Sustained Topline growth, up 18%: For 2QFY2009, HT Media (HTML)
reported a modest Topline growth of 17.7% yoy to Rs331cr (Rs281cr) in line
with our estimates of 17% yoy growth to Rs329cr. Topline growth was
largely aided by 18% growth (10% value growth and 8% volume growth) in
advertisement revenues, which grew to Rs283cr. Lower advertising spend
especially by the BFSI and Realty segments tempered revenue growth.
However, this was offset by Ad rate hikes (15% affected in September) and
successful revenue traction through “jodi packages” offerings.