Jagran Prakashan - RESULT UPDATE - Q1FY14 - SPA Securities

Jagran Prakashan Ltd. (JPL) registered numbers broadly in line with our expectations. The standalone (including Nai Dunia) income of the company grew by 12% YoY to INR 3,847mn on like to like basis. Operating profit margin expanded by 326bps YoY to 26.33%. PAT, however, increased by 9% YoY due to re-emergence of tax expense with exhaustion of tax benefits on merger with Nai Dunia.

We remain positive on the company's long term outlook and maintain BUY recommendation on the stock with 18 months target price of INR 160, based on our DCF valuation methodology.

Source : Equity Bulls

Keywords