Jagran Prakashan - 4QFY2013 Result Review - Angel Broking

Jagran announced its 4QFY2013 results. The company's top-line was in-line with our estimates, growing by 10.5% yoy to Rs. 343cr, driven by 8.2% yoy growth in advertising revenue to Rs. 228cr and 21.3% yoy growth in circulation revenue to Rs. 76cr (aided by increase in cover prices over the year). However, its OPM was below expectation, contracting by 547bp yoy to 15.8%. Consequently, PAT declined by 10.2% yoy to Rs. 34cr. At the current market price, Jagran is trading at 12x FY2015E consolidated EPS of Rs. 6.5.

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

Source : Equity Bulls

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