Motilal Oswal
Consol. revenue declined 14% YoY (-12% QoQ) to INR2b (16% miss). Ad revenue fell 15% YoY to INR1.5b, primarily due to a high base (4QFY17 ??? due to UP elections). Circulation revenue was down 11% YoY to INR0.5b, mainly due to lower yields. Consol. EBITDA fell 54% YoY to INR264m (59% miss), with the margin down 11.1pp YoY to 13.1%. Yet, PAT fell by a meager 5% YoY (-18% QoQ) to INR403m (27% miss), aided by a 54% YoY jump in other income. For FY18, revenue/EBITDA declined 6%/12% to INR8.8b/INR1.8b (4%/18% miss), while PAT fell 8% to INR1.8b (8% miss).
Hindustan Media Ventures Ltd. average weekly volume is high.
Joindre Capital Services
HMVL is a 75% subsidiary of HT Media Ltd., the publisher of Hindustan Times and Mint. As of now, Hindustan' is the second-largest selling daily newspaper in India (across languages), and a leader by a wide margin in the...
Hindustan Media Ventures Ltd. is trading above it's 150 day SMA of 47.0
Motilal Oswal
3QFY18revenue came in flat YoY (9% QoQ) at INR2.3b (in line v/s est. of INR2.35b), despite a low base (3QFY17 was impacted by demonetization), largely due to (i) shift of Diwali ad spends to 2Q this year and (ii) lackluster local ad spend due to GST-related uncertainty. EBITDA increased 43% YoY (+29% QoQ) to INR583m (est. of INR439m), as 3QFY17 included high one-off expense related to HT Digital hive-off. EBITDA margin expanded 760bp YoY to 25.3%. PAT rose 12%/20% YoY/QoQ (at a slower rate than EBITDA) to INR493m on a high tax rate. Ad spend recovered partly from the FMCG, auto, banking and finance sectors, while real estate and government were laggards (overall ad growth was 4%, of which 3% was contributed by volumes and 1% by yield). Circulation segment, on the contrary, witnessed a steep 14% revenue decline, though HMVL stated it maintained market share in UP and Bihar.
Hindustan Media Ventures Ltd. average weekly volume is high.
Emkay
GST-linked transition pangs and a well spread-out festive season affected Advertisement revenue growth while lower cover price in UP and Bihar continued to dent circulation revenue. EBITDA improvement was backed by cost rationalization measures. Ad revenue increase of 5% yoy was driven by yield improvement (2%) and volume growth (3%). Continued impact of GST transition, RERA and muted spends from government...
Hindustan Media Ventures Ltd. is trading above it's 150 day SMA of 47.0
Emkay
GST led transition affected Advertising growth while competitive intensity in core markets dented Circulation revenue growth. EBITDA decline was restricted to 10% yoy owing to strict cost-control initiatives. Total expenditure was 10% lower than our estimate. Ad revenue decline of 8% yoy was led by 20% yoy drop in UP on account of a higher base. Bihar and Jharkhand recorded marginal growth. Ad volume was down 12% yoy while yield...
Hindustan Media Ventures Ltd. is trading below it's 200 day SMA of 51.9
Motilal Oswal
EBITDA margin shrunk 50bp YoY (flat QoQ) to 21.5% (50bp above est. of 21%). PAT plunged 25% YoY (-9% QoQ) to INR409m (est. of INR445m). High base, GST pull down ad business: Ad revenue declined 8% YoY to INR1.6b (est. of INR1.7b), mainly led by ~12% YoY volume decline due to GST, RERA and a high base (UP elections last year). The strategy to boost yield saw the largest impact on FMCG, health and fitness segment, partly offset by a 5% yield improvement led by resurgence in Auto, BFSI and other sectors. Circulation revenue growth on a freefall: Circulation revenue continued to...
Hindustan Media Ventures Ltd. is trading below it's 200 day SMA of 51.9
Karvy
Impact of Demonetisation Led to Drop in Ad Volumes Duringthe Quarter; Outlook Continues to Remain Positive HMVLs revenue witnessed a drop of -4.2% to Rs.2303 Mn in Q3FY17 fromRs.2404 Mn in Q3FY16 mainly on account of the effect of demonetisation. The ad revenues dropped to the tune of -7.0% to Rs.1688 Mn in Q3FY17 fromRs.1816 Mn in Q3FY16 mainly due to the decrease in the ad volumes, however circulation revenue witnessed a growth of 4.3% during the quarter to Rs. 561 Mnfrom Rs. 538 Mn in Q3FY16. EBITDA during the quarter decreased by -32.2% to Rs.409 Mn from Rs.604 Mn in Q3FY16, mainly on account of increase in the otherexpenses due to the scheme of transfer of Multi-Media Content Management to the HDTSL (HT Digital Streams Ltd) on slump exchange basis.
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Hindustan Media Ventures Ltd. is trading above it's 150 day SMA of 47.0