D B Corp: Dip in ad growth transitory

21 October 2016

2QFY17 Results Update | Sector:

Media

BSE SENSEX

28,130

Bloomberg

Equity Shares (m)

M.Cap. (INR b) / (USD b)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

Avg Val (INR m)

Free float (%)

S&P CNX

8,699

DBCL IN

183.4

73/1.1

448/284

1/11/23

30.1

CMP: INR398



TP: INR465 (+17%)

D B Corp

Buy

Dip in ad growth transitory

Broader story intact; maintain EPS estimates

Financials & Valuation (INR Billion)

Y/E MAR

Net Sales

EBITDA

Adj. Net Profit

Adj. EPS (INR)

Adj. EPS Gr. (%)

BV/Sh (INR)

RoE (%)

RoCE (%)

P/E (x)

P/BV (x)

Estimate change

TP change

Rating change

2016 2017E 2018E

20.5

5.4

3.0

16.2

-7.4

73.3

22.6

20.0

24.5

5.4

23.7

7.1

4.0

21.7

34.0

83.1

27.8

24.8

18.3

4.8

26.5

8.2

4.7

25.8

18.9

94.7

29.0

26.2

15.4

4.2



Operational improvement trickles down to PAT:

DB Corp’s (DBCL) 2QFY17

EBITDA grew 33.6% YoY to INR1.5b (9.6% above our estimate of INR1.37b),

albeit off a low base. Despite weak revenues, DBCL reported better-than-

expected EBITDA, primarily led by INR57.7m reversal of provision for royalty

payable to the Indian Performing Rights Society (IPRS) and MTM gains from

partial disposal of shares in Gitanjali Gems as part of an ad-for-equity deal.

PAT grew 47% YoY to INR885m (v/s our estimate of INR738m), led by EBITDA

improvement, lower depreciation and higher net other income.

Ad growth impacted by ‘Shradh’:

Unlike FY16, the entire Shradh season fell in

2QFY17. Typically, advertisers limit spends during this season. Print ad

revenues grew 7% YoY to INR3.3b (7.5% below our estimate of INR3.57b). Ad

growth in 2Q and 1HFY17 was largely volume-driven. We marginally lower our

FY17/FY18 ad growth estimates to 15%/11% (v/s 16%/12% earlier).

Circulation growth moderates, albeit off high base:

Circulation revenue grew

12% YoY to INR1.18b (v/s our estimate of INR1.21b), led by yield improvement

in mature markets. We note that this was the first quarter in over four years

wherein DBCL’s circulation revenue growth dropped below 15%. We

marginally cut our circulation growth estimate to 14% from 15% to factor in

the high base.

Margins expand on lower SG&A :

Margins expanded 490bp YoY to 28.5% (v/s

our estimate of 25%) as SG&A expenses came in below expectations led by (1)

reversal of provision for royalty payable to IPRS (INR57.7m) and (2) MTM

gains from deal with Gitanjali Gems (~INR100.7m). Adjusted for these one-

offs, margins were largely in line with expectations. RM costs came in line at

INR1.63b, up 9% YoY – of which 5% was contributed by newsprint

consumption (INR47,030 metric tonnes) and 4% by newsprint prices

(INR34.75/kg).

Maintaining TP and Buy:

We largely maintain our PAT estimates and expect

26% PAT CAGR over FY16-18, factoring in 13% CAGR each in ad and circulation

revenue over FY16-18E. The stock trades at P/E of 18.3x FY17E and 15.4x

FY18E. Maintain

Buy

with a target price of INR465, based on P/E of 18x FY18E

(in line with average P/E of 18x since listing).

Investors are advised to refer through important disclosures made at the last page of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Jay Gandhi

(Jay.Gandhi@MotilalOswal.com); +91 22 3089 6693

Aliasgar Shakir

(Aliasgar.shakir@MotilalOswal.com); +91 22 3010 2415

D B Corp

Print ad revenue up 7% YoY; Circulation up 12% YoY

Revenue grew 11% YoY to INR5.28b (4.3% below estimates).



Print advertisement revenue grew at a weak 7% YoY as 2Q marked a Shardh-led

fall in ad sales.



Circulation revenue increased 12% YoY to INR1.18b (vs. est: INR1.21b) primarily

due to yield driven growth, largely coming from Mature markets



Exhibit 1: Revenue break-up (INR b)

Advertising

Circulation

Radio, event mgmt, others

0.8

0.6

0.5 0.6 1.0 0.7 0.6 0.6 1.1 0.8 1.2 0.8

0.6

0.5 0.5

0.5

1.2

1.1

1.0 1.0 1.1

0.4 0.4 0.7 0.5 0.8 0.8 0.8 0.8 0.9 0.9

0.7

0.7 0.7

3.8 3.2 3.5 3.3 3.9 3.2 3.1 3.1 3.9 3.2 3.7 3.3

2.7 2.6 3.2 2.8 3.3 3.1

Exhibit 2: Print advertising growth (YoY, %)

11 13

18 18

Source: Company, MOSL

-10

-7

-1

Source: Company, MOSL

EBITDA margin up 490bp YoY led by lower SG&A expenses

EBITDA grew ~33.6% YoY to INR1.18b (in-line). EBITDA margin grew 490bp YoY

to 28.5% (vs est of 25%).



Margin improvement was largely led by 1. A reversal of provision for royalty

payable to IPRS (INR57.7m); 2. MTM gains from an ad-to-equity deal with

Gitanjali Gems (~INR100.7m). Adj. for these one-offs; margins were largely in-

line.



RM costs grew 9% YoY to INR1.63b (in-line);



Employee costs increased 11% YoY to INR1.07b (vs. est: 1.1b).



Newsprint price grew 4% YoY to ~INR33,750/ton.



21 October 2016

D B Corp

Exhibit 3: Newsprint price and YoY growth

YoY growth (%)

32.3 33.1 33.5 32.8 33.2

34.9

Newsprint price (INR/kg)

37.2 37.9 37.2 36.2

35.3 34.4

33.6 33.3 33.3 33.6 34.0 34.8

11 16 12 4

-5

-9

-10

-8

-6

-2

Source: Company, MOSL

Exhibit 4: Revenue, EBITDA and EBITDA margin trend

Revenue (INRb)

EBITDA (INRb)

28 26

EBITDA margin (%)

32 28

26 24

Source: Company, MOSL

Exhibit 5: RM cost rend

RM cost (INRb)

37 34

RM cost (% of rev)

1.3 1.3 1.4 1.3 1.4 1.5 1.7 1.7 1.7 1.6 1.7 1.5 1.4 1.5 1.7 1.6 1.6 1.6

Source: Company, MOSL

Emerging business EBITDA losses at 70m



Overall, Emerging business, including mobile app downloading and E real estate,

reported EBITDA losses of INR70m vs EBITDA losses of INR52m in 1QFY17 and

EBITDA losses of INR117m in 2QFY16.

Mature editions EBITDA margin remained largely flat YoY at 32%.

21 October 2016

D B Corp

Exhibit 6: DB Corp: Revenue/EBITDA break-up of mature vs emerging editions (incl. other income)

INR b

Revenue

Mature Editions

Emerging Editions

EBITDA

Mature Editions

Emerging Editions

Operating cost

Mature Editions

Emerging Editions

EBITDA margin (%)

Mature Editions

Emerging Editions

4.34

3.97

0.37

1.35

1.41

-0.06

2.98

2.56

0.42

-16

FY14

4.21

3.83

0.37

1.08

1.17

-0.10

3.13

2.66

0.47

-26

4.96

4.50

0.46

1.52

1.57

-0.06

3.45

2.93

0.52

-12

4.37

3.91

0.46

1.04

1.17

-0.12

3.33

2.75

0.58

-27

4.72

4.18

0.54

1.38

1.46

-0.08

3.34

2.72

0.62

-15

FY15

4.55

3.98

0.57

1.20

1.27

-0.07

3.35

2.71

0.64

-13

5.22

4.59

0.64

1.78

1.74

0.04

3.44

2.85

0.59

4.60

3.67

0.93

1.21

1.34

-0.13

3.39

2.33

1.06

-14

FY16

4.49

4.11

0.39

1.30

1.40

-0.10

3.20

2.71

0.49

-26

4.50

4.04

0.45

1.15

1.26

-0.12

3.35

2.78

0.57

-26

5.46

4.89

0.57

1.81

0.00

3.65

3.08

0.57

FY17

4.85

5.34

4.89

4.37

5.19

4.73

0.48

0.16

1.21

1.81

1.44

1.30

1.86

1.51

-0.10 -0.05 -0.07

3.64

3.53

3.45

3.07

3.32

3.22

0.57

0.21

0.23

-20

-34

-43

Source: MOSL, Company

Valuation and view



DBCL is a leading media conglomerate that enjoys dominant position in all its

major markets across multiple languages.

DBCL has a track record of investing in growth drivers upfront (adding new

geographies/segments) and reaching the stipulated break-even targets within

the specified time-frame.

Going forward, we expect DBCL to benefit from three trends: 1) Rebound in GDP

growth, which will drive ad spends coupled with the much awaited ad volume

rebound; 2) Benign commodity prices will aid gross margins for consumer-facing

companies, which are expected to re-invest in branding/advertising; and 3) long-

term newsprint contracts to hedge any spike in newsprint costs, which

constitute ~31-32% of revenue.

We expect print advertising growth to rebound in FY17 to 15% (v/s a de-growth

of 5% in FY16) as ad volumes pick up.

Newsprint prices seem to have bottomed out. We model a 5/3% increase in

newsprint prices in FY17/FY18, which will result in 9%/11% growth (pricing and

volume together) in FY17/FY18 respectively.

While ad growth was under pressure in FY16, we expect a rebound in FY17—

once ad volumes pick up. We have upgraded our PAT estimates by ~8-9%, which

factors in a 1.6% increase in our print ad revenue assumptions for FY17/FY18.

We expect 26% PAT CAGR over FY16-18.

The stock trades at a P/E of 18.3x FY17E and 15.4x FY18E. Maintain

Buy

with a

target price of INR465, based on a P/E of 18x FY18E (v/s average P/E of 18x since

listing).

21 October 2016

D B Corp

Exhibit 7: DB Corp: PE band chart

PE (x)

Median(x)

18.4

17.7

14.0

16.6

Peak(x)

Min(x)

Avg(x)

24.6

Exhibit 8: DB Corp: Relative PE vs Sensex

-20

10.0

-2.0

D B Corp PE Relative to Sensex PE (%)

LPA (%)

Source: Company, MOSL

Exhibit 9: Quarterly Performance (INR m)

Advertising revenue (print)

Circulation revenue

Others

Revenue

Total operating cost

EBITDA

EBITDA margin (%)

Depreciation

EBIT

Interest

Other Income

PBT

Tax

Tax rate (%)

PAT

Operating expenses (INR m)

Raw material

Employee

Others

Total

Opex (% of revenue)

Raw material

Employee

Others

2QFY16

3,079

1057

645

4,781

3,654

1,127

23.6

215

912

938

337

35.9

601

1,495

965

1,194

3,654

31.3

20.2

25.0

1QFY17

3,734

1176

794

5,704

3,892

1,812

31.8

211

1,601

1,608

568

35.3

1,040

1,600

1,068

1,225

3,892

28.0

18.7

21.5

2QFY17

3,303

1179

805

5,287

3,782

1,505

28.5

216

1,289

1,325

440

33.2

885

1,634

1,074

1,073

3,782

30.9

20.3

YoY (%)

7.3

11.5

24.9

10.6

3.5

33.6

490bps

0.4

41.4

-79.5

-22.0

41.3

30.6

-272bps

47.3

9.4

11.3

-10.1

3.5

-35bps

13bps

-468bps

QoQ (%)

-11.5

0.3

1.4

-7.3

-2.8

-16.9

-329bps

2.4

-19.5

-83.6

0.8

-17.6

-22.5

-212bps

-14.9

2.2

0.6

-12.4

-2.8

287bps

160bps

-118bps

2QFY17E

3,572

1216

736

5,523

4,149

1,374

24.9

245

1,129

1,152

415

36.0

738

1,643

1,100

1,406

4,149

29.8

19.9

25.5

v/s est (%)

-7.5

-3.0

9.4

-4.3

-8.9

9.6

360bps

-11.7

14.2

-72.2

-3.6

15.0

6.1

-278bps

20.0

-0.5

-2.4

-23.7

-8.9

116bps

40bps

-516bps

Source: Company, MOSL

21 October 2016

D B Corp

Exhibit 10: DB Corp: A Snapshot

FY08

Print ad revenue (INR b)

YoY (%)

Circulation revenue (INR b)

YoY (%)

Av circulation/day -Group (m)

YoY (%)

Newsprint price (USD/ton)

YoY (%)

RM cost/Revenue (%)

Revenue mix (%)

Print ad revenue

Circulation revenue

Other

6.3

1.8

3.5

640

FY09

7.0

1.9

3.6

645

FY10

7.7

2.1

3.5

-3

531

-18

FY11

9.5

2.1

4.0

594

FY12

10.7

2.4

4.6

650

FY13

11.3

2.8

4.7

604

-7

FY14

13.3

3.2

4.8

597

-1

FY15

13.9

3.8

5.1

586

-2

FY16

13.3

-5

4.4

5.2

521

-11

FY17E

15.3

5.0

5.4

526

FY18E

17.0

5.6

531

Exhibit 11: Summary of estimate change (INR b)

FY08

Print ad revenue

YoY (%)

Circulation revenue

YoY (%)

Av circulation/day -Group (m)

YoY (%)

Newsprint price (USD/ton)

YoY (%)

RM cost/Revenue (%)

Revenue mix (%)

Print ad revenue

Circulation revenue

Other

6.3

1.8

3.5

640

FY09

7.0

1.9

3.6

645

FY10

7.7

2.1

3.5

-3

531

-18

FY11

9.5

2.1

4.0

594

FY12

10.7

2.4

4.6

650

FY13

11.3

2.8

4.7

604

-7

FY14

13.3

3.2

4.8

597

-1

FY15

13.9

3.8

5.1

586

-2

FY16

13.3

-5

4.4

5.2

521

-11

FY17E

15.3

5.0

5.4

526

FY18E

17.0

5.6

531

21 October 2016

D B Corp

Story in charts

Exhibit 12: Hindi dailies: Brand wise readership (m)

Hari Bhoomi

Nai Dunia

Prabhat Khabar

Navbharat Times

Punjab Kesari

Amar Ujala group

Rajasthan Patrika…

Hindustan

Dainik Bhaskar

Dainik Jagran

1.3

1.6

2.6

3.3

8.6

8.8

12.2

14.4

16.4

CPHH, 12

Rajasthan,

Gujarat, 19

Jharkhand,

Exhibit 13: DB Corp: State wise readership mix (%)

Maharashtr

a, 5

MP+CG, 26

Source: IRS 2012

Exhibit 14: Estimated brand wise average daily circulation

Dainik Bhaskar

Others

Aggregate - Group

Exhibit 15: Advertising revenue growth

Ad revenue (INRb)

10 11

YoY (%)

3.3 3.5 3.6 3.5

1.2 1.3 1.3

2.8

1.1 1.1 1.1 1.2

1.0

1.1 1.0 1.0 0.9

0.9

3.1 3.2 3.4 3.5 3.6 3.7

2.2 2.4 2.6 2.5 2.9 3.1

1.9

4.0

5.6

5.1 5.2 5.4

4.6 4.7 4.8

-5

3.5 4.9 6.3 7.0 7.7 9.5 10.7 11.313.3 13.9 13.3 15.3 17.0

Source: Company, MOSL

Exhibit 16: Circulation revenue growth

Circulation revenue (INRb)

YoY (%)

Exhibit 17: Consolidated revenue growth

27 28

Revenue (INRb)

11 11

20.5

YoY (%)

-2

16 15 16 16

14 13

1.7 1.6 1.8 1.9 2.1 2.1 2.4 2.8 3.2 3.8 4.4 5.0 5.6

5.3 6.7 8.6 9.6 10.6 12.7 14.6 15.9 18.6 20.1

23.7 26.5

Source: Company, MOSL

21 October 2016

D B Corp

Story in charts

Exhibit 18: Revenue mix

Advertising

Radio

Circulation

Event mgmt and others

Exhibit 19: EBITDA and EBITDA margin

EBITDA (INRb)

EBITDA margin (%)

3 4 4 4 5 4

0 0 2 3 3 4 7 7 7 7 9 9 9

4 4 5 5 5 6

31 24 21 20 19 17 17 18 17 19 21 21 21

66 72 73 73 73 75 73 71 71 69 65 65 64

32.3 31.9

14.9 14.0

21.2

24.3 23.6

15.3

26.9 28.2 26.1

30.0 30.7

0.8 0.9 1.8 1.5 3.4 4.0 3.5 3.8 5.0 5.7 5.4 7.1 8.2

Source: Company, MOSL

Exhibit 20: Newsprint cost

51 49

Newsprint cost (INRb)

Newsprint cost (% of revenue)

31 30

35 34 34 32

29 28 28

Exhibit 21: Newsprint price per ton

Newsprint price (USD/ton)

531

603 630 640 645

-18

-7

-1

-2

-11

YoY (%)

2.7 3.3 3.4 4.1 3.3 3.8 5.1 5.4 6.3 6.5 6.0 6.6 7.5

594 650 604 597 586 521 526 531

Source: Company, MOSL

Exhibit 22: Adjusted PAT growth

Adj PAT (INRb)

284

-37

YoY (%)

Exhibit 23: Dividend per share and pay-out

Dividend pay out (%)

DPS (INR)

11.0

-12

-7

0.4 0.5 0.8 0.5 1.8 2.3 2.0 2.2 2.9 3.2 3.0 4.0 4.7

21 2.0

0.5

0.0 0.0 13 0.5

23 33 53 54 51 54 81 55

5.5

4.0 5.0

7.3 7.9

9.9

Source: Company, MOSL

21 October 2016

D B Corp

Financials and valuations

Income Statement (Consolidated)

Y/E March

Net Sales

YoY (%)

Operating expenses

EBITDA

EBITDA margin (%)

Depreciation

Interest

Other Income

PBT

Tax

Tax rate (%)

PAT

Minority Interest

Adjusted PAT

Change (%)

Extra-ordinary items

Reported PAT

2011

12,652

19.0

8,621

4,031

31.9

433

153

123

3,569

1,273

35.7

2,296

2,293

273

2,566

2012

14,638

15.7

11,088

3,550

24.3

506

155

115

3,004

982

32.7

2,022

2,021

-12

2,021

2013

15,923

8.8

12,163

3,760

23.6

581

213

3,313

1,132

34.2

2,181

2014

18,598

16.8

13,595

5,003

26.9

643

239

4,524

1,606

35.5

2,917

149

3,066

2015

20,133

8.3

14,462

5,670

28.2

881

257

4,971

1,759

35.4

3,211

2016

20,516

1.9

15,161

5,355

26.1

878

281

4,666

1,690

36.2

2,976

-7

2,976

2017E

23,712

15.6

16,588

7,125

30.0

969

189

6,254

2,265

36.2

3,988

(INR Million)

2018E

26,535

11.9

18,375

8,159

30.7

1,009

376

7,436

2,693

36.2

4,742

Balance Sheet

Y/E March

Share Capital

Share Premium

Reserves

Net Worth

Loans

Minority Interest

Deffered Tax Liability

Capital Employed

Gross Fixed Assets

Less: Depreciation

Net Fixed Assets

Capital WIP

Investments

Curr. Assets

Inventory

Debtors

Cash & Bank Balance

Loans & Advances

Other current assets

Current Liab. & Prov.

Creditors

Provisions & other liabilities

Net Current Assets

Miscellanous exp

Application of Funds

2011

1,862

2,373

4,054

8,289

2,372

695

11,359

8,408

1,729

6,678

680

163

5,918

728

2,401

1,731

1,058

2,189

1,648

541

3,729

110

11,359

2012

1,862

2,373

5,036

9,271

2,100

746

12,132

9,487

2,235

7,252

681

460

7,059

1,186

2,484

1,364

2,026

3,321

2,183

1,137

3,739

12,132

2013

1,863

2,373

6,056

10,291

1,574

834

12,709

10,299

2,816

7,483

900

807

7,136

1,299

3,083

1,190

1,564

3,617

2,345

1,272

3,519

12,709

2014

1,864

2,373

7,231

11,467

1,464

885

13,816

11,054

3,458

7,596

929

724

8,446

1,732

3,280

1,094

2,340

3,879

2,483

1,396

4,566

13,816

2015

1,865

2,373

8,644

12,882

1,183

832

14,896

11,612

4,339

7,273

929

686

10,157

1,402

3,450

1,767

3,538

4,530

2,946

1,583

5,627

381

14,897

2016

1,866

2,373

9,227

13,466

1,135

842

15,443

13,638

5,217

8,421

929

688

10,020

1,675

3,862

1,039

3,445

4,616

3,003

1,613

5,405

15,443

2017E

1,866

2,373

11,022

15,261

1,135

842

17,238

14,238

6,186

8,052

929

688

12,903

1,596

4,223

3,103

3,982

5,335

3,470

1,865

7,569

17,238

(INR Million)

2018E

1,866

2,373

13,156

17,395

1,135

842

19,372

14,788

7,195

7,593

929

688

16,132

1,744

4,725

5,206

4,456

5,970

3,883

2,086

10,162

19,372

21 October 2016

D B Corp

Financials and valuations

Ratios

Y/E March

Basic (INR)

Adjusted EPS

Growth (%)

Cash EPS

Book Value

DPS

Payout (incl.Div. Tax.,%)

Valuation

P/E

Cash P/E

EV/EBITDA

EV/Sales

Price/Book Value

Dividend Yield (%)

Profitability Ratios (%)

RoE

RoCE

RoIC

Turnover Ratios

Debtors (Days)

Inventory (Days)

Creditors. (Days)

Asset Turnover (x)

Leverage Ratio

Debt/Equity (x)

2011

12.6

20.5

14.9

45.5

4.0

2012

11.0

-12.3

13.8

50.7

5.0

2013

11.9

7.9

15.1

56.2

5.5

53.7

2014

15.9

33.7

19.4

62.5

7.3

53.3

2015

17.5

10.0

22.3

70.2

7.9

53.9

2016

16.2

-7.4

21.0

73.3

11.0

81.5

2017E

21.7

34.0

27.0

83.1

9.9

55.0

2018E

25.8

18.9

31.3

94.7

11.8

55.0

31.6

26.6

18.2

5.8

8.7

1.0

36.1

28.9

20.7

5.0

7.9

1.3

22.7

17.8

12.8

3.6

5.7

2.0

24.5

19.0

13.7

3.6

5.4

2.8

18.3

14.7

10.0

3.0

4.8

2.5

15.4

12.7

8.5

2.6

4.2

3.0

30.9

24.6

27.6

1.5

23.0

18.1

20.8

1.5

22.3

18.0

19.9

1.5

26.8

23.5

25.2

1.6

26.4

22.7

25.7

1.7

22.6

20.0

22.2

1.6

27.8

24.8

28.9

1.7

29.0

26.2

33.9

2.0

0.3

0.2

0.1

Cash Flow Statement

Y/E March

EBITDA

Other Income

Interest Paid

Direct Taxes Paid

(Inc)/Dec in Wkg. Cap.

CF from Op. Activity

(inc)/Dec in FA + CWIP

(Pur)/Sale of Investments

CF from Inv. Activity

Issue of Shares

Inc/(Dec) in Debt

Dividends Paid

Other Financing Activities

CF from Fin. Activity

Inc/(Dec) in Cash

Add: Opening Balance

Closing Balance

2011

4,305

123

-153

-1,187

-346

2,741

-1,316

-1,274

-835

-849

-43

-1,687

-220

1,951

1,730

2012

3,550

115

-155

-931

-242

2,337

-1,080

-297

-1,378

-272

-1,065

-1,327

-368

1,731

1,363

2013

3,760

213

-80

-1,044

2,906

-1,030

-347

-1,378

-526

-1,172

-5

-1,702

-174

1,364

1,190

2014

5,003

239

-75

-1,406

-1,480

2,280

-785

-702

-110

-1,554

-11

-1,674

-96

1,190

1,094

2015

5,670

257

-76

-1,813

-832

3,207

-558

-520

-281

-1,731

-4

-2,014

673

1,094

1,767

2016

5,355

281

-92

-1,680

-125

3,739

-2,026

-2

-2,028

-48

-2,425

-2,439

-728

1,767

1,039

2017E

7,125

189

-91

-2,265

-100

4,858

-600

-2,194

2,064

1,039

3,103

(INR Million)

2018E

8,159

376

-91

-2,693

-490

5,262

-550

-2,608

2,104

3,103

5,206

21 October 2016

D B Corp

Corporate profile: D B Corp

Company description

Exhibit 24: Sensex rebased

D B Corp Ltd (DBCL), one of the largest print media

companies of India, publishes 8 newspapers with

65 editions, 199 sub editions in 4 multiple

languages (Hindi, Gujarati, English and Marathi)

across 13 states in India. Flagship newspapers

Dainik Bhaskar (in Hindi) established in 1958, Divya

Bhaskar and Saurashtra Samachar (in Gujarati)

have a combined readership of ~20 million. Other

business interests also span the radio segment

through the brand "My FM" Radio station with

presence in 7 states and 17 cities, and a strong

online presence in internet portals.

Exhibit 25: Shareholding pattern (%)

Sep-16

Promoter

DII

FII

69.9

7.0

18.6

Jun-16

69.9

7.4

18.4

4.3

Sep-15

70.0

7.8

18.5

3.8

Exhibit 26: Top holders

Holder Name

Nalanda India Equity Fund Limited

Amansa Holdings Private Limited

HDFC Small & Midcap Fund

Government Of Singapore

ICICI Prudential Life Insurance Company

% Holding

8.2

3.0

2.3

1.4

1.3

Others

4.5

Note: FII Includes depository receipts

Exhibit 27:

Top management

Name

Ramesh Chandra Agarwal

Sudhir Agarwal

Pawan Agarwal

Anita Gokhale

Designation

Chairman

Managing Director

Deputy Managing Director

Company Secretary

Exhibit 28: Directors

Name

Anupriya Acharya*

Ashwani Kumar B Singhal*

Girish Agarwal

Harish Bijoor*

Kailash Chandra Chowdhary*

Name

Naveen Kumar Kshatriya*

Pawan Agarwal

Piyush Pandey*

Ramesh Chandra Agarwal

Sudhir Agarwal

*Independent

Exhibit 29: Auditors

Name

R Muralidharan & Co

S R Batliboi & Associates LLP

Type

Secretarial Audit

Statutory

Exhibit 30: MOSL forecast v/s consensus

EPS

(INR)

FY17

FY18

MOSL

forecast

21.7

25.8

Consensus

forecast

21.5

25.5

Variation

(%)

0.9

1.0

21 October 2016

PRODUCT GALLERY

Our recent reports on DBCORP

Our recent reports on Media sector

D B Corp

NOTES

21 October 2016

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