Mukta Arts: 'Yaadein' propels net - Views on News from Equitymaster

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Mukta Arts: 'Yaadein' propels net

Jan 31, 2001

Mukta Arts has declared a post tax profit of Rs 21 m on a turnover of Rs 43 m for the quarter ended December 2000. For the full year ended December 2000, the company's net profit amounts to Rs 70 m on a turnover of Rs 100 m. (The company has not given out the figures for the corresponding quarter of last year since the listing requirements were not applicable.) The growth in profits in the current year (operating margins are 70% plus) are on the back of the sale of music rights of 'Yaadein' in the current year. The movie is slated for release only in May 2001. Hence the costs of production have still to be written off.

(Rs m) 4QFY01 12m FY01
Sales 43 100
Other Income 8 24
Expenditure 13 27
Operating Profit (EBDIT) 30 72
Operating Profit Margin (%) 69.6% 72.6%
Interest 0 1
Depreciation 5 14
Profit before Tax 32 82
Other Adjustments    
Tax 12 12
Profit after Tax/(Loss) 21 70
Net profit margin (%) 48.0% 70.7%
Earnings per share*   6.4

The company's contract for the sale of satellite rights of 8 movies to Windmill Holding Ltd. (a Mauritius based affiliate of B4U) has however fallen through. The company has already received an advance of US$ 250,000 (Rs 12 m) against the contracted amount of US$ 3 m (Rs 146 m) .

The revenue growth in the coming year is to be led by release of three movies 'Rahul' 'Yaadein' and 'Badhai Ho Badhai', all three of which are slated to be released in the current year. Since the costs of production will also accrue in the current year, Mukta's operating margins can be expected to settle down to around 25% in the current year.

The stock currently quotes at a price of Rs 212 which implies an earnings multple of 33 times FY01 earnings.

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