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Zee first half results encouraging - Views on News from Equitymaster
 
 
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  • Oct 14, 1999

    Zee first half results encouraging

    Zee Telefilms, India’s largest private sector satellite television network, has reported a 33.7% jump in net profits to Rs 370 m for the half year period ended September 30, 1999 (Rs 270 m in 1HFY99). Turnover was up by 23% to Rs 982 m.

    The company's commission income was up by 28% to Rs 276 m. Total expenditure surged by 18% to Rs 750 m. The company's interest outgo was up by 9% to Rs 39 m.

    The improved performance was on the back of a 24% growth in total advertisement bookings to Rs 2.1 bn. These are however unconsolidated numbers. Given that Zee has a substantial equity stake in Siti Cable and other media companies such as Asia Today, Zee Multimedia Worldwide, which have large growth potential, its unconsolidated financials are less relevant. The company's consolidated growth will be much more significant.

    (Rs m) 2QFY2000 2QFY1999 Change
    Sales & Services 493 442 11.5%
    Commission Income 143 110 30.0%
    Other Income 17 13 31.3%
    Interest 22 19 16.1%
    Total Expenditure 368 333 10.6%
    Profit before Tax 257 206 24.7%
    Tax 57 50 14.1%
    Profit after Tax 201 157 28.0%

    As consideration for acquiring a 100% stake in Zee Multimedia Worldwide (ZMWL), it has allotted 19.4 m equity shares to ZMWL shareholders. Zee's outstanding equity now stands at an inflated 37.8 m equity shares. Free reserves have also surged as a result of share premium charged.

    Market view:
    Analysts rate the stock as a 'BUY' in view of the company's position as a leading player in the TV market and its strong earnings potential. The company's plan to become an Internet service provider (ISP) through its associate company ‘Siti Cable’, has also gone done well with analysts.

     

     

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