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TV18 BROADCAST 2017-18 Annual Report Analysis

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TV18 BROADCAST 2017-18 Annual Report Analysis
Wed, 19 Dec

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 fall and down at 3.5% in FY18 as against 3.2% in FY17.
  • Depreciation charges increased by 22.8% and finance costs increased by 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 Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 9,794 16,651 70.0%
Other income Rs m 433 290 -33.1%
Total Revenues Rs m 10,227 16,940 65.6%
Gross profit Rs m 313 579 85.0%
Depreciation Rs m 564 692 22.8%
Interest Rs m 224 270 20.2%
Profit before tax Rs m -42 -93 121.7%
Tax Rs m 251 520 107.0%
Profit after tax Rs m 64 79 22.7%
Gross profit margin % 3.2 3.5
Effective tax rate % -599.3 -559.6
Net profit margin % 0.6 0.5
* 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 Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 33,308 33,402 0.3
 
Current Liabilities Rs m 5,932 27,175 358.1
Long-term Debt Rs m 0 54 0.0
Total Liabilities Rs m 39,696 67,717 70.6
 
Current assets Rs m 7,604 35,855 371.5
Fixed Assets Rs m 2,031 3,056 50.5
Total Assets Rs m 39,696 67,717 70.6
* 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

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 630 2,131 238.3%
Cash Flow from Investing Activities Rs m -1,080 -1,802 -
Cash Flow from Financing Activities Rs m 298 252 -15.5%
Net Cash Flow Rs m -152 1,641 -
* 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 37.3, stands at 229.3 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 805.3 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 5.7 9.7
TTM Earnings per share Rs 0.0 0.0
Diluted earnings per share Rs 0.0 0.0
Price to Cash Flow x 235.8 805.3
TTM P/E ratio x 229.3 229.3
Price / Book Value ratio x 2.3 2.8
Market Cap Rs m 63,862 63,860
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 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 Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.3 1.3
Debtors’ Days Days 92 265
Interest coverage x 0.8 0.7
Debt to equity ratio x 0.0 0.0
Return on assets % 0.7 0.5
Return on equity % 0.2 0.2
Return on capital employed % 1.6 2.6
* 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 56.1 to Rs 37.3, registering a loss of Rs 18.9 or around 33.6%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,153.8 (down 0.8%). Over the last one year it has moved up from 6,182.1 to 7,153.8, a gain of 972 points (up 15.7%).

Overall, the S&P BSE SENSEX is up 8.6% 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 (3QFY19); Net Profit Up 758.9% (Quarterly Result Update)

Jan 16, 2019 | Updated on Jan 16, 2019

For the quarter ended December 2018, TV18 BROADCAST has posted a net profit of Rs 1 bn (up 758.9% YoY). Sales on the other hand came in at Rs 15 bn (up 443.9% YoY). Read on for a complete analysis of TV18 BROADCAST's quarterly results.

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.

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