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Q3FY21 result update – TV Today Network

TV Today reported a better-than-expected set of Q3FY21 numbers on the back of cost reduction and lower tax outgo. Operating revenue came in at Rs. 223.6 crore, flattish YoY (up 0.5%) with TV broadcasting revenue at Rs. 185.9 crore (3.4% YoY growth). Radio segment disappointed again with a straight eighth quarterly de-growth with revenues declining 54.4% YoY to Rs. 2.1 crore as ad pricing remained low. Digital revenue recovered reported healthy growth of 20% YoY and came in at Rs. 35.5 crore. EBITDA was at Rs. 77.5 crore, up 27.5% YoY owing to lower marketing/distribution costs. EBITDA margin came in at 34.7%, up 734 bps YoY. The company shifted to lower corporate tax rate. Subsequently, PAT jumped 46% YoY to Rs. 54.8 crore.

Valuation & Outlook
While currency data for viewership was suspended by BARC, Aaj Tak and India Today were among top five channels in respective segments by end of Q2FY21. We will track the possible changes in viewership measurement and also monitor how viewership data by new standards plays out. We maintain our HOLD rating with a revised target price of Rs. 280/share (at 9x FY22E earnings, earlier TP: Rs. 240). We continue to value the stock on FY22E basis due to restricted visibility on TV news viewership trends. Absence of TV ratings for a longer term can be a challenge for news genre ad monetisation in our opinion.

Shares of TV TODAY NETWORK LTD. was last trading in BSE at Rs.258.5 as compared to the previous close of Rs. 262.6. The total number of shares traded during the day was 18313 in over 902 trades.

The stock hit an intraday high of Rs. 278.85 and intraday low of 256.1. The net turnover during the day was Rs. 4760578. Equity Bulls

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