Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HT Media
HT Media (HTML) posted a good set of numbers on the revenue as well as the profitability front.
The company reported top-line growth of 24.8% yoy to `467cr. Recurring earnings grew by
modest 10.5% yoy albeit on account of a significant decrease in tax rate. Key highlights for the
quarter include – 1) overall growth of 20% yoy in advertising revenue, driven by 20.8% yoy
growth in English and 19.5% yoy growth in Hindi. However, sequentially, advertising revenue
declined a bit, with a weak 2.1% qoq drop in English print and a 0.6% qoq decline in Hindi,
2) 9.3% yoy/12.2% qoq growth in circulation revenue, 3) an 80.4% yoy/41.8% qoq jump in
radio revenue and 4) a 347bp yoy OPM contraction due to 444bp yoy gross margin
contraction. At the CMP, HTML is trading at 16x FY2013E consolidated EPS of `9.7.
We maintain our Buy recommendation on the stock with a target price of `194.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HT Media
HT Media (HTML) posted a good set of numbers on the revenue as well as the profitability front.
The company reported top-line growth of 24.8% yoy to `467cr. Recurring earnings grew by
modest 10.5% yoy albeit on account of a significant decrease in tax rate. Key highlights for the
quarter include – 1) overall growth of 20% yoy in advertising revenue, driven by 20.8% yoy
growth in English and 19.5% yoy growth in Hindi. However, sequentially, advertising revenue
declined a bit, with a weak 2.1% qoq drop in English print and a 0.6% qoq decline in Hindi,
2) 9.3% yoy/12.2% qoq growth in circulation revenue, 3) an 80.4% yoy/41.8% qoq jump in
radio revenue and 4) a 347bp yoy OPM contraction due to 444bp yoy gross margin
contraction. At the CMP, HTML is trading at 16x FY2013E consolidated EPS of `9.7.
We maintain our Buy recommendation on the stock with a target price of `194.
No comments:
Post a Comment