Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
DB Corp Ltd (NSE: DBCORP) Q3 2026 Earnings Call dated Jan. 16, 2026
Corporate Participants:
Pawan Agarwal — Deputy Managing Director
Girish Agarwal — Promoter Director
Analysts:
Falguni Dutta — Analyst
Himanshu Upadhyay — Analyst
Mohit Saini — Analyst
Jai Chauhan — Analyst
Yash Rangaswami — Analyst
Lohit Saini — Analyst
Riya Mehta — Analyst
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to DBCorp Limited Q3FY26 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 TB Corp.
Ltd. Mr. Pawan Agarwal, Deputy Managing Director, Mr. Girish Agarwal, Promoter Director, Mr. Lali Jain, Chief Financial Officer, Mr. Mustakali, 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 December 31, 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 may involve risks and uncertainties.
Documents relating to the company’s financial performance have 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 Mr. Agarwal.
Pawan Agarwal — Deputy Managing Director
Thank you and good morning everyone and thank you for joining us for the Q3 FY26 earnings call. We will begin with a brief overview of our financial performance for the quarter ended December 31, 2025 followed by key operational updates across our businesses. For the nine months ended December FY26 consolidated total revenue stood at rupees 18,512 million, broadly in line with last year. Despite a high base, consolidated advertising revenues also remained stable at Rupees 12,851 Million. Importantly, on a like to like basis, excluding last year’s election driven revenue, advertising revenues continue to show growth of 6% and EBITDA also grew on a comparable basis during Q3 FY26.
Our performance was impacted by a high base from the festive season and state elections in the same quarter last year. In the current quarter, a portion of our festive advertising spend shifted to Q2 while the election related advertising seen last year was absent. As a result, advertising revenues for the quarter stood at Rs 4395 million reflecting a year on year decline of 7.8% on a year on year basis. This reflects the impact of the high base. However, on a like to like basis, advertising trends remained stable with sequential improvements through the quarter.
On a Q basis, our print business and EBITDA margin expanded by 100 basis points to 29% supported by effective cost management and operating efficiencies. Total operating cost has seen reduction of 2% on QoQ basis. Now coming to the overall financial performance for the quarter, total revenue stood at Rs.6293 million, reflecting a year on year decline of 4% due to the high base. Despite the revenue impact, a strong focus on efficiency helped us control costs effectively. Total cost declined by 1.3% on a quarter on quarter basis.
As a result, EBITDA for Q3FY26 stood at Rs.1,592 million with an EBITDA margin of 25% and profit after tax was 955 billion. On newsprint prices remained stable during Q3FY26 with some sequential corrections, we expect newsprint prices to remain range bound in the near term subject to geopolitical developments and foreign exchange movements. Moving on to our digital business, it continues to be a key growth pillar. As of November 2025, our news apps recorded around 21 million monthly active users, maintaining Danik Bhaskar’s position as the number one Hindi and Gujarati news app.
Our continued focus on high quality content, improved user experience and strong technology continues to drive engagement and retention. In the radio segment, advertising revenues for the quarter stood at 410 million with EBITDA at 127 million. While the segment was impacted by a softer advertising environment, we remain focused on strengthening our listener engagement and our market presence. With this I would now like to hand over the call to Mr. Girish Agrawal for his comments. Thank you,
Girish Agarwal — Promoter Director
Thank you Pawan and good morning everybody and thank you for joining us today. The print medium advertising is growing us on the YTD 9 month basis with us higher single digit on Apple to Apple basis. But as you know last year was the base for election and all other things and also this year the festive season you know went on to the second quarter. So that’s the reason the third quarter is not looking very impressive. All our traditional print categories have registered growth except the government category which has declined big time by 24% in nine months because of the high base.
Last year as Pawan highlighted, Q3FY26 was shaped by a high base from the festive season and election related advertising in the same period last year. This year festivities started in Q2 which affected year on year growth comparison in Q3. However, what is encouraging is that the gradual improvement in advertising demand as the quarter progressed indicating improving confidence among advertisers. On the circulation side, our focus continues to be on strengthening readers connect and maintaining and growing our market leadership.
From a profitability standpoint, we remain encouraged by our ability to maintain healthy margins. Despite revenue pressure driven by the tight cost control, stable newsprint prices and operational discipline. These factors continue to support the resilience of our earnings profile. With that, we could now open the floor for the questions and answer session and thank you. And over to you. Thank you.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on a 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Falconi Dutta with Mansouroval Financials. Please go ahead.
Falguni Dutta
Yeah, good morning sir. One question like this. Reading one of the papers that up and Rajasthan in schools the government has made newspaper reading compulsory. So will that not help us? I mean.
Girish Agarwal
Yeah, this is a very encouraging move by the state governments and Uttar Pradesh and Rajasthan has done it. As we are following up with the other government we are hopeful that Madhya Pradesh, Chhattisgarh, Gujarat and other states will follow suite in next couple of weeks and months. So this is certainly encouraging and this will not only help some sort of circulation for us and other publications also. But I think this will start making the foundation for the school school going kids to read the newspaper.
And on the knowledge going forward
Falguni Dutta
Has. It started in Rajasthan or we will be seeing it in the next quarter implementation?
Girish Agarwal
Yeah, no, it will take at least a quarter because now the government has made the policy the budget has to go to each of the from the finance to the education and then to each of the school board.
Falguni Dutta
Okay. Okay sir. Thank you sir. That’s all from my side.
Girish Agarwal
Thank you.
Operator
Thank you. Next question comes from the line of Himanshusha with Dalt Capital. Please go ahead.
Himanshu Upadhyay
Thanks sir, thanks a lot for the opportunity. And sir, just first one of the bookkeeping question or gross fixed assets and net fixed assets have increased by almost 107,60 crore. What is driving this? And is this the investment in the core print business or it’s more on the digital side if you can provide some color. This increase is more on a quarter on quarter basis. We are first time seeing such an increase After a long time.
Girish Agarwal
Yeah. No, actually what’s happening. This is all happening because of the. Print companies buy certain especially the land. Where we had the offices earlier.
Himanshu Upadhyay
Sorry sir, your voice is not very clearly audible. My. My apologies.
Girish Agarwal
I think there are a lot of noise coming from your background so maybe you can mute and then hear me. Sure, I’ll
Himanshu Upadhyay
Do the needful.
Girish Agarwal
Yeah. So company is buying certain assets especially land where we already had the offices and printing center on which currently we are paying rental. So we are saying we’ll buy the land, make our own property so we can save the rental and as we see in a couple of places buying asset looks better going forward.
Himanshu Upadhyay
Got it sir. Secondly sir, can you just provide some color from a longer term basis maybe three, four years or five years. How should we see print versus digital from a revenue mix? What would be the management’s aspiration? It has been couple of years where we have refrain from commenting on digital especially from a financial numbers point of view and try to assume digital should be at least like mid single digit kind of contribution in our business as on date considering the investments that we have made for the last three, four years.
Girish Agarwal
Yeah. See what is happening on the digital front. The investment is going to acquire the reader.
Mohit Saini
Very
Girish Agarwal
Happy to share that. You already know we have 21 million visitors on our website in the month of November now. As of now everybody is reading but largely for free, you know. So I think the revenue part of the digital is still some more time to go.
Himanshu Upadhyay
But so what would be your aspiration? This is whatever we must be seeing as trends globally as well as the pace of adoption in India. Could it be like in early teens or mid teens, say three, four years down the line?
Pawan Agarwal
Should be. Should be.
Himanshu Upadhyay
It should be. And try to assume we we must. Digital might not be positive at EBITDA level, but our burn rate would be negligible.
Girish Agarwal
As of now there is a burn rate in in digital but the whole effort as we mentioned in couple of years should be that once we start earning the revenue digital should also become a bit of positive.
Himanshu Upadhyay
And so lastly in the core print business, what do you foresee more that should drive the revenue growth for us? Will it be more of volumes at least over the foreseeable future and our focus would be on that side or it would be a balanced mix of volume as well as we are at a stage where we may be in a position to take some amount of price increases.
Girish Agarwal
See in the advertising segment our focus is I would say 70% volume and 70%
Pawan Agarwal
Yield
Girish Agarwal
Increase when it comes to circulation focus is only on the circulation numbers not on the yield in the circulation. If you notice our cover price compared to last year and this year is almost the same. Because we don’t want to burden the consumer reader on the cost side. So that is the reason we believe that our focus should be more on the numbers rather than in circulation. Increasing the price and in advertising again the volume and little bit of the price correction also.
Himanshu Upadhyay
Okay, Can I squeeze in one last on radio side sir?
Girish Agarwal
Please go ahead.
Himanshu Upadhyay
So two questions surrounding radio. One, the decline is slightly more steep specifically in this quarter in radio. Anything to read over there on that? Second, there were some price increases which were announced in radio. Considering that the decline seems bit more steeper. And thirdly, what is the status on new radio stations that we have acquired? When should be those stations becoming operational? Those are the three questions surrounding radio.
Pawan Agarwal
Sure.
Himanshu Upadhyay
So
Pawan Agarwal
Let me answer the third question first. On the news stations we were quite about 10, 14 stations. Of these seven hour stations where we have a standalone radio, we are the only operator there. We are hopeful to start operations in these seven cities by March or end of April for sure. And the remaining seven also by the in the first quarter of next financial year. So hopefully By June all 14 stations should be operational. And on the price increase, you know we are the industry had declared a price increase but unfortunately we do not see a price increase movement in the market.
We have made some corrections but it’s not significant. We are still driving volumes and ideation and creative business. The major reason for drop in radio from last year quarter is we had Maharashtra elections. We also had billing from a lot of governments which had initiatives in this quarter because of Kum etc. Those were the two, three special events which happened last year. And that’s why you see a large decline compared to last quarter.
Girish Agarwal
Having said that, I strongly believe government need to relocate this radio business. Because if radio continues to do only song and music, I don’t think radio will ability grow. What it was given us to understand 10 years back, 15 years back also that eventually radio will get into the news also. I think that’s where the differentiation will come in picture. That’s where the adaptability will come in picture. The stickiness of a consumer will come in picture. But unfortunately that’s not happening.
So I guess government of India need to really look at the radio business how they want to grow it.
Himanshu Upadhyay
Sure sir. And when you’re referring news it is more of current affairs and local news include including that.
Girish Agarwal
Yeah. Everything news is A news.
Himanshu Upadhyay
All the best for the future and great job overall sir over the last three, four years especially post Covid.
Girish Agarwal
Thank you sir, appreciate this.
Operator
Thank you. Next question comes to the line of Bahi Chawan with care pms. Please go ahead.
Jai Chauhan
Good morning sir. Thank you for the opportunity. Yes, please go ahead. So the Bhasker English app has completed one year since the launch. What are the feedback we received for the Bhasker English app? And also what is the feedback we received for the app we launch in the Uttarakhand recently?
Girish Agarwal
Yeah, so Bhaskar English app, the numbers are still in a very nascent stage. The consumer feedback is decent. There are certain suggestions which came from the market. We are uploading that, updating that app. So nothing much to really talk about numbers over there. And as far as Uttarakhand is concerned, we are happy with the initial encouragement. I think the bigger number of Uttarakhand will happen in next two years time with the Uttar Pradesh election going to happen.
Jai Chauhan
Okay. And for the radio business we are fully operational our 14 radio station in FY27. So what will be the revenue guidance for that and will it be same with the similar margins we have right now?
Girish Agarwal
I doubt in the first year you can have that kind of margin to start with, you know. So I think when the radio station starts you will have the advertising coming in gradually. So first year will not be possible to come out to the margin of 30, 40%. I think we’ll have to give them those station at least 2, 3 years time to come up to that margin.
Jai Chauhan
Okay. Okay. Thank you sir. That’s it for my slide.
Girish Agarwal
Thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Yash R with BNK Securities. Please go ahead.
Yash Rangaswami
Yeah. Hi, good morning.
Girish Agarwal
Good morning.
Yash Rangaswami
So my first question is with regards to the advertising revenue which has been mentioned that it has grown by around 6 odd percent if we exclude elections in the previous year.
Girish Agarwal
Correct.
Yash Rangaswami
But that’s on a consolidated basis. What about the mix of print and radio?
Girish Agarwal
I mean
Yash Rangaswami
If you were to split. It into these two.
Girish Agarwal
This we are talking about only print. This is only print, not the console.
Yash Rangaswami
Okay, so that’s grown at 6%. And what is the government share last year?
Girish Agarwal
Last year government contributed almost 24% and this year it has gone down to 17%.
Yash Rangaswami
Okay. And the remaining growth that we are seeing which is at 6%. Right. Excluding these elections, the government revenue that has come into play, has that been on account of volume majorly or is that has there been some improvement rates as well? Because the industry has been struggling for quite a while now.
Girish Agarwal
Yes, I would say 80, 20 for example in education we have grown by if I look at a nine months number, Education has grown by almost high. Single digit automobile category has grown a single digit. Real estate has gone up strong. Double digit jewelry at a double digit hospitality like hospitals and cleaning. Healthcare has grown up by almost 20%. Banking thanks to IPOs and financial services gone up by 30%. So there are all other categories doing good except there’s a little decline in the FMCG in nine months time but every other category has done very well except the government and including Politico which has gone down by 24% now that 24% has taken out the steam of the old system.
Yash Rangaswami
Right, and where are we on the circulation front? I mean we have launched quite a few schemes and but I mean has not translated much into the copies growth. Where are we in this quarter or at the end of the quarter?
Girish Agarwal
I would look at it slightly different that with all the effort we have done we’ve been able to stop the decline. If you look at the nine month number there is no decline in the circulation so I think that’s very encouraging that there is no decline in the circulation with all the efforts. So hopefully going forward we are just launching another leadership scheme and the circulation growth program so hopefully we should see some growth coming in. But having said that, to be very honest we’ve been working on the ground to maintain the copies is also quite a tough right now and I’m happy that my team did a fantastic job.
Yash Rangaswami
So what is the number in December?
Girish Agarwal
Around 40 lakh copies.
Yash Rangaswami
Oh okay. And what about the newsprint rates? There have been news in the market saying that the rates are going to be a little topsy turvy considering the geopolitical tensions that are going around.
Girish Agarwal
Yeah, correct. So as of now if I look at the newsprint on a Q on Q basis we are same. On our yoy basis we are at 2% less but as you rightly mentioned the quarter four and the quarter one or two going forward considering the geopolitical situation may go up little bit here and there but I won’t say topsy turvy because I’m not looking at major change, maybe a minor change of couple of percentages because of the exchange fluctuation and also the sea freight.
Yash Rangaswami
Okay, and what has the mix been? It’s roughly around 75 and 25 imported local to imported or how is it.
Girish Agarwal
Yeah, it’s around 70, 30.
Yash Rangaswami
Okay. All right, thank you. That’s about it from my end.
Girish Agarwal
Thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes to the line of Lohit Saini with JRAM stock brokers. Please go ahead.
Lohit Saini
Hello.
Girish Agarwal
Yes sir,
Lohit Saini
You have recently appointed corporate sales head in South India. So are you planning to launch English Bhaskar app in South India and are you planning to target any specific regions or cities,
Girish Agarwal
Plan
Lohit Saini
To grow the English apps?
Girish Agarwal
That person appointment over there has happened largely because earlier person moved out. So there was a more effort replacement of that person. And this person is 100% focused on the print. A little bit on digital English app is already there. Our English app, just to retain the fact again is targeting towards our markets only. Where the some people, those who don’t find it very convenient to read in Hindi or Gujarati or Marathi, you know, they could go on my English app and read that.
Lohit Saini
Okay, so you are not planning to introduce in any new market South India or any other.
Girish Agarwal
We have 14 states with us which is almost 50% of India. I think that’s a large enough market right now to penetrate. Furthermore.
Lohit Saini
Okay, okay, thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Mohit Saini, an individual investor. Please go ahead.
Mohit Saini
Yeah, thanks for the opportunity. Good morning, sir. Good morning. Sir. The government has given not for increasing 26% in print ad rates. Any update on that from your side? Any communication with the government?
Girish Agarwal
Yes, sir. So first of all, a very big thanks to government of India and all the state government to finally agree to give us some benefit considering the growth in the new Sprint cost and other expenses. So this has been implemented by certain states and the actual impact of that should be visible from this quarter itself.
Mohit Saini
Okay. And going forward, like can we see some Double digit from FY27 like. Like there’s election in UP and UK. So
Girish Agarwal
The UP election I think is happening next year, correct? January of. Yeah. So let’s hope. Why not?
Mohit Saini
Okay. And sir, there’s some rumor regarding acquisition of a large newsprint company. Are we aware of something like that and are we ready if some opportunity comes?
Girish Agarwal
New Sprint means the. The manufacturing company, newspaper newsprint manufacturing company. We are not aware about such equation. And anyway sir, to be very honest, we believe if a particular mill can supply the newsprint to us on a contractual basis, we are very happy with that.
Mohit Saini
All right, that’s it. From my side. Thank you very much.
Operator
Thank you. Next question comes from the line of Ria Meta. An individual message. Please go ahead.
Riya Mehta
Thank you for giving me the opportunity. Question in terms of. So we were anticipating good growth in auto last quarter considering the GST growth. So what is the kind of. I understand we did high single digit growth there. So are we anticipating any further growth there in the coming quarters?
Girish Agarwal
We are talking to all the automobile industries. They they all grew pretty well in the quarter two which was a September end they all showed a very good growth but I think in October, November it wasn’t really that great for them. So hopefully now the number should start picking up for them and they start advertising more. But we are seeing good growth. In fact January also last 10 days we have seen the good advertising. So I’m very confident of the automobile category.
Riya Mehta
So I think pre Covid level we were around almost 15, 16% of our revenue used to come from auto. Are we anticipating similar percentage going forward? Like will this be back to the original levels?
Girish Agarwal
It’s already in double digit right now around 10% now from 10 to go to 15. I think all the automobile companies will have to really do a hard work so hopefully they should.
Riya Mehta
Okay, my second question is in terms of going forward in Q4 and maybe probably 2027, which are the growth areas do you anticipate in terms of sectoral? I understand education is kind of cyclical, it is quarter to quarter based. So which areas are you seeing growth coming from?
Girish Agarwal
I’m looking at growth from automobile, real estate, healthcare, banking, finance and of course education also. Now These are my 5, 6 categories which are key for me, core for me and they all are doing decent on the ground. Real estate unfortunately last one and a half, two months has gone slow after Diwali I think because of the prices hike happened countrywide. So real estate is one category which is as of now is slow. When I’m talking to the developers they all are holding onto it and let’s hope they should all start gearing up and the market picks up going forward.
Riya Mehta
Also last quarter also around I think we were, we had a high base because of election. So what would be the total amount last year which was incremental because of election?
Girish Agarwal
We because of the business confidentiality issue don’t disclose the category wise direct number. But as I mentioned to you the government category had a total government means, government, political together at a contribution of 24% which has come down to around 17% this year.
Riya Mehta
Got it. And in the government category, how much would Be the political contribution and how much would be central and state.
Girish Agarwal
My apologies, ma’. Am. We don’t disclose that again for the business confidentiality reasons.
Riya Mehta
Okay. Thank you so much for the opportunity.
Girish Agarwal
Appreciate, madam. Thank you very much.
Operator
Thank you. Next question comes from the line of Khushi, an individual investor. Please go ahead.
Jai Chauhan
Hello everybody.
Girish Agarwal
Yes, good afternoon.
Jai Chauhan
Yeah. Good morning, sir. So you clearly mentioned the sectoral growth for YTDFY26. But I would like to know what is the sectoral growth for the quarter.
Girish Agarwal
As I mentioned to you, quarter sectorial growth is not good. Because last year, if you remember the entire Navratra was on Q3. This time the Navaratra started on Q2 on 22nd 23rd of September. So the revenue shifted on the. On the Q2. There’s a reason. For a real comparison it will be better to compare nine months. Because if you look at Q then suddenly you will see the number has declined. While the business just because of the Navaratra cyclical thing shifted.
Jai Chauhan
Could you please tell me the number if possible?
Girish Agarwal
Yeah. Q3 number. As I. As I. For example, I can tell you right now on our yoy like automobile show the decline of around 12%. Actually it’s not a decline. I know. Because of Navzra 3. The business went on the. On those. Those eight days over there. For example jewelry showing a decline of around 7% here. While it is not a decline.
Jai Chauhan
In government and all this FMCG.
Girish Agarwal
Yeah, government again, same decline of that 2024%.
Jai Chauhan
Because government
Girish Agarwal
FMCG. Okay, now FMCG here has shown a 2% growth on a Q1Q. If I compare yoy basis. While if I see nine months there’s a slight decline in the. In the FMCG.
Jai Chauhan
Okay. And what is the contribution for the quarter?
Girish Agarwal
Of what?
Jai Chauhan
The sector contributions.
Girish Agarwal
Okay, sector contribution. For example automobile was 10, 11% and jewelry was 8%. Real estate was 10%. FMCG was 5%. Yep.
Jai Chauhan
And same for the YTDFY 26.
Girish Agarwal
No, that contribution percentage are different altogether.
Jai Chauhan
Yeah. Like what is the number I’m asking for the nine months?
Girish Agarwal
I don’t have it handy. That means you can connect with our Investor Relationship Manager Mr. President Pandey. He’ll be able to provide you all the details.
Jai Chauhan
Okay. So my next question is what is the ideal growth percent for the quarter?
Girish Agarwal
As I mentioned to you, 90% growth. Almost 80. 90% growth came from the volume. There’s no and
Jai Chauhan
How is it. Yeah, sorry.
Girish Agarwal
And no. No substantial growth from the yield.
Jai Chauhan
All right. And how Is it when it compared to pre Covid levels?
Girish Agarwal
I don’t have number handy here of last six year madam. But we can certainly Pandey can help you with that.
Jai Chauhan
Okay, that’s all from my side. Thank you. Thank
Girish Agarwal
You madam. Appreciate.
Operator
Thank you. Next question comes from the line of Yash R with BNK Securities. Please go ahead.
Yash Rangaswami
Yeah. Hi, sorry. Just one small clarification. The volume and the rate growth that you are seeing that has come in the growth that has come in from 80 and 20%. That is for the quarter that is for YTD. Nine months.
Girish Agarwal
Same quarter or nine months. I would actually compare nine months because this quarter as I mentioned to you some of the Diwali billing shifted earlier. So I would take it as a nine months.
Yash Rangaswami
Okay. Now you’ve mentioned clearly and we’ve also discussed this earlier that 6% growth is when we take out the elections and the elections out of the equation. Right. But what about the EBITDA or for the print business per se.
Girish Agarwal
EBITDA grew by 100 basis point if I’m not wrong. The EBITDA margin, if I look at the margin went up by 100 basis point compared to. Because of this growth on Apple to Apple comparison.
Yash Rangaswami
I mean what about in terms of percentage growth? If we can put it that way.
Girish Agarwal
One second. EBITDA margin for this quarter is 25%. Correct on a console basis.
Yash Rangaswami
Okay. And what about print
Girish Agarwal
And on the. Print side the EBITDA margin is. I don’t have a print alone right now
Yash Rangaswami
During elections.
Girish Agarwal
This is all including election. Yeah. No, I don’t have a print alone here. One second. Yeah, I have a print here. Yeah, print alone margin is 29%.
Yash Rangaswami
Okay. No, but then that’s given to be in the results as well. My question was what if we take the elections out of the equation? Like you’ve given a growth rate of 6%. Right. Excluding elections. I mean I’m trying to compare how our profitability has performed if we take the elections out of question.
Girish Agarwal
I think we have not done the number calculation on this. We can certainly give it and get back to you.
Yash Rangaswami
Sure. All right, thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question.
Girish Agarwal
Just to answer the last question asked by the gentleman. See all these numbers calculation of taking election out, putting something in and all that is more for our internal explanation. But net net we need to be focused that are we growing as a company because some election will happen last year, something else will happen this year. Our focus is that considering everything, whether it’s selection, good time, bad time and all, we should be able to be profitable and grow. That’s our focus is all about.
Thank you. Please go ahead. Next question please.
Operator
Thank you. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments.
Pawan Agarwal
Thank you everyone for your participation today and time on this earning call. I hope we’ve responded to your queries and we’ll always be happy, as we mentioned, to be of assistance to our investor relations department headed by Mr. Prasoon Kumar Pandey. For all your thank you and have a good day ahead.
Girish Agarwal
Thank you very much. Good day.
Operator
Thank you. On behalf of DBCorp Ltd. That concludes this conference. Thank you for joining us. You may now disconnect your lines.