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• 3rd largest print media company in India in terms of
readership share, with presence in English and Hindi print;
surpassed DNA in readership share and is now the secondlargest
newspaper in Mumbai
• Has a significant presence in North India; forecast a 20%
CAGR for its Hindi print advertising revenue over FY10-14,
primarily led by strong growth in UP
• Third phase of radio licensing announced recently to act as
potential trigger in near term
• Plans to monetise its Delhi NCR editions (Noida and
Gurgaon), which should help further improve yields; to
invest in the expansion of its Internet business
• EBITDA for Mint (second-largest business daily) and HT
Mumbai should break even in FY12 and FY13
• Expect strong revenue growth to come from Bihar and Uttar
Pradesh (UP)
• Shareholding: promoters – 69%
• Valuation: Value at FY13E P/E multiple of 18.0x
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