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BRIGHT OUTDOOR MEDIA 2022-23 Annual Report Analysis
Wed, 25 Oct

BRIGHT OUTDOOR MEDIA has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

BRIGHT OUTDOOR MEDIA Income Statement Analysis

  • Operating income during the year rose 81.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 87.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.3% in FY23 as against 12.9% in FY22.
  • Depreciation charges decreased by 35.9% and finance costs decreased by 9.6% YoY, respectively.
  • Other income grew by 1.1% YoY.
  • Net profit for the year grew by 173.9% YoY.
  • Net profit margins during the year grew from 5.1% in FY22 to 7.8% in FY23.

BRIGHT OUTDOOR MEDIA Income Statement 2022-23

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Net Sales Rs m 505 915 81.3%
Other income Rs m 4 4 1.1%
Total Revenues Rs m 509 919 80.6%
Gross profit Rs m 65 122 87.1%
Depreciation Rs m 2 1 -35.9%
Interest Rs m 32 29 -9.6%
Profit before tax Rs m 36 96 169.2%
Tax Rs m 10 25 156.6%
Profit after tax Rs m 26 71 173.9%
Gross profit margin % 12.9 13.3
Effective tax rate % 27.4 26.1
Net profit margin % 5.1 7.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BRIGHT OUTDOOR MEDIA Balance Sheet Analysis

  • The company's current liabilities during FY23 stood at Rs 542 million as compared to Rs 403 million in FY22, thereby witnessing an increase of 34.5%.
  • Long-term debt down at Rs 12 million as compared to Rs 174 million during FY22, a fall of 92.8%.
  • Current assets rose 69% and stood at Rs 1 billion, while fixed assets fell 6% and stood at Rs 59 million in FY23.
  • Overall, the total assets and liabilities for FY23 stood at Rs 2 billion as against Rs 944 million during FY22, thereby witnessing a growth of 64%.

BRIGHT OUTDOOR MEDIA Balance Sheet as on March 2023

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Networth Rs m 367 992 170.0
 
Current Liabilities Rs m 403 542 34.5
Long-term Debt Rs m 174 12 -92.8
Total Liabilities Rs m 944 1,546 63.8
 
Current assets Rs m 881 1,487 68.8
Fixed Assets Rs m 63 59 -6.4
Total Assets Rs m 944 1,546 63.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BRIGHT OUTDOOR MEDIA Cash Flow Statement Analysis

  • BRIGHT OUTDOOR MEDIA's cash flow from operating activities (CFO) during FY23 stood at Rs -124 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY23 stood at Rs -186 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY23 stood at Rs 615 million, an improvement of 976% on a YoY basis.
  • Overall, net cash flows for the company during FY23 stood at Rs 306 million from the Rs -2 million net cash flows seen during FY22.

BRIGHT OUTDOOR MEDIA Cash Flow Statement 2022-23

Particulars No. of months 12 12 % Change
Year Ending Mar-22 Mar-23
Cash Flow from Operating Activities Rs m 66 -124 -
Cash Flow from Investing Activities Rs m 2 -186 -
Cash Flow from Financing Activities Rs m -70 615 -
Net Cash Flow Rs m -2 306 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BRIGHT OUTDOOR MEDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.1, an improvement from the EPS of Rs 2.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 407.7, stands at 79.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 6.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 29.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-22* 12 Mar-23*
Sales per share (Unadj.) Rs 49.8 65.7
TTM Earnings per share Rs 2.6 5.1
Diluted earnings per share Rs 1.9 5.1
Price to Cash Flow x 0.0 29.9
TTM P/E ratio x 0.0 79.9
Price / Book Value ratio x 0.0 2.2
Market Cap Rs m 0 2,159
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BRIGHT OUTDOOR MEDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.7x during FY23, from 2.2x during FY22. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 4.3x during FY23, from 2.1x during FY22. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 7.2% during FY23, from 7.1% during FY23. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 12.4% during FY23, from 12.5% during FY22. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 6.5% during FY23, from 6.1% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-22* 12 Mar-23*
Current ratio x 2.2 2.7
Debtors’ Days Days 263,710,429 182,641,775
Interest coverage x 2.1 4.3
Debt to equity ratio x 0.5 0.0
Return on assets % 6.1 6.5
Return on equity % 7.1 7.2
Return on capital employed % 12.5 12.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BRIGHT OUTDOOR MEDIA has performed over the last 5 years, please visit here.

BRIGHT OUTDOOR MEDIA Share Price Performance

Over the last one year, BRIGHT OUTDOOR MEDIA share price has moved up from Rs 0.0 to Rs 407.7, registering a gain of Rs 407.7 or around 0.0%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 13,935.8 (down 1.4%). Over the last one year it has moved up from 13,475.6 to 13,935.8, a gain of 460 points (up 3.4%).

Overall, the S&P BSE SENSEX is up 8.2% over the year.

(To know more, check out historical annual results for BRIGHT OUTDOOR MEDIA and quarterly results for BRIGHT OUTDOOR MEDIA)

Annual Report FAQs

What is the current share price of BRIGHT OUTDOOR MEDIA?

BRIGHT OUTDOOR MEDIA currently trades at Rs 500.1 per share. You can check out the latest share price performance of BRIGHT OUTDOOR MEDIA here...

What was the revenue of BRIGHT OUTDOOR MEDIA in FY23? How does it compare to earlier years?

The revenues of BRIGHT OUTDOOR MEDIA stood at Rs 919 m in FY23, which was up 80.6% compared to Rs 509 m reported in FY22.

BRIGHT OUTDOOR MEDIA's revenue has grown from Rs 824 m in FY20 to Rs 919 m in FY23.

Over the past 4 years, the revenue of BRIGHT OUTDOOR MEDIA has grown at a CAGR of 3.7%.

What was the net profit of BRIGHT OUTDOOR MEDIA in FY23? How does it compare to earlier years?

The net profit of BRIGHT OUTDOOR MEDIA stood at Rs 71 m in FY23, which was up 173.9% compared to Rs 26 m reported in FY22.

This compares to a net profit of Rs 11 m in FY21 and a net profit of Rs 22 m in FY20.

Over the past 4 years, BRIGHT OUTDOOR MEDIA net profit has grown at a CAGR of 47.7%.

What does the cash flow statement of BRIGHT OUTDOOR MEDIA reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of BRIGHT OUTDOOR MEDIA reveals:

  • Cash flow from operations decreased in FY23 and stood at Rs -124 m as compared to Rs 66 m in FY22.
  • Cash flow from investments decreased in FY23 and stood at Rs -186 m as compared to Rs 2 m in FY22.
  • Cash flow from financial activity increased in FY23 and stood at Rs 615 m as compared to Rs -70 m in FY22.

Here's the cash flow statement of BRIGHT OUTDOOR MEDIA for the past 4 years.

(Rs m)FY20FY21FY22FY23
From Operations88166-124
From Investments15-72-186
From Financial Activity-29-76-70615
Net Cashflow-7-2-2306

What does the Key Ratio analysis of BRIGHT OUTDOOR MEDIA reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of BRIGHT OUTDOOR MEDIA reveals:

  • Operating profit margins witnessed a fall and down at 13.3% in FY23 as against 12.9% in FY22.
  • Net profit margins grew from 5.1% in FY22 to 7.8% in FY23.
  • Debt to Equity ratio for FY23 stood at 0.0 as compared to 0.5 in FY22.

Here's the ratio/financial analysis of BRIGHT OUTDOOR MEDIA for the past 4 years.

 FY20FY21FY22FY23
Operating Profit Margin (%)8.519.612.913.3
Net Profit Margin (%)2.74.55.17.8
Debt to Equity Ratio (x)0.80.70.50.0

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