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D.B.Corp Ltd
Announces Maharashtra launch
„Plans to enter Maharashtra; delays Bihar launch
DB Corp Ltd (DBCL) today at its analyst meet announced its plan to expand its
operations in Maharashtra state in Marathi language. Maharashtra (excl English
ad) is one of the largest regional markets, with estimated ad spend of Rs7bn,
growing at over 15% yoy. Management expects first edition to be launched before
Oct 2011. However, it now intends to launch its edition in Bihar, with a delay of
five to six months post Maharashtra launch. DBCL last year had announced its
plans to launch editions in Jharkhand (FY11) & in Bihar (FY12).
Competitive dynamics similar to Bihar, though lucrative
Competitive dynamics in Marathi language print we believe is similar to Bihar with
presence of two large players i.e. Lokmat (~43% readership share) and Sakal
(~25% share). However ad market at Rs7bn is three times bigger than Bihar and
remains lucrative.
Retaining new launch exps for now
While we await clarity on launch specifics, management clarified that it is not likely
to launch editions in English ad dominated markets such as Mumbai and will
consider Pune only in Phase II. With other markets which have lower circulation
base being considered in Phase I and Bihar launch postponed, we are retaining
our estimates on new launch expenses for now. We had assumed losses Rs1bn
over FY11-13e towards launch in Jharkhand & Bihar.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
D.B.Corp Ltd
Announces Maharashtra launch
„Plans to enter Maharashtra; delays Bihar launch
DB Corp Ltd (DBCL) today at its analyst meet announced its plan to expand its
operations in Maharashtra state in Marathi language. Maharashtra (excl English
ad) is one of the largest regional markets, with estimated ad spend of Rs7bn,
growing at over 15% yoy. Management expects first edition to be launched before
Oct 2011. However, it now intends to launch its edition in Bihar, with a delay of
five to six months post Maharashtra launch. DBCL last year had announced its
plans to launch editions in Jharkhand (FY11) & in Bihar (FY12).
Competitive dynamics similar to Bihar, though lucrative
Competitive dynamics in Marathi language print we believe is similar to Bihar with
presence of two large players i.e. Lokmat (~43% readership share) and Sakal
(~25% share). However ad market at Rs7bn is three times bigger than Bihar and
remains lucrative.
Retaining new launch exps for now
While we await clarity on launch specifics, management clarified that it is not likely
to launch editions in English ad dominated markets such as Mumbai and will
consider Pune only in Phase II. With other markets which have lower circulation
base being considered in Phase I and Bihar launch postponed, we are retaining
our estimates on new launch expenses for now. We had assumed losses Rs1bn
over FY11-13e towards launch in Jharkhand & Bihar.
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