D. B. Corp (DBCORP) Q4 10/11 earnings summary

Executive summary

• FY2010-11 consolidated revenue reached ₹12,652.4 mn, up 19.0% YoY; reported PAT rose 41.4% to ₹2,584.8 mn, including benefits from the radio-business demerger scheme.

• Expansion added newspaper editions and print centers, while the radio business became part of operations; management highlighted further regional and digital growth opportunities.

Financial highlights

• Consolidated EBITDA was ₹4,031.1 mn versus ₹3,429.4 mn; PBT was ₹3,587.0 mn versus ₹2,805.7 mn.

• Consolidated PAT was ₹2,584.8 mn versus ₹1,828.0 mn; excluding specified demerger-related tax and minority-interest effects, PAT was ₹2,363.0 mn.

• Standalone revenue was ₹12,616.4 mn, up 23%; EBITDA was ₹4,085.3 mn, up 18%, and PAT was ₹2,673.2 mn, up 34%.

• Consolidated financial expenses fell to ₹153.0 mn from ₹356.9 mn; standalone financial expenses declined to ₹152.8 mn from ₹323.4 mn.

Outlook and guidance

• Management expected continued opportunities from media-industry growth, stronger regional consumer demand, and rising advertising spend; no quantified company guidance was stated.

• Plans emphasized entering new markets, improving existing products and value-added services, and developing digital offerings alongside print.

• Maharashtra pre-launch preparations were underway; Dhanbad launched in April 2011, and Divya Marathi launched in Aurangabad in May 2011.