"Jagran Prakashan (JPL) reported a robust 59.5% yoy growth in net profit to Rs66cr aided by tax benefit (due to accumulated losses at Nai Dunia) in 3QFY2013,. JPL's gross margin expanded by 129bp yoy to 65.5% as newsprint prices stabilized and Indian currency fluctuation minimized. However, the OPM came in flat yoy at 24.6% due to forex loss of Rs5.5cr."
"For 3QFY2013, JPL reported a moderate top-line growth of 7.8% yoy to Rs342cr, in-line with our expectation of Rs344cr. In spite of the festive season, the company posted a modest 7.1% yoy growth in its advertising revenue to Rs239cr (due to high base effect). The increase in circulation and 5% hike in cover price led to 12.2% yoy growth in subscription revenue to Rs70cr. During the quarter, the company's non-publishing businesses comprising event, outdoor and digital media grew by 6.6% yoy to Rs33cr."
"At the current market price, JPL is trading at 14.5x FY2014E consolidated EPS of Rs7.3. We maintain our buy view on the stock with a revised target price of Rs125, based on 17x FY2014E EPS, valuing it at 10% premium to our Sensex target valuation multiple. Downside risks to our estimates include 1) sharp rise in newsprint prices, 2) higher-than-expected losses on account of increase in turnaround period for Nai Dunia/ Mid-day," says Angel Broking research report.
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