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Cinevista On target but fails to entertain - Views on News from Equitymaster
 
 
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  • Jun 8, 2000

    Cinevista On target but fails to entertain

    Cinevista Communications is in the business of supplying and producing serials and programmes for the television industry. The company is present in all the activities of the production process, right from the conception to getting the programme telecast on TV and marketing airtime on Doordarshan.

    Cinevista has posted a 104% growth in top line from Rs 215 m in FY99 to Rs 439 m in FY00. However the operating margins show a negative growth due to the high component of other income (interest on the share application money) in the total income. The other income of the company went up sharply to Rs 71 m from Rs 2 m due to interest. The expenditures are also up sharply by 105% bringing down the bottomline.

    Sales up; operating margins down
    (Rs m) FY99 FY00 Change
    Sales 215 439 104.2%
    Other Income 2 71 3743.5%
    Expenditure 181 373 106.0%
    Operating Profit (EBDIT) 34 67 95.1%
    Operating Profit Margin (%) 15.9% 15.1%  
    Interest 5 7 35.3%
    Depreciation 5 5 0.5%
    Profit before Tax 26 126 382.2%
    Other Adjustments* - -  
    Tax 3 38 1060.5%
    Profit after Tax/(Loss) 23 88 284.0%
    Net profit margin (%) 10.6% 20.0%  
    Earnings per share 6.1 8.7  
    * Earnings per share for FY99 is calculated with face value as Rs 10.

    The performance of the company in FY00 with retrospect to the estimations as per the draft document.

    Snapshot
    Rs m FY99 FY00
    Estimated
    FY00
    Actual
    Sales 215 439 439
    Other Income 1.9 2.5 71
    Total Income 216 442 511
    Expenditure 181 343 373
    EBIDTA 36 99 138
    Depreciation 4.7 4.5 6.9
    Interest 5.1 7 4.7
    Profit before tax 26.1 87 126
    Less: Tax 3.3 24.4 38.4
    Net Profit 22.8 63 87.8
    NPM (%) 10.6 14.3 20

    The stock is currently trading at Rs 302 at a P/E of 34 on FY00 earnings. The share was issued to the public at Rs 300 each. However the share opened Rs 270 and closed Rs 284. Given the recent under performance of several IPOs in recent weeks, the stock seems to have been more or less on target.

     

     

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