DBCorp - Q4FY13 Result Review - Angel Broking

For 4QFY2013, DB Corp's top-line performance was in-line with our expectations, growing by 12.7% yoy to Rs. 398cr, primarily on account of 13.1% yoy growth in advertising revenue to Rs. 298cr. On the operating front, the company reported 303bp yoy expansion in OPM to 23.6% aided by reduction in losses of emerging editions (Rs. 5.8cr loss in 4QFY2013 vs a loss of Rs. 18.5cr in corresponding quarter last year). Consequently, net profit grew by 22.0% yoy to Rs. 55cr. At the current market price, DB Corp is trading at 14.3x FY2015E consolidated EPS of Rs. 16.9.

We recommend Buy on the stock with the target price under review.

Source : Equity Bulls

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