TV18 BROADCAST 2021-22 Annual Report Analysis

Sat, 17 Sep

TV18 BROADCAST has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

TV18 BROADCAST Income Statement Analysis

• Operating income during the year rose 22.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 25.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.6% in FY22 as against 23.0% in FY21.
• Depreciation charges decreased by 18.5% and finance costs decreased by 56.6% YoY, respectively.
• Other income grew by 24.1% YoY.
• Net profit for the year grew by 24.2% YoY.
• Net profit margins during the year grew from 19.8% in FY21 to 20.0% in FY22.

TV18 BROADCAST Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	37,686	46,201	22.6%
Other income	Rs m	622	772	24.1%
Total Revenues	Rs m	38,307	46,972	22.6%
Gross profit	Rs m	8,677	10,903	25.7%
Depreciation	Rs m	1,388	1,131	-18.5%
Interest	Rs m	877	381	-56.6%
Profit before tax	Rs m	7,034	10,163	44.5%
Tax	Rs m	-423	901	NA
Profit after tax	Rs m	7,457	9,262	24.2%
Gross profit margin	%	23.0	23.6
Effective tax rate	%	-6.0	8.9
Net profit margin	%	19.8	20.0

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TV18 BROADCAST Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 27 billion as compared to Rs 27 billion in FY21, thereby witnessing an increase of 0.0%.
• Current assets rose 20% and stood at Rs 57 billion, while fixed assets rose 1% and stood at Rs 35 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 92 billion as against Rs 82 billion during FY21, thereby witnessing a growth of 12%.

TV18 BROADCAST Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	41,913	47,797	14.0
Current Liabilities	Rs m	26,712	26,720	0.0
Long-term Debt	Rs m	2	0	-100.0
Total Liabilities	Rs m	82,064	91,966	12.1
Current assets	Rs m	47,303	56,916	20.3
Fixed Assets	Rs m	34,761	35,051	0.8
Total Assets	Rs m	82,064	91,966	12.1

TV18 BROADCAST Cash Flow Statement Analysis

• TV18 BROADCAST's cash flow from operating activities (CFO) during FY22 stood at Rs 6 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -3 billion, an improvement of 197.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs -3 billion, an improvement of 71% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs 75 million from the Rs 2 billion net cash flows seen during FY21.

TV18 BROADCAST Cash Flow Statement 2021-22

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-21	Mar-22
Cash Flow from Operating Activities	Rs m	13,187	5,931	-55.0%
Cash Flow from Investing Activities	Rs m	-989	-2,941	-
Cash Flow from Financing Activities	Rs m	-10,084	-2,930	-
Net Cash Flow	Rs m	2,116	75	-96.4%

Current Valuations for TV18 BROADCAST

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.4, an improvement from the EPS of Rs 4.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 39.5, stands at 8.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.4 times, while the price to sales ratio stands at 1.5 times.
• The company's price to cash flow (P/CF) ratio stood at 8.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Sales per share (Unadj.)	Rs	22.0	26.9
TTM Earnings per share	Rs	4.3	5.4
Diluted earnings per share	Rs	4.3	5.4
Price to Cash Flow	x	5.6	8.6
TTM P/E ratio	x	7.2	8.7
Price / Book Value ratio	x	1.1	1.9
Market Cap	Rs m	47,573	89,404
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for TV18 BROADCAST

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.1x during FY22, from 1.8x during FY21. 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 improved and stood at 27.7x during FY22, from 9.0x during FY21. 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 19.4% during FY22, from 17.8% during FY22. 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 22.1% during FY22, from 18.9% during FY21. 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 improved and stood at 10.5% during FY22, from 10.2% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Current ratio	x	1.8	2.1
Debtors’ Days	Days	1,190	862
Interest coverage	x	9.0	27.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.2	10.5
Return on equity	%	17.8	19.4
Return on capital employed	%	18.9	22.1

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 37.2 to Rs 39.5, registering a gain of Rs 2.3 or around 6.2%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 12,698.2 (down 3.0%). Over the last one year it has moved down from 15,462.0 to 12,698.2, a loss of 2,764 points (down 17.9%).

Overall, the S&P BSE SENSEX is up 0.2% over the year.

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

Read: Latest Annual Report Analysis of TV18 BROADCAST