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RAJ TELEVISION 2017-18 Annual Report Analysis

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RAJ TELEVISION 2017-18 Annual Report Analysis
Fri, 11 Jan

RAJ TELEVISION 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.

RAJ TELEVISION Income Statement Analysis

  • Operating income during the year rose 0.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 36.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.8% in FY18 as against 12.3% in FY17.
  • Depreciation charges increased by 1.1% and finance costs increased by 12.4% YoY, respectively.
  • Other income grew by 115.3% YoY.
  • Net profit for the year declined by 71.4% YoY.
  • Net profit margins during the year grew from 7.7% in FY17 to 2.2% in FY18.

RAJ TELEVISION Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 612 616 0.6%
Other income Rs m 9 18 115.3%
Total Revenues Rs m 621 634 2.2%
Gross profit Rs m 76 103 36.8%
Depreciation Rs m 66 67 1.1%
Interest Rs m 48 54 12.4%
Profit before tax Rs m -31 0 -101.3%
Tax Rs m 17 14 -19.0%
Profit after tax Rs m -48 -14 -71.4%
Gross profit margin % 12.3 16.8
Effective tax rate % -57.0 3,525.0
Net profit margin % -7.7 -2.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



RAJ TELEVISION Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 256 million as compared to Rs 178 million in FY17, thereby witnessing an increase of 44.2%.
  • Long-term debt down at Rs 242 million as compared to Rs 286 million during FY17, a fall of 15.2%.
  • Current assets rose 18% and stood at Rs 573 million, while fixed assets fell 5% and stood at Rs 966 million in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 2 billion as against Rs 2 billion during FY17, thereby witnessing a growth of 1%.

RAJ TELEVISION Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,380 1,366 -1.0
 
Current Liabilities Rs m 178 256 44.2
Long-term Debt Rs m 286 242 -15.2
Total Liabilities Rs m 1,869 1,891 1.2
 
Current assets Rs m 485 573 18.2
Fixed Assets Rs m 1,021 966 -5.3
Total Assets Rs m 1,869 1,891 1.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



RAJ TELEVISION Cash Flow Statement Analysis

  • RAJ TELEVISION's cash flow from operating activities (CFO) during FY18 stood at Rs 116 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -18 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -98 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 1 million from the Rs -31 million net cash flows seen during FY17.

RAJ TELEVISION 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 -116 116 -
Cash Flow from Investing Activities Rs m -106 -18 -
Cash Flow from Financing Activities Rs m 190 -98 -
Net Cash Flow Rs m -31 1 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for RAJ TELEVISION

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.3, an improvement from the EPS of Rs -0.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 47.8, stands at -39.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 5.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 46.6 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 11.8 11.9
TTM Earnings per share Rs -0.9 -0.3
Diluted earnings per share Rs -0.9 -0.3
Price to Cash Flow x 135.6 46.6
TTM P/E ratio x -39.2 -39.2
Price / Book Value ratio x 2.6 2.4
Market Cap Rs m 2,481 2,482
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 RAJ TELEVISION

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.2x during FY18, from 2.7x 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 1.0x during FY18, from 0.4x 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 -1.0% during FY18, from -3.5% 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 3.4% during FY18, from 1.1% 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 2.1% during FY18, from 0.0% 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 2.7 2.2
Debtors’ Days Days 257 290
Interest coverage x 0.4 1.0
Debt to equity ratio x 0.2 0.2
Return on assets % 0.0 2.1
Return on equity % -3.5 -1.0
Return on capital employed % 1.1 3.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

RAJ TELEVISION Share Price Performance

Over the last one year, RAJ TELEVISION share price has moved up from Rs 61.2 to Rs 47.8, registering a loss of Rs 13.4 or around 21.8%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,059.7 (down 0.8%). Over the last one year it has moved up from 6,572.8 to 7,059.7, a gain of 487 points (up 7.4%).

Overall, the S&P BSE SENSEX is up 4.8% over the year.

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

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RAJ TELEVISION Announces Quarterly Results (1QFY19); Net Profit Down 19.4% (Quarterly Result Update)

Sep 6, 2018 | Updated on Sep 6, 2018

For the quarter ended June 2018, RAJ TELEVISION has posted a net profit of Rs 56 m (down 19.4% YoY). Sales on the other hand came in at Rs 106 m (down 25.0% YoY). Read on for a complete analysis of RAJ TELEVISION's quarterly results.

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Jun 13, 2018 | Updated on Jun 13, 2018

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