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Company Report

BALAJI TELEFILMS

Balajiís on-screen success continues to reflect in its financial performance for yet another quarter with total income moving up by a good 73 per cent over the year-ago period to Rs 52.74 crore (Rs 30.40 crore). Sequentially it has managed to grow by 8 per cent over the September quarter income of Rs 48.99 crore.

Against this the total expenditure has gone up 61 per cent on a year-on-year basis and 5 per cent sequentially to Rs 35.26 crore (Rs 21.89 crore), its net profits have registered a growth of 105 per cent on a year-on-year basis and 14 per cent sequentially.

Operational income rose 75 per cent over the previous corresponding quarter to Rs 52.69 crore (Rs 30.19 crore). Sequentially too it went up 8 per cent over the September quarter income of Rs 48.96 crore.

Operational costs at Rs 24.78 crore (Rs 17.24 crore) went up by 44 per cent on a year-on-year basis, while sequentially the same went up by 2 per cent over the September quarter cost of Rs 24.27 crore.

Operating profit moved up by a massive 116 per cent over the previous corresponding quarter to Rs 27.92 crore (Rs 12.95 crore), while sequentially the same were up by 13 per cent over the September quarter profits of Rs 24.69 crore.

OPM at 53 per cent was much better than the 43 per cent it reported during the previous corresponding quarter and 3 percentage points above the September quarter OPM of 50 per cent.

Other income and interest are negligible. Depreciation at Rs 1.21 crore (Rs 0.38 crore) went up by a huge 216 per cent over the previous corresponding quarter and was 24 per cent above the September quarter provisioning of Rs 0.98 crore.

Having provided Rs 9.25 crore (Rs 4.28 crore) for taxes, up by 118 per cent over the previous corresponding quarter and 10 per cent above the September quarter provision of Rs 8.44 crore, Balaji reported a net profit of Rs 17.48 crore (Rs 8.51 crore) up by a good 105 per cent over the previous corresponding quarter and 14 per cent above the September quarter profit of Rs 15.29 crore.

Despite such a stupendous performance the stock has been sliding since late September 2002. Currently, trading at Rs 60 the stock discounts its December quarter annualised EPS of Rs 13.57 by just about four times. Certainly worth buying at this price.

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