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IBN 18- BUY
n Revenue up 22% Y-o-Y, ahead of our estimate
IBN18’s Q3FY11 revenues rose 22% Y-o-Y to INR 2,360 mn (ahead of our estimate of
INR 2,166 mn); revenues jumped 25% Q-o-Q. Colors has retained its strong no.2
position in the GEC space on the back of reality show Big Boss 4, premiere of Dabangg
and its fiction shows. MTV and Nick have maintained their market leadership in the youth
and kids genre respectively. Consequently, Viacom18 posted a 21% revenue growth Y-o-
Y. CNN IBN maintained its le adership position in the general news space with a 30%
market share. Also, there has been a strong ratings growth at IBN7. Y-o-Y revenue
growth for general news and IBN Lokmat stood at 24% and 16% respectively. Q3FY11
revenues for GEC and general news were boosted by festive season related ad spends.
Subscription revenue upside, from SUN18 entering into long term contracts with DTH
companies and cable operators, is expected in FY12.
n EBITDA margin expand 3x Y-o-Y
The company recorded an EBITDA of INR 321 mn (against our estimate of INR 60 mn),
an impressive improvement from INR 80 mn in Q3FY10 and INR 20 mn in Q2FY11.
EBITDA margin in Q3FY11 stood at 13.6% against 4.1% in Q3FY10. Viacom18’s reported
an operating profit of INR 510 mn (against INR 90 mn in Q3FY10) on the back of strong
ad revenue growth. General news operating profit increased to INR 80 mn from INR 55
mn in Q3 FY10 and a loss of INR 70 mn in Q2FY11 as revenues grew 39% Q-o-Q.
n IBN18 records PAT level profitability
In Q3FY11, IBN18 reported a PAT of INR 198 mn against a loss of INR 106 mn in Q3FY10
and a loss of INR 129 mn in Q2FY11.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
IBN 18- BUY
n Revenue up 22% Y-o-Y, ahead of our estimate
IBN18’s Q3FY11 revenues rose 22% Y-o-Y to INR 2,360 mn (ahead of our estimate of
INR 2,166 mn); revenues jumped 25% Q-o-Q. Colors has retained its strong no.2
position in the GEC space on the back of reality show Big Boss 4, premiere of Dabangg
and its fiction shows. MTV and Nick have maintained their market leadership in the youth
and kids genre respectively. Consequently, Viacom18 posted a 21% revenue growth Y-o-
Y. CNN IBN maintained its le adership position in the general news space with a 30%
market share. Also, there has been a strong ratings growth at IBN7. Y-o-Y revenue
growth for general news and IBN Lokmat stood at 24% and 16% respectively. Q3FY11
revenues for GEC and general news were boosted by festive season related ad spends.
Subscription revenue upside, from SUN18 entering into long term contracts with DTH
companies and cable operators, is expected in FY12.
n EBITDA margin expand 3x Y-o-Y
The company recorded an EBITDA of INR 321 mn (against our estimate of INR 60 mn),
an impressive improvement from INR 80 mn in Q3FY10 and INR 20 mn in Q2FY11.
EBITDA margin in Q3FY11 stood at 13.6% against 4.1% in Q3FY10. Viacom18’s reported
an operating profit of INR 510 mn (against INR 90 mn in Q3FY10) on the back of strong
ad revenue growth. General news operating profit increased to INR 80 mn from INR 55
mn in Q3 FY10 and a loss of INR 70 mn in Q2FY11 as revenues grew 39% Q-o-Q.
n IBN18 records PAT level profitability
In Q3FY11, IBN18 reported a PAT of INR 198 mn against a loss of INR 106 mn in Q3FY10
and a loss of INR 129 mn in Q2FY11.
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