwal
So education has done almost 25% because Q1 is generally education heavy month. Government as I mentioned is around 15, 16%. Then we have a response which is at 11%. Real estate at 10%, automobile at around 10% and so on.
Unidentified Participant
Okay. The other question to you is what is AD yield growth year on year?
Pawan Agarwal
Sorry ma’, am, I couldn’t get that question.
Unidentified Participant
What is the
Pawan Agarwal
yield growth?
Unidentified Participant
Yes. Yes.
Pawan Agarwal
Oh, that’s the most beautiful question you have asked. Because that’s my favorite topic. I always, you know, keep talking about in the market that please help us grow the yield. But it’s a difficult market. It’s a very difficult market. So to grow the yield is a big challenge. But our teams are really trying very hard to show some kind of yield but nothing substantial, unfortunately.
Unidentified Participant
Okay, the other question to you is what is the new sprint mix?
Pawan Agarwal
Newsprint mix is. Is. One second. Yeah. 75. 25. So we have 75% as the local domestic newsprint and 25% is the imported one.
Unidentified Participant
What is the con. What is the sectorial contribution for health care and jewelry,
Pawan Agarwal
Healthcare jewelry. Single digit, madam.
Unidentified Participant
Single digit. Okay. And the last question is what is the new sprint rate for the quarter?
Pawan Agarwal
New sprint rate for the quarter. One second. 47,100 per ton. Thank you.
operator
Thank you. The next question is from Anurag Hitesh Cheddar from JRM Stock Brokers. Please go ahead.
Anurag Hitesh Cheddar
Thank you so much for the presentation. Sir, I wanted to ask like do we have any plans to enter into English newspaper segment, especially in the metropolitan cities. And if we are planning then how are we going to compete with the already existing top newspapers in India?
Pawan Agarwal
Let me make life simpler for you, sir.
We are not planning at all to get into English in the Metro.
Anurag Hitesh Cheddar
Okay. All right. Thank you sir. And sir, one more, one more question I wanted to ask. Like I see there’s a lot of cash reserves in our balance sheet. Like so what? Is there any plan ahead? Like any acquisition happening or anything?
Pawan Agarwal
We have no acquisition targeted as of now. If some right opportunity comes at right point of time, company will take it to the board and board will decide. Currently as you know we have been following a policy from last many years of giving out dividend which is a large percentage of our payout every year.
And company intends to continue with that as even today. Board has announced five rupees, you know, interim dividend.
Anurag Hitesh Cheddar
Okay, but sir like cash reserves just doubled. So like I was expecting a higher dividend in that scenario from last year like cash.
Pawan Agarwal
I would take your point to the board, sir, and give them the input which you have given it to me and I’m sure.
Anurag Hitesh Cheddar
All right, thank you so much.
Pawan Agarwal
Thank you sir.
operator
Thank you. The next question is from Kushagra Geller from PKE Day Advisors. Please go ahead. Kushagra, you may go ahead with the question.
Unidentified Participant
Hello sir, thank you for the opportunity. So my first question is when do you see the digital business turning profitable and is there any rough timeline or scale at which you think you’ll hit break?
Pawan Agarwal
I will not be able to give you any timeline as you mentioned that we are in the growth phase right now. We are investing money with the permission of board and our investors and all of you. Company is putting every possible effort to grow the numbers and I think the viewers, numbers, readers, numbers are growing every quarter now when we will be able to monetize it 100% and when you will become the.
I think that’s a. We have to wait for few more quarters.
Unidentified Participant
Okay sir. And my second question would be along with the monthly active users data, could you share some more granular data like average daily time spent per user or something like that to help understand user experience better.
Pawan Agarwal
We have a time spent of around 11 minutes. Yeah. Per visit. I can give you the more detail if you talk to Mr. Prasun Pandey on our investor relationship team.
Unidentified Participant
Thank you sir.
operator
Thank you. The next question is from Rahel s from Crown Capital. Please go ahead.
Unidentified Participant
Hi sir, good evening, can you hear me?
Pawan Agarwal
Hello. Yes sir, I can hear you. Good evening.
Unidentified Participant
Yes yes. Hi. So just an overall basis for a company. Can you provide any certain outlook when it comes to revenue growth or EBITDA margins?
Pawan Agarwal
We are very, very, very optimistic for us, for the market, for the country and for the economy. And we believe India will surprise everybody in terms of our growth for the company not able to give a certain range, is that it? The company is a part of the larger ecosystem. So if country will grow, sectors will grow, my company will also grow.
Unidentified Participant
And so with respect to the EBITDA margins, which key segments you think will benefit the most?
Pawan Agarwal
All of them. So we are at the EBITDA margin and print at 31% right now. And all the categories, education, real estate or automobile, healthcare, jewelry, they all are equally important for me in their own perspective.
Unidentified Participant
So they all need to fire so that I’m able to achieve higher EBITDA margin. So if we go one year back in the same quarter it was 28% and right now is 20%. So what was the key reasons for that number last year?
Pawan Agarwal
New Sprint prices were stable.
So once they improve automatically, we’ll see.
Unidentified Participant
Right. Okay, sir, thank you.
Pawan Agarwal
Thank you, sir.
operator
Thank you very much. Due to time constraints, we’ll take that as the last question. I would now like to hand the conference back to the management team for closing comments.
Pawan Agarwal
And thank you everyone for your participation and time on this earnings call today. I hope we responded to your queries and we will always be happy to be of assistance through our investor relations department headed by Mr. Prabhsoon Kumar Pandey. For all your further queries, thank you and have a great evening.
Thank you.
operator
Thank you very much on behalf of DBCorp Limited. That concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.