Centrum previews balaji telefilms September quarter

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Balaji Telefilms (Rating – Sell; Target Price – Rs49)
􀂁 We do not expect any improvement in realizations because of the lack of any high TRP
programs from the Balaji stable. Revenue is expected to grow by 4% QoQ and de-grow by 21%
YoY on back of closure of two programs during the quarter.
􀂁 We expect EBIDTA to remain negative on the back of high launch expenses for four new
programming launched during Q1FY11 and closure of two programs.
􀂁 PAT is expected to be positive on the back of high other income and negative tax.