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Saregama: A brief overview

Jan 13, 2004

Saregama India, (erstwhile The Gramophone Company of India), is a century old music powerhouse belonging to the RPG Group. It boasts of owning nearly 200,000 tracks, one of the largest musical archives owned by any company in the world. It has a presence at all levels of the value chain right from manufacturing to licensing software overseas and retailing of Music Cassettes (MCs) and Compact Discs (CDs).

Mukta Arts: Lacks glamour

Aug 13, 2002

Inspite of assurance and attempts made by the management, the volatility in the financials of Mukta Arts continues unabated. Unfortunately, post the IPO of the company, none of the motion pictures produced by the company have performed well on the box office. However, the pipeline of movies to be launched in the current year remains strong and market participants would be closely watching the performance in the forthcoming months.

Mukta Arts: Lacklustre quarter

May 2, 2002

Mukta Arts has recorded a revenue of Rs 15 m and Rs 57 m profits for the first quarter of 1QFY03. The net profit was fuelled by heavy other income. The performance of the company is not comparable YoY as both revenues and net profit tend to fluctuate heavily depending on new film releases. The company has entered into an agreement for the sale of its content library.

Adlabs Films: Utilisation worries

Apr 4, 2002

Adlabs Films, the film processing major continues to be hit by poor peformance of film industry in the current year. The company recorded a 25% growth in sales due to multiplex project becoming operational and also higher trading income. However, operating margins of the company have taken a severe hit.

Mukta Arts: Concerns overshadow

Feb 7, 2002

Mukta Arts has finally closed FY01 with revenues of Rs 386 m, much lower than our expectations of Rs 527 m. The leap in revenues however, as compared to last year, was on account of the sale of theatrical rights of Subhash Ghai produced movie “Yaadein”. The revenues missed our target due to a medium project (Rs 120 m) “Badhai ho Badhai”, which was expected to be released by year-end remained in the pipeline.

TV 18: Back in black

Jan 15, 2002

TV 18 is out of red after posting 8 consequent quarters of loss. The company has reported a net profit of Rs 2 m for 3QFY02. Sales have grown by 19% on a sequential basis. Operating margins also improved considerably reflecting improved efficiency and profitability in all lines of its business. The company has written off entire one time costs relating to restructuring charges.

Adlabs Films: Feeling the heat

Nov 7, 2001

Adlabs, film processing major reported a sharp drop in performance for 2QFY02. While sales dropped by 24% sequentially, operating margins dipped to a 21.5% compared to 35.8% in 1QFY02. Finally, PBT recorded a drop of around 52%.

Mukta Arts: Concerns elude positives

Oct 29, 2001

Mukta Arts recorded a good financial performance for 3QFY02 as the company recorded a revenue of Rs 214 m with a profit margin of around 14%. This was fuelled by a huge income recognition from new movie release in the quarter. Though this is a quantum leap over its last years performance, ideally the performance cannot be compared as both revenues and net profit tend to fluctuate heavily depending on new film releases.

TV 18: Losses surmount

Oct 13, 2001

TV 18 has reported a 4.3% growth in revenues for 2QFY02 on a sequential basis over 1QFY02. Operating margins have improved marginally by 30 basis points. Though the company reported a marginal PBT of Rs 2 m, thanks to one time extra-ordinary expense of Rs 17 m, it recorded a loss of Rs 15 m.

Entertainment- Latent potential trapped in regulatory tangle

Sep 29, 2001

Change is the only constant in the media industry. Convergence today is taking centre stage in this change. Economic liberalization and the subsequent advent of cable television has spurred the entertainment revolution in India and it’s just the beginning.

Zee: Time to change

Sep 29, 2001

A Pioneer in Satellite TV….
After staying on top for over six years, India’s first private TV channel, Zee TV, is now facing severe heat from Star and Sony. Zee was the first channel to introduce satellite television in India way back in 1991. Even after the entry of Sony Entertainment Television (SET) in 1996, Zee had consistently maintained its numero uno position in the Indian entertainment market.

Archies: E-card blues

Aug 13, 2001

Archies Greetings' bad patch continues. In 1QFY02 the gift and greeting cards major has reported a 38% decline in net profit to Rs 16 m. This is despite a 10% growth in topline during the period under review.

TV 18: 1QFY02 net drops 72%

Aug 8, 2001

Television 18 has reported a sharp drop in net profit for 1QFY02. On a consolidated basis, things are even worse. Operating margins are at a paltry 1%, not enough to cover even the interest costs. Though the company has a huge fixed cost on its subsidiaries, revenue generation right now is miniscule. On a consolidated basis, the company has reported a net loss of Rs 8 m.

Adlabs Films: So far so good

Aug 7, 2001

Adlabs Films, the film processing major declared encouraging results for 1QFY02. Net profit margin shot up by 530 basis points, inspite of considerable rise in depreciation. The rise in profit seems to be driven by mega bollywood hits during the year. As the number of prints for a particular movie increases, the incremental operating profits of the company increases considerably. The company has near monopoly in film processing business.

Mukta Arts: 1QFY01 results

Jul 23, 2001

Mukta Arts recorded Rs 122 m net revenues for 1QFY01. Apparently, revenues of Rs 65 m from the sale of domestic music rights of the company's forthcoming movie "Yaadein" seems to have been recorded in the current quarter. The balance revenues of around Rs 60 m seem to have come from the movie "Rahul" which was released in April this year. The production cost of the same is projected to be around Rs 35 m.

Tips: Singing a sad tune

Jul 2, 2001

Tips Industries Ltd. has missed its IPO projections for FY01, by a wide margin. Consider this. While the company was expecting a net profit of Rs 352 m for FY01, the actual net profit is only 20% of what was projected. The operating margins of the company have come down drastically from 41% in FY00 to 29% in FY01. Finally, the company achieved an EPS of Rs 6 as against IPO projections of Rs 29.

TV 18 : Sorry for the interruption

Apr 28, 2001

Television 18, has shown a dismal performance for the six month period ended March 31 2001. The company has changed its accounting year from September to March ending and hence the figures for the current year are only for six months. Though the figures are not comparable on a year on year basis, the sequential growth doesn't make any interesting reading either.

Saregama: Interest reduction boosts net

Jan 31, 2001

Saregama has reported a near tripling of net profit in the third quarter of the current year vis–a–vis the corresponding quarter of last year. This has been led by the reduction in the interest costs which is due to the fact that the company repaid its debt after it made a private placement at a price of Rs 1,800 per share.

Zee Television: Can it comeback?

Jan 6, 2001

Murphy couldn’t have asked for a more high profile client than Zee. Everything that could go wrong with the company last year did go wrong. The company, which had one of the highest market capitalisations (Rs 672 billion; US$ 14.4 billion) in February 2000 ended the year with a market capitalisation which was nearly a sixth of that. But it did not start this way though.

Gramophone comes clean (Analysts meet)

Nov 23, 2000

Gramophone Company, (renamed as Saregama India) held an analysts meet to clarify its future strategy and explain the company’s half-yearly performance. The company has grown revenues at 38%, led primarily by the 43% jump in music cassette volumes. These in turn have been led by the sales of its new release ‘‘Mohabbatein’’ apart from a 26% growth (in value terms) of catalogue sales. (Catalogue sales comprise the sales of older Hindi films and contribute almost 60% of the company’s sales.)


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