Tata Sky’s valuation balloons to Rs 57.56 billion in FY14

Dileep Kumar

8 Jul 2013
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MUMBAI: Tata Sky’s equity valuation climbed 49.33 per cent to Rs 5,756.13 crore (Rs 57.56 billion) in FY14 as net loss narrowed and EBITDA expanded.

The direct-to-home (DTH) company had a valuation of Rs 3,854.53 crore (Rs 38.55 billion) in the year-ago period.

Tata Sky is privately held, with Tata Sons owning 60 per cent stake in the company. Star India effectively holds 30 per cent and the remaining 10 per cent is with Temasek Holdings.

Dish TV, which is a listed company, had a market cap of Rs 5,548.42 crore (Rs 55.48 billion), as of 31 March 2014. The current market cap of the Essel Group-owned DTH company has increased by 20.44 per cent to Rs 6,682.60 crore (Rs 66.83 billion).

In FY14, Tata Sky allotted 11.11 crore (111.1 million) equity shares of Rs 10 each at a premium of Rs 35 per share to certain existing shareholders and new investors.

The paid-up equity of the company was at Rs 1,279.14 crore.
The allocation of 6.15 crore (61.5 million) equity shares in FY13 was made at a premium of Rs 23 per share.

Tata Sky made a capital expenditure of Rs 1,482.30 crore (Rs 14.82 billion) in FY14, up from Rs 877.94 crore a year ago.

The capex was funded by an equity infusion of Rs 500 crore (Rs 5 billion). Besides, Tata Sky raised Rs 200 crore (Rs 2 billion) through private placement of non-convertible debentures redeemable at a premium.

According to Tata Sky’s annual report, the redemption premium payable if the put/call option is exercised at the end of three years amounting to Rs 67,72,60,000 (Rs 62,38,86,234 for debentures raised in previous year) and expenses in relation to the issue amounting to Rs 34,50,000 (Rs 1,00,24,560 on debentures raised in previous year) have been set off against the Securities Premium Account in accordance with Section 78 of the Companies Act, 1956.
Tata Sky’s net loss in FY14 stood at Rs 280.41 crore (Rs 2.80 billion), compared to Rs 378.93 crore (Rs 3.79 billion) a year ago. Profit (before depreciation, finance, tax and prior period items) jumped 115.45 per cent to Rs 591.28 crore (Rs 5.91 billion), as against Rs 274.44 crore (Rs 2.74 billion) in FY13.

The DTH operator reported an active subscriber base of 7.8 million, as of 31 March 2014. It converted nearly 2.5 million MPEG-2 boxes into MPEG-4 to release additional capacity and launch in excess of 50 channels during the year.

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