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HMVL (HMVL, INR 184, not rated)
· Total revenues up 23% at INR 1,257 mn from INR 1,026 mn in Q2FY10
· 30% increase in ad revenues to INR 914 mn from INR 706 mn driven by growth in
volume and pricing
· 5% decline in circulation revenues to INR 288 mn from INR 304 mn primarily on account
of lower realization
· EBITDA marginally declined to INR 201 mn from INR 208 mn in Q2FY10 led by:
· Increase in cost of raw material to INR 518 mn from INR 375 mn due to increase in
circulation, pagination and higher newsprint prices
· PAT for Q2FY11 is INR 107 mn representing a margin of 8%
