Bright Outdoor Media H1 profit rises 9.4 per cent to Rs 11.03 crore

MUMBAI: Bright Outdoor Media has found more room to shine, with the outdoor advertising company reporting higher revenue and profit for the half-year ended 30 September 2026. Its standalone revenue from operations rose 13.9 per cent year on year to Rs 71.19 crore, while net profit increased 9.4 per cent to Rs 11.03 crore.

The company had recorded revenue from operations of Rs 62.51 crore and net profit of Rs 10.08 crore in the corresponding six-month period last year. The latest results, approved by the board on 16 October, show that the company continued to grow its top line, although rising operating expenses moderated the improvement in profitability.

Total revenue, including other income, climbed to Rs 71.85 crore in the April-September period from Rs 63.31 crore a year earlier. Total expenses increased to Rs 57.23 crore from Rs 49.74 crore, while profit before tax rose to Rs 14.62 crore from Rs 13.57 crore.

After tax expenses of Rs 3.59 crore, Bright Outdoor Media reported a profit of Rs 11.03 crore for the half-year, compared with Rs 10.08 crore in the year-ago period. Earnings per share stood at Rs 10.25, against Rs 11.54 in the corresponding period last year, according to the company’s financial statement.

The revenue growth came primarily from its advertising and publicity business, which remains the company’s principal revenue contributor. Advertising services generated Rs 70.43 crore in the six months ended September 2026, up from Rs 61.86 crore a year earlier. The segment accounted for the bulk of the company’s overall revenue.

The real estate business contributed Rs 76.85 lakh during the period, compared with Rs 64.88 lakh in the corresponding half-year last year. Although smaller than advertising, the segment also recorded an increase in revenue.

However, the higher revenue did not translate into stronger segment-level profitability across the board. The advertising services segment reported a result of Rs 16.91 crore, compared with Rs 18.13 crore a year earlier. The real estate segment’s result declined to Rs 11.45 lakh from Rs 32.04 lakh.

The company’s expense profile offers some explanation for the pressure. Direct and other related expenses rose to Rs 49.34 crore from Rs 42.66 crore, while employee benefit expenses increased to Rs 2.94 crore from Rs 2.22 crore. Other expenses climbed to Rs 3.50 crore from Rs 3.12 crore.

Depreciation and amortisation expenses stood at Rs 1.32 crore, marginally higher than Rs 1.27 crore in the year-ago period. Finance costs, by contrast, fell sharply to Rs 2.04 lakh from Rs 13.36 lakh. Corporate social responsibility expenses declined to Rs 10.50 lakh from Rs 33 lakh.

The figures also show how the business has evolved over a longer period. In the six months ended September 2024, Bright Outdoor Media reported revenue from operations of Rs 57.21 crore and net profit of Rs 9.14 crore. Compared with that period, revenue in the latest half-year increased by around 24.4 per cent, while net profit grew by approximately 20.7 per cent.

For the full financial year ended 31 March 2026, the company had reported revenue from operations of Rs 153.03 crore and total revenue of Rs 155.43 crore. Net profit for that year stood at Rs 24.05 crore, with profit before tax at Rs 32.35 crore.

Its balance sheet showed total assets of Rs 224.10 crore as of 30 September 2026, compared with Rs 221.09 crore at the end of March. Inventories increased to Rs 50.91 crore from Rs 47.68 crore, while trade receivables rose to Rs 81.30 crore from Rs 78.75 crore.

Cash and cash equivalents stood at Rs 25.29 crore at the end of September, slightly below the Rs 25.49 crore recorded at the end of March. Short-term loans and advances increased to Rs 43.82 crore from Rs 40.50 crore.

On the liabilities side, trade payables to creditors other than micro and small enterprises declined to Rs 15.58 crore from Rs 24.90 crore. Other current liabilities, however, increased to Rs 12.06 crore from Rs 9.62 crore. Reserves and surplus rose to Rs 173.58 crore from Rs 163.74 crore, while share capital remained unchanged at Rs 21.82 crore.

The cash flow statement showed net cash generated from operating activities of Rs 58.59 lakh for the half-year, compared with Rs 3.61 crore in the corresponding period last year. Net cash from investing activities was Rs 1.81 crore, against a net outflow of Rs 1.07 crore a year earlier. Financing activities used Rs 1.11 crore, primarily reflecting dividend payments of Rs 1.09 crore and finance costs of Rs 2.04 lakh.

The company’s net increase in cash and cash equivalents during the half-year was Rs 1.28 crore. The cash flow statement reported closing cash and cash equivalents of Rs 5.48 crore, compared with Rs 4.19 crore at the beginning of the period. This cash flow figure differs from the balance sheet’s cash and cash equivalents figure of Rs 25.29 crore, and the two should not be treated as interchangeable.

Bright Outdoor Media operates across two business segments advertising and publicity, and real estate. Its unaudited half-year results were reviewed by the audit committee and approved by the board on 16 October 2026. The statutory auditor, Vandana V. Dodhia & Co., issued an unmodified conclusion on the limited review of the financial results.

The numbers present a mixed but broadly positive picture for the company. Revenue and net profit have risen year on year, and the balance sheet has expanded modestly. At the same time, higher operating expenses, softer advertising segment results and lower operating cash generation indicate that revenue growth alone will not tell the full story of its performance in the coming quarters.