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HT MEDIA 2022-23 Annual Report Analysis

Mon, 25 Sep

HT MEDIA 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.

HT MEDIA Income Statement Analysis

• Operating income during the year rose 14.0% 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 8.1% in FY23 as against 1.8% in FY22.
• Depreciation charges decreased by 2.6% and finance costs increased by 41.2% YoY, respectively.
• Other income declined by 14.7% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 1.4% in FY22 to 14.9% in FY23.

HT MEDIA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	15,004	17,111	14.0%
Other income	Rs m	1,775	1,514	-14.7%
Total Revenues	Rs m	16,779	18,625	11.0%
Gross profit	Rs m	265	-1,384	NA
Depreciation	Rs m	1,353	1,317	-2.6%
Interest	Rs m	546	771	41.2%
Profit before tax	Rs m	141	-1,958	NA
Tax	Rs m	-73	584	NA
Profit after tax	Rs m	215	-2,542	NA
Gross profit margin	%	1.8	-8.1
Effective tax rate	%	-51.8	-29.8
Net profit margin	%	1.4	-14.9

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HT MEDIA Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 18 billion as compared to Rs 16 billion in FY22, thereby witnessing an increase of 7.2%.
• Long-term debt down at Rs 725 million as compared to Rs 2 billion during FY22, a fall of 60.8%.
• Current assets fell 22% and stood at Rs 14 billion, while fixed assets rose 8% and stood at Rs 25 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 40 billion as against Rs 42 billion during FY22, thereby witnessing a fall of 4%.

HT MEDIA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	20,830	17,987	-13.6
Current Liabilities	Rs m	16,395	17,576	7.2
Long-term Debt	Rs m	1,847	725	-60.8
Total Liabilities	Rs m	42,108	40,323	-4.2
Current assets	Rs m	18,369	14,347	-21.9
Fixed Assets	Rs m	23,642	25,429	7.6
Total Assets	Rs m	42,108	40,323	-4.2

HT MEDIA Cash Flow Statement Analysis

• HT MEDIA's cash flow from operating activities (CFO) during FY23 stood at Rs -471 million, an improvement of 29.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 2 billion, an improvement of 350.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -53 million from the Rs -131 million net cash flows seen during FY22.

HT MEDIA 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	-365	-471	-
Cash Flow from Investing Activities	Rs m	551	2,485	350.7%
Cash Flow from Financing Activities	Rs m	-321	-2,073	-
Net Cash Flow	Rs m	-131	-53	-

Current Valuations for HT MEDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -10.9, an decline from the EPS of Rs 0.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 26.4, stands at -2.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.4 times.
• The company's price to cash flow (P/CF) ratio stood at -4.8 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	64.5	73.5
TTM Earnings per share	Rs	0.9	-10.9
Diluted earnings per share	Rs	0.9	-10.9
Price to Cash Flow	x	4.9	-4.8
TTM P/E ratio	x	36.1	-2.7
Price / Book Value ratio	x	0.3	0.3
Market Cap	Rs m	6,831	5,889
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for HT MEDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY23, from 1.1x 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 -1.5x during FY23, from 1.3x 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 declined and down at -14.1% during FY23, from 1.0% 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 declined and down at -6.3% during FY23, from 3.0% 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 -4.4% during FY23, from 1.8% 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	1.1	0.8
Debtors’ Days	Days	728	764
Interest coverage	x	1.3	-1.5
Debt to equity ratio	x	0.1	0.0
Return on assets	%	1.8	-4.4
Return on equity	%	1.0	-14.1
Return on capital employed	%	3.0	-6.3

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 21.7 to Rs 26.4, registering a gain of Rs 4.7 or around 21.4%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 14,750.2 (down 0.4%). Over the last one year it has moved up from 12,577.3 to 14,750.2, a gain of 2,173 points (up 17.3%).

Overall, the S&P BSE SENSEX is up 11.1% over the year.

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