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HT Media: Macroeconomic concerns loom large - Views on News from Equitymaster

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HT Media: Macroeconomic concerns loom large
Jul 24, 2012

HT Media announced the first quarter results of financial year 2012-2013.The company has reported a 1% YoY decrease in top line and 21% fall in net profits respectively. Here is our analysis of the results.

Performance summary
  • Top line decreased by 1% YoY during the quarter. There was a 3% YoY decline in advertising revenue in the print segment. Circulation revenues increased by 8% YoY.
  • Owing to the fall in topline and 5% rise in operating expenditure, operating profits registered a fall of 25.7% YoY during the quarter.
  • Operating margins were down by 4.5%.
  • Interest expenses jumped by 64.6% to Rs 103 m in the quarter ended June 2012.
  • Net profits fell by 21.1% YoY as compared to the same quarter last year.

Financial performance snapshot
(Rs m) 1QFY12 1QFY13 Change
Net sales 4,945 4,899 -0.9%
Expenditure 4,046 4,230 4.6%
Operating profit (EBDITA) 899 669 -25.7%
EBDITA margin (%) 18.2% 13.6% 4.5%
Other income 159 209 31.3%
Interest 63 103 64.6%
Depreciation & amortisation 214 220 3.0%
Profit before tax 782 555 -29.1%
Profit before tax margin (%) 15.8% 11.3%  
Exceptional items - -  
Tax 243 129 -47.1%
Profit after tax before moinority 539 426 -21.0%
Share of minority 25 20  
Profit after tax  515 407 -21.1%
Net profit margin (%) 10.4% 8.3%  
No. of shares (m)     235.02
Diluted earnings per share (Rs)*     6.58
P/E (x)     13.94
(*trailing twelve month earnings)

What to expect?
At the current price of Rs 92, the stock is trading at a multiple of 14 times its trailing twelve month earnings. We shall update a detailed analysis post the results conference call with the management.

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