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Result Reviews
DB Corp.
For 4QFY2011, DB Corp. reported strong top line with consolidated revenue growth of
23.4% yoy/12.8% qoq to `317cr (`257cr/`281cr). Advertising revenue grew by 30.6% yoy
(down 11.6% qoq) to `249cr (`190.7cr/`281.7cr), while circulation revenue grew
marginally by 1.3% yoy (down 1.1% qoq) to `53.4cr (`52.7cr/`54cr). The decline in
advertisement revenue on a sequential basis was expected on account of consolidation of
high base (as 3Q consolidated the entire festive season for FY2011); however, the decline
in circulation revenue on a sequential basis may hint at market share losses. Recurring
consolidated earnings grew strongly by 29% yoy (down 7.7% qoq) to `45cr (`35cr/`50cr),
aided by a decrease in interest expense (down 60.8% yoy/61.5% qoq, as the company
repays its debt) and lower tax rate (down 177bp yoy/349% qoq). On the operating margin
front, the company faced margin pressures on account of gross margin contraction (gross
margin contracted by 216bp yoy/279bp qoq), increased staff cost (up 149bp yoy/352bp
qoq) and higher SG&A expense (up 21bp yoy/318bp qoq). The SMEL demerger was also
consolidated during the quarter. A detailed note would be released post the conference
call with the management. The stock is currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Reviews
DB Corp.
For 4QFY2011, DB Corp. reported strong top line with consolidated revenue growth of
23.4% yoy/12.8% qoq to `317cr (`257cr/`281cr). Advertising revenue grew by 30.6% yoy
(down 11.6% qoq) to `249cr (`190.7cr/`281.7cr), while circulation revenue grew
marginally by 1.3% yoy (down 1.1% qoq) to `53.4cr (`52.7cr/`54cr). The decline in
advertisement revenue on a sequential basis was expected on account of consolidation of
high base (as 3Q consolidated the entire festive season for FY2011); however, the decline
in circulation revenue on a sequential basis may hint at market share losses. Recurring
consolidated earnings grew strongly by 29% yoy (down 7.7% qoq) to `45cr (`35cr/`50cr),
aided by a decrease in interest expense (down 60.8% yoy/61.5% qoq, as the company
repays its debt) and lower tax rate (down 177bp yoy/349% qoq). On the operating margin
front, the company faced margin pressures on account of gross margin contraction (gross
margin contracted by 216bp yoy/279bp qoq), increased staff cost (up 149bp yoy/352bp
qoq) and higher SG&A expense (up 21bp yoy/318bp qoq). The SMEL demerger was also
consolidated during the quarter. A detailed note would be released post the conference
call with the management. The stock is currently under review.
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