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Sector Update: Print Media Newsprint prices have seen a meaningful decline, an appreciating INR is an added positive for publishing companies- JPL, HT Media and DCHL. As per most of the publishers, NP prices have corrected by 20-25% and international prices are expected to stabilize around US$650-700/MT, over the medium term. Immediate financial benefits though may be limited given higher cost inventory being carried; expect full impact H2FY10E onwards. Cautious optimism in industry regarding a revival in advertising revenue trends on the back of anticipated policy action leading to a recovery in economic growth and corporate earnings. Macro-environment is nevertheless materially better than 2Q ago. The traditional media (print, TV broadcasting) will be the early beneficiaries of a pick-up.

Power Finance Corporation Power Finance Corporation's advance book recorded a strong growth of 25% for FY09 to Rs. 644bn as compared to Rs. 515bn in FY08. Improved disbursement growth of 30% during FY09 to Rs 210bn, fostered the enhance business growth.During Q4FY09 disbursements growth remained healthy at 7.2% to Rs.69bn as compared to Rs. 65bn in the previous year. Sanctions, on the other hand reported a deceleration in growth trend following the higher base in Q4FY08. PFC's major source of funding has been bulk borrowings, which are available at relatively softer interest rate, and hence helped contain cost of funds, which stood at 8.78% during Q4FY09. For FY09, its NIM improved to 3.84%, which lead to a FY09 NII growth of 22% yoy to Rs. 23bn as compared to Rs 18bn. Further, close to Rs.70-80bn worth of loans would come up for repricing, (due under the 3 year re-set clause) during FY10. These loans were disbursed during FY07 when the interest rates were hovering around the

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Areva T&D Q4 Results Update. Revenues for the quarter has grown 68% yoy in Q1 CY09 driven by robust demand from the power T&D utilities (60% of the orders) as well as the industrial sector. Margins declined 280 bps to 12.9%. Areva's product portfolio is mainly oriented towards the higher end of T&D equipment, thus earnings higher margins. However, during the quarter, EBITDA margins declined 280bps to 12.9%. We believe decline in operating margins is mainly due to higher share of subcontracting expenses in the revenues. Margins can fluctuate in a quarter depending upon the share of projects revenue (lower margins). Areva inaugurated eight manufacturing facilities in April. The actual capex incurred was Rs 9.5 bn higher than Rs 7.0 bn envisaged. This capex has been financed through a mix of internal accruals and debt. Outstanding debt at the end of the year has increased to Rs 4.7 bn as compared to Rs 1.0 bn in CY07. Capacity addition in April 2009 The company has setti

Infotech Enterprises. Infotech's results for 4QFY09 were a mixed bag; while revenue growth (1% QoQ) was modestly below estimate, EBITDA surprised positively with a 230bps gain QoQ. PBT was however below estimates given higher losses in the other income line. PAT (up 28% QoQ) came in at lower than estimate, aided by a deferred tax write back. Within verticals EMI was flattish QoQ; this vertical contributes c66% of company revenues. UTG vertical on the other hand grew by 2% QoQ. Volumes de-grew for the quarter by 0.5%; revenues were helped by the favourable INR (+0.3%) and price variation (+1.2%). Management in its commentary has outlined that the global economic slowdown is having a visible impact on client spends with additions/ ramp ups taking a hit. IEL, thus far had not seen sizeable client issues in its lines of business given its differentiated focus and also given the fact that engineering design (ED) spends have been relatively resilient, especially in the GIS business. Gi