BALAJI TELEFILMS 2020-21 Annual Report Analysis

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BALAJI TELEFILMS 2020-21 Annual Report Analysis
Thu, 28 Oct

BALAJI TELEFILMS has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

BALAJI TELEFILMS Income Statement Analysis

  • Operating income during the year fell 48.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 971.6% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 31.9% in FY21 as against 1.9% in FY20.
  • Depreciation charges decreased by 26.4% and finance costs decreased by 37.1% YoY, respectively.
  • Other income grew by 56.1% YoY.
  • Net profit for the year grew by 101.7% YoY.
  • Net profit margins during the year declined from 10.1% in FY20 to 38.7% in FY21.

BALAJI TELEFILMS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 5,736 2,937 -48.8%
Other income Rs m 86 134 56.1%
Total Revenues Rs m 5,822 3,071 -47.2%
Gross profit Rs m 107 -936 -971.6%
Depreciation Rs m 388 286 -26.4%
Interest Rs m 27 17 -37.1%
Profit before tax Rs m -222 -1,104 397.9%
Tax Rs m 368 85 -76.8%
Profit after tax Rs m -590 -1,189 101.7%
Gross profit margin % 1.9 -31.9
Effective tax rate % -166.0 -7.7
Net profit margin % -10.1 -38.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BALAJI TELEFILMS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 2 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -10.8%.
  • Current assets fell 27% and stood at Rs 6 billion, while fixed assets rose 70% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 8 billion as against Rs 9 billion during FY20, thereby witnessing a fall of 13%.

BALAJI TELEFILMS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,808 5,662 -16.8
 
Current Liabilities Rs m 2,158 1,924 -10.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 9,171 8,021 -12.5
 
Current assets Rs m 7,825 5,737 -26.7
Fixed Assets Rs m 1,345 2,284 69.8
Total Assets Rs m 9,171 8,021 -12.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BALAJI TELEFILMS Cash Flow Statement Analysis

  • BALAJI TELEFILMS's cash flow from operating activities (CFO) during FY21 stood at Rs -122 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 862 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -163 million, an improvement of 51% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 576 million from the Rs 14 million net cash flows seen during FY20.

BALAJI TELEFILMS Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m -1,339 -122 -
Cash Flow from Investing Activities Rs m 1,685 862 -48.8%
Cash Flow from Financing Activities Rs m -331 -163 -
Net Cash Flow Rs m 14 576 3,937.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BALAJI TELEFILMS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -11.8, an decline from the EPS of Rs -5.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 62.9, stands at -5.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 2.4 times.
  • The company's price to cash flow (P/CF) ratio stood at -7.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 56.7 29.0
TTM Earnings per share Rs -5.8 -11.8
Diluted earnings per share Rs -5.8 -11.8
Price to Cash Flow x -31.6 -7.0
TTM P/E ratio x -5.1 -5.1
Price / Book Value ratio x 0.9 1.2
Market Cap Rs m 6,356 6,356
Dividends per share (Unadj.) Rs 0.4 0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BALAJI TELEFILMS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 3.0x during FY21, from 3.6x during FY20. 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 deteriorated and stood at -64.9x during FY21, from -7.3x during FY20. 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 declined and down at -21.0% during FY21, from -8.7% during FY21. 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 -19.2% during FY21, from -2.9% during FY20. 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 declined and down at -14.6% during FY21, from -6.1% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 3.6 3.0
Debtors’ Days Days 1,124 1,453
Interest coverage x -7.3 -64.9
Debt to equity ratio x 0.0 0.0
Return on assets % -6.1 -14.6
Return on equity % -8.7 -21.0
Return on capital employed % -2.9 -19.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BALAJI TELEFILMS has performed over the last 5 years, please visit here.

BALAJI TELEFILMS Share Price Performance

Over the last one year, BALAJI TELEFILMS share price has moved up from Rs 62.3 to Rs 62.9, registering a gain of Rs 0.6 or around 0.9%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 15,316.1 (down 0.7%). Over the last one year it has moved up from 9,674.9 to 15,316.1, a gain of 5,641 points (up 58.3%).

Overall, the S&P BSE SENSEX is up 51.0% over the year.

(To know more, check out historical annual results for BALAJI TELEFILMS and quarterly results for BALAJI TELEFILMS)

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