DB Corp - 3QFY2014 result - Angel Broking

Views of Mr. Amit Patil (Research Analyst - Media, Angel Broking) on DB Corp 3QFY2014 result:

Strong advertising revenue drives top-line performance

"For 3QFY2014, DB Corp's top-line and bottom-line performance were better than expectations. Top-line grew by 18.1% yoy to Rs. 518cr, driven by strong advertising growth. Festive season coupled with recently held state elections and hike in advertising yield led to robust 18.3% yoy growth in advertising revenue to Rs. 404cr. Circulation revenue also grew in double digits, reporting 13.5% yoy increase to Rs. 83cr.

The company's operating margin expanded by 276bp yoy to 29.9% primarily on account of robust top-line growth as well as reduction in losses of emerging editions. Consequently, net profit grew by 33.5% yoy to Rs. 94cr. We recommend Accumulate on the stock with the target price under review."

Source : Equity Bulls

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