D. B. Corp (DBCORP) Q4 12/13 earnings summary

Executive summary

• FY13 revenue and profit grew despite weak economic conditions; growth came from circulation and advertising, with spending controlled amid market expansion.

• Strategy emphasized consolidating existing markets, strengthening newer Maharashtra and Jharkhand editions, and expanding digital and radio platforms.

• Readership reached 19.8m daily; Divya Marathi added 329,000 readers in six months, the highest gain among Maharashtra publications.

Financial highlights

• Standalone revenue from operations was ₹15,789m, up 9.51% YoY; total revenue including other income reached ₹16,036m, up 9.47%.

• Standalone PAT rose 10.6% to ₹2,306m; consolidated revenue was ₹16,137m and consolidated PAT before minority interest was ₹2,181m.

• Advertising revenue increased 6.6% to ₹11,965m; circulation revenue grew 16.4% to ₹2,814m.

• Consolidated EBITDA was ₹3,974m versus ₹3,604m; consolidated profit before tax was ₹3,313m versus ₹3,006m.

Outlook and guidance

• FY14 expected to benefit from government reforms, faster execution and improving economic sentiment; no quantified financial guidance was stated.

• Continued investment planned in people, technology, innovation, marketing and infrastructure to reinforce competitive strengths and pursue growth opportunities.

• FM Phase III auctions expected in FY14; an industry report forecast radio sector growth of ₹23bn at 18% CAGR within three years of implementation.