NDTV 2017-18 Annual Report Analysis

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NDTV 2017-18 Annual Report Analysis
Thu, 10 Jan

NDTV 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.

NDTV Income Statement Analysis

  • Operating income during the year fell 12.4% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 14.9% YoY during the fiscal. Operating profit margins witnessed a growth and down at 8.4% in FY18 as against 8.6% in FY17.
  • Depreciation charges decreased by 16.2% and finance costs decreased by 5.5% YoY, respectively.
  • Other income declined by 7.0% YoY.
  • Net profit for the year declined by 2.1% YoY.
  • Net profit margins during the year declined from 17.2% in FY17 to 19.2% in FY18.

NDTV Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,900 4,290 -12.4%
Other income Rs m 115 107 -7.0%
Total Revenues Rs m 5,015 4,397 -12.3%
Gross profit Rs m -423 -360 -14.9%
Depreciation Rs m 185 155 -16.2%
Interest Rs m 218 206 -5.5%
Profit before tax Rs m -711 -614 -13.6%
Tax Rs m 79 111 40.5%
Profit after tax Rs m -862 -844 -2.1%
Gross profit margin % -8.6 -8.4
Effective tax rate % -11.1 -18.1
Net profit margin % -17.2 -19.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NDTV Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 4 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 20.5%.
  • Long-term debt stood at Rs 694 million as compared to Rs 474 million during FY17, a growth of 46.4%.
  • Current assets rose 9% and stood at Rs 4 billion, while fixed assets fell 14% and stood at Rs 732 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 5 billion as against Rs 5 billion during FY17, thereby witnessing a growth of 5%.

NDTV Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,031 492 -52.3
 
Current Liabilities Rs m 3,034 3,655 20.5
Long-term Debt Rs m 474 694 46.4
Total Liabilities Rs m 4,779 5,035 5.4
 
Current assets Rs m 3,374 3,667 8.7
Fixed Assets Rs m 848 732 -13.7
Total Assets Rs m 4,779 5,035 5.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



NDTV Cash Flow Statement Analysis

  • NDTV's cash flow from operating activities (CFO) during FY18 stood at Rs 412 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 52 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 22 million, an improvement of 137% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 486 million from the Rs -43 million net cash flows seen during FY17.

NDTV 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 -73 412 -
Cash Flow from Investing Activities Rs m 90 52 -43.0%
Cash Flow from Financing Activities Rs m -61 22 -
Net Cash Flow Rs m -43 486 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for NDTV

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -13.1, an improvement from the EPS of Rs -13.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 37.8, stands at -76.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.3 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at -3.4 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 76.0 66.5
TTM Earnings per share Rs -13.4 -13.1
Diluted earnings per share Rs -13.4 -13.1
Price to Cash Flow x -3.6 -3.4
TTM P/E ratio x -76.3 -76.3
Price / Book Value ratio x 5.7 7.3
Market Cap Rs m 2,434 2,434
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 NDTV

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY18, from 1.1x 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 -2.0x during FY18, from -2.3x 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 declined and down at -171.5% during FY18, from -83.6% 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 declined and down at -44.4% during FY18, from -37.5% 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 -12.7% during FY18, from -13.5% 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 1.1 1.0
Debtors’ Days Days 114 120
Interest coverage x -2.3 -2.0
Debt to equity ratio x 0.5 1.4
Return on assets % -13.5 -12.7
Return on equity % -83.6 -171.5
Return on capital employed % -37.5 -44.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

NDTV Share Price Performance

Over the last one year, NDTV share price has moved up from Rs 49.6 to Rs 37.8, registering a loss of Rs 11.9 or around 23.9%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,105.5 (down 0.1%). Over the last one year it has moved up from 6,525.5 to 7,105.5, a gain of 580 points (up 8.9%).

Overall, the S&P BSE SENSEX is up 4.9% over the year.

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

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