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1QFY2012 Result Review
HT Media
HT Media posted a good set of numbers both on the revenue and the profitability front. The
company reported top-line growth of 22.7% yoy to `494cr. Recurring earnings grew by robust
34.4% yoy on account of good revenue growth and a significant decrease in tax rate. Key
highlights for the quarter include 1) overall growth of ~17% yoy in advertising revenue, driven
by ~18% yoy growth in English and ~15% yoy growth in Hindi – however, sequentially, the
company’s advertising revenue growth in English was flat with only ~1.5% growth, though
advertising revenue in Hindi grew by ~18% qoq, 2) ~3.5% yoy/qoq increase in circulation
revenue, 3) ~75% yoy jump and ~17% qoq decline in radio revenue and 4) 174bp yoy OPM
contraction due to 253bp yoy gross margin contraction. We maintain our Accumulate rating on
the stock. The Target Price is currently under review.
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