Views on HT Media 4QFY2014 results - Angel Broking

Views of Mr. Amit Patil (Research Analyst – Media, Angel Broking) on HT Media 4QFY2014 results:

Top-line and bottom-line in-line with our expectations

"For 4QFY2014, HT Media reported modest 8.7% yoy growth in its top-line to Rs. 544cr (slightly ahead of our estimates of Rs. 532cr), aided by strong growth in advertising revenues in Hindi markets. However, top-line numbers are not directly comparable yoy due to the absence of revenues from Burda JV segment (which was sold off in 2QFY2014). On the EBITDA margin front, the company's margins contracted by 47bp yoy to 13.9% (in line with our expectation of 14% margin). Consequently, adjusted profit posted flat yoy growth to Rs. 42cr. We recommend Buy on the stock with the target price of Rs. 105."

Source : Equity Bulls

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