TV Today Network Ltd. share price target

ICICI Securities Ltd | Retail Equity Research The company reported a topline of | 181.1 crore, including India Today Group digital division revenues (merged post acquisition in Q4FY18). Thus, it is not comparable on an earlier reported number basis. Broadcasting revenues at | 158.6 crore fell 1.5% YoY (lower than anticipated growth of ~9%) and significantly weaker than Zee Media & TV18 news business that reported revenue growth of 24.3% YoY & 12%YoY, respectively, during the quarter. Radio business...

For 3QFY2018, TV Today Network Ltd (TTNL) posted results in-line with our expectations on both top-line as well as bottom-line fronts. Revenue grew by ~23% yoy to `174cr driven by higher growth in ad revenue segment. On the operating front, margins improved by 320bp yoy, which resulted in strong PAT growth of ~36% yoy to `36cr. ..

The company reported a topline of | 173.6 crore, which was ahead of our expectation of | 164.5 crore driven by strong TV broadcasting revenues (aided by Gujarat elections) of | 167 crore (grew 21% YoY). The growth was also aided by favourable low base of demonetisation. We note that while the broadcasting revenue growth was lower than Zee Media Corp, which reported growth of 46.5% YoY during the quarter, it was better than TV18's (business & general news) revenue growth of 14% YoY. The radio business revenues also came in...

The topline came in |144.4 crore vs our expectations of |147.1crore because of slightly lower than expected broadcasting revenue growth (6.8% YoY vs expectation of 8.2% YoY). The radio business revenues came in at |4.5 crore (up 2.3x YoY). We note that compared to peers it was a relatively better growth except vis--vis Zee Media. TV18 standalone revenues (largely news channels) declined by 1% YoY, while NDTV broadcasting revenues declined by ~11.9% YoY The revenue growth for Zee Media was ~23,9% YoY during Q2FY18....

TV Today reported healthy Q4FY17 result as advertising revenue is back on growth track, post subdued growth in Q3FY17 due to demonetisation. Net sales increased by 16.2% yoy. The company's prudent operating cost management led EBITDA improvement by 45.6% yoy. Advertising revenue for broadcasting industry is expected to grow at a healthy rate in FY18E/19E. TVToday's strong positioning in news genre will benefit the company to garner higher ad revenue.

Revenues came in at | 164.7 crore, up 10.1% YoY and higher than our expectation of | 149.2 crore as TV advertisement revenues showed some recovery in the quarter benefiting from UP elections. Also, the overall TV broadcasting segment posted revenues of | 161 crore, up 15% YoY. The quarter also witnessed a stellar improvement in the performance of the radio segment wherein revenues came in at | 3.7 crore against | 1.9 crore in the base quarter EBITDA came in at | 46.9 crore (I-direct estimate: | 44.5 crore) owing...

TV Today reported subdued Q3FY17 results as advertising revenue was impacted due to demonetisation. The company reported net sales de-growth of 6.4% yoy at Rs 140.9crs. EBITDA and PAT declined by 30.5% and 28.4% respectively.

TV Today Network (TTNL) reported subdued set of numbers for 3QFY2017 with its top-line plunging by ~6% yoy. On the operating front, the company reported margin contraction on account of an increase in overall operating expenses, owing to which the Net Profit witnessed a de-growth ~29% yoy. We expect TTNL to report a net revenue CAGR of ~8..

ICICI Securities Ltd | Retail Equity Research Revenues declined 5.9% YoY to | 140.9 crore vs. our estimate of | 149.1 crore as advertisement revenue growth remained subdued in the demonetisation hit quarter. However, peer Zee Media reported a 15%+ YoY ad revenue growth in the same quarter, which indicates relatively weaker performance by TV Today. The miss was due to lower ad revenue growth (implied) of ~5.0% YoY decline (vs. our estimate of ~0.5% growth) & reduction in the subscription revenues...

TV Today Network (TTNL) reported a subdued set of numbers for 2QFY2017 with its consolidated top-line growing by ~5% yoy. On the operating front, the company reported margin contraction on account of higher selling & administrative expenses, which resulted in the de-growth of net profit by ~7% yoy. We expect TTNL to report a net reven..