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SUN TV 2017-18 Annual Report Analysis

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SUN TV 2017-18 Annual Report Analysis
Thu, 20 Dec

SUN TV 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.

SUN TV Income Statement Analysis

  • Operating income during the year rose 12.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 13.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 67.6% in FY18 as against 66.9% in FY17.
  • Depreciation charges increased by 12.4% and finance costs increased by 4.9% YoY, respectively.
  • Other income declined by 7.5% YoY.
  • Net profit for the year grew by 10.2% YoY.
  • Net profit margins during the year declined from 36.8% in FY17 to 36.6% in FY18.

SUN TV Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 26,457 29,630 12.0%
Other income Rs m 1,538 1,423 -7.5%
Total Revenues Rs m 27,995 31,053 10.9%
Gross profit Rs m 17,698 20,038 13.2%
Depreciation Rs m 4,005 4,500 12.4%
Interest Rs m 10 11 4.9%
Profit before tax Rs m 15,222 16,950 11.4%
Tax Rs m 5,203 5,823 11.9%
Profit after tax Rs m 10,307 11,354 10.2%
Gross profit margin % 66.9 67.6
Effective tax rate % 34.2 34.4
Net profit margin % 36.8 36.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUN TV Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 5 billion as compared to Rs 3 billion in FY17, thereby witnessing an increase of 75.8%.
  • Current assets rose 37% and stood at Rs 31 billion, while fixed assets fell 2% and stood at Rs 12 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 53 billion as against Rs 44 billion during FY17, thereby witnessing a growth of 20%.

SUN TV Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 40,285 46,884 16.4
 
Current Liabilities Rs m 2,806 4,932 75.8
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 43,817 52,756 20.4
 
Current assets Rs m 22,629 31,012 37.0
Fixed Assets Rs m 12,262 12,009 -2.1
Total Assets Rs m 43,817 52,756 20.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SUN TV Cash Flow Statement Analysis

  • SUN TV's cash flow from operating activities (CFO) during FY18 stood at Rs 14 billion, an improvement of 5.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -13 billion, an improvement of 78.3% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -5 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -4 billion from the Rs 1 billion net cash flows seen during FY17.

SUN TV 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 12,955 13,712 5.8%
Cash Flow from Investing Activities Rs m -7,165 -12,776 -
Cash Flow from Financing Activities Rs m -4,753 -4,754 -
Net Cash Flow Rs m 1,038 -3,813 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SUN TV

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.8, an improvement from the EPS of Rs 26.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 604.9, stands at 18.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.4 times, while the price to sales ratio stands at 11.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.3 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 67.1 75.2
TTM Earnings per share Rs 26.2 28.8
Diluted earnings per share Rs 26.2 28.8
Price to Cash Flow x 17.0 15.3
TTM P/E ratio x 18.1 18.1
Price / Book Value ratio x 5.5 7.4
Market Cap Rs m 238,359 238,359
Dividends per share (Unadj.) Rs 10.0 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SUN TV

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 6.3x during FY18, from 8.1x 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 1,570.4x during FY18, from 1,478.8x 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 24.2% during FY18, from 25.6% 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 36.7% during FY18, from 38.5% 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 declined and down at 21.5% during FY18, from 23.5% 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 8.1 6.3
Debtors’ Days Days 107 131
Interest coverage x 1,478.8 1,570.4
Debt to equity ratio x 0.0 0.0
Return on assets % 23.5 21.5
Return on equity % 25.6 24.2
Return on capital employed % 38.5 36.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

SUN TV Share Price Performance

Over the last one year, SUN TV share price has moved up from Rs 939.8 to Rs 604.9, registering a loss of Rs 334.9 or around 35.6%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,140.3 (down 0.4%). Over the last one year it has moved up from 6,211.5 to 7,140.3, a gain of 929 points (up 15.0%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

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

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SUN TV Announces Quarterly Results (4QFY19); Net Profit Down 2.3% (Quarterly Result Update)

May 27, 2019 | Updated on May 27, 2019

For the quarter ended March 2019, SUN TV has posted a net profit of Rs 3 bn (down 2.3% YoY). Sales on the other hand came in at Rs 9 bn (up 24.0% YoY). Read on for a complete analysis of SUN TV's quarterly results.

SUN TV Announces Quarterly Results (3QFY19); Net Profit Up 31.6% (Quarterly Result Update)

Feb 11, 2019 | Updated on Feb 11, 2019

For the quarter ended December 2018, SUN TV has posted a net profit of Rs 4 bn (up 31.6% YoY). Sales on the other hand came in at Rs 9 bn (up 32.4% YoY). Read on for a complete analysis of SUN TV's quarterly results.

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