ICICI Direct's research report on TV Today Network
TV Today reported a strong set of numbers on all fronts for Q4FY20 led by healthy growth in broadcasting and continued strong traction in the digital segment. Operating revenue came in at Rs 208.3 crore, up 19.1% YoY with TV broadcasting revenue at Rs 169.1 crore (19.5% YoY growth) driven by events like Delhi election and spread of Covid-19 followed by a nationwide lockdown, which kept viewers glued to news channels. Radio segment disappointed again with revenues declining 30% YoY at Rs 3.7 crore due to a weakened macroeconomic setup. Digital revenue continued to surprise with robust growth of 51.8% YoY and came in at Rs 29.7 crore. EBITDA was at Rs 46.8 crore, up 43.8% YoY as the topline saw strong growth. EBITDA margin came in at 22.5%, up 385 bps YoY. Subsequently, PAT was at Rs 27.8 crore, up 17.4% YoY, due to a solid operating performance.
Outlook
We maintain our BUY rating with a target price of Rs 240/share (at 8x FY22E earnings).
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