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H T MediaQ4 FY23

H T Media Q4 FY23 Earnings Call Analysis

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

Price: ₹24.9P/E: 4.8Market Cap: ₹580 CrSector: Media

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3
  • The company aims for approximately 10% growth in revenue, which is considered conservative as per Piyush Gupta (Page 16).
  • There is a strong focus on rebuilding circulation copies lost during COVID; efforts are underway to regain and grow copies in markets with good revenue potential (Page 16).
  • Advertising yields are targeted for improvement to approach pre-COVID levels, which will help lift overall revenue (Page 16).
  • The subscription model is shifting gradually across publications and markets, moving away from pure line-copy models, indicating a future revenue strategy pivot (Page 18).
  • OTTPlay, an OTT aggregation platform, is expected to start generating revenue next year with investments ongoing; digital segment innovation continues to be a key focus (Pages 8-14).
  • Radio business expects a continued robust and profitable growth following a 40% growth in the current year (Page 8).

See what H T Media management said on margin guidance — free account, 30 seconds.

Fundraise plans

  • The transcript does not mention any specific current or future plans for fundraising through debt or equity.
  • There is no disclosure of issuing new shares or raising debt capital.
  • The focus appears to be on investing internally, particularly on the OTTPlay platform, with investments expected to increase.
  • No forward guidance on fundraising or capital raising activities is provided.
  • The company emphasizes its strong net cash position of INR 935 crores as of FY23.
  • Management discusses operational challenges and strategic initiatives but does not indicate any planned external fundraising at this time.

See what H T Media management said on order book — free account, 30 seconds.

Capex plans

Yes
  • The company is making significant investments in OTTPlay, their proprietary OTT content aggregation platform, which has been in beta for 6-9 months and is now being taken to market.
  • OTTPlay is considered a major strategic line of business, and investments behind it will increase going forward.
  • Expenses on OTTPlay are currently elevated due to this investment phase, but revenues are expected to rise substantially to mitigate these costs.
  • No specific forward guidance on exact investment amounts is provided, but the company indicates OTTPlay is "the investment of the future."
  • Other initiatives like NFTs were described as experiments and are not considered strategic business segments or significant capital allocations.
  • Overall, capital investment focus is clearly on OTTPlay platform development and market expansion.

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Margin guidance

Category 3
  • The company expects improvement in earnings in upcoming quarters driven by multiple favorable business levers. (Page 19)
  • Efforts underway to recover advertising yields to pre-Covid levels, though competitive, are aimed at revenue growth. (Pages 16-17)
  • Focus on rebuilding print circulation (copies) in markets with good revenue potential this year. (Page 16)
  • Newsprint price declines will benefit cost line, contributing to margin improvement. (Page 16)
  • Radio segment has shown strong revenue growth (40%+) and is expected to have a profitable year ahead. (Pages 7-8)
  • Digital segment losses are due to investment phase (e.g., OTTPlay launch), expected to start monetizing in the coming year. (Pages 8-9)
  • Conservative estimate around 10% revenue growth is suggested, though exact guidance isn't provided. (Page 16)
  • Overall, management is hopeful for a return to robust pre-Covid profitability with growth in EBITDA, PBT, and PAT in the coming year. (Pages 7, 19)

Order book

The provided transcript and document do not contain any information related to current or expected orderbook or pending orders for HT Media Limited or Hindustan Media Ventures Limited. The discussion primarily focuses on financial performance, cost factors, subscription models, OTTPlay digital platform, advertising yields, and business strategy, without any mention of orderbooks or pending orders.

How does H T Media rank vs peers in Media?

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