Balaji Telefilms: Difficult times continue
(Jan 18, 2010)
Topline declines by 22% YoY during 3QFY10 on account of a fall in both hours of programming and average realisations per hour. EBITDA margins turn negative this quarter, from 5% in 3QFY09. Other income declines by 30% YoY in 3QFY10. Profit before tax plummets by 95% YoY during 3QFY10 due to a decline in the topline and erosion in operating margins. Topline declines by 51% YoY while bottomline shrinks by 40% YoY for 9mFY10.

Balaji Telefilms: Not a pretty picture
(Oct 16, 2009)
Topline declines by 61% YoY during 2QFY10 on account of a fall in both hours of programming and average realisations per hour. EBITDA margins turn negative this quarter, from 22% in 2QFY09. Other income declines by 17% YoY in 2QFY10. Bottomline plummets by 94% YoY during 2QFY10 due to a decline in the topline and erosion in operating margins. Topline declines by 59% YoY while bottomline shrinks by 40% YoY for 1HFY10.

Balaji Telefilms: The road ahead
(Aug 10, 2009)
Balaji Telefilms enjoyed a sustained run as the leader in the television content industry for many years. Recently however, the company has suffered due to structural changes in the industry. In this article, we shall take a look at the road ahead mapped out by Balaji Telefilms in the company’s latest annual report.

Balaji Telefilms: The tragedy continues
(Jul 31, 2009)
Topline declines by 57% YoY during 1QFY10 led by decline in volumes (programming hours). EBITDA margins decline to 8% this quarter, from 35% in 1QFY09. Other income grows by 137% YoY in 1QFY10. Bottomline plummets by 60% YoY during 1QFY10 due to a decline in the topline and erosion in operating margins although higher other income helps.

Balaji Telefilms: The year of tragic write-offs
(May 14, 2009)
Topline declines by 10% YoY during FY09. EBITDA margins decline to 15% this fiscal, from 38% in FY08. Other income grows by 8% YoY in FY09. Bottomline plummets by 70% YoY during FY09 due to a decline in the topline, erosion in operating margins and higher depreciation. For 4QFY09, topline falls by 45% while the bottomline turns red.

Balaji: In troubled waters
(Jan 30, 2009)
Topline declines by 37% YoY during 3QFY09. EBITDA margins decline to 4.8% this quarter, down from 33.2% in 3QFY08. Other income grows by 17% YoY in 3QFY09. Bottomline declines by 97% YoY during 3QFY09 due to erosion in operating margins.

Balaji Telefilms: Our updated view
(Dec 2, 2008)
In our earlier research report on Balaji Telefilms, we had mentioned that the rationale for investing in the company was consistency in delivering quality content, domination of the TRP charts, strong realisations...

Balaji: Slipping on soaps
(Oct 25, 2008)
Topline grows by 32% YoY during 2QFY09. EBITDA margins decline by 20.3% to 22.3% during the quarter. Other income grows by 4% YoY in 2QFY09. Bottomline declines by 31% YoY during 2QFY09 erosion in operating margins.

Balaji: Soaps turning slippery?
(Jul 30, 2008)
Topline grows by 23% YoY during 1QFY09 due to higher commissioned programming hours. EBITDA margins decline by 4.9% to 34.7% during the quarter. Other income zooms 76% YoY in 1QFY09. Bottomline registers a growth of 21% YoY during 1QFY09 due to topline growth and higher other income in spite of lower operating margins.

Balaji: Not very dramatic
(May 23, 2008)
Topline grows by 3.6% YoY during FY08 on the back of higher realisations. EBITDA margins remain stable at 37.7% during FY08. Other income zooms 84% YoY in FY08. Bottomline registers a growth of 9.6% YoY during FY08 due to higher other income underpinned by stable operating margins. Topline and bottomline grow 24.7% YoY and 12.1% YoY respectively in 4QFY08. Operating margins declined to 36% in 4QFY08 from 39.3% in 4QFY07. The board has recommended dividend of Rs. 3.50 per share (face value of Rs. 2 per share) as final dividend.