TV boom predicted even as Zee, Balaji fall in ET 500 rankings

MUMBAI: The media sector has received the dubious distinction of being the top loser in market capitalisation in April 2003 as compared to September 2002, says The Economic Times ET 500 study. The study also notes that television has led the boom in entertainment.

The ET 500 study points out that the media sector, comprising of companies with market capitalisation of over Rs 10 billion, has lost 23.2 per cent over a six month period.

Zee Telefilms has slipped in the ET 500 rankings to No. 33 as compared to No. 30 and its market capitalisation has dropped by 23 per cent over the past six months, says the ET 500 study.

The ET 500 study states that Zee Telefilms is ranked 33 with sales (for previous four quarters) of Rs 4.1 billion (up 0.4 per cent); profit after tax of Rs 760 million (down 41.8 per cent); operating profit margin of 42.4; net profit margin of 18.5; PE (based on prices as of 24 March 2003) ratio of 42.9; dividend yield of 76.7 per cent; EPS (earning per share) of 1.7 and dividend of 55 per cent.

The study mentions that post CAS, Zee expects that broadcasters will be able to capture 50-55 per cent of the total consumer revenues on cable, multi-system operators will get a commission from broadcasters ranging from 15-20 per cent while cable operators will get FTA fees and delivery margins from pay channels in the range of 20-25 per cent.

Despite "impressive" sales and growth, Balaji Telefilms has slipped to No. 166 as compared to No. 136 and its market capitalisation has gone down by 28 per cent. However, the study adds that Balaji Telefilms, whose serials comannd a leadership position in C&S homes is well positioned as the future belongs to TV software producers who provide quality software and content to broadcasters.

The ET 500 study states that Balaji Telefilms is ranked 166 with sales (for previous four quarters) of Rs 1.74 billion (up 89.7 per cent); profit after tax of Rs 540 million (up 202.8 per cent); operating profit margin of 52.8; net profit margin of 31.2; PE (based on prices as of 24 March 2003) ratio of 5.9; dividend yield of 40.2 per cent; EPS (earning per share) of 10.6 and dividend of 50 per cent.

The study mentions that television has led the boom in entertainment but broadcasters aren't doing well due to the slump in the advertising market. However, the study says that larger broadcasters have made up through increased subscription revenues.

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