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ICICI Securities Report
DB Corp Ltd.'s Q2 FY21 Ebitda dip was restricted at 27% YoY to Rs 1.8 billion despite 35% decline in revenues to Rs 3.5 billion due to aggressive cost savings, which helped other expenses decline 37%.
Also, circulation Ebitda have turned positive due to lower newsprint prices and reduced pagination.
Though circulation has shown good recovery, ad revenues are still lagging. The company is betting on the ongoing festive season for improvement in ad revenues, which is critical in our view.
Company expects significant cost savings even in FY22, which would enable strong free cash flow recovery if ad revenues bounce back.
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