17 October 2017
2QFY18 Results Update | Sector: Media
HT Media
Neutral
BSE SENSEX
32,609
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,234
HTML IN
233
19.2 / 0.3
Cost optimization measures boost PAT despite weak ad market
109 / 70
n
GST pain visible:
Overall revenue declined 7% YoY on the back of weak ad
4/12/-7
and circulation revenues. Ad revenue fell 8% YoY to INR3.95b (2% miss), led
26
by ~12% volumes decline (muted spends in government, education, FMCG
30.5
CMP: INR102
TP: INR113(+11%)
Sluggish ad market weighs on performance
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
Net Sales
24.5
24.4
EBITDA
3.0
4.2
Adj PAT
1.7
2.4
Adj EPS (INR)
7.4
10.4
Gr. (%)
-1.8
40.3
BV/Sh (INR)
96.8
106.8
RoE (%)
7.9
10.2
RoCE (%)
9.7
10.8
P/E (x)
13.9
9.9
P/BV (x)
1.1
1.0
EV/EBITDA (x)
11.2
7.0
2019E
25.6
n
4.4
2.7
11.9
14.9
118.2
10.6
n
11.1
8.6
0.9
5.7
Estimate change
TP change
Rating change
n
and travel segments). English/Hindi ad revenues declined 8% YoY to
INR2.3b/1.57b. English/Hindi circulation revenue remained sluggish (down
13%/7%) on the back of soft pricing and curtailing of copies.
PAT doubled despite revenue slowdown:
Bucking the revenue trend,
EBITDA doubled to INR1045m in 2QFY18, led by a) restructuring benefits
(hiving off low-yield regions), b) lower cost on account of a decline in
volumes (~12%), c) cut down in discretionary spends and d) GST benefits.
PAT increased 114% YoY to INR662m.
Digital venture to be hived off:
Digital ventures, including content creation
and the news website, will be hived off into a separate listed company, and
HT Media’s shareholders will get shares in the entity. The entity will have
90% revenues from the group companies and will be loss-making, but will
seek business outside the group companies over time. This will reduce HT
Media’s digital business losses.
TP increased to INR113; Maintain Neutral:
Given the improvement in
profitability, we have revised our PAT estimates. We estimate revenue/PAT
CAGR of 3%/23% over FY17-20E, driven by strong cost optimization
measures, of which over 50% would be sustainable. Subsequently, we have
revised our TP to INR113 (11% upside). We maintain our
Neutral
rating.
Aliasgar Shakir – Research analyst
(Aliasgar.Shakir@motilaloswal.com); +91 22 6129 1565
Hafeez Patel – Research analyst
(Hafeez.Patel@motilaloswal.com); +91 22 6129 1568
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

HT Media
Valuation and view
n
HT Media English print business (45-47% of revenues) remains on a weak
footing, with consumption moving toward the digital medium. Hindi print
business continues to grow, but moderately in single-digits.
n
The company has a healthy cash balance of INR1.2b, which may continue to
weigh down on the return ratios (17% RoIC; 10% RoE).
n
Management has been looking for organic and inorganic growth opportunities,
which will be the key to stock performance.
n
We estimate revenue/PAT CAGR of 3%/23% over FY17-20, driven by strong cost
optimization measures, of which over 50% would be sustainable.
n
Subsequently, we have revised our TP of INR113 (11% upside). We maintain our
Neutral
rating.
Concall Highlights
2QFY18 performance
Revenue
n
Efforts toward yield improvement in the print business have supported growth
and profitability.
n
Operating revenue declined 7% to INR5.6b due to the challenging market; yet
the company managed to improve profitability.
n
Key sectors that performed well: Auto, Banking, Finance, Entertainment, Luxury
and Ecommerce.
n
Witnessed muted ad spends in government, education, FMCG and travel
segments.
n
English ad market remains challenging. Circulation revenue was impacted by
soft pricing in Delhi and Mumbai, and curtailing of copies
n
Strengthened west offering through the launch of Pune edition.
n
Yield improvement helped profitability.
n
Circulation revenue impacted by rationalization of unproductive copies, and
shift of copies from line to subscription.
n
Targets higher yields for Mint publication.
n
Ad volumes impacted across market on account of RERA and GST.
n
Improvement in yields and strong performance in auto are key positives in the
Hindi print segment.
Radio business
n
Radio business continues to deliver robust growth with steady margins.
n
Radio is seeing a healthy increase in revenue from INR360m to INR430m. EBIT
margin is in positive territory, from negative to INR30m.
n
New stations continue adding to the top line in a profitable manner.
n
Top 4 radio stations witnessed 7% like-to-like growth. The second station in
Mumbai is profitable.
Cost structure, profitability
n
High cost optimization initiative and favorable forex rates have led to lower cost.
n
Due to lower ad volumes, there is lower news print cost.
n
Operating EBITDA doubled due to multiple reasons.
n
PAT grew 114%, with 11% margin.
17 October 2017
2

HT Media
n
Commodity and exchange rate remained favorable, while RM cost reduced due
to optimized pagination.
n
Enhanced cost program reduced cost.
n
Cost synergies in English business, lower paper cost, and restructuring of
employee cost improved margins.
n
Part of cost reduction in 2QFY18 is sustainable, while the part of reduction
toward discretionary cost clamp down may not be sustainable.
n
Employee cost doesn’t have discretionary cut down.
n
The exceptional item is due to the gain of INR52.3m due to the conversion of
IESPL from JV to subsidiary, offset by INR21.1m impairment of goodwill.
n
News print cost is flat; expecting cost to get hardened. The reduction in news
print cost is due to lower consumption.
n
Lower cost is due to cost rationalization, clamp down of discretionary cost, and
slowdown in revenue.
Digital business, Balance sheet items
n
Digital losses are coming down.
n
The new entity HTDVL will be have HTDSL (loss making business) and non-shine
digital business. HTDVL will be a loss-making company. However, it will receive
revenue from HT Media and HMVL for the content it will provide.
n
HTDBL is a standalone company, which will have independent operations.
n
Currently, 90% of HTDSL’s revenue will be derived from the group.
n
The content generation work will be done by HTDVL, but the critical work
toward content packaging will be done in-house.
n
Shine revenues to remain soft.
n
Shine is not a profitable venture currently.
n
Cash balance is INR1.2b.
n
Entire cash on balance sheet is preferred to be used for business growth
opportunity through an organic or inorganic route.
Outlook
n
2HFY18 will be much better than 1HFY18.
n
Expects to see 200bp increase in costs, as improvement in market should
increase both ATL and BTL ad spends.
Exhibit 1: Revenue, EBITDA and margin trend
Revenue (INR b)
EBITDA (INR b)
EBITDA margin (%)
14.4
16.3
12.0
17.8
13.9
11.312.8
14.2
8.4
10.1 11.0
12.1
10.5
17.0
12.5 13.3
8.4
18.6
Source: Company, MOSL
17 October 2017
3

HT Media
Exhibit 2: YoY revenue growth (%)
Ad revenue (%)
13
3
1
9
12
4
5
10
4
4
6
9
5
6
8
6
7
Circulation revenue (%)
8
5
12
8
6
9
6
5
-4
Total revenue (%)
3
2
2
0
-8
-5
2
-13
-7
-4
-5
0
-3
-8
-9
-7
Exhibit 3: RM cost below 30% level
RM cost (INR b)
RM cost (% of revenue)
32.5 34.3 32.8 33.8 34.0 33.8 31.8
30.2 30.0 29.8
27.9 28.0 29.4 29.6 27.5 27.1 27.4 28.8
Source: Company, MOSL
Exhibit 4:
Ad
revenue
break-up (INR b)
English (INR b)
Hindi (INR b)
1.7 1.8 1.7 1.7
1.7 1.8 1.6
1.8
1.5 1.5
1.4 1.3
1.7 1.7
1.6 1.4
1.3 1.3
2.8 2.6 3.1 2.8 2.7 2.8 3.2 2.9 2.8 2.8 3.3 3.0 2.7 2.6 3.0 2.3 2.5 2.4
Source: Company, MOSL
Exhibit 5: YoY English and Hindi ad revenue growth (%)
English (%)
8
14
4
11
16
6
6
20
17
7
12
1
11
3
10
Hindi (%)
18
4
7
0
3
19
1
-1
16
7
1
-6
-9 -7
-21
3
0
-7
-8 -8
-4
Source: MOSL, Company
17 October 2017
4

HT Media
Exhibit 6: Circulation revenue break-up (INR b)
English (INR b)
Hindi (INR b)
0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.5
0.4 0.4 0.5 0.5 0.5
0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Source: MOSL, Company
Exhibit 7: YoY English and Hindi circulation revenue growth (%)
25
15
18
18
15
14
12
11
3
17
13
11 11
9
1
English (%)
12
1
8
6
5
Hindi (%)
6
10
5
7
5
3
5
-2
1
3
-1
4
-7
-8
-7
-13
Source: MOSL, Company
17 October 2017
5

HT Media
Exhibit 8: HT Media: Consolidated quarterly results (INR m)
Revenue
Operating expenditure
EBITDA
EBITDA margin (%)
Depreciation
Interest
Other income
Exceptional items (income)/expense
PBT
Tax
Effective tax rate (%)
PAT
Minority interest/share of Associate
Reported net profit
Revenue mix (INR m)
Advertising
-English
-Hindi
Circulation
-English
-Hindi
Radio and entertainment
Others
Total
Operating cost (INR m)
Consumption of raw material
Employee cost
Other expenditure
Total Operating Costs
Operating Cost (% of Revenue)
Consumption of raw material
Employee cost
Other expenditure
2QFY17
6,022
5,518
505
8.4
304
245
780
0
736
224
30.5
512
202
309
4,299
2,598
1,701
756
218
538
361
606
6,022
1,782
1,528
2,208
5,518
29.6
25.4
36.7
1QFY18
5,990
5,191
799
13.3
320
194
531
0
817
239
29.2
578
162
415
4,302
2,532
1,770
770
220
550
428
490
5,990
1,643
1,313
2,235
5,191
27.4
21.9
37.3
2QFY18
5,606
4,561
1,045
18.6
317
199
435
-31
997
219
22.0
778
116
662
3,950
2,380
1,570
690
190
500
430
536
5,606
1,615
1,218
1,728
4,561
28.8
21.7
30.8
YoY%
-7
-17
107
1027bps
4
-19
-44
NA
35
-2
-850bps
52
-43
114
-8
-8
-8
-9
-13
-7
19
-12
-7
-9
-20
-22
-17
-79bps
-363bps
-584bps
QoQ%
-6
-12
31
531bps
-1
2
-18
NA
22
-8
-729bps
35
-29
59
-8
-6
-11
-10
-14
-9
1
9
-6
-2
-7
-23
-12
137bps
-18bps
-650bps
2QFY18E
5,822
5,238
585
10.0
363
236
552
0
538
129
24.0
409
168
240
4,039
2,338
1,701
799
218
581
379
605
5,822
1,688
1,350
2,200
5,238
v/s est (%)
-4
-13
79
860bps
-13
-16
-21
NA
85
70
-202bps
90
-31
175.9
-2
2
-8
-14
-13
-14
13
-11
-4
-4
-10
-21
-13
29.0
-18bps
23.2
-146bps
37.8
-697bps
Source: Company, MOSL
Exhibit 9: Summary of estimate change
FY17
Revenue (INR b)
Old
Actual/New
Change (%)
EBITDA (INR b)
Old
Actual/New
Change (%)
EBITDA margin (%)
Old
Actual/New
Change (bps)
PAT (INR b)
Old
Actual/New
Change (%)
EPS (INR)
Old
Actual/New
Change (%)
24.5
24.5
0.0
3.0
3.0
0.0
12.2
12.2
0.0
1.7
1.7
0.0
7.3
7.3
0.0
FY18E
25.0
24.4
-2.4
3.2
4.2
30.1
12.8
17.1
427.5
1.7
2.4
42.8
7.3
10.4
41.4
FY19E
26.3
25.6
-2.5
3.1
4.4
39.8
11.9
17.1
517.0
1.8
2.7
52.1
FY20E
27.5
26.8
-2.6
3.3
4.7
43.0
11.9
17.5
556.9
2.0
3.1
59.7
7.8
8.5
11.9
13.6
52.1
59.7
Source: MOSL, Company
17 October 2017
6

HT Media
Exhibit 10: HT Media: A Snapshot (INR b)
Consolidated revenue
YoY (%)
Ad revenue
YoY (%)
-English
YoY (%)
-Hindi
YoY (%)
Circulation revenue
YoY (%)
-English
YoY (%)
-Hindi
YoY (%)
EBITDA
YoY (%)
Margin (%)
FY12
20.0
12
15.3
10
11.0
8
4.4
16
2.0
8
0.6
4
1.3
10
2.8
-15
14.2
FY13
20.5
2
15.3
0
10.7
-2
4.6
5
2.2
13
0.7
7
1.6
15
2.8
-1
13.8
FY14
22.0
7
16.7
9
11.4
6
5.3
15
2.6
15
0.8
17
1.8
15
3.1
11
14.2
FY15
22.9
4
17.4
5
11.2
-1
6.0
13
2.8
11
0.8
6
2.0
11
2.8
-10
12.2
FY16
25.0
9
18.7
7
11.5
3
6.8
15
3.0
5
0.9
3
2.1
8
3.2
15
12.9
FY17
24.5
-2
17.5
-6
10.6
-8
6.9
1
3.0
2
0.9
-1
2.2
3
3.0
-8
12.2
FY18E
24.4
0
17.1
-2
10.1
-5
7.1
2
3.0
0
0.8
-3
2.2
0
4.2
40
17.1
FY19E
FY20E
25.6
26.8
5
5
17.9
18.6
4
4
10.2
10.2
1
0
7.7
8.4
9
9
3.2
3.3
5
5
0.8
0.8
0
0
2.4
2.5
6
6
4.4
4.7
5
7
17.1
17.5
Source: Company, MOSL
FY19E
11.9
9.5
113
102
11%
Source: MOSL, Company
Exhibit 11: Valuation based on FY19E EPS
EPS (INR)
PE multiple (x)
Target Price (INR)
CMP (INR)
Upside (%)
17 October 2017
7

HT Media
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Raw Materials
Employees Cost
Other Expenses
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY12
20,011
12.0
7,231
3,562
6,368
17,161
85.8
2,850
14.2
916
1,934
362
750
2,322
0
2,322
626
27.0
60
1,636
1,636
-9.5
8.2
FY13
20,482
2.4
7,241
3,921
6,494
17,656
86.2
2,826
13.8
914
1,912
446
938
2,404
0
2,404
623
25.9
104
1,677
1,677
2.5
8.2
FY14
22,007
7.4
7,336
4,237
7,309
18,882
85.8
3,124
14.2
858
2,266
649
1,624
3,240
-374
2,866
916
32.0
246
1,704
1,958
16.8
8.9
FY15
22,897
4.0
7,304
4,835
7,957
20,095
87.8
2,802
12.2
1,003
1,799
467
1,676
3,008
-111
2,897
574
19.8
385
1,938
2,027
3.5
8.9
FY16
25,015
9.3
7,229
5,487
9,071
21,788
87.1
3,227
12.9
1,022
2,205
626
1,562
3,141
0
3,141
803
25.6
602
1,735
1,735
-14.4
6.9
FY17
24,521
-2.0
6,964
5,835
8,738
21,537
87.8
2,983
12.2
1,248
1,736
951
2,295
3,079
0
3,079
671
21.8
705
1,703
1,703
-1.8
6.9
FY18E
24,437
-0.3
6,826
5,135
8,301
20,262
82.9
4,175
17.1
1,409
2,765
901
2,217
4,081
31
4,112
1,028
25.0
672
2,413
2,389
40.3
9.8
FY19E
25,610
4.8
7,294
5,392
8,550
21,236
82.9
4,374
17.1
1,454
2,920
901
2,572
4,592
0
4,592
1,148
25.0
697
2,746
2,746
14.9
10.7
(INR m)
FY20E
26,820
4.7
7,586
5,661
8,893
22,140
82.5
4,681
17.5
1,500
3,181
901
2,955
5,235
0
5,235
1,309
25.0
795
3,131
3,131
14.0
11.7
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
FY12
470
14,000
14,470
1,360
3,462
-347
18,945
12,927
4,993
7,934
0
125
8,320
8,914
1,819
2,757
1,571
2,767
6,349
3,224
2,880
245
2,565
18,945
FY13
470
15,490
15,960
1,438
3,826
-31
21,193
13,369
5,907
7,462
0
1,000
9,731
9,864
1,631
2,712
1,519
4,001
6,863
3,323
3,285
255
3,001
21,193
FY14
461
16,991
17,452
1,590
4,168
489
23,699
14,462
6,766
7,697
0
150
12,866
10,924
2,257
2,867
1,186
4,613
7,937
3,937
3,760
240
2,987
23,700
FY15
461
18,563
19,024
1,923
3,441
363
24,751
15,190
7,918
7,272
0
150
13,887
12,611
1,527
3,120
1,916
6,049
9,169
4,844
3,847
478
3,442
24,751
FY16
461
20,356
20,818
2,343
10,895
213
34,269
14,056
1,138
12,918
54
358
19,120
10,763
1,616
3,722
1,666
3,758
8,944
4,282
4,244
418
1,819
34,269
FY17
461
21,858
22,319
3,000
11,259
369
36,948
16,615
2,528
14,087
253
372
22,635
8,572
1,546
3,256
1,395
2,375
8,971
4,026
4,626
319
-399
36,948
FY18E
461
24,154
24,615
3,625
11,259
369
39,868
17,348
3,937
13,410
253
372
22,635
12,482
1,516
3,139
5,469
2,358
9,284
3,983
4,968
333
3,198
39,868
FY19E
461
26,784
27,245
4,322
11,259
369
43,195
18,116
5,391
12,725
253
372
22,635
17,029
1,620
3,277
9,742
2,390
9,818
4,217
5,250
351
7,211
43,195
(INR m)
FY20E
461
29,798
30,259
5,117
11,259
369
47,005
18,921
6,891
12,029
253
372
22,635
21,991
1,684
3,413
14,472
2,422
10,276
4,418
5,491
367
11,716
47,005
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
17 October 2017
8

HT Media
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/Equity
FY12
7.1
11.1
62.8
0.4
6.6
FY13
7.3
11.2
69.2
0.4
6.5
FY14
8.5
12.2
75.7
0.4
6.3
FY15
8.8
13.1
82.5
0.4
5.6
11.6
7.8
1.2
1.1
8.9
0.4
13.8
11.1
12.6
15.8
1.5
0.9
24
50
77
1.4
3.9
-0.6
FY16
7.5
12.0
90.3
0.4
6.7
13.6
8.5
1.1
1.3
10.1
0.4
-19.4
8.7
10.3
15.0
1.8
0.7
24
54
62
1.2
3.5
-0.5
FY17
7.4
12.8
96.8
0.4
6.9
13.8
8.0
1.1
1.4
11.2
0.4
9.7
7.9
9.7
10.6
1.5
0.7
23
48
60
1.0
1.8
-0.6
FY18E
10.4
16.5
106.8
0.4
4.8
9.9
6.2
1.0
1.2
7.0
0.4
12.5
10.2
10.8
17.3
1.4
0.6
23
47
59
1.3
3.1
-0.7
FY19E
11.9
18.2
118.2
0.4
4.2
8.6
5.6
0.9
1.0
5.7
0.4
11.8
10.6
11.1
20.1
1.4
0.6
23
47
60
1.7
3.2
-0.8
FY20E
13.6
20.1
131.3
0.4
3.7
7.5
5.1
0.8
0.8
4.4
0.4
12.1
10.9
11.5
23.9
1.4
0.6
23
46
60
2.1
3.5
-0.9
0.4
2.8
11.9
11.5
16.3
1.5
1.1
33
50
59
1.4
5.3
-0.4
0.4
4.9
11.0
11.2
15.8
1.5
1.0
29
48
59
1.4
4.3
-0.5
0.4
5.2
11.7
12.8
16.7
1.5
0.9
37
48
65
1.4
3.5
-0.6
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY12
2,341
916
338
-1,149
-777
1,669
-283
1,386
-750
636
-972
613
-1,110
0
653
-336
-110
0
207
484
1,087
1,571
FY13
2,404
914
413
-810
77
2,998
-555
2,444
-1,316
1,128
-1,578
358
-2,535
0
594
-442
-113
0
40
-52
1,571
1,519
FY14
3,241
858
621
-561
-220
3,939
-1,233
2,705
-1,517
1,188
-3,391
1,891
-3,018
-188
919
-631
-113
0
-12
-325
1,511
1,186
FY15
2,752
1,003
445
-612
1,535
5,123
-1,032
4,091
-910
3,182
-1,477
595
-1,791
9
-1,021
-446
-112
0
-1,570
730
1,186
1,916
FY16
3,140
1,022
604
-917
-932
2,917
-813
2,104
-6,570
-4,466
-3,207
1,140
-8,637
0
7,070
-598
-116
0
6,356
-176
1,843
1,666
FY17
3,079
1,248
928
-739
489
5,005
-1,937
3,067
-842
2,226
-3,588
1,842
-2,588
0
453
-936
-115
0
-598
-119
1,514
1,395
FY18E
4,112
1,409
901
-1,028
477
5,872
-2,264
3,608
-733
2,875
0
2,320
1,587
0
0
-901
-117
0
-1,017
4,177
1,292
5,469
FY19E
4,592
1,454
901
-1,148
260
6,059
-2,572
3,486
-768
2,718
0
2,675
1,907
0
0
-901
-117
0
-1,017
4,376
5,366
9,742
(INR m)
FY20E
5,235
1,500
901
-1,309
225
6,552
-2,955
3,597
-805
2,792
0
3,058
2,253
0
0
-901
-117
0
-1,017
4,833
9,639
14,472
17 October 2017
9

HT Media
Corporate profile
HT Media is a leading Indian print media company
with a readership base of ~16m and average daily
circulation of 4.1m. Hindustan Times (English daily)
and Hindustan (Hindi daily) are leading brands
ranked 2nd and 3rd respectively on a pan-India
basis in their respective genres. ‘Mint’ is the second
most read business daily in India. HT Media’s radio
business is concentrated in the four metros. The
company’s online portfolio is focused on news,
networking, jobs and education space and is likely
to continue incurring operating loss.
Exhibit 2: Shareholding pattern (%)
Jun-17
Promoter
DII
FII
Others
69.5
10.2
8.6
11.6
Mar-17
69.5
9.4
8.2
12.9
Jun-16
69.5
8.8
11.0
10.8
Source: Capitaline
Company description
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 3: Top holders
Holder Name
FRANKLIN TEMPLETON MUTUAL FUND A/C
FRANKLIN INDIA
GOVERNMENT PENSION FUND GLOBAL
RELIANCE CAPITAL TRUSTEE COMPANY
LIMITED A/C RELIA
ICICI LOMBARD GENERAL INSURANCE
COMPANY LTD
ICICI PRUDENTIAL DYNAMIC PLAN
% Holding
5.0
3.0
2.8
2.4
1.7
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Shobhana Bhartia
Shamit Bhartia
Dinesh Mittal
Designation
Chairperson & Editorial Direct
Joint Managing Director
Company Secretary
Exhibit 5: Directors
Name
Dinesh Mistry
Ajay Relan
N K Singh
Name
Priyavrat Bhartia
K N Memani
Vikram Singh Mehta
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
S R Batliboi & Co LLP
Type
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
FY20
MOSL
forecast
10.5
11.9
13.1
Consensus
forecast
9.0
10.2
10.4
Variation (%)
16.6
16.8
26.5
Source: Bloomberg
Source: Capitaline
17 October 2017
10

HT Media
NOTES
17 October 2017
11

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
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available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
HT Media
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a)
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The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Analyst ownership of the stock
HT Media
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
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information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
17 October 2017
12