HTMedia Result Updated

8/3/2019 HTMedia Result Updated

1/12

Please refer to important disclosures at the end of this report 1

(` cr) 2QFY12 2QFY11 % yoy 1QFY12 %qoqRevenue 489 431 13.4 494 (1.1)EBITDA 67 65 4.0 88 (23.6)

OPM (%) 14 15 (125bp) 18 (403bp)

PAT 47 42 11.6 54 (13.1)Source: Company, Angel Research

Steady top-line growth led by ad revenue growth yoy:For 2QFY2012, HT Mediareported a modest performance on the revenue as well as the profitability front.

The companys top line grew by 13.4% yoy to `489cr. Recurring earnings grew by11.6% yoy on account of high other income and a significant decrease in tax rate.

Key highlights for the quarter: During the quarter, the company witnessed overallgrowth of ~15% yoy in ad revenue, driven by ~12.5% yoy growth in the English

and ~24% yoy growth in the Hindi print segments; however, sequentially,

ad revenue growth in English was higher at 35.4% and that in Hindi was ~2.3%

qoq. Further, the company witnessed a ~21% yoy/4.5 qoq increase in circulation

revenue and a ~11% yoy jump (~27% qoq decline) in radio revenue. OPM

during the quarter contracted by 125bp yoy due to higher other expenditure.Outlook and valuation: Post 2QFY2012, we maintain our revenue estimates,though we have trickled down our earnings estimates for due to increased

newsprint prices and forex fluctuations. We estimate HTML to be able to sustain

such growth in ad revenue, with the English publications (HTandMint) and HMVL

posting CAGRs of 11.6% and 17.9% over FY201113, respectively. At the CMP of`138, HTML is trading at 14.6x FY2013E consolidated EPS of `9.5. We maintainour Accumulate rating on the stock with a revised target price of `170 (`177),based on 18x FY2013E EPS.Key financials (Consolidated)Y/E March (` cr) FY2010 FY2011 FY2012E FY2013ENet Sales 1,413 1,767 2,010 2,255% chg 4.9 25.1 13.7 12.1

Net Profit (Adj.) 138.0 180.9 201.6 222.5% chg 589.8 31.1 11.4 10.4

EBITDA margin (%) 17.7 17.9 17.9 17.8

EPS (`) 5.9 7.7 8.6 9.5P/E (x) 23.5 17.9 16.1 14.6

P/BV (x) 3.3 2.5 2.2 1.9

RoE (%) 15.2 15.9 14.4 13.9

RoCE (%) 13.5 14.8 14.9 14.9

EV/Sales (x) 2.5 1.9 1.6 1.5

EV/EBITDA (x) 14.2 10.8 9.2 8.2

Source: Company, Angel Research

ACCUMULATECMP `138

Target Price `170

Investment Period 12 months

Stock Info

Sector Print Media

Market Cap (` cr) 3,267

Beta 0.5

52 Week High / Low 186/125

Avg. Daily Volume 38,598

Face Value (`) 2.0BSE Sensex 16,786

Nifty 5,050

Reuters Code HTML.BO

Bloomberg Code HTML@IN

Shareholding Pattern (%)

Promoters 68.8

MF / Banks / Indian Fls 17.5

FII / NRIs / OCBs 11.8

Indian Public / Others 1.9

Abs. (%) 3m 1yr 3yr

Sensex (9.0) (17.2) 57.1

HTML (14.6) (14.3) 68.9

Sreekanth P.V.S022 3935 7800 Ext: 6841

[email protected]

HT MediaPerformance Highlights

2QFY2012 Result Update | Media

October 22, 2011


2/12

HT Media | 2QFY2012 Result Update

October 22, 2011 2

Exhibit 1:Quarterly performance (Consolidated)

Y/E March (` cr) 2QFY12 2QFY11 % yoy 1QFY12 % qoq 1HFY2012 1HFY2011 % chgNet Sales 489 431 13.4 494 (1.1) 983 834 17.9Consumption of RM 186 165 12.8 172 7.9 359 295 21.5(% of Sales) 38.1 38.3 34.9 36.5 35.4

Staff Costs 85 73 15.6 88 (3.5) 173 148 16.5

(% of Sales) 17.4 17.0 17.8 17.6 17.8

Advertising 24 32 (25.0) 33 (26.8) 57 61 (5.8)

(% of Sales) 4.9 7.5 6.7 5.8 7.3

Other Expenses 127 96 32.0 113 11.9 240 186 28.6

(% of Sales) 25.9 22.2 22.9 24.4 22.4

Total Expenditure 422 366 15.1 407 3.7 829 691 19.9Operating Profit 67 65 4.0 88 (23.6) 155 143 8.2OPM (%) 13.7 15.0 17.8 15.7 17.2

Interest 8 6 36.4 5 42.0 13 12 6.7

Depreciation 23 21 10.4 21 9.1 45 41 10.1

Other Income 25 21 19.1 17 43.9 42 28 49.8

PBT (excl. Ext Items) 61 59 4.0 78 (22.2) 139 119 17.4Ext Income/(Expense) 0 0 0 0 0

PBT (incl. Ext Items) 61 59 4.0 78 (22.2) 139 119 17.4(% of Sales) 12.5 13.6 15.8 14.2 14.2

Provision for Taxation 14 17 (15.4) 24 (42.3) 38 36 5.8

(% of PBT) 23.0 28.3 31.0 27.6 30.6

Recurring PAT 47 42 11.6 54 (13.1) 101 82 22.6PATM 10 10 11 10 10

Minority Interest 3 3 2 6 2

Reported PAT 44 39 13.0 52 (15.0) 95 80 18.8Equity shares (cr) 24 24 24 24 24

EPS (`) 1.9 1.6 13.0 2.2 (15.0) 4.1 3.4 18.8Source: Company, Angel Research


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October 22, 2011 3

Exhibit 2:Revenue highlights (Consolidated)

(` cr) 2QFY12 2QFY11 % yoy 1QFY12 % qoqConsolidated sales 489 431 13.4 494 (1.1)Hindi 151 125 21.6 148 2.2English 338 307 10.1 345 (2.3)

489 431 493

Advertising 484 421 15.0 384 25.9Hindi 113 91 24.0 111 2.3

English 371 329 12.5 274 35.4

Circulation 51 42 21.3 49 4.5Hindi 33 29 15.6 33 0.6

English 17 13 33.8 15 13.0

Radio 16 14 11.3 22 (27.0)Internet 10 6 56.3 9 16.3



4/12


October 22, 2011 4

Steady top-line growth at 13.4% yoy, down 1.1% qoq

During the quarter, HTML posted steady top-line growth of 13.4% yoy to `484cr

(`431cr/`494cr), driven by 12.5% yoy growth in the English print and 24% yoy

growth in Hindi print segments. On a sequential basis, Hindustan reported strong

ad revenue of `113cr (`111cr in 1QFY2012), while HTandMint together reported

strong ad revenue growth of 35.4% to `371cr (`274cr in 1QFY2012).

Consolidated circulation revenue recorded strong growth of 21.3% yoy/4.5% qoq

to `51cr, aided by higher circulation and increased realizations. During the

quarter, Hindustans circulation revenue increased by 15.6% yoy (flat qoq) to

`33cr, with circulation of ~2.3mn copies; while HTand Mint reported combined

growth of 33.8% yoy/13% qoq to `17cr in circulation revenue. Total circulation for

the quarter stood at ~40 lakh copies.

Exhibit 3:Top-line growth (Consolidated)


Exhibit 4:English ad revenue grows yoy, declines qoq


Exhibit 5:Healthy circulation revenue growth...


350 359374

403431

464 467494 489

-

100

200

300

400

500

600

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

(`cr)

282 291302

329 329370 364 384 371

(5)

-

510

15

20

25

30

-

100

200

300

400

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

(%)

(

`

cr)

Ad revenue (LHS) yoy growth (RHS)

48 4843

4742

47 47 4951

(20)

(10)

-

10

20

30

40

-

10

20

30

40

50

60

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

(%)

(`

cr)

Circ. revenue (LHS) yoy growth (RHS)


5/12


October 22, 2011 5

Amongst other segments, new businesses registered significant revenue traction.

The radio business reported robust top-line growth of 74.8% yoy to `15.7cr

(`14.1cr) on account of increased advertising, while the internet business

contributed`

10cr to the companys overall revenue.

During 2QFY2012, Burda JV contributed `31.5cr as against ~`29.5cr in

2QFY2011. We expect the Burda JV to contribute ~`80cr and ~`90cr to FY2012

and FY2013 top line, respectively.

Recurring earnings growth by 11.6% yoy, despite gross margin

pressure

In terms of earnings, HTML posted 1) robust growth of 11.6% yoy to `47cr (`42cr)

on a recurring basis and 13% yoy growth to `44cr (`39cr) on a reported basis,

despite gross margin pressures; 2) a 10.4% yoy increase in depreciation to `23cr

(`21cr), aided by higher other income (up 19% yoy) to `23cr; and 3) a ~527bpyoy decline in tax rate. The companys radio business reported loss of `5cr. Also,

the internet business continued to report loss of `11cr in 2QFY2012 (loss of `10cr

in 2QFY2011).

Exhibit 6:Recurring PAT reports strong growth...


Exhibit 7:...despite under-pressure OPM and GM


OPM under pressure yoy due to increased operations, higher

newsprint prices

At the operating level, HTML posted a 125bp yoy contraction in its operating

margin despite a decrease in advertising expenses (down 253bp yoy). High

newsprint price resulted in a decline in gross margins (contracted by 20bp

yoy/expanded substantially by 319bp qoq), resulting in operating margin

contraction of 125bp yoy and 403bp qoq. Newsprint cost for the quarter stood at

~`33,000/tonne.

In terms of segments, HTML recorded a 112bp yoy expansion in EBIT margin to

11.6% (10.5%) because of higher EBIT margin reported by the print business

(recorded EBIT of `73cr, the companys radio business witnessed reported losses of

`5cr and higher loss in the internet business.

-

24

6

8

10

12

14

-

10

20

30

40

50

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

(%)

(`cr)

Recurring PAT (LHS) NPM (RHS)

15.5

18.8 21.5 19.5

15.0

18.7 18.1 17.813.7

64.768.4 69.1 67.7

61.7 64.4 64.7 65.1 61.9

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

(%)

OPM Gross margins


6/12


October 22, 2011 6

Exhibit 8:Segmental performance (Consolidated)

Y/E March (` cr) 2QFY12 2QFY11 % chg 1HFY2012 1HFY2011 % chgRevenuePrinting 468 414 13.1 935 801 16.7Radio 16 14 11.6 37 26 40.9

Internet 10 6 55.0 19 13 47.1

Unallocated 2 13 (88.1) 2 14 (84.2)

Total revenue 495 447 10.8 993 854 16.3Less: Inter segment 2 1 3 3

Less: Other Op Inc - - - -

Total net sales 493 446 10.7 990 851 16.4EBITPrinting 73 57 28.5 162 136 19.0

Radio (5) 0 (1,721.4) (2) (1) -

Internet (11) (10) 7.0 (23) (20) 14.4

Total EBIT 58 47 22.7 138 116 19.1EBIT margin (%) 11.6 10.5 112.7 13.9 13.5 33

Source: Company, Angel research

Investment Rationale Steady ad revenue growth, Burda JV to scale up top line: HTML recorded

impressive ad revenue during the quarter, with yoy growth of 12.5% and a

robust 35.4% increase qoq in the English print and 24.5% yoy/18% qoq in Hindi

print segments, despite tough macroeconomic conditions. We estimate this

growth in ad revenue to prolong with the English (HTandMint) and Hindi print

businesses (HMVL) posting CAGRs of ~12% and 18% over FY201113,

respectively. Hindustans ad revenue will grow the most in UP (we peg a CAGR

of ~20% over FY2011-13), while HT Mumbai will be the maximum growth driver

for the English prints ad revenue (we peg a CAGR of ~13% over FY2011-13).

Burda, which has recently achieved EBITDA breakeven, is likely to contribute

~`80cr in FY2012 and ~`90cr in FY2013 to the top line.

New businesses continue to grow, expect OPM of ~18% over FY2011-13:In terms of operating performance, HTMLs new businesses continued to grow in

during the quarter (radio and internet gained traction). Going forward,

we believe continuous improvement in ad yields will help HTML post margins of

~18% during FY2012-13. Newsprint cost for the quarter stood at

~`33,000/tonne.


7/12


October 22, 2011 7

Outlook and valuationPost 2QFY2012, we maintain our revenue estimates, though we have trickled

down our earnings estimates for due to increased newsprint prices and forexfluctuations. We estimate HTML to be able to sustain such growth in ad revenue,

with the English publications (HT and Mint) and HMVL posting CAGRs of 11.6%

and 17.9% over FY201113, respectively.

At the CMP of `138, HTML is trading at 14.6x FY2013E consolidated EPS of `9.5.We maintain our Accumulate rating on the stock with a revised target price of`170 (`177), based on 18x FY2013E EPS.Exhibit 9:Key assumptions

(` cr) FY2009 FY2010 FY2011 FY2012E FY2013E CAGR (%)Advt. revenue 1,133 1,141 1,392 1,592 1,787 16.1HT / Mint 890 844 1,015 1,137 1,264 11.6

Hindustan 244 297 376 455 523 17.9

Circ. revenue 154 183 179 204 228 13.0HT / Mint 49 63 56 57 58 1.4

Hindustan 105 121 122 147 170 17.9

Radio revenue 29 41 63 75 84 15.5

Burda JV - 5 62 80 90 20.5

Others 30 42 69 59 65 (2.9)

Total revenue 1,347 1,413 1,765 2,010 2,255 13.0

yoy growth (%)Advt. revenue 11.9 0.7 22.0 14.4 12.3HT / Mint 5.0 (5.1) 20.2 12.0 11.1

Hindustan 47.7 21.5 27.0 20.8 15.0

Circ. revenue 2.5 19.0 (2.4) 14.0 12.0HT / Mint (7.5) 27.6 (9.6) 0.3 2.6

Hindustan 8.0 15.0 1.3 20.4 15.6

Radio revenue 54.3 42.1 52.9 19.0 12.0

Burda JV 1,052.4 29.0 12.5

Others 39.4 39.8 64.1 (14.1) 9.7

% of totalAdvt. revenue 84.2 80.8 78.9 79.2 79.3

Circ. revenue 11.4 13.0 10.1 10.1 10.1

Radio revenue 2.2 2.9 3.6 3.7 3.7

Burda JV - 0.4 3.5 4.0 4.0

Others 2.2 3.0 3.9 3.0 2.9

Source: Company, Angel Research; Note: CAGR is for FY2011-13E


8/12


October 22, 2011 8

Exhibit 10:Peer valuation

Company Reco Mcap CMP TP Upside P/E (x) EV/Sales (x) RoE (%) CAGR #(` cr) (`) (`) (%) FY12E FY13E FY12E FY13E FY12E FY13E Sales PAT

HT Media Buy 3,243 138 170 23.2 16.1 14.6 1.2 1.1 14.4 13.9 12.9 10.9Jagran Buy 3,329 105 137 30.2 15.8 13.8 2.4 2.2 30.2 33.8 8.9 7.2

DB Corp Buy 4,032 220 278 26.4 17.6 14.9 2.7 2.3 26.4 26.0 12.6 4.3

Source: Company, Angel Research, Note:^ denotes consensus data, #denotes CAGR for FY2010-13E

Exhibit 11:Angel vs. consensus estimates

Top-line (` cr) FY2012E FY2013E EPS (`) FY2012E FY2012E Angel estimates 2010 2255 Angel estimates 8.6

Consensus 2037 2406 Consensus 8.9 11.8

Diff (%) (1.3) (6.3) Diff (%) (3.6) (19.8)


Exhibit 12:Return of HT Media vs. Sensex


Exhibit 13:One-year forward P/E band


60%

80%

100%

120%

140%

Oct-1

0

Nov-

10

Dec-1

0

Jan-1

1

Fe

b-1

1

Mar-

11

Apr-

11

May-

11

Jun-1

1

Jul-11

Aug-1

1

Sep-1

1

Sensex HT Media

0

50

100

150

200

250

300

Oct-0

6

Fe

b-0

7

Jun-0

7

Oct-0

7

Fe

b-0

8

Jun-0

8

Oct-0

8

Fe

b-0

9

Jun-0

9

Oct-0

9

Fe

b-1

0

Jun-1

0

Oct-1

0

Fe

b-1

1

Jun-1

1

Oct-1

1

Share

Price

(`)

10x 15x 20x 25x


9/12


October 22, 2011 9

Profit & loss statement(Consolidated)Y/E March (` cr) FY2008 FY2009 FY2010 FY2011 FY2012E FY2013EGross sales 1,203 1,347 1,413 1,767 2,010 2,255Less: Excise duty - - - - - -

Net Sales 1,203 1,347 1,413 1,767 2,010 2,255

Total operating income 1,203 1,347 1,413 1,767 2,010 2,255% chg 15.7 11.9 4.9 25.1 13.7 12.1

Total Expenditure 1,033 1,259 1,163 1,450 1,651 1,853Cost of Materials 497 595 515 671 777 889

SG&A 289 354 318 390 440 484

Personnel 198 242 252 301 334 372

Others 49 68 78 89 101 108

EBITDA 170 88 250 317 360 402% chg 0.7 (48.3) 184.4 26.9 13.4 11.7

(% of Net Sales) 14.1 6.5 17.7 17.9 17.9 17.8

Depreciation& Amortisation 57 69 71 84 90 107

EBIT 113 19 179 233 270 295% chg (9.7) (83.1) 839.6 30.0 15.7 9.3

(% of Net Sales) 9.4 1.4 12.7 13.2 13.4 13.1

Interest & other Charges 18 32 30 24 19 15

Other Income 44 33 41 48 56 59

(% of PBT) 31.6 166.6 21.5 18.6 18.3 17.4

Share in profit of Associates - - - - - -

Recurring PBT 139 20 191 257 307 338% chg (5.3) (85.7) 860.7 34.9 19.3 10.3Extraordinary Exps./(Inc.) - 19 2 - - -

PBT (reported) 139 1 188 257 307 338Tax 38 12 54 71 86 95

(% of PBT) 27.1 62.9 28.2 27.7 28.0 28.0

PAT (reported) 101 (12) 135 186 221 244Add: Share of associates - - - - - -

Less: Minority interest (MI) 0 (13) (1) 5 19 21

PAT after MI (reported) 101 1 136 181 202 223ADJ. PAT 101 20 138 181 202 223% chg 4.6 (80.3) 589.8 31.1 11.4 10.4

(% of Net Sales) 8.4 1.5 9.8 10.2 10.0 9.9

Basic EPS (`) 4.3 0.9 5.9 7.7 8.6 9.5Fully Diluted EPS ( ) 4.3 0.9 5.9 7.7 8.6 9.5% chg 4.6 (80.3) 589.8 31.1 11.4 10.4


10/12


October 22, 2011 10

Balance sheet (Consolidated)

Y/E March (` cr) FY2008 FY2009 FY2010E FY2011 FY2012E FY2013ESOURCES OF FUNDSEquity Share Capital 47 47 47 47 47 47

Preference Capital - - 0 0 - -

Reserves& Surplus 806 802 924 1,255 1,445 1,653

Shareholders Funds 853 849 971 1,302 1,492 1,700Minority Interest 0 (7) 22 130 149 170

Total Loans 223 371 402 312 247 202

Deferred Tax Liability 12 21 18 (9) (9) (9)

Total Liabilities 1,088 1,233 1,413 1,736 1,880 2,064APPLICATION OF FUNDSGross Block 701 823 1,033 1,213 1,363 1,646

Less: Acc. Depreciation 177 247 322 408 498 605

Net Block 524 576 712 805 865 1,041Capital Work-in-Progress 59 196 129 19 164 197

Goodwill - - - - - -

Investments 266 304 475 760 685 685Current Assets 520 698 671 756 1,003 1,064

Cash 77 71 109 115 197 162Loans & Advances 129 232 200 242 292 327Other 314 396 362 398 514 575Current liabilities 280 540 576 604 836 923

Net Current Assets 240 158 95 152 166 141Misc Exp 0 - 2 - - -

Total Assets 1,088 1,233 1,413 1,736 1,880 2,064Cash flow statement (Consolidated)

Y/E March (` cr) FY2008 FY2009 FY2010E FY2011 FY2012E FY2013EProfit before tax 139 1 188 257 307 338

Depreciation 57 69 71 84 90 107

Change in Working Capital (19) 132 66 (41) 44 (9)

Interest / Dividend (Net) (11) 12 15 (6) (6) (15)

Direct taxes paid 60 20 41 71 86 95

Others 3 6 (6) 51 23 (3)

Cash Flow from Operations 110 199 293 274 371 324(Inc.)/ Dec. in Fixed Assets (120) (259) (144) (70) (294) (317)

(Inc.)/ Dec. in Investments (62) (82) (133) (284) 75 0

Cash Flow from Investing (182) (341) (277) (354) (219) (317)Issue of Equity 0 0 (2) 180 0 0

Inc./(Dec.) in loans 57 148 31 (90) (65) (45)

Dividend Paid (Incl. Tax) 8 11 8 10 11 12

Interest / Dividend (Net) 10 2 (1) (6) (6) (15)

Cash Flow from Financing 39 135 22 86 (70) (42)Inc./(Dec.) in Cash (33) (7) 38 7 82 (35)

Opening Cash balances 110 77 71 109 115 197Closing Cash balances 77 71 109 115 197 162


11/12


October 22, 2011 11

Key ratiosY/E March FY2008 FY2009 FY2010E FY2011 FY2012E FY2013EValuation Ratio (x)P/E (on FDEPS)

31.9 161.6 23.5 17.9 16.1 14.6P/CEPS 20.4 36.4 15.5 12.2 11.1 9.8

P/BV 3.8 3.8 3.3 2.5 2.2 1.9

Dividend yield (%) 0.3 0.2 0.3 0.3 0.3 0.4

EV/Sales 2.8 2.6 2.5 1.9 1.6 1.5

EV/EBITDA 19.9 40.3 14.2 10.8 9.2 8.2

EV / Total Assets 3.1 2.9 2.5 2.0 1.8 1.6

Per Share Data (`)EPS (Basic) 4.3 0.9 5.9 7.7 8.6 9.5

EPS (fully diluted) 4.3 0.9 5.9 7.7 8.6 9.5

Cash EPS 6.8 3.8 8.9 11.3 12.4 14.0DPS 0.4 0.3 0.4 0.4 0.4 0.5

Book Value 36.4 36.2 41.3 55.4 63.5 72.4

DuPont analysisEBIT margin 9.4 1.4 12.7 13.2 13.4 13.1

Tax retention ratio 0.7 0.4 0.7 0.7 0.7 0.7

Asset turnover (x) 1.8 1.7 1.7 2.1 2.2 2.0

ROIC (Post-tax) 12.1 0.9 15.3 19.9 20.9 19.2

Cost of Debt (Post-tax) 0.1 0.0 0.1 0.0 0.0 0.0

Leverage (x) (0.2) (0.1) (0.1) (0.3) (0.4) (0.4)

Operating ROE 9.9 0.8 13.8 13.8 12.0 11.5

Returns (%)RoCE 11.0 1.6 13.5 14.8 14.9 14.9

Angel RoIC (Pre-tax) 11.0 0.8 15.5 19.6 19.5 17.4

RoE 12.5 2.4 15.2 15.9 14.4 13.9

Turnover ratios (x)Asset Turnover 1.7 1.6 1.4 1.5 1.5 1.4

Inventory / Sales (days) 35 48 31 30 32 32

Receivables (days) 60 60 63 52 61 61

Payables (days) 78 142 142 115 143 142

Net Working capital (days) 49 24 (4) 8 (6) (3)

Solvency ratios (x)Net Debt to equity (0.1) (0.0) (0.2) (0.4) (0.4) (0.4)

Net Debt to EBITDA (0.7) (0.0) (0.7) (1.8) (1.8) (1.6)

Interest Coverage 6.3 0.6 6.1 9.9 14.3 19.2


12/12


October 22 2011 12

Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www. angelbroking.com

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement HTML

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.

Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

Documents

HTMedia Result Updated