Equity Watch

CINEVISTAAS shows five star Q4 performance

Cinevistaas Ltd  is regularly having 10 hrs. per week of programmes on ZEE,SONY,Sahara,MTV and Hungama TV channels.Its popular programmes are Paalkhi on ZEE TV, Crime Petrol on Sony,Pyaar Viyaar and all that  on MTV, and KOHINOOR on Sahara.It has successfully produced Krishna Arjun, Sakshi, Saathiya, Sanjivani,Veer , Jai Mata Ki and movies like Garv starring Salman Khan and Shilpa Shetty, Shhh Koi Hai and Yah Mohabbatain.Besides movies and TV serials, its also into advertisements like Coca Cola,Kajaria,India Bulls,Good Day,Danone etc.

Cinevistaas has 2 multifunctional integrated studios located at Linking Road Bandra and Kanjurmarg  in  Mumbai

.One of the studio is spread over 30 floors with state of the art dubbing and recording facilities.(see website

Present market capitalisation of Cinevistaas is Rs. 64 Crores ( CMP of Rs. 63 ) with BV of Rs. 92.It also has the following subsidiary companies:

  • Cinevista Studios Pvt Ltd  with Equity Capital of RS. 1.8 crores
  • Cinevista Eagle Plus Media Pvt Ltd with equity capiyal of 2.3 Cr
  • Video Vista Inc. US with equity capital of US $ 0.26 million 

Net Asset Value of its studios, equipment  and subsidiary companies could be  more than Rs. 200 crore on a conservative estimation.Its latest operating results for Q4 ending March 2007 have been exceedingly good and beyond any analyst’s expectations:

Scrip Code : 532324    Company Name : Cinevistaas Ltd

Type Audited UnAudited Audited Audited Audited
Date Begin 01 Jan 07 01 Oct 06 01 Jul 06 01 Apr 06 01 Jan 06
Date End 31 Mar 07 31 Dec 06 30 Sep 06 30 Jun 06 31 Mar 06
Description Value(Rs. million)
Net Sales 125.14 10.95 16.58 31.87 29.66
Other Income 6.32 7.97 10.67 1.75 29.26
Total Income 131.46 18.92 27.25 33.62 58.92
Expenditure -72.9 -12.86 -16.3 -23.99 -66.69
Operating Profit 58.56 6.06 10.95 9.63 -7.78
Interest -6.82 -2.07 -2.97 -4.19 -16.52
Gross Profit 51.74 3.98 7.99 5.44 -24.3
Depreciation -3.62 -3.78 -4.97 -4.88 -5.47
Profit before Tax 48.12 0.2 3.02 0.56 -29.77
Tax 36.5 0.22 16.85
Profit after Tax 84.62 0.2 3.24 0.56 -12.92
Net Profit 84.62 0.2 3.24 0.56 -12.92
Equity Capital 101.29 101.29 101.29 101.29 101.29
EPS 8.35 0.01 0.32 0.06 -1.28
Result Type Q Q Q Q Q
  Notes Notes Notes Notes Notes

Companies like Balaji Telefilbs cammand P/E of 20.Even if we ignore the tax written back in Q4 and take the net profit as Rs. 4.6 crores and on a prorata basis company should show an EPS of atleast Rs.18 Giving P/E of 10 the share appears to be very much underpriced.

 Share should be bought at current market price of Rs. 62-64  with atleast one year HOLDŠ

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