Technology

TV Today Network (TTNL) reported subdued set of numbers for 3QFY2017 with
its top-line plunging by ~6% yoy. On the operating front, the company reported
margin contraction on account of an increase in overall operating expenses,
owing to which the Net Profit witnessed a de-growth ~29% yoy. We expect TTNL to report a net revenue CAGR of ~8% to
~Rs645cr and net profit to post a CAGR of ~7% to Rs108cr over FY2016-18E. The
company has sustained its leadership position in the Hindi news genre for
14 consecutive years, while in the English news genre, it currently holds the
No. 2 position. The company is debt free with Rs201cr of cash on its balance
sheet. Hence, we maintain our Buy recommendation on the stock with a
target price of Rs344.

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