HT MEDIA 2017-18 Annual Report Analysis

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HT MEDIA 2017-18 Annual Report Analysis
Fri, 21 Dec

HT MEDIA 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.

HT MEDIA Income Statement Analysis

  • Operating income during the year fell 4.3% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 34.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 17.0% in FY18 as against 12.2% in FY17.
  • Depreciation charges decreased by 1.6% and finance costs decreased by 14.2% YoY, respectively.
  • Other income grew by 7.0% YoY.
  • Net profit for the year grew by 60.8% YoY.
  • Net profit margins during the year grew from 8.2% in FY17 to 13.6% in FY18.

HT MEDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 24,521 23,462 -4.3%
Other income Rs m 2,295 2,455 7.0%
Total Revenues Rs m 26,816 25,917 -3.4%
Gross profit Rs m 2,983 3,996 34.0%
Depreciation Rs m 1,248 1,228 -1.6%
Interest Rs m 951 816 -14.2%
Profit before tax Rs m 3,079 4,407 43.1%
Tax Rs m 671 859 28.0%
Profit after tax Rs m 2,190 3,521 60.8%
Gross profit margin % 12.2 17.0
Effective tax rate % 21.8 19.5
Net profit margin % 8.2 13.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HT MEDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 21 billion as compared to Rs 20 billion in FY17, thereby witnessing an increase of 3.5%.
  • Long-term debt down at Rs 57 million as compared to Rs 170 million during FY17, a fall of 66.5%.
  • Current assets rose 58% and stood at Rs 15 billion, while fixed assets rose 0% and stood at Rs 15 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 50 billion as against Rs 46 billion during FY17, thereby witnessing a growth of 9%.

HT MEDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 22,319 25,315 13.4
 
Current Liabilities Rs m 19,859 20,546 3.5
Long-term Debt Rs m 170 57 -66.5
Total Liabilities Rs m 45,582 49,604 8.8
 
Current assets Rs m 9,772 15,472 58.3
Fixed Assets Rs m 14,734 14,765 0.2
Total Assets Rs m 45,582 49,604 8.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HT MEDIA Cash Flow Statement Analysis

  • HT MEDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 3 billion, an improvement of 0.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -2 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -91 million, an improvement of 85% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 558 million from the Rs -222 million net cash flows seen during FY17.

HT MEDIA 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 3,064 3,087 0.8%
Cash Flow from Investing Activities Rs m -2,662 -2,452 -
Cash Flow from Financing Activities Rs m -621 -91 -
Net Cash Flow Rs m -222 558 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HT MEDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.3, an improvement from the EPS of Rs 9.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 42.8, stands at 6.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 2.1 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 106.4 101.8
TTM Earnings per share Rs 9.5 15.3
Diluted earnings per share Rs 9.3 15.0
Price to Cash Flow x 2.7 2.1
TTM P/E ratio x 6.3 6.4
Price / Book Value ratio x 0.9 0.9
Market Cap Rs m 9,855 10,047
Dividends per share (Unadj.) Rs 0.4 0.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for HT MEDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.8x during FY18, from 0.5x 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 6.4x during FY18, from 4.2x 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 13.9% during FY18, from 9.8% 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 20.5% during FY18, from 17.0% 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 improved and stood at 8.7% during FY18, from 6.9% 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 0.5 0.8
Debtors’ Days Days 48 55
Interest coverage x 4.2 6.4
Debt to equity ratio x 0.0 0.0
Return on assets % 6.9 8.7
Return on equity % 9.8 13.9
Return on capital employed % 17.0 20.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how HT MEDIA has performed over the last 5 years, please visit here.

HT MEDIA Share Price Performance

Over the last one year, HT MEDIA share price has moved up from Rs 98.3 to Rs 42.8, registering a loss of Rs 55.5 or around 56.5%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,086.8 (down 0.8%). Over the last one year it has moved up from 6,242.1 to 7,086.8, a gain of 845 points (up 13.5%).

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for HT MEDIA and quarterly results for HT MEDIA)

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Related Views on News

HT MEDIA Announces Quarterly Results (3QFY20); Net Profit Down 56.6% (Quarterly Result Update)

Jan 27, 2020 | Updated on Jan 27, 2020

For the quarter ended December 2019, HT MEDIA has posted a net profit of Rs 147 m (down 56.6% YoY). Sales on the other hand came in at Rs 6 bn (down 2.0% YoY). Read on for a complete analysis of HT MEDIA's quarterly results.

HT MEDIA Announces Quarterly Results (2QFY20); Net Profit Up 51.5% (Quarterly Result Update)

Nov 11, 2019 | Updated on Nov 11, 2019

For the quarter ended September 2019, HT MEDIA has posted a net profit of Rs 215 m (up 51.5% YoY). Sales on the other hand came in at Rs 5 bn (up 1.5% YoY). Read on for a complete analysis of HT MEDIA's quarterly results.

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