Dear All,
Forwarding you the Result Flash on HT Media for 4QFY2011 with a Buy recommendation.
CMP: `155 Recommendation: Buy Target Price: `194
| Exhibit 1: Quarterly Summary (Consolidated) | |||||
| (` cr) | 4QFY11 | 4QFY10 | % yoy | 3QFY11 | % qoq |
| Revenue | 467.2 | 374.3 | 24.8 | 463.5 | 0.8 |
| EBITDA | 84.4 | 80.6 | 4.7 | 86.7 | (2.7) |
| OPM (%) | 18.1 | 21.5 | (347bp) | 18.7 | (64bp) |
| PAT | 53.6 | 48.5 | 10.5 | 50.0 | 7.2 |
Source: Company, Angel Research
HT Media posted a good set of number on both the revenue and the profitability front. Top-line growth was 24.8% yoy to `467cr. Recurring earnings grew a modest 10.5% yoy albeit on account of significant decrease in tax rate. Key highlights for the quarter include – 1) overall growth of 20% yoy in advertising revenue driven by 20.8% yoy growth in English and 19.5% yoy growth in Hindi. However, sequentially, the advertising revenue declined a bit, with a weak 2.1% qoq decline in English print and 0.6% qoq decline in Hindi, 2) 9.3% yoy/12.2% qoq increase in circulation revenues, 3) 80.4% yoy/ 41.8% qoq jump in radio revenues and 4) 347bp yoy OPM contraction due to 444bp yoy gross margin contraction. We maintain Buy on the stock.
Exhibit 2: Quarterly Performance (Consolidated)
| Y/E March (` cr) | 4QFY11 | 4QFY10 | % yoy | 3QFY11 | % qoq | FY2011 | FY2010 | % chg |
| Net Sales | 467.2 | 374.3 | 24.8 | 463.5 | 0.8 | 1,764.6 | 1,412.9 | 24.9 |
| Consumption of RM | 164.9 | 115.5 | 42.8 | 164.9 | (0.0) | 624.9 | 476.0 | 31.3 |
| (% of Sales) | 35.3 | 30.9 | 35.6 | 35.4 | 33.7 | |||
| Staff Costs | 76.6 | 63.1 | 21.5 | 76.0 | 0.8 | 300.9 | 252.0 | 19.4 |
| (% of Sales) | 16.4 | 16.8 | 16.4 | 17.1 | 17.8 | |||
| Advertising | 38.5 | 27.0 | 42.2 | 36.0 | 6.8 | 135.3 | 115.9 | 16.8 |
| (% of Sales) | 8.2 | 7.2 | 7.8 | 7.7 | 8.2 | |||
| Other Expenses | 102.9 | 88.1 | 16.7 | 99.9 | 3.0 | 389.2 |
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