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TV18 BROADCAST 2017-18 Annual Report Analysis

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TV18 BROADCAST 2017-18 Annual Report Analysis
Wed, 3 Oct

TV18 BROADCAST 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.

TV18 BROADCAST Income Statement Analysis

  • Operating income during the year rose 70.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 85.0% YoY during the fiscal. Operating profit margins witnessed a rise and up at 3.5% in FY18 as against 3.2% in FY17.
  • Depreciation charges and finance costs increased by 22.8% YoY and 20.2% YoY, respectively.
  • Other income declined by 33.1% YoY.
  • Net profit for the year grew by 22.7% YoY.
  • Net profit margins during the year declined from 0.6% in FY17 to 0.5% in FY18.

TV18 BROADCAST Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m9,79416,65170.0%
Other incomeRs m433290-33.1%
Total RevenuesRs m10,22716,94065.6%
Gross profitRs m31357985.0%
DepreciationRs m56469222.8%
InterestRs m22427020.2%
Profit before taxRs m-42-93121.7%
TaxRs m251520107.0%
Profit after taxRs m647922.7%
Gross profit margin%3.23.5
Effective tax rate%-599.3-559.6
Net profit margin%0.60.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TV18 BROADCAST Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 27 billion as compared to Rs 6 billion in FY17, thereby witnessing an increase of 358.1%.
  • Long-term debt stood at Rs 54 million as compared to Rs 0 million during FY17, a fall of 0.0%.
  • Current assets rose 372% and stood at Rs 36 billion, while fixed assets rose 50% and stood at Rs 3 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 68 billion as against Rs 40 billion during FY17, thereby witnessing a growth of 71%.

TV18 BROADCAST Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m33,30833,4020.3
 
Current LiabilitiesRs m5,93227,175358.1
Long-term DebtRs m0540.0
Total LiabilitiesRs m39,69667,71770.6
 
Current assetsRs m7,60435,855371.5
Fixed AssetsRs m 2,0313,05650.5
Total AssetsRs m39,69667,71770.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TV18 BROADCAST Cash Flow Statement Analysis

  • TV18 BROADCAST's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 238.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion, an improvement of 66.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 252 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 2 billion from the Rs -152 million net cash flows seen during FY17.

TV18 BROADCAST Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m6302,131238.3%
Cash Flow from Investing ActivitiesRs m-1,080-1,802-
Cash Flow from Financing ActivitiesRs m298252-15.5%
Net Cash FlowRs m-1521,641-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TV18 BROADCAST

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.0, an improvement from the EPS of Rs 0.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 35.9, stands at 3,304.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.8 times, while the price to sales ratio stands at 5.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 775.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs5.79.7
TTM Earnings per shareRs0.00.0
Diluted earnings per shareRs0.00.0
Price to Cash Flow x227.0775.0
TTM P/E ratiox3,304.43,304.3
Price / Book Value ratiox2.32.8
Market CapRs m61,46261,460
Dividends per share (Unadj.)Rs0.00.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TV18 BROADCAST

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.3x during FY18, from 1.3x 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 0.7x during FY18, from 0.8x 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 improved and stood at 0.2% during FY18, from 0.2% 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 improved and stood at 2.6% during FY18, from 1.6% 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 0.5% during FY18, from 0.7% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox1.31.3
Debtors’ DaysDays92265
Interest coveragex0.80.7
Debt to equity ratiox0.00.0
Return on assets%0.70.5
Return on equity%0.20.2
Return on capital employed%1.62.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how TV18 BROADCAST has performed over the last 5 years, please visit here.

TV18 BROADCAST Share Price Performance

Over the last one year, TV18 BROADCAST share price has moved up from Rs 38.5 to Rs 35.9, registering a loss of Rs 2.6 or around 6.8%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,750.9 (down 1.7%). Over the last one year it has moved up from 5,634.9 to 7,750.9, a gain of 2,116 points (up 37.6%).

Overall, the S&P BSE SENSEX is up 15.4% over the year.

(To know more, check out historical annual results for TV18 BROADCAST and quarterly results for TV18 BROADCAST)

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TV18 BROADCAST Announces Quarterly Results (2QFY19); Net Profit Up 402.3% (Quarterly Result Update)

Oct 16, 2018 | Updated on Oct 16, 2018

For the quarter ended September 2018, TV18 BROADCAST has posted a net profit of Rs 324 m (up 402.3% YoY). Sales on the other hand came in at Rs 12 bn (up 427.4% YoY). Read on for a complete analysis of TV18 BROADCAST's quarterly results.

TV18 BROADCAST Announces Quarterly Results (1QFY19); Net Profit Down 58.0% (Quarterly Result Update)

Jul 25, 2018 | Updated on Jul 25, 2018

For the quarter ended June 2018, TV18 BROADCAST has posted a net profit of Rs 142 m (down 58.0% YoY). Sales on the other hand came in at Rs 11 bn (up 396.8% YoY). Read on for a complete analysis of TV18 BROADCAST's quarterly results.

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