Shemaroo Entertainment LTD: Index Details

CMP: 416.
85 OCT 1st, 2018

SHEMAROO ENTERTAINMENT LTD
Result Update (CONSOLIDATED BASIS): Q1 FY19 ISIN:
Overweight
INE363M01019
Index Details
SYNOPSIS
Stock Data
Sector Movies & Entertainment  Shemaroo Entertainment Ltd. is among few
entertainment companies that has hallmarked
BSE Code 538685
several pioneering efforts with its innovative and
Face Value 10.00
out- of-the box thinking.
52wk. High / Low (Rs.) 595.00/350.50
Volume (2wk. Avg.) 16000  Consolidated net profit increased by 22.72% to Rs.
195.50 mn in the current quarter as against Rs.
Market Cap (Rs. in mn.) 11329.98
159.30 mn in the corresponding period of the
Annual Estimated Results(A*: Actual / E*: Estimated) previous year.
Years(Rs in mn) FY18A FY19E FY20E  Consolidated revenue for the 1st quarter rose by
Net Sales 4886.30 5374.93 6019.92 19.03% to Rs. 1233.60 mn from Rs. 1036.40 mn, in
the corresponding period of the previous year.
EBITDA 1438.40 1600.19 1785.88
Net Profit 711.60 804.03 922.33  During Q1 FY19, consolidated EBIDTA was Rs.
EPS 391.30 mn as against Rs. 343.00 mn in the
26.18 29.58 33.93
corresponding period of the previous year.
P/E 15.92 14.09 12.28
 Consolidated PBT of the company for Q1 FY19
Shareholding Pattern (%) registered at Rs. 316.00 mn as against Rs. 249.60
mn in Q1 FY18.
As on June 2018 As on Mar 2018
 EPS of the company registered at Rs. 7.19 as against
Promoter 65.82 65.82 Rs. 5.86 in the corresponding previous year.
Public 34.18 34.18  Shemaroo has refreshed its corporate identity after
55 years with a new logo and tagline ‘India Khush
Others -- --
Hua’ after exhaustive research and understanding of
emergent trends and consumers.
1 Year Comparative Graph
 The company signed a content deal with SHAREit
 The company’s comedy Service launched with
Videocon d2h in April 2018.
 Shemaroo crossed 5 Bn cumulative views on
YouTube channel ‘FilmiGaane’
 Net Sales and PAT of the company is expected to
grow at a CAGR of 13% and 15% over 2017 to
2020E, respectively.
SHEMAROO ENTERTAINMENT LTD S&P BSE SENSEX
PEER GROUPS CMP MARKET CAP EPS(TTM) P/E(X)(TTM) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. In mn. (Rs.) Ratio Ratio (%)
Shemaroo Entertainment Ltd 416.85 11329.98 27.51 15.15 2.28 15.50
Eros International Media Ltd 75.10 7142.50 25.34 2.96 0.32 0.00
Saregama India Ltd 507.95 8843.70 20.56 24.71 2.31 30.00
Garnet International Ltd 68.00 1327.90 -- -- 1.56 5.00
Document code: FOTL_011020183_1 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)
Results updates- Q1 FY19,
(Rs in millions) June-18 June-17 % Change
Revenue 1233.60 1036.40 19.03%
Net Profit 195.50 159.30 22.72%
EPS 7.19 5.86 22.72%
PBIDT 391.30 343.00 14.08%
The consolidated net profit increased by 22.72% to Rs. 195.50 million in the current quarter as against Rs. 159.30 million
in the corresponding period of the previous year. Revenue for the 1st quarter rose by 19.03% to Rs. 1233.60 million from
Rs. 1036.40 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.
7.19 per share during the quarter from Rs. 5.86 a share during the corresponding previous year quarter. Profit before
interest, depreciation and tax is Rs. 391.30 million as against Rs. 343.00 million in the corresponding period of the
previous year.
Break up of Expenditure
Value in Rs. Million

Break up of
Expenditure
%
Q1 FY19 Q1 FY18
Change
Cost of Material
684.50 557.60 23%
Consumed
Employee Benefit
111.00 83.80 32%
expenses
Depreciation &
14.00 12.40 13%
Amortization Expenses
Other Expenses 49.20 60.80 -19%
Divisional Performance:
KEY OPERATIONAL HIGHLIGHTS:
 Shemaroo has refreshed its corporate identity after 55 years with a new logo and tagline ‘India Khush Hua’ after
exhaustive research and understanding of emergent trends and consumers
 The company signed a content deal with SHAREit
 Shemaroo crossed 5 Bn cumulative views on YouTube channel ‘FilmiGaane’
 The company crossed 8 Mn subscribers on YouTube channel ‘ShemarooEnt’
 Shemaroo crossed 1 Mn subscribers on YouTube channel ‘Shemaroo Kids’
 The company’s comedy Service launched with Videocon d2h in April 2018.
COMPANY PROFILE
Shemaroo Entertainment Ltd. is among few entertainment companies that has hallmarked several pioneering efforts with
its innovative and out- of-theboxthinking. Founded in 1962, Shemaroo Entertainment Ltd is an established Filmed
Entertainment "Content House" in the country, active in Content Ownership, Creation, Aggregation and Distribution with
a large content library of over 3400 titles.
Shemaroo is engaged in the distribution of content for satellite channels, physical formats and emerging digital
technologies like the Mobile, Internet, Broadband, IPTV and DTH among others. With its partnership with the major
telecom operators and other digital media platforms, Shemaroo is at the forefront of the digital age. The company has also
tied up with many content providers across the country. The "Shemaroo"brand today is synonymous with quality
entertainment in the Indian entertainment eco system.
FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20E
ASSETS
1) Non-Current Assets
a) Property, Plant and Equipment 337.10 322.50 338.63 352.17
b) Intangible Assets 10.60 10.10 10.61 11.03
c) Financial Assets
i) Investments 72.30 101.30 129.66 162.08
ii) Loans 67.70 0.00 0.00 0.00
iii) Other Financial Assets 3.40 3.40 3.57 3.71
d) Other Non Current Assets 34.90 30.80 33.26 35.26
Sub Total - Non Current Assets 526.00 468.10 515.73 564.25
2) Current Assets
a) Inventories 5004.40 5297.10 5561.96 5895.67
b) Financial assets
i) Loan and Others 3.10 4.40 5.50 6.60
ii) Trade Receivables 1905.40 1405.70 1658.73 1924.12
iii) Cash and Cash Equivalents 18.90 13.00 16.25 18.20
c) Other Current Assets 346.80 159.50 199.38 239.25
Sub Total - Current Assets 7278.60 6879.70 7441.81 8083.84
Total Assets (1+2) 7804.60 7347.80 7957.53 8648.10
EQUITY AND LIABILITIES
1) EQUITY
a) Equity Share Capital 271.80 271.80 271.80 271.80
b) Other equity 3991.60 4692.20 5496.23 6418.56
Total Equity 4263.40 4964.00 5768.03 6690.36
2) Non-Controlling Interest -31.90 -31.70 15.00 14.70
3) Non Current Liabilities
a) Financial Liabilities
i) Borrowings 131.10 21.30 18.11 16.29
b) Provisions 9.60 16.20 20.25 24.30
c) Deferred Tax Liabilities 65.40 35.80 44.75 53.70
Sub Total - Non Current Liabilities 206.10 73.30 38.36 40.59
4) Current Liabilities
a) Financial liabilities
i) Borrowings 2540.80 1858.00 1703.04 1507.00
ii) Trade Payables 190.60 181.10 175.67 166.88
iii) Other financial liabilities 319.70 135.60 122.04 112.28
b) Other Current Liabilities 69.60 28.10 23.89 21.50
c) Provisions 246.30 139.40 111.52 94.79
Sub Total - Current Liabilities 3367.00 2342.20 2136.15 1902.45
Total Equity and Liabilities (1+2+3+4) 7804.60 7347.80 7957.53 8648.10
Annual Profit & Loss Statement for the period of 2017 to 2020E
Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12m
Net Sales 4255.30 4886.30 5374.93 6019.92
Other Income 29.90 17.40 15.66 17.23
Total Income 4285.20 4903.70 5390.59 6037.15
Expenditure -2979.70 -3465.30 -3790.40 -4251.27
Operating Profit 1305.50 1438.40 1600.19 1785.88
Interest -324.30 -307.20 -276.48 -298.60
Gross profit 981.20 1131.20 1323.71 1487.28
Depreciation -42.80 -51.30 -57.46 -63.20
Profit Before Tax 938.40 1079.90 1266.25 1424.08
Tax -342.10 -367.50 -462.18 -502.27
Profit After Tax 596.30 712.40 804.07 921.81
Minority Interest 26.50 4.50 4.73 4.91
Share of Profit & Loss of Assoc -8.50 -5.30 -4.77 -4.39
Net Profit 614.30 711.60 804.03 922.33
Equity capital 271.82 271.80 271.80 271.80
Reserves 3991.60 4692.20 5496.23 6418.56
Face value 10.00 10.00 10.00 10.00
EPS 22.60 26.18 29.58 33.93
Quarterly Profit & Loss Statement for the period of 31st Dec, 2017 to 30th Sep, 2018E
Value(Rs.in.mn) 31-Dec-17 31-Mar-18 30-June-18 30-Sep-18E

Description 3m 3m 3m 3m
Net sales 1326.30 1183.50 1233.60 1455.65
Other income 2.20 4.40 2.30 2.65
Total Income 1328.50 1187.90 1235.90 1458.29
Expenditure -968.20 -816.00 -844.60 -1031.76
Operating profit 360.30 371.90 391.30 426.53
Interest -71.00 -71.20 -61.30 -63.75
Gross profit 289.30 300.70 330.00 362.78
Depreciation -13.00 -12.90 -14.00 -15.12
Profit Before Tax 276.30 287.80 316.00 347.66
Tax -96.80 -103.50 -120.50 -126.20
Profit After Tax 179.50 184.30 195.50 221.46
Minority Interest -0.70 4.30 -0.90 -1.06
Share of Profit & Loss of Assoc -0.80 -1.40 0.90 1.06
Net Profit 178.00 187.20 195.50 221.46
Equity capital 271.80 271.80 271.80 271.80
Face value 10.00 10.00 10.00 10.00
EPS 6.55 6.89 7.19 8.15
Ratio Analysis
Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 22.60 26.18 29.58 33.93
EBITDA Margin (%) 30.68% 29.44% 29.77% 29.67%
PBT Margin (%) 22.05% 22.10% 23.56% 23.66%
PAT Margin (%) 14.01% 14.58% 14.96% 15.31%
P/E Ratio (x) 18.45 15.92 14.09 12.28
ROE (%) 13.99% 14.35% 13.94% 13.78%
ROCE (%) 18.21% 20.27% 20.60% 20.97%
Debt Equity Ratio 0.63 0.38 0.30 0.23
EV/EBITDA (x) 10.71 9.17 8.15 7.19
Book Value (Rs.) 156.85 182.63 212.22 246.15
P/BV 2.66 2.28 1.96 1.69
Charts
OUTLOOK AND CONCLUSION
 At the current market price of Rs. 416.85, the stock P/E ratio is at 14.09 x FY19E and 12.28 x FY20E respectively.
 Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 29.58 and Rs. 33.93,
respectively.
 Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 15% over 2017 to 2020E,
respectively.
 On the basis of EV/EBITDA, the stock trades at 8.15 x for FY19E and 7.19 x for FY20E.
 Price to Book Value of the stock is expected to be at 1.96 x and 1.69 x for FY19E and FY20E respectively.
 Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.
INDUSTRY OVERVIEW
MEDIA & ENTERTAINMENT INDUSTRY:
The Indian M&E sector reached Rs. 1.5 trillion (USD 22.7 billion) in 2017, a growth of almost 13 percent over 2016.
With its current trajectory, it is expected to cross INR2 trillion (USD 31 billion) by 2020, at a CAGR of 11.6 per cent. The
M&E industry continues to perform along with the Indian economy, which is a reflection of the growing disposable
income led by stable economic growth. Per capita GDP is growing at over 6 per cent since 2012, and this has led to
increased spends by consumers. The overall increased need for escapism is enabling a situation where subscription
revenues are not being impacted by economic shifts and slowdowns, as was seen in 2017. The quality of subscription
revenues is high, and will provide a stable source of income growth till 2020. Ad revenues will increase from 0.41 per
cent of GDP in 2016 to 0.43 per cent of GDP in 2020.
In 2016, the Indian television, film and digital media Industry was valued at Rs. 808 billion. It is growing with a CAGR of
more than 12% and is expected to reach Rs. 1,278 billion by 2020. The addition of over Rs. 470 billion by these 3
segments is expected to transform the way the content is produced, delivered and accessed by the consumers leading to an
exponential growth in value creation for the entire ecosystem.
It is estimated that there are around 1 to 1.5 million digital only consumers in India in 2017, who would not normally use
traditional media, and this customer base is expected to grow to around 4 million by 2020, and generate significant digital
subscription revenues for the M&E sector.
Consumers, who have at least one OTT subscription and Pay TV subscription and/or are driven by sachet pricing of
content, would provide a high volume-lower value subscription base to content distributors. This segment could, on the
back of digital and micro payment systems being rolled out in the country, reach as high as 20 million households from 6
million in 2017.
Mass consumers would form the largest segment of the M&E sector in 2020. These consumers would consume traditional
media (either pay or free) and free OTT content, on the back of falling data charges and growing free Wi-Fi access. These
consumers are expected to cross 500 million by 2020 from around 200 million in 2017.
The Media and Entertainment sector grows with the economy although at a higher pace, and its medium-term outlook is
bright. The medium-term outlook for the economy will have a positive effect on India’s M&E industry as advertisements
account for around 50% of revenues. More so, export-led entertainment companies are expected to gain from global
growth. Largely driven by sentiment, ad spends by companies are expected to increase in FY 19 and beyond.
A booming economy witnesses higher spending of various industries on advertisement as sales grow. India is witnessing a
massive shift in the consumption pattern and in the next 5 years, 75% of new internet users from small towns and villages
are expected to consume content in local languages. This will dramatically change the way content is created and
distributed.
GST impact on M&E Industry:
Increase in tax rates will lead to an increase in working capital but the impact of it will be marginalized as the credit of
taxes would be available to film producers and broadcasters. Entertainment tax to be subsumed in the GST and this would
create a uniform tax rate regime across all states and will also reduce the tax burden.
TRADITIONAL MEDIA:
The TV industry grew from Rs. 594 billion in 2016 to Rs. 660 billion in 2017, a growth of 11.2%. Advertising grew by
around 10% Rs. 267 billion in 2017 (Rs. 243 billion in 2016) while distribution grew by around 12% to Rs. 393 billion
(Rs. 351 billion). Advertising comprised around 40% of revenues, while distribution was around 60% of total revenues in
2017. At a broadcaster level, however, subscription revenues made up approximately 28% of revenues.
International subscription revenues remained stable, and accounted for around Rs. 20 billion in revenues in 2017.
Of the estimated 286 million households in India, TV penetration reached 64% taking the total number of TV viewing
household to 183 millon in 2017, which is a 3.5% growth over 2016. This accounted for approximately 780 million
viewers. 83% of the total TV households were paying households.
The top 10 channel genres accounted for 47% of total ad volumes. Of these, 30% of all ad volumes were on Hindi
channels, while the balance 17% were from Tamil, Telugu and Bangla. Hindi movies as a genre had the most
advertisements, assisted by the launch of several free to air movie channels on DD Free Dish.
Regional channels are outpacing many other genres in terms of growth and all large broadcasters have or are planning to
enhance their regional channel bouquets. Most are entering markets not with just a GEC, but with a combined offering
across entertainment, movies, kids and / or music.
HD subscribers are estimated to have crossed 10 million households on the back of digitization. HD audiences contribute
to higher revenues for distribution companies due to premium pricing.
DIGITAL MEDIA:
The demand for large OTT platforms in India such as You Tube, Netflix, Amazon, Eros Now, Jio Cinema, etc has
significantly increased the demand for films’ digital rights. The sudden surge in demand for exclusive rights has resulted
in significant increase in the value of digital rights, which as per industry estimates have increased multi-fold (depending
on the length of the deal and the type of rights acquired) over the last two to three years.
Digital media has grown significantly over the past few years, and continues to lead the growth charts on advertising.
Subscription revenues are emerging and are expected to make their presence felt by 2020.
In 2017, digital media grew 29.4 % on the back of a 28.8% growth in advertising and a 50% growth in subscription.
Subscription, which was just 3.3% of total digital revenues in 2016, is expected to grow to 9% by 2020.
Digital infrastructure:
The rapid up-take of connected devices, especially smart phones and tablets, is instrumental in media consumption
shifting beyond traditional media formats such as broadcast and cable TV toward digital mediums. Increased digital
consumption in India is expected to help media conglomerates drive consumer aggregation.
Smartphone uptake was significant:
The Indian smart phone market witnessed a healthy 14% annual growth with a total shipment of 124 million units in 2017,
making it the fastest growing market amongst the top 20 smart phone markets globally. One of the key events of 2017 was
the launch of low-cost smart phones. Jio launched smart phones costing Rs. 1,500, and Airtel announced a smart phone
priced around Rs. 2000 - 2500. These devices come with bundled data plans, as well as Wi-Fi connectivity, and will
enable deeper penetration of internet services and digital media.
4G networks grew:
The adoption of 4G is gradually increasing and now 3G and 4G constitute over 75% of the overall wireless internet user
base. The year 2016 witnessed 62% growth in mobile broadband speed to reach 4.1 mpbs, which further increased to 8
mbps by end of 2017.
Data charges fell significantly:
There has been a rapid increase in data consumption across the country triggered by falling data prices. Before the launch
of Jio, the average monthly data consumption per user was around 600 MB, which has grown to almost 4 GB per user per
month in 2017. This is further expected to cross 18 GB by 2023. Mobile data consumption in India is higher than that of
USA and China put together.
Internet users grew:
The growth of connectivity resulted in the proportionate growth of internet users to 481 million in 2017, of which 295
million were in urban areas and 186 million in rural areas. Approximately 30% were female users. Internet users are
expected to cross 500 million in 2018 and reach 829 million by 2021. The digital sector is poised to witness the entrance
of first time internet users especially from smaller towns and rural areas. Rural Internet users are expected to grow from
38% to 52% of total base from 2017 to 2021. This will have a significant impact on the type and language of content that
will be offered.
Broadband subscriber base grew:
The broadband subscriber base improved significantly in 2017 to reach 363 million. The growth was led by Jio’s rollout
and a corresponding fall in data charges it triggered.
Online Video viewership grew:
Approximately 250 million people viewed videos online in 2017, a growth of 64% over 2016. This number is expected to
double to 500 million by 2020. Consumers have shown increased preference toward short-form content, with the average
length of a video viewed in India being around 20 minutes. In addition, 62% of the content consumed on YouTube is
short-form content. Also videos as a percentage of total mobile data traffic is expected to grow from around 40% in 2015
to 79% in 2020.
Trends in online searches in India suggest that entertainment is becoming the largest sought after category, contributing to
31%of all searches. Videos and music currently represent the highest proportion of the consumer preferences within the
entertainment category, collectively aggregating over 90%. However, searches for non-entertainment content are also
increasing. Areas such as lifestyle, education and business have shown a 1.5x to 3x growth over the last two years.
The Indian App Story:
App downloads in India witnessed a 65% growth with the Introduction of Jio in Q4 2016.
Entertainment apps grew 120% in 2017 and made up the 4th largest category. In the end, audience is the ultimate
consumer in this industry and therefore films, advertisements, music and all the products of entertainment sector are based
on the tastes and preferences of the audiences of the nation.
OUTLOOK:
The theme of Company’s annual report titled ‘Changing Gears’ is with the outlook to grow exponentially from here and
increase its domestic and global presence. Company has been successfully expanding its content library in diversified
categories like regional, devotion, kids, comedy etc. In company’s quest to grow rapidly in the next few years, it will
expand its boundaries to create premium experiences for the consumers.
The Media & Entertainment industry has seen influx of new broadcasters and advent of digital media platforms post
internet boom and cable digitization which has led to a large addressable base consuming entertainment content. Company
believes that it is one of the largest beneficiaries of this new digital phase of the industry. Company’s focus will always be
to innovate its product offerings and continue to partner with newer players. The industry is expected to grow at a fast
pace and are once again ready to outpace the industry by ‘Changing Gears’.
The company’s operations involve the distribution and monetization of 3,700+ strong content library across Traditional
Media, which includes Television (Satellite, Terrestrial and Cable Television), & other traditional media and Digital
Media, which includes Mobile, Internet, OTT etc.
Disclosure Section
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analyst qualifications, sectors covered and their exposure if any are tabulated hereunder:
Exposure/Interest to
Sectors company/sector Under
Name of the Analyst Qualifications
Covered Coverage in the Current
Report
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M.B.A, Diversified
Ph.D (Finance)
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Goods
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FMCG
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CMP: 416.

85 OCT 1st, 2018

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E(X)(TTM) P/BV(X) DIVIDEND

Results updates- Q1 FY19,

(Rs in millions) June-18 June-17 % Change

Revenue 1233.60 1036.40 19.03%

Net Profit 195.50 159.30 22.72%

EPS 7.19 5.86 22.72%

PBIDT 391.30 343.00 14.08%

Value in Rs. Million

Other Expenses 49.20 60.80 -19%

KEY OPERATIONAL HIGHLIGHTS:

 The company signed a content deal with SHAREit

 Shemaroo crossed 5 Bn cumulative views on YouTube channel ‘FilmiGaane’

 The company crossed 8 Mn subscribers on YouTube channel ‘ShemarooEnt’

 Shemaroo crossed 1 Mn subscribers on YouTube channel ‘Shemaroo Kids’

Balance Sheet as of March 31, 2017 -2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Value(Rs.in.mn) 31-Dec-17 31-Mar-18 30-June-18 30-Sep-18E

Particulars FY17A FY18A FY19E FY20E

MEDIA & ENTERTAINMENT INDUSTRY:

GST impact on M&E Industry:

Smartphone uptake was significant:

Data charges fell significantly:

Internet users grew:

Broadband subscriber base grew:

Online Video viewership grew:

The Indian App Story:

Important Disclosures on Subject Companies

Analyst Stock Weights

Firstcall Research - Overall Statement

Firstcall Research Provides

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