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TV 18: Performance surpasses projections - Views on News from Equitymaster
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  • Jul 19, 2000

    TV 18: Performance surpasses projections

    Television 18 has surpassed the projections it made at the time of its IPO in December'99. The company has reported a net profit of Rs 198 m on a turnover of Rs 236.3 m for the nine month period ended June 2000.

    (Rs m) FY99 FY00
    (9 mths)
    Sales 175.1 236.3 35.0%
    Other Income 3.4 185.9  
    Expenditure 101.0 129.1 27.8%
    Operating Profit (EBDIT) 74.1 107.2 44.6%
    Operating Profit Margin (%) 42.3% 45.4%  
    Interest 20.0 15.0 -25.0%
    Depreciation 6.2 5.7 -8.1%
    Profit before Tax 51.3 272.5 430.7%
    Other Adjustments -11.3 -3.1 -72.3%
    Tax 0.2 71.0  
    Profit after Tax/(Loss) 39.8 198.3 398.3%
    Net profit margin (%) 22.7% 85.3%  
    No. of Shares (m) (eoy) 7.8 10.9  
    Diluted no. of shares (m) 10.9 10.9  
    Diluted Earnings per share* 14.6 72.5  

    Interest on IPO application money which amounts to almost 59% of its pre–tax profit is partly responsible for the growth at the net level.

    Comparison of actuals with projections made during the IPO

    (FY00-12 mths)
    (9 mths)
    Total Revenues 302.21 261.6*
    PAT 113.6 99.52**

    *excludes Interest on IPO application money Rs 160.65 m
    ** excludes post tax profit on IPO interest Rs 98.80m

    However, even if one were to adjust for this, the company would have achieved a net profit of over Rs 130 m on an annualised basis. This implies an earning multiple of 58 times at the current price of Rs 710.



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