BRIGHT OUTDOOR MEDIA 2024-25 Annual Report Analysis

Wed, 4 Mar

BRIGHT OUTDOOR MEDIA has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

BRIGHT OUTDOOR MEDIA Income Statement Analysis

• Operating income during the year rose 18.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 15.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.6% in FY25 as against 21.2% in FY24.
• Depreciation charges increased by 73.7% and finance costs decreased by 65.6% YoY, respectively.
• Other income grew by 110.3% YoY.
• Net profit for the year grew by 18.9% YoY.
• Net profit margins during the year grew from 15.0% in FY24 to 15.0% in FY25.

BRIGHT OUTDOOR MEDIA Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	1,067	1,267	18.8%
Other income	Rs m	6	13	110.3%
Total Revenues	Rs m	1,073	1,281	19.3%
Gross profit	Rs m	227	261	15.1%
Depreciation	Rs m	11	20	73.7%
Interest	Rs m	6	2	-65.6%
Profit before tax	Rs m	215	252	16.9%
Tax	Rs m	55	61	10.9%
Profit after tax	Rs m	160	191	18.9%
Gross profit margin	%	21.2	20.6
Effective tax rate	%	25.6	24.3
Net profit margin	%	15.0	15.0

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BRIGHT OUTDOOR MEDIA Balance Sheet Analysis

• The company's current liabilities during FY25 down at Rs 239 million as compared to Rs 404 million in FY24, thereby witnessing an decrease of -40.7%.
• Current assets fell 2% and stood at Rs 2 billion, while fixed assets rose 14% and stood at Rs 299 million in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 2 billion as against Rs 2 billion during FY24, thereby witnessing a growth of 0%.

BRIGHT OUTDOOR MEDIA Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	1,462	1,637	12.0
Current Liabilities	Rs m	404	239	-40.7
Long-term Debt	Rs m	4	0	-100.0
Total Liabilities	Rs m	1,870	1,875	0.3
Current assets	Rs m	1,607	1,577	-1.9
Fixed Assets	Rs m	263	299	13.7
Total Assets	Rs m	1,870	1,875	0.3

BRIGHT OUTDOOR MEDIA Cash Flow Statement Analysis

• BRIGHT OUTDOOR MEDIA's cash flow from operating activities (CFO) during FY25 stood at Rs 51 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -197 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs -138 million on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs -284 million from the Rs 7 million net cash flows seen during FY24.

BRIGHT OUTDOOR MEDIA Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	-181	51	-
Cash Flow from Investing Activities	Rs m	77	-197	-
Cash Flow from Financing Activities	Rs m	111	-138	-
Net Cash Flow	Rs m	7	-284	-

Current Valuations for BRIGHT OUTDOOR MEDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.7, an improvement from the EPS of Rs 11.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 317.0, stands at 36.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.2 times, while the price to sales ratio stands at 3.5 times.
• The company's price to cash flow (P/CF) ratio stood at 20.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	76.6	91.0
TTM Earnings per share	Rs	11.5	13.7
Diluted earnings per share	Rs	7.3	8.7
Price to Cash Flow	x	39.4	20.5
TTM P/E ratio	x	42.2	36.3
Price / Book Value ratio	x	3.4	2.6
Market Cap	Rs m	5,042	4,323
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for BRIGHT OUTDOOR MEDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 6.6x during FY25, from 4.0x during FY24. 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 126.9x during FY25, from 38.0x during FY24. 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 11.6% during FY25, from 11.0% during FY25. 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 improved and stood at 15.5% during FY25, from 15.1% during FY24. 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 10.3% during FY25, from 8.9% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	4.0	6.6
Debtors’ Days	Days	214,418,721	173,314,874
Interest coverage	x	38.0	126.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.9	10.3
Return on equity	%	11.0	11.6
Return on capital employed	%	15.1	15.5

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 310.0 to Rs 317.0, registering a gain of Rs 7.0 or around 2.3%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 17,349.3 (down 1.4%). Over the last one year it has moved up from 16,111.2 to 17,349.3, a gain of 1,238 points (up 7.7%).

Overall, the S&P BSE SENSEX is up 6.1% over the year.

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