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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.

(Rs m) FY00 FY01(6m)
Sales 317 90
Other Income 204 9
Expenditure 277 68
Operating Profit (EBDIT) 40 22
Operating Profit Margin (%) 12.6% 24.0%
Interest 27 6
Depreciation 13 5
Profit before Tax 204 20
Other Adjustments   (7)
Tax 70 -
Profit after Tax/(Loss) 134 13
Net profit margin (%) 42.3% 14.0%
No. of Shares (eoy) (m) 11 11
Diluted Earnings per share* 12.2 2.3
P/E (at current price) 7.55 40.48
(*- annualised)    

It is difficult to understand the performance of the company in the last quarter as both sales and profits seem to have taken a very serious beating. While the sales have grown by just 1m in last quarter, the company actually seems to have incurred a loss of 11 m in the last quater.

Particulars 1QFY01 FY01 (6 m)
Sales 89 90
Operating Profit (excl. OI) 28 22
Operating Margins (excl OI) % 31.2% 24.0%
Net Profit 24 13

Consequently, the market capitalisation of the stock has taken a hammering from Rs 25 bn in September 2000 to a paltry Rs 1 bn currently. At the current market price of Rs 92, the stock still trades at a P/e of 40 times its FY01 (annualised) earnings.

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