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DISH TV 2017-18 Annual Report Analysis

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DISH TV 2017-18 Annual Report Analysis
Thu, 20 Dec

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: Company Reports, Regulatory Filings, Equitymaster



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 65% and stood at Rs 43 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 152 billion as against Rs 42 billion during FY17, thereby witnessing a growth of 264%.

DISH TV Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,058 67,541 1,564.4
 
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 41,702 151,721 263.8
 
Current assets Rs m 6,922 12,170 75.8
Fixed Assets Rs m 26,096 43,119 65.2
Total Assets Rs m 41,702 151,721 263.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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: Company Reports, Regulatory Filings, 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 38.8, stands at 25.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 3.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.2 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 0.8 -0.8
Price to Cash Flow x 5.3 4.2
TTM P/E ratio x 25.8 25.8
Price / Book Value ratio x 24.7 2.4
Market Cap Rs m 41,305 41,301
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for DISH TV

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved 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 20.2% 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 34.3% 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 7.5% 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 11 11
Interest coverage x 1.5 0.8
Debt to equity ratio x 1.4 0.3
Return on assets % 7.5 2.1
Return on equity % 20.2 -1.3
Return on capital employed % 34.3 3.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, 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 up from Rs 79.8 to Rs 38.8, registering a loss of Rs 41.0 or around 51.4%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,146.4 (down 0.3%). Over the last one year it has moved up from 6,211.5 to 7,146.4, a gain of 935 points (up 15.1%).

Overall, the S&P BSE SENSEX is up 7.5% over the year.

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

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