Jagran Prakashan - March 2013 Results Preview - Motilal Oswal

- We expect advertising revenue to grow 6% YoY to INR2.23b on a standalone basis.

- We expect circulation revenue to grow 10% YoY to INR0.69b.

- Jagran's aggregate revenue is likely to grow 7% YoY to INR3.31b.

- We estimate EBITDA of INR0.74b, up 13% YoY. We expect EBITDA margin to improve 120bp YoY to 22.5%.

- Adjusted PAT is expected at INR0.4b, down 6% YoY due to high base given forex gain in 4QFY12.

- The stock trades at a P/E of 15.8x FY14E and 13.2x FY15E. Buy.

Source : Equity Bulls

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