March 2014 quarter results

For the quarter ended March 2014, it show a 16% rise in sales to Rs 97.41 crore. OPM jumped 1070 basis points to 26.1% which saw OP rising 95% to Rs 25.44 crore.

Other income grew 67% to Rs 5.01 crore and interest cost went down 25% to Rs 86 lakh. As depreciation fell 20% to Rs 5.33 crore, PBT jumped 194% to Rs 24.26 crore.

Tax soared 345% to Rs 8.40 crore after which PAT ended up 149% to Rs 15.85 crore.

FY 2014 results

For FY 2014, it registered a sharp 25% rise in sales to Rs 389.44 crore. OPM jumped 1650 basis points to 28.1% which saw OP rising 202% to Rs 109.27 crore.

Other income grew 59% to Rs 11.70 crore and interest cost rose 7% to Rs 3.59 crore. As depreciation grew 15% to Rs 24.18 crore, PBT jumped 387% to Rs 93.20 crore.

EO loss was nil against Rs 1.57 crore. Thus PBT after EO grew 430% to Rs 93.20 crore.

Exceptional items represent payments made to M/s Prasar Bharti and BSNL towards telecast fee and the interest thereon (Rs 80.01 lacs) and monitoring charges for foreign satellite (Rs 76.91 lacs) respectively in respect of earlier years, during the quarter ended June 30, 2012.

Provision for tax soared 494% to Rs 31.88 crore after which PAT ended up 402% to Rs 61.32 crore.

Riding three favourable trends

The company is currently riding three major favourable trends

On the back of buoyancy in rural markets, spends on non-English media is increasing at a faster rate.

Digitisation is yielding more revenues at lower cost

Elections are gluing viewers to news channels.

Valuation

The share price trades at Rs 124.