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ETC Networks posts PAT of Rs 141m for FY2003
 
Indiantelevision.com Team

(29 April 2003 6:00 pm)
 
MUMBAI: ETC Networks Ltd has announced an audited profit after tax of Rs 141.3 million for the year ended 31 March 2003 as compared to a net loss of Rs 141 million during the previous year. The company board, which held its meeting on 28 April, has recommended a payment of 20 per cent maiden dividend.
 
 

ETC Networks' total income for the quarter ended 31 March 2003 (4QFY03) was Rs 88.21 million (as compared to Rs 92 million for the corresponding period ended 31 March 2002). The net profit for the quarter was Rs 16 million as compared to the loss of Rs 157.29 million for 4QFY02.

A press release states that the year 2002-03 has been one of of consolidation and growth for the company. Despite the film and music industry going through its worst period the company has been able to register handsome increase in its total revenue and operating profits, it adds.

Highlights of ETC Networks results

Per cent increase

Year ended 31 March 2003
(Rs million)

Year ended 31 March 2002
(Rs million)
Gross revenue 29 451 350
EBITDA 273 206.4 55.6
PBT 161.6 (125) Loss
PBT 141.3 (141.1) Loss

The ETC Networks scrip opened the day at Rs 41.45 on the Bombay Stock Exchange (BSE) and dropped 2.29 per cent to end the day at Rs 40.65. The 52-week high and low of the company were Rs 99 and Rs 33 respectively.

The release also states that the increase in profits is mainly because of increase in total revenues and strict cost control measures taken by the company. During the year total operating revenue has increased by 26 per cent and total operating costs have decreased by 17 per cent as compared to previous year’s figures.

The release also mentions that the dividend will be paid on expanded capital of Rs 139.2 million. Total cash out flow on account of payment of dividend will be Rs 27.8 million. The dividend will be free of tax in the hands of shareholders’ since the company would be paying dividend tax at the rate of 12.5 per cent amounting to Rs 3.5 million.

In terms of future strategy, ETC Networks has started the process of integration of various functions such as sales and programming in order to draw synergies from the strengths of each other. It has started recycling its existing programmes to exploit the same in overseas markets using Zee’s existing international platform. In UK, the programmes have received overwhelming response from the viewers, the release adds. There are plans to launch the programmes on a commercial basis in USA and some other markets also.

The release also mentions that the company has taken conscious decision to improve upon its channel content by having optimum mix of trailors and music and film based programmes. As such the inventory for trailors on the channels is restricted. This policy has already resulted in increase in advertising revenues on both channels, the release adds.

According to the release, ETC Punjabi and ETC (Music) have further consolidated their market leader status in their respective genre. ETC Punjabi claims to enjoy 70 per cent market share among all Punjabi channels and ETC (music) claims to have a 40 per cent market share among the music channels in India. Out of top 25 programmes among the music channel 16 programmes are from ETC (as per TAM report), says the release.

In order to improve corporate governance practices, the company has appointed CR. Mehta, former member company law board, as additional director on the board.

 
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