Balaji Telefilms FY 2001-02 net surges 666% to Rs 290 million

The market was expecting good results but this good? The Jeetendra Kapoor family's Balaji Telefilms posted a net profit of Rs 290.15 million for FY 2001-02 as compared to Rs 43.55 million in FY 2000-01 in its financial results announced today. That is a massive 666.25 per cent net profit jump over last year.

Net profit for the quarter ended 31 March 2002 was Rs 89.3 million compared to a net loss of Rs 21 million for the corresponding period last fiscal.

Total income has increased from Rs 147.7 million in the March quarter 2001 to Rs 348.7 million for the corresponding quarter in 2002 while total income for the year has increased from Rs 496.7 million in FY 2000-01 to Rs 1131 million for FY 2001-02.

The board has recommended final dividend of 50 per cent (Rs 5 per share) for the year ended 31 March 2002 (which includes 25 per cent [Rs 2.50 per share] interim dividend declared and paid during the year) on the paid-up equity share capital of the company, subject to the approval of shareholders at the ensuing annual general meeting.

The figures for the three months ended 31 March 2002 are not comparable with the corresponding quarter of the previous year due to change in the accounting policy, wherein the entire cost of production of serials in respect of which the company retains intellectual property rights (IPRs), was written off in the last quarter of the previous year, a company release states. The company continues to write off the entire cost of production of serials in the current year.

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