Views on HT Media 3QFY2014 results - Angel Broking

Views of Mr. Amit Patil (Research Analyst - Media, Angel Broking) on HT Media 3QFY2014 results:

Top-line and bottom-line performance better than estimates

"For 3QFY2014, HT Media's top-line and bottom-line performance were better than our expectations. Top-line grew by 4.8% yoy to Rs. 573cr (ahead of our estimates of Rs. 560cr). The company reported robust 17.7% yoy growth in circulation revenue to Rs. 67cr, primarily driven by increase in realization per copy. Advertising revenue also posted healthy growth of 8.8% yoy to Rs. 452cr, driven by increase in advertising yields and volumes. However, OPM contracted by 89bp yoy to 15.1%. Consequently, Net profit grew by 24.9% yoy to Rs. 67cr (ahead of our estimate of Rs. 64cr). We maintain Buy on the stock with a target price of Rs. 95."

Source : Equity Bulls

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