H T Media Ltd Research ReportQ3

 Revenues at | 625.4 crore (fell 3.8% YoY) came in below our estimate of | 629.2 crore. Hindi ad revenue came in at | 177 crore, up 4.9% YoY vs. our estimate of ~3% YoY growth. English ad revenue declined 7.6% YoY (our estimate: ~7% decline). The performance of radio was disappointing at 4.8% YoY revenue growth. Digital business revenues were impacted by weak performance of shine.com  The company’s continued effort on cost savings aided EBITDA margins, which came in at 21.5%. On the costs front, savings in administrative and other expenses aided the EBITDA beat  Reported PAT came in higher at | 124.4 crore as there were certain one-offs in the quarter pertaining to (1) other income included onetime gain of | 31.2 crore on sale of land & building, (2) tax reversal of | 23.6 crore arising from finalisation of the return of the previous year, which was recognised during the quarter. Adjusted PAT came in lower at | 69.6 crore (vs. expectation of | 77 crore)