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DB Corp reported strong growth on washout base

News: DB Corp reported a strong performance on a depressed base. Revenues at Rs.446.8 crore, were up ~29% on depressed base (Q2FY21 revenues were down ~35%). Print & digital ad revenue was up ~32% YoY on base of 38% decline while subscription revenues remained resilient and were up 12.1% YoY driven by cover price hike. Radio ad revenue registered growth of 58% YoY (base had ~42% decline). EBITDA was at Rs.100.9 crore, up ~42% with margins at 22.6%, up 207 bps. Reported PAT was at Rs.53.8 crore was up ~89% YoY.

Views: The impact of rising newsprint prices remains a concern. We would also monitor how advertisement growth recovery happens, especially government ad pie. Clarity over tax raid is also awaited. We would remain neutral till such clarity emerges