HTMA

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					                                                                                             Regd off: Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi - 1
HT MEDIA LIMITED                                                                             E-Mail:    investor@hindustantimes.com
                                                                                             Web site: www.htmedia.in
                                                                                             Telephone: (011) 6656 1608 Fax: (011) 6656 1445
MEDIA                                                                          BIRLA K.K.    Tr agent: Karvy Computer, 46, Avenue 4, St. No. 1, Banjara Hills, Hyderabad - 34
Chairman: Shobhana Bhartia                                                      SEC: Dinesh Mittal                                     AUD: S. R. Batliboi & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m        % ch 12-m      P/E      P/CF            Yield         Mkt cap               Vol.             ISIN
 2002   532662            HTML:IN      2           118.9          6.9              0.9       2,794.4     40.0            0.3          27,943.9              6.2         INE501G01024
SHAREHOLDING                                                     FX Transaction    (FY09)                           ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 68.8%               Exports (fob)          Rs m            0
Foreign collaborators      :  0.0%
                                                                                                     (Rs)
                                                 Imports (cif)          Rs m        4,858
Indian inst/Mut Fund       : 13.3%               Fx inflow              Rs m          107      300
FIIs/GDR                   : 13.0%               Fx outflow             Rs m        5,062                                                                    DAILY
Free float                 :  4.8%               Net fx                 Rs m       -4,955
Shareholders               : 24,796                                                                                                                          100 DMA
                                                                                               225
                           No. of months                  12            12             12
                             Year ending            31/03/07      31/03/08       31/03/09
EQUITY SHARE DATA
                                                                                               150
High                                  Rs                 205            266           175
Low                                   Rs                   71           128             36
Sales per share                       Rs                44.4           51.4          57.5
Earnings per share                    Rs                 4.1             4.3           0.0      75
Cash flow per share                   Rs                  6.0            6.8           3.0
Dividends per share                   Rs                0.30           0.40          0.30
Dividend yield (eoy)                  %                  0.2            0.2            0.3
                                                                                                 0
Book value per share                  Rs                32.6           36.4          36.2
Shares outstanding (eoy)              m              234.23         234.23        234.25         Aug-06             Jun-07            Feb-08            Nov-08               Aug-09
Bonus/Rights/Conversions                                FV2                -             A
Price / Sales ratio                   x                   3.1            3.8           1.8                               No. of months                 12           12             12
Avg P/E ratio                         x                 33.3           45.6       2,471.3                                  Year ending           31/03/07     31/03/08       31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                 23.0           29.1          35.4
Price / Book Value ratio              x                   4.2            5.4           2.9    From Operations                         Rs   m       1,132            1,118       2,089
Dividend payout                       %                  7.2             9.2        702.8     From Investments                        Rs   m        -986           -1,447      -3,443
Avg Mkt Cap                           Rs m            32,324         46,143        24,713     From Financial Activity                 Rs   m        -406              312       1,084
No. of employees                      `000                  3              4             3    Net Cashflow                            Rs   m        -260              -17        -270
Total wages/salary                    Rs m             1,596          1,983         2,419
Avg. sales/employee                   Rs Th          3,308.0        3,410.7       3,971.1                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            507.8          562.1         713.4                                           2QFY09  3QFY09                4QFY09      1QFY10
Avg. net profit/employee              Rs Th            308.6          287.1            2.9    Net sales                   Rs    m     3,342   3,371                 3,375       3,351
                                                                                              Gross profit                Rs    m       399      456                  439         691
INCOME DATA                                                                                   Gross profit margin         %            11.9     13.5                 13.0        20.6
Net Sales                             Rs     m        10,397        12,033         13,466     Net profit                  Rs    m       163      206                  295         369
Other income                          Rs     m           367           430            330     Net profit margin           %             4.9       6.1                  8.7       11.0
Total revenues                        Rs     m        10,764        12,463         13,796
Gross profit                          Rs     m         1,680         1,693            855                                           KEY DATA
Depreciation                          Rs     m           436           570            688     Parameters                          Unit              FY07             FY08       FY09
Interest                              Rs     m           143           172            300     Advertising revenue                 % of sales         84.2             84.0       84.2
Profit before tax                     Rs     m         1,468         1,381            197     Sale of publications                % of sales         13.1             12.4       11.4
Minority Interest                     Rs     m             46             0           127     Job revenue                         % of sales          1.8              0.9        1.4
Prior Period Items                    Rs     m              0             0              0    Advertising & promotion exp         % of sales          6.9              9.6       11.4
Extraordinary Inc (Exp)               Rs     m              2             9          -189     Inventory days                      no                 36.0             35.0       48.0
Tax                                   Rs     m           546           377            125
                                                                                                                                     NOTES
Profit after tax                      Rs     m           970         1,013              10
Gross profit margin                   %                 16.2          14.1             6.3   HT Media is a print media company publishing the newspapers Hindustan (Hindi
Effective tax rate                    %                 37.2          27.3           63.5    news daily), Hindustan Times (English newsdaily) and Mint (financial newspaper).
                                                                                             Both Hindustan and Hindustan Times enjoy a combined daily circulation of 2.25 m
Net profit margin                     %                   9.3           8.4            0.1
                                                                                             copies and have a readership base of 12.4 million readers. For Mint, HT Media has
BALANCE SHEET DATA                                                                           entered into a JV with The Wall Street Journal (world's largest financial news daily).
                                                                                             It has a presence in Delhi, Mumbai, Bihar, Jharkhand, Uttar Pradesh (UP),
Current assets                        Rs m             4,173         5,199          6,976    Uttarakhand and Chandigarh. HT Media has also entered the radio business by
Current liabilities                   Rs m             2,101         2,804          5,399    launching the radio station Fever 104 in the Delhi, Bengaluru, Kolkata and Mumbai
Net working cap to sales              %                 19.9          19.9           11.7    markets along with Virgin Radio. It incorporated internet venture under Firefly e-
Current ratio                         x                   2.0           1.9            1.3   ventures and operates web portals Hindustantimes.com and livemint.com in the
Inventory Turnover                    Days                36            35              48   general and business news categories respectively. The company also has a job
Debtors Turnover                      Days                52            60              60   portal Shine.com with around 2 m registrations. Desimartini.com - a social networking
Net fixed assets                      Rs m             5,207         5,829          7,717    site was also launched recently.
Share capital                         Rs m               468           469            470
"Free" reserves                       Rs m             7,132         8,019          7,224    In FY09, the company's revenues increased by 12% YoY led by an 11% YoY growth
                                                                                             in ad revenues despite challenging economic conditions. The circulation revenues
Net worth                             Rs m             7,641         8,528          8,485
                                                                                             grew by 3% YoY. The operating margins declined from 18% to 9% during the year
Long term debt                        Rs m             1,658         1,658          1,542
                                                                                             due to higher raw material and other expenses due to the radio (now merged) and
Total assets                          Rs m            11,673        13,685         17,728    internet ventures. The net profits stood at Rs 852 m down from Rs 1,446 m in FY08.
Interest coverage                     x                 11.3            9.0            1.7
Debt to equity ratio                  x                   0.2           0.2            0.2   The company is following a three-step strategy, namely to increase geographical
Sales to assets ratio                 x                   0.9           0.9            0.8   presence of the existing brands, to enter new segments and to scale up presence into
Return on assets                      %                 12.0          11.6             3.1   new businesses. With the print segment expected to grow at a 14% CAGR, HTML
Return on equity                      %                 12.7          11.9             0.1   with its complete packaged offering is in a commendable position. Wide reach, entry
Return on capital                     %                 17.8          15.3             4.3   into high growth segments and a favourable industrial scenario make it a strong play.
Exports to sales                      %                   0.0           0.0            0.0   However execution, raw material price and competition risks are some of our key
Imports to sales                      %                 27.2          26.3           36.1    concerns.
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posted:11/6/2010
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