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DISH TV 2017-18 Annual Report Analysis
Sat, 31 Mar

DISH TV has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

DISH TV Income Statement Analysis

  • Operating income during the year rose 53.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 35.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 28.4% in FY18 as against 32.1% in FY17.
  • Depreciation charges increased by 55.1% and finance costs increased by 72.9% YoY, respectively.
  • Other income declined by 11.9% YoY.
  • Net profit for the year declined by 203.4% YoY.
  • Net profit margins during the year declined from 2.7% in FY17 to 1.8% in FY18.

DISH TV Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 30,144 46,342 53.7%
Other income Rs m 615 542 -11.9%
Total Revenues Rs m 30,759 46,883 52.4%
Gross profit Rs m 9,680 13,160 35.9%
Depreciation Rs m 6,908 10,717 55.1%
Interest Rs m 2,292 3,964 72.9%
Profit before tax Rs m 1,095 -979 -189.4%
Tax Rs m 274 -130 -147.5%
Profit after tax Rs m 821 -849 -203.4%
Gross profit margin % 32.1 28.4
Effective tax rate % 25.0 13.3
Net profit margin % 2.7 -1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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DISH TV Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 64 billion as compared to Rs 30 billion in FY17, thereby witnessing an increase of 111.4%.
  • Long-term debt stood at Rs 18 billion as compared to Rs 6 billion during FY17, a growth of 208.8%.
  • Current assets rose 76% and stood at Rs 12 billion, while fixed assets rose 334% and stood at Rs 135 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 147 billion as against Rs 38 billion during FY17, thereby witnessing a growth of 287%.

DISH TV Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,042 67,532 1,570.6
 
Current Liabilities Rs m 30,441 64,341 111.4
Long-term Debt Rs m 5,813 17,949 208.8
Total Liabilities Rs m 38,012 147,144 287.1
 
Current assets Rs m 6,923 12,170 75.8
Fixed Assets Rs m 31,089 134,974 334.2
Total Assets Rs m 38,012 147,144 287.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DISH TV Cash Flow Statement Analysis

  • DISH TV's cash flow from operating activities (CFO) during FY18 stood at Rs 10 billion, an improvement of 26.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -5 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -4 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 1 billion from the Rs 824 million net cash flows seen during FY17.

DISH TV Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 8,215 10,356 26.1%
Cash Flow from Investing Activities Rs m -6,246 -4,929 -
Cash Flow from Financing Activities Rs m -1,145 -4,141 -
Net Cash Flow Rs m 824 1,286 56.1%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DISH TV

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.5, an decline from the EPS of Rs 0.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 71.2, stands at 158.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 16.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 28.3 25.2
TTM Earnings per share Rs 0.8 -0.5
Diluted earnings per share Rs 0.4 -0.5
Price to Cash Flow x 25.7 16.2
TTM P/E ratio x 181.8 158.2
Price / Book Value ratio x 24.8 2.4
Market Cap Rs m 100,145 159,819
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DISH TV

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.2x during FY18, from 0.2x during FY17. 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 0.8x during FY18, from 1.5x during FY17. 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 -1.3% during FY18, from 20.3% during FY18. 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 3.5% during FY18, from 34.4% during FY17. 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 2.1% during FY18, from 8.2% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 0.2 0.2
Debtors’ Days Days 105 115
Interest coverage x 1.5 0.8
Debt to equity ratio x 1.4 0.3
Return on assets % 8.2 2.1
Return on equity % 20.3 -1.3
Return on capital employed % 34.4 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how DISH TV has performed over the last 5 years, please visit here.

DISH TV Share Price Performance

Over the last one year, DISH TV share price has moved down from Rs 107.9 to Rs 71.2, registering a loss of Rs 36.8 or around 34.1%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 6,513.3 (down 0.7%). Over the last one year it has moved up from 5,771.5 to 6,513.3, a gain of 742 points (up 12.9%).

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for DISH TV and quarterly results for DISH TV)

Annual Report FAQs

What is the current share price of DISH TV?

DISH TV currently trades at Rs 16.8 per share. You can check out the latest share price performance of DISH TV here...

What was the revenue of DISH TV in FY18? How does it compare to earlier years?

The revenues of DISH TV stood at Rs 46,883 m in FY18, which was up 52.4% compared to Rs 30,759 m reported in FY17.

DISH TV's revenue has grown from Rs 31,240 m in FY16 to Rs 46,883 m in FY18.

Over the past 3 years, the revenue of DISH TV has grown at a CAGR of 22.5%.

What was the net profit of DISH TV in FY18? How does it compare to earlier years?

The net loss of DISH TV stood at Rs -849 m in FY18, which was down -203.4% compared to Rs 821 m reported in FY17.

This compares to a net profit of Rs 6,924 m in FY16.

Over the past 3 years, DISH TV net profit has grown at a CAGR of NaN%.

What does the cash flow statement of DISH TV 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 DISH TV reveals:

  • Cash flow from operations increased in FY18 and stood at Rs 10,356 m as compared to Rs 8,215 m in FY17.
  • Cash flow from investments increased in FY18 and stood at Rs -4,929 m as compared to Rs -6,246 m in FY17.
  • Cash flow from financial activity decreased in FY18 and stood at Rs -4,141 m as compared to Rs -1,145 m in FY17.

Here's the cash flow statement of DISH TV for the past 3 years.

(Rs m)FY16FY17FY18
From Operations11,3248,21510,356
From Investments-8,091-6,246-4,929
From Financial Activity-3,519-1,145-4,141
Net Cashflow-2868241,286

What does the Key Ratio analysis of DISH TV 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 DISH TV reveals:

  • Operating profit margins witnessed a fall and stood at 28.4% in FY18 as against 32.1% in FY17.
  • Net profit margins declined from 2.7% in FY17 to 1.8% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.3 as compared to 1.4 in FY17.

Here's the ratio/financial analysis of DISH TV for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)33.532.128.4
Net Profit Margin (%)22.62.7-1.8
Debt to Equity Ratio (x)3.01.40.3

Read: Latest Annual Report Analysis of DISH TV

 

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