HT Media Ltd - Q1FY12 Result Update ::Unicon

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

HT Media Ltd- Q1FY12 Result Update

HT Media Ltd Q1FY12 numbers were broadly in line with our estimates, with revenue registering a ~23% growth YoY from INR 4.1 bn to INR 5 bn. EBITDA witnessed a growth of ~12% YoY to INR 903 mn from INR 808 mn. The EBITDA margins registered a decline of 177 bps due to the higher newsprint prices and increase print order. However, the company registered a growth of ~24% YoY in PAT from INR 414 mn to INR 515 mn due to increase in other income and lower tax rate.

Outlook and valuation

HTML posted better than expected Q1FY12 result. Going forward, management has guided a muted ad growth for near term, with interest rate sensitive sectors like real estate and financials cutting down on ad spending. Moreover, company is cross selling advertising inventory across division which is expected to give better utilization levels. At CMP the stock trades at PE multiple of 17.6x and 14x for FY12E and FY13E earning respectively. We maintain BUY on the stock with the target price of INR 200.

Thanks & Regards

Unicon Wealth Research