DB Corp Q4 Review - Rise In Newsprint Price Adds To Risk: ICICI Securities
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ICICI Securities Report
DB Corp Ltd.’s Q4 FY21 Ebitda rose 53% YoY to Rs 1 billion; missed estimates by 11% on lower revenue in ad and circulation; but, it was offset by lower newsprint prices.
Though the second Covid-19 wave impacted in the past two months, the company has seen sharper recovery in June 2021 with the unlocking, which is comforting.
In FY22, the company eyes recovering ad volumes, post which it will push yield improvement.
We are impressed by cost-saving efforts which are helping it protect free cash flow despite pressure on revenues.
Newsprint price rise poses risk to the company’s Ebitda recovery; sticky inflation may not be good news.
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