HT Media reported a 22.7% year-over-year increase in revenue to ₹494 crore for the first quarter of FY2012. Revenue was also up 5.8% quarter-over-quarter. Advertising revenue grew 17% year-over-year, with 18% growth in English and 15% growth in Hindi. Operating profit rose 11.8% year-over-year to ₹87.8 crore due to higher other income and lower tax rates, although operating margins contracted by 174 basis points. The company maintained its Accumulate rating based on expectations of continued revenue growth and margin expansion.

1. 1QFY2012 Result Update | Media
July 16, 2011
HT Media ACCUMULATE
CMP `166
Performance Highlights Target Price `177
(` cr) 1QFY12 1QFY11 % yoy 4QFY11 %qoq Investment Period 12 months
Revenue 494.4 402.8 22.7 467.2 5.8
EBITDA 87.8 78.6 11.8 84.4 4.0
Stock Info
OPM (%) 17.8 19.5 (174) 18.1 (31) Sector Print Media
PAT 54.0 40.2 34.4 53.6 0.7 Market Cap (` cr) 3,901
Source: Company, Angel Research Beta 0.5
52 Week High / Low 186/125
Strong top-line growth led by ad revenue growth yoy: For 1QFY2012, HT Media
Avg. Daily Volume 31,637
reported a good performance on the revenue as well as the profitability front. The
Face Value (`) 2.0
company’s top line grew by 22.7% yoy to `494cr. Recurring earnings grew by
robust 34.4% yoy on account of high other income and a significant decrease in BSE Sensex 18,507
tax rate. Key highlights for the quarter include – 1) overall growth of ~17% yoy in Nifty 5,567
advertising revenue, driven by ~18% yoy growth in English and ~15% yoy growth Reuters Code HTML.BO
in Hindi; however, sequentially, advertising revenue growth in English was flat (up Bloomberg Code HTML@IN
by only ~1.5%), while advertising revenue in Hindi grew by ~18% qoq,
2) a ~3.5% yoy/qoq increase in circulation revenue, 3) a ~75% yoy jump and a
~17% qoq decline in radio revenue and 4) 174bp yoy OPM contraction due to Shareholding Pattern (%)
253bp yoy gross margin contraction. Promoters 68.8
Outlook and valuation: HTML posted impressive ad revenue, on the back of MF / Banks / Indian Fls 17.1
improved ad-revenue yields. We estimate such growth in ad revenue to sustain, FII / NRIs / OCBs 11.7
with the English publications (HT and Mint) and HMVL posting CAGRs of 11.4% Indian Public / Others 2.3
and 17.9% over FY2011–13, respectively. Aggressive cost rationalisation in the
radio business (continues to be EBITDA positive and posted EBIT profit of
~`2.6cr), trickle-down effect of higher revenue traction and cooling of newsprint
Abs. (%) 3m 1yr 3yr
prices from their peak (factoring in a CAGR of ~15% during FY2011–13E) will
Sensex (3.1) 3.2 35.7
help HTML post margins of ~18% during FY2012–13. At the CMP of `166, HTML
is trading at 17.0x FY2013E consolidated EPS of `9.8. Owing to a significant HTML 7.7 4.4 58.8
improvement in the profitability of its growing businesses and incremental
revenue traction on the back of improvement in advertising revenue and pricing
across all geographies, we maintain our Accumulate rating on the stock with a
target price of `177, based on 18x FY2013E earnings.
Key financials (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E
Net Sales 1,413 1,767 2,010 2,255
% chg 4.9 25.1 13.7 12.1
Net Profit (Adj.) 138.0 180.9 206.1 231.1
% chg 589.8 31.1 14.0 12.1
EBITDA margin (%) 17.7 17.9 18.2 18.3
EPS (`) 5.9 7.7 8.8 9.8
P/E (x) 28.4 21.7 19.0 17.0
P/BV (x) 4.0 3.0 2.6 2.3
RoE (%) 15.2 15.9 14.7 14.4
RoCE (%) 13.5 14.8 15.2 15.5
Sreekanth P.V.S
EV/Sales (x) 3.0 2.3 2.0 1.8 022 – 3935 7800 Ext: 6841
EV/EBITDA (x) 16.9 13.0 10.8 9.6 sreekanth.s@angelbroking.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1

2. HT Media | 1QFY2012 Result Update
Exhibit 1: Quarterly performance (Consolidated)
Y/E March (` cr) 1QFY12 1QFY11 % yoy 4QFY11 % qoq FY2011 FY2010 % chg
Net Sales 494.4 402.8 22.7 467.2 5.8 1,764.6 1,412.9 24.9
Consumption of RM 172.4 130.3 32.3 164.9 4.6 624.9 476.0 31.3
(% of Sales) 34.9 32.3 35.3 35.4 33.7
Staff Costs 88.0 74.9 17.5 76.6 14.9 300.9 252.0 19.4
(% of Sales) 17.8 18.6 16.4 17.1 17.8
Advertising 33.1 28.5 15.8 38.5 (14.0) 135.3 115.9 16.8
(% of Sales) 6.7 7.1 8.2 7.7 8.2
Other Expenses 113.2 90.5 25.0 102.9 10.0 389.2 319.2 21.9
(% of Sales) 22.9 22.5 22.0 22.1 22.6
Total Expenditure 406.6 324.3 25.4 382.8 6.2 1,450.3 1,163.0 24.7
Operating Profit 87.8 78.6 11.8 84.4 4.0 314.3 249.9 25.8
OPM (%) 17.8 19.5 18.1 17.8 17.7
Interest 5.3 6.4 (17.5) 7.1 (25.6) 23.6 29.5 (20.0)
Depreciation 21.4 19.4 10.0 22.0 (2.7) 84.2 70.7 19.1
Other Income 17.1 7.2 138.5 14.9 14.8 50.6 40.9 23.8
PBT (excl. Ext Items) 78.2 59.9 30.6 70.2 11.4 257.1 190.6 34.9
Ext Income/(Expense) - - - - (2.1)
PBT (incl. Ext Items) 78.2 59.9 30.6 70.2 11.4 257.1 188.5 36.4
(% of Sales) 15.8 14.9 15.0 14.6 13.3
Provision for Taxation 24.3 19.8 22.9 16.6 45.9 71.3 53.7 32.9
(% of PBT) 31.0 33.0 23.7 27.7 28.5
Recurring PAT 54.0 40.2 34.4 53.6 0.7 185.8 136.9 35.7
PATM 10.9 10.0 11.5 10.5 9.7
Minority Interest 2.5 (1.2) 0.6 (4.9) 1.1
Reported PAT 51.5 41.4 24.5 52.9 (2.7) 180.9 135.9 33.1
Equity shares (cr) 23.5 23.5 23.5 23.5 23.5
EPS (`) 2.2 1.8 24.5 2.3 (2.7) 7.7 5.8 33.1
Source: Company, Angel Research
Exhibit 2: Revenue highlights (Consolidated)
(` cr) 1QFY12 1QFY11 % yoy 4QFY11 % qoq
Consolidated sales 494.4 402.8 22.7 467.2 5.8
Hindi 149.1 132.8 12.3 130.6 14.2
English 345.3 270.0 27.9 336.6 2.6
Advertising 384.4 328.9 16.9 363.5 5.7
Hindi 110.8 96.3 15.1 93.9 18.0
English 273.6 232.6 17.6 269.6 1.5
Circulation 48.5 46.8 3.6 46.9 3.4
Hindi 33.1 32.3 2.5 30.7 7.8
English 15.4 14.5 6.2 16.2 (4.9)
Radio 21.5 12.3 74.8 25.8 (16.7)
Internet 8.6 6.2 38.7 3.7 132.4
Core revenue 463.0 394.2 17.5 439.9 5.3
Others 31.4 8.6 263.7 54.5 (42.4)
Source: Company, Angel Research
July 18, 2011 2

3. HT Media | 1QFY2012 Result Update
Strong top-line growth at 22.7% yoy, but modest at 5.8% qoq
HT Media posted strong top-line growth of 22.7% yoy/5.8% qoq to `494cr
(`402cr/`467cr), driven by 27.9% yoy growth in the English print and 12.3% yoy
growth in the Hindi print segments. On a sequential basis, Hindustan reported
strong advertising revenue of `110.8cr (`93.9cr in 4QFY2011), while HT and Mint
together reported flattish advertising revenue growth of 1.5% to `273.6cr
(`269.6cr in 4QFY2011).
Consolidated circulation revenue recorded flat growth of 3.6% yoy/3.4% qoq to
`48.5cr, aided by increased realisations. During the quarter, Hindustan’s
circulation revenue increased by 2.5% yoy/7.8% qoq to `33.1cr with circulation of
~21.5lac copies, while HT and Mint reported growth of 6.2% yoy/decline of 4.9%
qoq to `15.4cr in circulation revenue. Total circulation for the quarter stood at ~39
lakh copies, of which ~9.5 lakhs were reported in Delhi and ~4.5 lakhs were
registered in Mumbai.
Exhibit 3: Top-line growth (Consolidated)
600
494
500 464 467
431
403
400 359 374
330 350
(` cr)
300
200
100
-
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Source: Company, Angel Research
Exhibit 4: English/Hindi ad-rev. up yoy but down qoq Exhibit 5: Circulation rev. growth ftat yoy/qoq at ~3.5%
400 30
50 40
25
300 20 48 30
15 46 20
(` cr)
(` cr)
200 10
(%)
370 364 384 44 10
(%)
329 329 5 48 48 49
269 282 291 302 42 43 47 47 47 -
100 - 44
40 42 (10)
(5)
- (10) 38 (20)
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Ad revenue (LHS) yoy growth (RHS) Circ. revenue (LHS) yoy growth (RHS)
Source: Company, Angel Research Source: Company, Angel Research
July 18, 2011 3

4. HT Media | 1QFY2012 Result Update
Amongst other segments, new businesses registered significant revenue traction.
The radio business reported robust top-line growth of 74.8% yoy to `21.5cr
(`12.3cr) on account of increased advertising, while the internet business
contributed `8.6cr to the overall revenue.
During 1QFY2012, Burda JV contributed `24.5cr as against ~`2.4cr in
1QFY2011. We expect the Burda JV to contribute ~`80cr and ~`90cr to FY2012
and FY2013 top line, respectively.
Recurring earnings growth robust at 34.4% yoy despite gross
margin pressure
In terms of earnings, HT Media posted 1) robust growth of 34.4% yoy to `54cr
(`40.2cr) on a recurring basis and 24.5% yoy growth to `51.5cr (`41.4cr) on a
reported basis, despite gross margin pressures; 2) 10% yoy increase in
depreciation to `21.4cr (`19.4cr), aided by high other income (up 138.5% yoy) to
`17.2cr; and 3) ~200bp yoy decline in tax rate. The company’s radio business
reported profit of `2.6cr. The internet business of the company, however,
continued to report loss of `12cr (loss of `10.8cr in 4QFY2011).
Exhibit 6: Recurring PAT reports strong growth... Exhibit 7: ...despite under-pressure OPM and GM
50 14 80.0
45 68.4 69.1 67.7
62.5 64.7 64.7 65.1
12 70.0 61.7 64.4
40
35 10 60.0
30 8 50.0
54 54
(` cr)
25
(%)
49 50 40.0
20 40 42 6
(%)
37 30.0
15 28 28 4 18.8 21.5 19.5 18.7 18.1 17.8
15.4 15.5 15.0
10 20.0
2
5 10.0
- - -
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Recurring PAT (LHS) NPM (RHS) OPM Gross margins
Source: Company, Angel Research Source: Company, Angel Research
OPM under pressure yoy on high start-up costs and newsprint
prices
At the operating level, HT Media posted a 174bp yoy contraction in operating
margins despite a decrease in staff cost (down 80bp yoy) and advertising expenses
(down 40bp yoy). High newsprint cost and cost of goods from Burda JV (recorded
newsprint cost of `16cr this quarter) resulted in a decline in gross margins
(contracted by significant 253bp yoy/expanded marginally by 42bp qoq), resulting
in operating margin contraction of 174bp yoy. Newsprint cost for the quarter
stood at ~`32,200/tonne.
In terms of segments, HTML recorded EBIT margin contraction of 78bp yoy to
16.1% (16.9%), on account of a decline in EBIT margin of the company’s print
business (recorded EBIT of `89.4cr and EBIT margin contraction of 141bp yoy to
19.2%) and higher loss in the internet business. The radio business of the company
reported profit of `2.6cr and EBIT margin of 12% yoy.
July 18, 2011 4

5. HT Media | 1QFY2012 Result Update
Exhibit 8: Segmental performance (Consolidated)
Y/E March (` cr) 1QFY12 1QFY11 % chg FY2011 FY2010 % chg
Revenue
Printing 467.0 387.4 20.5 1,677.5 1,391.5 20.6
Radio 21.5 12.3 74.6 70.4 43.1 63.5
Internet 8.6 6.2 39.0 31.6 5.6 463.1
Unallocated 0.7 1.2 (43.8) 15.6 6.5 139.6
Total revenue 497.7 407.1 22.3 1,795.1 1,446.6 24.1
Less: Inter segment 0.8 2.0 9.1 7.5
Less: Other Op Inc 2.5 2.2 21.5 26.2
Total net sales 494.4 402.8 22.7 1,764.6 1,412.9 24.9
EBIT
Printing 89.4 79.7 12.3 287.0 263.4 9.0
Radio 2.6 (1.2) (309.0) 7.6 (5.9) -
Internet (12.0) (9.8) 21.8 (39.7) (37.8) 5.0
Total EBIT 80.0 68.6 16.6 255.0 219.8 16.0
EBIT margin (%) 16.1 16.9 (78) 14.2 15.2 (99)
Source: Company, Angel research
Investment Rationale
Healthy ad revenue growth, Burda JV to scale up top line: HTML recorded
impressive ad revenue during the quarter, with yoy growth of 17.6% in English
print and 15.1% yoy/18% qoq in Hindi print, despite tough macroeconomic
conditions. We estimate this growth in ad revenue to prolong with the English
(HT and Mint) and Hindi print businesses (HMVL) posting CAGRs of 12% and
18% over FY2011–13, respectively. Hindustan’s ad revenue will grow maximum
in UP (we peg a CAGR of ~20% over FY2011–13), while HT Mumbai will be the
maximum growth driver for the English print’s ad revenue (we peg a CAGR of
~13% over FY2011–13). Burda, which has recently achieved EBITDA breakeven,
is likely to contribute ~`80cr in FY2012 and ~`90cr in FY2013 to the top line.
New businesses continue to grow, expect OPM of ~18% over FY2011–13: In
terms of operating performance, HTML continued to grow in its new businesses
during the quarter (radio and internet gained traction). The radio business
continued to be EBITDA positive and posted EBIT profit of ~`2.6cr. Going
forward, we believe continuous improvement in ad yields will help HTML post
margins of ~18% during FY2012–13. Newsprint cost for the quarter stood at
~`32,200/tonne (which is in-line with our estimates); hence, we are not
changing our estimates for newsprint prices. We have factored a ~15% CAGR
in newsprint cost over FY2011–13E. The company has recently entered into
the education segment through a JV with Mahesh Tutorials under the brand
name Studymate. Management has earmarked capex of ~`80cr for this
business for FY2012.
July 18, 2011 5

6. HT Media | 1QFY2012 Result Update
Outlook and valuation
We have marginally tweaked our estimates post the results. At the CMP of `166,
HTML is trading at 17.0x FY2013E consolidated EPS of `9.8. We expect ad
revenue growth momentum to continue at the current healthy pace and do not see
any negative surprise on the margin front. We maintain our Accumulate view on
the stock with a target price of `177, based on 18x FY2013E earnings.
Downside risks to our estimates include – 1) sharp rise in newsprint prices,
2) increased competition and 3) higher-than-expected losses or re-investment in
growing businesses (radio, Mint and internet).
Exhibit 9: Change in estimates
Old Estimate New Estimate % chg
(` cr) FY2012E FY2013E FY2012E FY2013E FY2012E FY2013E
Revenue 2,000 2,241 2,010 2,255 0.5 0.6
OPM (%) 18.1 18.2 18.2 18.3 10 14
EPS 8.8 9.7 8.8 9.8 (0.3) 1.4
Source: Company, Angel research
July 18, 2011 6

7. HT Media | 1QFY2012 Result Update
Exhibit 10: Key assumptions
(` cr) FY2009 FY2010 FY2011 FY2012E FY2013E CAGR (%)
Advt. revenue 1,133 1,141 1,392 1,592 1,787 16.1
HT / Mint 890 844 1,015 1,137 1,264 11.6
Hindustan 244 297 376 455 523 17.9
Circ. revenue 154 183 179 204 228 13.0
HT / Mint 49 63 56 57 58 1.4
Hindustan 105 121 122 147 170 17.9
Radio revenue 29 41 63 75 84 15.5
Burda JV - 5 62 80 90 20.5
Others 30 42 69 59 65 (2.9)
Total revenue 1,347 1,413 1,765 2,010 2,255 13.0
yoy growth (%)
Advt. revenue 11.9 0.7 22.0 14.4 12.3
HT / Mint 5.0 (5.1) 20.2 12.0 11.1
Hindustan 47.7 21.5 27.0 20.8 15.0
Circ. revenue 2.5 19.0 (2.4) 14.0 12.0
HT / Mint (7.5) 27.6 (9.6) 0.3 2.6
Hindustan 8.0 15.0 1.3 20.4 15.6
Radio revenue 54.3 42.1 52.9 19.0 12.0
Burda JV 1,052.4 29.0 12.5
Others 39.4 39.8 64.1 (14.1) 9.7
% of total
Advt. revenue 84.2 80.8 78.9 79.2 79.3
Circ. revenue 11.4 13.0 10.1 10.1 10.1
Radio revenue 2.2 2.9 3.6 3.7 3.7
Burda JV - 0.4 3.5 4.0 4.0
Others 2.2 3.0 3.9 3.0 2.9
Source: Company, Angel Research; Note: CAGR is for FY2011–13E
July 18, 2011 7

8. HT Media | 1QFY2012 Result Update
Exhibit 11: Peer Valuation
Company Reco Mcap CMP TP Upside P/E (x) EV/Sales (x) ROE(%) CAGR #
(` cr) (`) (`) (%) FY12E FY13E FY12E FY13E FY12E FY13E Sales PAT
HT Media Accumulate 3,920 167 177 6.1 19.0 17.0 2.0 1.8 14.7 14.4 12.9 13.0
Jagran Buy 3,536 112 161 44.0 15.4 13.9 2.8 2.5 33.2 34.4 9.1 10.1
DB Corp Buy 4,199 229 335 46.2 16.5 13.9 3.0 2.5 27.9 27.3 8.3 5.9
^ #
Source: Company, Angel Research, Note: denotes consensus data, denotes CAGR for FY2010-13E
Exhibit 12: Angel v/s Consensus estimates
Top-line (` cr) FY2012E FY2013E EPS (`) FY2012E FY2012E
Angel estimates 1,984 2,252 Angel estimates 8.2 9.8
Consensus 2,001 2,296 Consensus 9.2 11.1
Diff (%) (0.8) (1.9) Diff (%) (10.7) (11.8)
Source: Company, Angel Research
Exhibit 13: Return of HT Media v/s Sensex Exhibit 14: One –year forward P/E band
350
Sensex HT Media 10x 20x 30x 40x
120% 300
115%
250
110%
105% 200
Share Price (`)
100% 150
95%
90% 100
85% 50
80% -
Aug-10
Jun-11
Jul-10
Dec-10
Jan-11
May-11
Jul-11
Apr-11
Oct-10
Feb-11
Mar-11
Sep-10
Nov-10
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Apr-08
Apr-09
Apr-10
Apr-11
Oct-07
Oct-08
Oct-09
Oct-10
Source: Company, Angel research Source: Company, Angel research
July 18, 2011 8

9. HT Media | 1QFY2012 Result Update
Profit & Loss Statement (Consolidated)
Y/E March (` cr) FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E
Gross sales 1,203 1,347 1,413 1,767 2,010 2,255
Less: Excise duty - - - - - -
Net Sales 1,203 1,347 1,413 1,767 2,010 2,255
Total operating income 1,203 1,347 1,413 1,767 2,010 2,255
% chg 15.7 11.9 4.9 25.1 13.7 12.1
Total Expenditure 1,033 1,259 1,163 1,450 1,644 1,841
Cost of Materials 497 595 515 671 771 881
SG&A 289 354 318 390 440 480
Personnel 198 242 252 301 334 372
Others 49 68 78 89 101 108
EBITDA 170 88 250 317 366 414
% chg 0.7 (48.3) 184.4 26.9 15.4 13.0
(% of Net Sales) 14.1 6.5 17.7 17.9 18.2 18.3
Depreciation& Amortisation 57 69 71 84 90 107
EBIT 113 19 179 233 276 307
% chg (9.7) (83.1) 839.6 30.0 18.4 11.1
(% of Net Sales) 9.4 1.4 12.7 13.2 13.7 13.6
Interest & other Charges 18 32 30 24 19 15
Other Income 44 33 41 48 56 59
(% of PBT) 31.6 166.6 21.5 18.6 17.9 16.8
Share in profit of Associates - - - - - -
Recurring PBT 139 20 191 257 313 350
% chg (5.3) (85.7) 860.7 34.9 21.8 11.8
Extraordinary Expense/(Inc.) - 19 2 - - -
PBT (reported) 139 1 188 257 313 350
Tax 38 12 54 71 88 98
(% of PBT) 27.1 62.9 28.2 27.7 28.0 28.0
PAT (reported) 101 (12) 135 186 225 252
Add: Share of associates - - - - - -
Less: Minority interest (MI) 0 (13) (1) 5 19 21
PAT after MI (reported) 101 1 136 181 206 231
ADJ. PAT 101 20 138 181 206 231
% chg 4.6 (80.3) 589.8 31.1 14.0 12.1
(% of Net Sales) 8.4 1.5 9.8 10.2 10.3 10.3
Basic EPS (`) 4.3 0.9 5.9 7.7 8.8 9.8
Fully Diluted EPS (`) 4.3 0.9 5.9 7.7 8.8 9.8
% chg 4.6 (80.3) 589.8 31.1 14.0 12.1
July 18, 2011 9

10. HT Media | 1QFY2012 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr) FY2008 FY2009 FY2010E FY2011 FY2012E FY2013E
SOURCES OF FUNDS
Equity Share Capital 47 47 47 47 47 47
Preference Capital - - 0 0 - -
Reserves& Surplus 806 802 924 1,255 1,449 1,667
Shareholders’ Funds 853 849 971 1,302 1,496 1,714
Minority Interest 0 (7) 22 130 149 170
Total Loans 223 371 402 312 247 202
Deferred Tax Liability 12 21 18 (9) (9) (9)
Total Liabilities 1,088 1,233 1,413 1,736 1,884 2,077
APPLICATION OF FUNDS
Gross Block 701 823 1,033 1,213 1,363 1,646
Less: Acc. Depreciation 177 247 322 408 498 605
Net Block 524 576 712 805 865 1,041
Capital Work-in-Progress 59 196 129 19 164 197
Goodwill - - - - - -
Investments 266 304 475 760 685 685
Current Assets 520 698 671 756 1,006 1,075
Cash 77 71 109 115 200 173
Loans & Advances 129 232 200 242 292 327
Other 314 396 362 398 514 575
Current liabilities 280 540 576 604 835 920
Net Current Assets 240 158 95 152 171 154
Misc Exp 0 - 2 - - -
Total Assets 1,088 1,233 1,413 1,736 1,884 2,077
Cash Flow Statement (Consolidated)
Y/E March (` cr) FY2008 FY2009 FY2010E FY2011 FY2012E FY2013E
Profit before tax 139 1 188 257 313 350
Depreciation 57 69 71 84 90 107
Change in Working Capital (19) 132 66 (41) 43 (10)
Interest / Dividend (Net) (11) 12 15 (6) (6) (15)
Direct taxes paid 60 20 41 71 88 98
Others 3 6 (6) 51 22 (3)
Cash Flow from Operations 110 199 293 274 375 331
(Inc.)/ Dec. in Fixed Assets (120) (259) (144) (70) (294) (317)
(Inc.)/ Dec. in Investments (62) (82) (133) (284) 75 0
Cash Flow from Investing (182) (341) (277) (354) (219) (317)
Issue of Equity 0 0 (2) 180 0 0
Inc./(Dec.) in loans 57 148 31 (90) (65) (45)
Dividend Paid (Incl. Tax) 8 11 8 10 11 12
Interest / Dividend (Net) 10 2 (1) (6) (6) (15)
Cash Flow from Financing 39 135 22 86 (70) (42)
Inc./(Dec.) in Cash (33) (7) 38 7 85 (28)
Opening Cash balances 110 77 71 109 115 200
Closing Cash balances 77 71 109 115 200 173
July 18, 2011 10

11. HT Media | 1QFY2012 Result Update
Key Ratios
Y/E March FY2008 FY2009 FY2010E FY2011 FY2012E FY2013E
Valuation Ratio (x)
P/E (on FDEPS) 38.6 195.3 28.4 21.7 19.0 17.0
P/CEPS 24.7 44.0 18.8 14.8 13.2 11.6
P/BV 4.6 4.6 4.0 3.0 2.6 2.3
Dividend yield (%) 0.2 0.2 0.2 0.2 0.3 0.3
EV/Sales 3.4 3.1 3.0 2.3 2.0 1.8
EV/EBITDA 23.9 48.0 16.9 13.0 10.8 9.6
EV / Total Assets 3.7 3.4 3.0 2.4 2.1 1.9
Per Share Data (`)
EPS (Basic) 4.3 0.9 5.9 7.7 8.8 9.8
EPS (fully diluted) 4.3 0.9 5.9 7.7 8.8 9.8
Cash EPS 6.8 3.8 8.9 11.3 12.6 14.4
DPS 0.4 0.3 0.4 0.4 0.4 0.5
Book Value 36.4 36.2 41.3 55.4 63.7 72.9
DuPont analysis
EBIT margin 9.4 1.4 12.7 13.2 13.7 13.6
Tax retention ratio 0.7 0.4 0.7 0.7 0.7 0.7
Asset turnover (x) 1.8 1.7 1.7 2.1 2.2 2.0
ROIC (Post-tax) 12.1 0.9 15.3 19.9 21.4 19.9
Cost of Debt (Post-tax) 0.1 0.0 0.1 0.0 0.0 0.0
Leverage (x) (0.2) (0.1) (0.1) (0.3) (0.4) (0.4)
Operating ROE 9.9 0.8 13.8 13.8 12.2 11.9
Returns (%)
RoCE 11.0 1.6 13.5 14.8 15.2 15.5
Angel RoIC (Pre-tax) 11.0 0.8 15.5 19.6 19.9 18.1
RoE 12.5 2.4 15.2 15.9 14.7 14.4
Turnover ratios (x)
Asset Turnover 1.7 1.6 1.4 1.5 1.5 1.4
Inventory / Sales (days) 35 48 31 30 32 32
Receivables (days) 60 60 63 52 61 61
Payables (days) 78 142 142 115 143 141
Net Working capital (days) 49 24 (4) 8 (5) (3)
Solvency ratios (x)
Net Debt to equity (0.1) (0.0) (0.2) (0.4) (0.4) (0.4)
Net Debt to EBITDA (0.7) (0.0) (0.7) (1.8) (1.7) (1.6)
Interest Coverage 6.3 0.6 6.1 9.9 14.7 19.9
July 18, 2011 11

12. HT Media | 1QFY2012 Result Update
Research Team Tel: 022 - 3935 7800 E-mail: research@angelbroking.com Website: www. angelbroking.com
Disclaimer
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risks of such an investment.
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investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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Disclosure of Interest Statement HTML
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
July 18, 2011 12