Entertainment Netwrok India Ltd - Robust quarter, Retain BUY - Emkay

Reco: BUY
CMP: Rs 222
Target Price: Rs 290

- Strong quarter- Revenue at Rs852mn (+28.3% yoy), EBITDA at Rs299mn (+48.5% yoy), EBITDA margin at 35.1% expanded 584bps yoy & 176bps qoq. APAT at Rs182mn (+41% yoy)

- Revenue growth was driven by 35% yoy growth in utilization. However, higher revenue share of low-priced ad rate stations impacted blended yield by 9% yoy

- Going forward, revenue growth would be driven by strong utilization in H1FY14E and yield improvement in H2FY14E

- Raise EPS by 10%/11% for FY14/15E driven by higher volume assumption. Maintain BUY with a TP of Rs290 (16x FY15E EPS of Rs18)

Source : Equity Bulls

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