Any current/future new fundraising through debt or equity?

No specific new fundraising through debt or equity was announced during the call. The company is currently utilizing existing cash reserves for investments, such as the OTTplay aggregation platform under Hindustan Media Ventures Limited (HMVL). Piyush Gupta mentioned no fresh information regarding cash utilization or new fundraising. There is emphasis on creating long-term sustainable value for shareholders rather than immediate shareholder rewards like buybacks. The company is focused on operational improvements and profitable growth rather than raising new funds at this stage.

Any current/future capex/capital investment/strategic investment?

The company is investing in OTTplay under Hindustan Media Ventures Limited (HMVL). OTTplay is an OTT aggregation platform targeting NCCS B and NCCS C markets, offering multiple OTT subscriptions via a single login at a fraction of the cost. The investment aims to create long-term sustainable value and tap into Tier 2 and Tier 3 towns. There is interest in scaling up the Radio business beyond current 22 stations, conditional on improved financial viability due to government/regulatory intervention. No specific fresh information was shared regarding other capital deployment of cash holdings. Slu

Future growth expectations in sales/revenue/volumes?

Growth outlook is positive, especially with recovery in volumes and election-related advertising expected to boost revenues. Print business volumes have returned to pre-pandemic levels, providing confidence for pricing increases and margin expansion. Ongoing aggressive pricing programs are expected to improve EBITDA margins gradually over the next few quarters. Election year and festive season (Sept-Oct onwards) anticipated to drive buoyant revenue growth. Digital segment is focusing on multiple projects like OTTplay, aiming to carve out a niche despite competition. Radio business sees recover

Future growth expectations in earnings/operating earnings/profits/EPS?

Margins and EBITDA expected to improve going forward, with optimism expressed for bottom-line growth (Piyush Gupta, page 18). Raw material (newsprint/pulp) prices are declining, likely to expand gross margins starting FY24 (page 6). Pricing program initiated to raise pricing toward pre-Covid levels, expected to gradually improve EBITDA margins over Q2 and Q3 FY24 (pages 16, 6, 7). Advertising volumes have returned to near pre-pandemic levels, supporting revenue recovery, especially with upcoming elections and festive season (pages 6, 12). Radio business expected to recover as regulations stabi

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H T Media LtdQ2 FY23Media

H T Media Ltd Q2 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹22.9P/E: 11.9Market Cap: ₹521 CrSector: Media

Management growth scorecard

Revenue

Category 4

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 4

→Growth outlook is positive, especially with recovery in volumes and election-related advertising expected to boost revenues.
→Print business volumes have returned to pre-pandemic levels, providing confidence for pricing increases and margin expansion.
→Ongoing aggressive pricing programs are expected to improve EBITDA margins gradually over the next few quarters.
→Election year and festive season (Sept-Oct onwards) anticipated to drive buoyant revenue growth.
→Digital segment is focusing on multiple projects like OTTplay, aiming to carve out a niche despite competition.
→Radio business sees recovery potential but is moderated by regulatory impacts; expansion is possible if financials improve.
→Raw material (newsprint/pulp) prices have been falling, expected to improve gross margins and overall profitability.
→The company remains cautiously optimistic about scaling up operations as market conditions and regulatory environment evolve.

Margin guidance

Category 1

→Margins and EBITDA expected to improve going forward, with optimism expressed for bottom-line growth (Piyush Gupta, page 18).
→Raw material (newsprint/pulp) prices are declining, likely to expand gross margins starting FY24 (page 6).
→Pricing program initiated to raise pricing toward pre-Covid levels, expected to gradually improve EBITDA margins over Q2 and Q3 FY24 (pages 16, 6, 7).
→Advertising volumes have returned to near pre-pandemic levels, supporting revenue recovery, especially with upcoming elections and festive season (pages 6, 12).
→Radio business expected to recover as regulations stabilize and with possible scaling up beyond current 22 stations, if financials improve (page 15).
→Digital business losses are increasing due to investments, but momentum is building, with digital monetization and value unlocking plans underway (pages 5, 12).
→Overall, management is cautiously optimistic about profitable growth across Print, Radio, and Digital segments in near to medium term (multiple pages).

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Fundraise plans

→No specific new fundraising through debt or equity was announced during the call.
→The company is currently utilizing existing cash reserves for investments, such as the OTTplay aggregation platform under Hindustan Media Ventures Limited (HMVL).
→Piyush Gupta mentioned no fresh information regarding cash utilization or new fundraising.
→There is emphasis on creating long-term sustainable value for shareholders rather than immediate shareholder rewards like buybacks.
→The company is focused on operational improvements and profitable growth rather than raising new funds at this stage.

Order book

The transcript provided does not mention the current or expected order book or pending orders for HT Media Limited or Hindustan Media Ventures Limited. The discussion primarily focuses on financial performance, pricing strategies, commodity price impact, business segments (Print, Radio, Digital), cash utilization, and market positioning, but there is no reference to order book or pending orders. If you need information on order books or pending orders, please provide specific sections or documents related to that data.

Capex plans

Yes

→The company is investing in OTTplay under Hindustan Media Ventures Limited (HMVL).
→OTTplay is an OTT aggregation platform targeting NCCS B and NCCS C markets, offering multiple OTT subscriptions via a single login at a fraction of the cost.
→The investment aims to create long-term sustainable value and tap into Tier 2 and Tier 3 towns.
→There is interest in scaling up the Radio business beyond current 22 stations, conditional on improved financial viability due to government/regulatory intervention.
→No specific fresh information was shared regarding other capital deployment of cash holdings.
→Slurrp, a themed channel segment, is currently at pilot stage and not receiving significant investment or scale-up plans.
→Overall, the focus is on building a robust business through selective strategic investments rather than immediate large-scale capital expenditure.

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