HT Media - Q1FY14 Result Review - Angel Broking

HTMedia's top-line performance was better than our expectations, growing by 10.4% yoy to Rs. 541cr largely driven by 9.9% yoy growth in advertising revenues to Rs. 410cr. Circulation revenue also registered strong growth of 15.8% yoy to Rs. 61cr. On the operating front, OPM expanded by 77bp yoy to 14.4%. Consequently, profit grew by 16.8% yoy to Rs. 47cr. At the current market price, HTMedia is trading at 10.5x FY2015E consolidated EPS of Rs. 9.1.

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

Source : Equity Bulls

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