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D.B.Corp Ltd — Impressive progress in
Jharkhand market
Country Overview
Meet allay fears on execution capabilities for new launches
We recently attended DB Corp’s (DBCL) investor meet at Ranchi. DBCL
launched its Hindi edition - Dainik Bhaskar in Ranchi (Aug 2010) & Jamshedpur
(Dec 2010) in the state of Jharkhand. Analyst meet reinforced our view of strong
execution capability in entering new states. Key takeaways 1) DBCL has been
able to create a strong presence in Ranchi city with a daily circulation base of 1.5
lakh copies vs. market leader (1.3 lakh copies), 2) empanelment with state
government within four months of launch vs. expected 12-15 months, and 3) likely
EBITDA break even by 4Q FY12 for Jharkhand region, ahead of its earlier
expectations of FY13.
Channel checks indicate strong presence
Management pegged the Jharkhand ad market at around Rs1.5bn, growing at
~30% yoy. Interactions with advertisers & newspaper distributors during the meet
indicated increasing preference for Dainik Bhaskar, though market leader Prabhat
Khabar remains the first choice for consumers & advertisers in Ranchi city. We
believe the ability to provide strong local coverage and leverage on content from
12 states where DBCL has presence remains key differentiator.
Plans to launch editions in Maharashtra and Bihar in FY12
Management highlighted that it intends to launch its first Marathi language edition
in Aurangabad, Maharashtra (June 2011) and aims to launch in Bihar in Oct 2011
itself. It has roped in Mr Kumar Ketkar ex-chief editor of Loksatta with over 30
years of experience to head its operations in Maharashtra.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
D.B.Corp Ltd — Impressive progress in
Jharkhand market
Country Overview
Meet allay fears on execution capabilities for new launches
We recently attended DB Corp’s (DBCL) investor meet at Ranchi. DBCL
launched its Hindi edition - Dainik Bhaskar in Ranchi (Aug 2010) & Jamshedpur
(Dec 2010) in the state of Jharkhand. Analyst meet reinforced our view of strong
execution capability in entering new states. Key takeaways 1) DBCL has been
able to create a strong presence in Ranchi city with a daily circulation base of 1.5
lakh copies vs. market leader (1.3 lakh copies), 2) empanelment with state
government within four months of launch vs. expected 12-15 months, and 3) likely
EBITDA break even by 4Q FY12 for Jharkhand region, ahead of its earlier
expectations of FY13.
Channel checks indicate strong presence
Management pegged the Jharkhand ad market at around Rs1.5bn, growing at
~30% yoy. Interactions with advertisers & newspaper distributors during the meet
indicated increasing preference for Dainik Bhaskar, though market leader Prabhat
Khabar remains the first choice for consumers & advertisers in Ranchi city. We
believe the ability to provide strong local coverage and leverage on content from
12 states where DBCL has presence remains key differentiator.
Plans to launch editions in Maharashtra and Bihar in FY12
Management highlighted that it intends to launch its first Marathi language edition
in Aurangabad, Maharashtra (June 2011) and aims to launch in Bihar in Oct 2011
itself. It has roped in Mr Kumar Ketkar ex-chief editor of Loksatta with over 30
years of experience to head its operations in Maharashtra.
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