Indian newspaper publisher Jagran Prakashan (JPL) has reported that its net profit increased 51.6% in its last financial quarter.
Independent News & Media has a 21% stake in the company.
For the first three months of its financial year net profits were €6.2m, as revenues grew by almost 35% compared to the same quarter the previous year to €34.6m.
Advertising revenues were up 42%, while circulation revenues rose by 10.6%. The jump in advertising was due to increased rates, and more colour space sold.
JPL Managing Director said : 'We are pretty positive about future of media industry in general and business in particular.
JPL publishes Dainik Jagran, India's largest read and highest circulated daily newspaper.
Earlier this year, India's market regulator has rejected a proposal by Independent to raise its stake in Jagran Prakashan.
Under Indian rules if a holder of over 20% raises its stake, it must make an open offer to buy another 20%.
