January 27, 2017 / 15:51 IST
HTML’s revenue fell 4.6% to Rs 6.5bn on the back of an 8.6% decline in print advertising revenues while circulation revenues was up a mere 2.1% YoY. The radio business posted healthy growth of 39.4% on new station launches while underlying growth for old stations was flat. Operating profit decreased 8.7% YoY to Rs 1.1bn (52.8% above expectations) with employee cost being flat, admin & other expenses declined by 4.7%YoY.
Outlook
We upgrade HT Media to Buy with a revised TP of Rs 105 as we rollover to FY19E and now value the company based on our conservative Adj. OCF/EV yield based methodology. We continue to prefer other print peers such as Jagran Prakashan and DB Corp over HTML purely on business while HTML’s high cash reserves coupled with low valuations give us the comfort to upgrade.
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