DISH TV 2022-23 Annual Report Analysis

Tue, 12 Sep

DISH TV 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.

DISH TV Income Statement Analysis

• Operating income during the year fell 19.3% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 44.0% in FY23 as against 36.0% in FY22.
• Depreciation charges decreased by 20.7% and finance costs decreased by 14.4% YoY, respectively.
• Other income grew by 38.8% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 66.6% in FY22 to 74.4% in FY23.

DISH TV Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	28,025	22,619	-19.3%
Other income	Rs m	239	332	38.8%
Total Revenues	Rs m	28,264	22,951	-18.8%
Gross profit	Rs m	-10,096	-9,942	NA
Depreciation	Rs m	10,709	8,491	-20.7%
Interest	Rs m	3,246	2,780	-14.4%
Profit before tax	Rs m	-23,812	-20,881	NA
Tax	Rs m	-5,140	-4,046	NA
Profit after tax	Rs m	-18,672	-16,835	NA
Gross profit margin	%	-36.0	-44.0
Effective tax rate	%	21.6	19.4
Net profit margin	%	-66.6	-74.4

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DISH TV Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 53 billion as compared to Rs 57 billion in FY22, thereby witnessing an decrease of -6.8%.
• Current assets rose 5% and stood at Rs 8 billion, while fixed assets fell 53% and stood at Rs 22 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 30 billion as against Rs 55 billion during FY22, thereby witnessing a fall of 46%.

DISH TV Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	9,318	-7,930	NA
Current Liabilities	Rs m	56,631	52,776	-6.8
Long-term Debt	Rs m	739	0	-100.0
Total Liabilities	Rs m	55,114	29,880	-45.8
Current assets	Rs m	7,233	7,599	5.1
Fixed Assets	Rs m	47,847	22,281	-53.4
Total Assets	Rs m	55,114	29,880	-45.8

DISH TV Cash Flow Statement Analysis

• DISH TV's cash flow from operating activities (CFO) during FY23 stood at Rs 7 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -3 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -3 billion, an improvement of 33% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -5 million from the Rs -211 million net cash flows seen during FY22.

DISH TV 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	11,412	6,683	-41.4%
Cash Flow from Investing Activities	Rs m	-6,686	-3,405	-
Cash Flow from Financing Activities	Rs m	-4,937	-3,283	-
Net Cash Flow	Rs m	-211	-5	-

Current Valuations for DISH TV

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -9.1, an improvement from the EPS of Rs -10.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 19.5, stands at -2.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -4.5 times, while the price to sales ratio stands at 1.6 times.
• The company's price to cash flow (P/CF) ratio stood at -3.8 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	15.2	12.3
TTM Earnings per share	Rs	-10.1	-9.1
Diluted earnings per share	Rs	-10.1	-9.1
Price to Cash Flow	x	-3.9	-3.8
TTM P/E ratio	x	-1.6	-2.1
Price / Book Value ratio	x	3.2	-4.0
Market Cap	Rs m	29,451	31,927
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DISH TV

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.1x during FY23, from 0.1x 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 deteriorated and stood at -6.5x during FY23, from -6.3x 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 212.3% during FY23, from -200.4% 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 improved and stood at 228.3% during FY23, from -204.5% 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 declined and down at -47.0% during FY23, from -28.0% 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	0.1	0.1
Debtors’ Days	Days	105	149
Interest coverage	x	-6.3	-6.5
Debt to equity ratio	x	0.1	0.0
Return on assets	%	-28.0	-47.0
Return on equity	%	-200.4	212.3
Return on capital employed	%	-204.5	228.3

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 16.9 to Rs 19.5, registering a gain of Rs 2.6 or around 15.6%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 14,707.0 (up 0.3%). Over the last one year it has moved up from 13,631.9 to 14,707.0, a gain of 1,075 points (up 7.9%).

Overall, the S&P BSE SENSEX is up 12.5% over the year.

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