D. B. Corp (DBCORP) Q4 08/09 earnings summary

Executive summary

• FY09 standalone sales and other income rose 9.62% to ₹932.43 crore, while EBITDA fell to ₹161.80 crore and profit after tax to ₹68.48 crore amid tough market conditions.

• Consolidated revenue increased 11.39% to ₹960.99 crore; consolidated profit for the year was ₹47.62 crore, down from ₹75.06 crore.

Financial highlights

• Standalone sales and other income: ₹932.43 crore versus ₹850.59 crore; EBITDA: ₹161.80 crore versus ₹203.10 crore; PBT: ₹111.32 crore versus ₹164.14 crore.

• Standalone PAT declined 32.47% to ₹68.48 crore from ₹101.40 crore; basic and diluted EPS fell to ₹4.06 from ₹6.01.

• Consolidated PBT was ₹78.17 crore versus ₹132.81 crore; prior-period expenditure was ₹0.84 crore and consolidated EPS was ₹2.82 versus ₹4.45.

• Consolidated operating cash flow was ₹114.93 crore, down from ₹223.20 crore; investing cash outflow was ₹267.73 crore, largely reflecting fixed-asset additions.

Outlook and guidance

• Management cited substantial print-market potential: India had 250 million readers, with room for further penetration; broad regional and local reach was viewed as a growth advantage.

• New editions and titles were launched during FY09, including Dainik Bhaskar in new locations and Business Bhaskar in New Delhi; expansion and offerings were part of the growth plan.

• MY FM planned to strengthen operations; management expected improved profitability as radio’s share of media advertising and revenue grew.

• Digital operations planned to use existing content, customer relationships and advertising capabilities to build packaged advertising products and pursue growth.