Scripscan:Hindustan Media Ventures Ltd
cmp:119
Code:533217
Story:Hindustan Media Ventures (HMVL)'s top-line grew 9% YoY to reach Rs1.4bn, below expectations wherein the Ad revenue grew at 8% YoY (sequential degrowth of 10%) to Rs1.02bn. Circulation revenue registered a healthy growth of 8%YoY (QoQ growth of 1.5%) to Rs338mn led by increased circulation copies and better realisation. Raw Material as a percentage of sales increased 193bps from 44.2% to 46.1%YoY because higher newsprint cost. OPM declined from 14.1% in Q3FY11 to 11.7% in Q3FY12.Resultant PAT declined to Rs108mn (7% de-growth YoY).The company reported Ad revenue (72% of total revenue) growth of 8% YoY to Rs1.02bn. Circulation revenue grew by 1.5% sequentially (8% YoY) to Rs338mn due to higher circulation and improved realisation. Raw material cost increased 13% YoY to Rs656mn with raw material as a percentage of sales increasing to 46.1% from 44.2% in Q3FY11 mainly due to increase in newsprint prices and higher consumption of newsprint. Other expenses were higher 22% YoY to Rs371mn due to increase in scale of operations and a one-time provision of Rs25mn for diminution in value of investment. EBITDA increased 4% YoY to Rs166mn delivering an OPM of 11.7%, 239bps lower than Q2FY11. Resultant PAT contracted 7% YoY to Rs108mn.I believe, HMVL being the fastest-growing Hindi news daily, is well entrenched to deliver revenue CAGR of 13% and PAT CAGR of 24% over FY11-FY13E.I expect the expansion in UP(the largest print market) to yield better monetisation in the coming quarters. At the CMP, the stock trades at 11xFY13E EPS.
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