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Zee results confirm robust business model: Merrill Lynch
MUMBAI: The Merrill Lynch report dated 28 April 2003 states that the Zee’s 4QFY03 result reinforces the analysts’ confidence in Zee’s business model. However, the report adds that the delay in return of advances given to Buddha Films and likely investment in Essel group’s DTH venture (up to maximum of 20 per cent limit) remain a concern.
The Merrill Lynch report still maintains a “BUY rating on the Zee stock based on:
1. Attractive valuations at 10x FY04E EPS vs the Asian (ex-Australia) average of 16x.
2. Rise in subscription revenues driving Zee’s leading earnings growth in the global sector (20 per cent YoY) during these challenging years.
3. Recent stock underperformance; and
4. Improvement in the balance sheet.
The following are some relevant excerpts from the report:
* Zee delivered 52 per cent YoY growth in recurring PAT (excl. earlier period PAT of Rs 20 million for subsidiary, Padmalaya and Rs 386 million extraordinary write-off), to Rs 800 million in tough times.
* Importantly, Zee turned cash flow positive and this led the company to repay term debt of Rs 1.13 billion. Net debt at end-FY03 was Rs 5.9 billion – down 11 per cent YoY. This was aided by recovery from debtors (170 days in FY03 vs 213 in FY02) and should address market’s liquidity concerns.
* Sales grew 17 per cent YoY. A 16 per cent YoY fall in ad revenues led by the World Cup on competing channels was more than offset by 54 per cent YoY growth in global subscription revenues and consolidation of film subsidiary, Padmalaya.
* Ignoring changes in the base (4Q FY02) made by the company to match unaudited nos. with audited FY02 results, Merrill Lynch analysts estimate that the 4Q recurring PAT grew 33 per cent YoY in a tough quarter.
* The report mentions that the debtor days were further reduced to 155 in May 2003 according to the Zee management. This could lead to repayment of another Rs 1 billion of loans in 1Q FY04, adds the report.
* The report says that the Zee management claimed its readiness to supply a digital set-top box at Rs 3,500/pc (US$74) on the conditional access system (CAS).
* The report says that the key risk is the company’s ability to increase penetration of Zee Turner in domestic pay markets and maintain the creative execution of the broadcasting business.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
