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ICICI Securities Report
DB Corp Ltd.’s Q4 FY22 Ebitda dipped 42% YoY to Rs 584 million despite 1.6% YoY growth in ad revenue to Rs 3.1 billion and was impacted by a sharp rise in newsprint price by 36%.
Circulation loss was Rs 405 million versus Rs 105 in Q4 FY21. However, the company stated newsprint prices have started softening, and its benefit should start showing from Q2 FY23.
Ad revenue revival is much below expectations and was impacted by lower government and political contribution, while commercial ad revenue was at pre-Covid-19 levels.
DB Corp has rewarded investors with dividend of Rs 5/share in FY22 (62% payout ratio), and has strong cash balance of Rs 5 billion.
Near-term outlook is blurred for print media due to muted ad revenue outlook on rise in inflation, and higher newsprint prices which will keep earnings depressed.
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