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Interest income powers Zee net by 61%

Oct 20, 2000

Zee Telefilms has reported an over 60% jump in the net profit on the back of a 43% jump in the topline. The operating margins have however dropped by more than 300 basis points indicating higher cost of programming.

(Rs m) 2QFY00 2QFY01 Change
Sales 635.1 910.6 43.4%
Other Income 17.2 139.0 708.1%
Expenditure 367.8 555.4 51.0%
Operating Profit (EBDIT) 267.3 355.2 32.9%
Operating Profit Margin (%) 42.1% 39.0%
Interest 22.3 57.1 156.1%
Depreciation 6.0 10.6 76.7%
Profit before Tax 256.2 426.5 66.5%
Tax 56.5 106.0 87.6%
Profit after Tax/(Loss) 199.7 320.5 60.5%
Net profit margin (%) 31.4% 35.2%  
Earnings per share* 2.1 3.1  
*(annualised)    

The increase in net profit is partially accounted for by higher other income which comprises interest income arising possibly from the private placement that the company made during the last year. This amounts to almost one third of the pre–tax profit. If one were to exclude the other income from the pre–tax profit of both the years and provide for an effective tax rate of 21%, the post tax profits of the current quarter would increase by only 20%.

The stock quotes a price of Rs 297, which implies an earnings multiple of 95.5 times FY01 annualised earnings.

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