ICICI Direct recommended hold rating on HT Media stock market with a target price of Rs 120 in its research report dated January 15, 2018.
ICICI Direct's research report on HT Media stock price
Revenues at Rs 625.4 crore (fell 3.8% YoY) came in below our estimate of Rs 629.2 crore. Hindi ad revenue came in at Rs 177 crore, up 4.9% YoY vs. our estimate of ~3% YoY growth. English ad revenue declined 7.6% YoY (our estimate: ~7% decline). The performance of radio was disappointing at 4.8% YoY revenue growth. Digital business revenues were impacted by weak performance of shine.com The company’s continued effort on cost savings aided EBITDA margins, which came in at 21.5%. On the costs front, savings in administrative and other expenses aided the EBITDA beat Reported PAT came in higher at Rs 124.4 crore as there were certain one-offs in the quarter pertaining to (1) other income included one-time gain of Rs 31.2 crore on sale of land & building, (2) tax reversal of Rs 23.6 crore arising from finalisation of the return of the previous year, which was recognised during the quarter. Adjusted PAT came in lower at Rs 69.6 crore (vs. expectation of Rs 77 crore).
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