For 4Q FY 2012, DB Corp consolidated net revenues grew by moderate 13.6 % y o y
to Rs. 361 cr. Top-line growth was mainly on account of modest 4.4 % y o y growth in
advertisement revenues to Rs. 246 cr and healthy 16.1 % y o y growth in circulation
revenues to Rs. 62 cr (aided by new launches during the quarter).
The company’s EBITDA margin declined by 4.1% y o y to 21 %, on back of higher newsprint
costs on a y o y basis. Consequently, Net profit for the company remained flat on a
y o y basis to Rs. 45 cr. Currently, the stock is trading at FY 2014E price to earnings
multiple of 12.7x. We maintain our Buy view on the stock with a target price of
Rs. 274.
Review by Angel Broking
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