Kotak Securities has come out with its earnings estimates on media sector for December quarter FY13. Advertising expenditures' growth has likely been soft in the quarter. However, demand from certain categories such as FMCG is likely to show continued strength, leading to benefits for TV broadcasters. Expect TV broadcasters to lead advertising growth, while advertising growth in print is likely to be subdued. We estimate 14% growth in aggregate revenues of our coverage universe. Expect EBITDA of our coverage universe to rise 17% y/y, led by growth in TV18 and Dish TV.
| Revenues (Rs in mn) | PAT (Rs in mn) | |||||
| Q3 FY13 | Q2 FY13 | QoQ % | Q3 FY13 | Q2 FY13 | QoQ % | |
| DB Corp | 4,294 | 3,784 | 13.5 | 640 | 486 | 31.6 |
| Dish TV | 5,608 | 5,336 | 5.1 | -229 | -213 | 7.2 |
| ENIL | 876 | 771 | 13.6 | 178 | 103 | 72.4 |
| HT Media | 5,700 | 5,107 | 11.6 | 492 | 333 | 47.6 |
| Jagran Prakashan | 3,452 | 3,221 | 7.2 | 788 | 694 | 13.5 |
| Sun TV | 4,776 | 4,333 | 10.2 | 1,733 | 1,517 | 14.2 |
| TV18 Broadcast | 3,851 | 3,651 | 5.5 | -39 | -406 | 0 |
| Zee Entertainment | 9,166 | 9,535 | -3.9 | 1,626 | 1,875 | -13.3 |
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