Raj TV: commendable FY 2013 results; in investment mode

MUMBAI: Higher ad rates and subscription revenues helped give a leg up to southern broadcaster Raj Television Network in FY 2013 ended 31 March 2013, even though its performance in Q4 2013 was relatively disappointing. Net profit for FY 2013 rose marginally to Rs 9.28 crore as against Rs 9.21 crore. However, net profit in Q4 2013 took a nosedive to Rs 53.28 lakh as against Rs 4.65 crore in the previous corresponding year's quarter.

Let us look at the Q4-2013 financials as against Q4-2012

Revenue for Q4-2013 at Rs 17.47 crore, has risen 9.7 per cent as against Rs 15.92 crore in Q4-2012. Expenses have however increased significantly by 42 cent to Rs 15.22 crore in Q4-2013 as against Rs 10.73 crore in Q4-2012. Finance costs have more than doubled from Rs 66.66 lakh in Q4-2012 to Rs 1.51 crore in Q4 2013. The company says this happened on account of its launching new regional language channels, the fruits of which will accrue to its balance-sheet in the coming year.

As mentioned above the net profit for Q4-2013 is down to a dismal figure of Rs 53.28 lacs as against a strong Rs 4.65 crore reported in the corresponding last quarter.

Let us look at the FY-2013 results as against FY-2012

Annual revenues at Rs 67.53 crore for FY-2013 have significantly climbed up by over 24 per cent as against Rs 54.06 crore in FY-2012. Advertisement and subscription and DTH revenues too are up 13 per cent and by 32.5 per cent respectively.

Expenses have surged 26 plus per cent to Rs 54.74 crore in FY-2013 as against Rs 43.01 crores in FY-2012. The sharp rise is accounted for a spike in the cost of revenues to Rs 28.3 crore as against Rs 18.23 crore in FY-2012. The company says its production costs skyrocketed because its shifted its telecasts from Insat to a Asiasat 5. This resulted in its overall satellite rent bumping up to Rs 4.3 crore in FY 2013.

PAT in FY-2013 as mentioned above stand at Rs 9.28 crore as against Rs 9.21 crore in FY-2012. For the full year, its foray into new regional channels, saw its financial costs ballooning by Rs 2 crore which dented its bottomline.

The board has recommended a final dividend of Rs 1 per share on the face value of Rs 10 per share. Investors obviously seem bullish on the stock, despite its relatively poor Q4 performance. The Raj TV stock closed at an all time high of Rs 301.85 on 28 May.

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