TV TODAY NETWORK 2017-18 Annual Report Analysis

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TV TODAY NETWORK 2017-18 Annual Report Analysis
Wed, 19 Sep

TV TODAY NETWORK 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.

TV TODAY NETWORK Income Statement Analysis

  • Operating income during the year rose 10.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.0% YoY during the fiscal. Operating profit margins witnessed a rise and up at 28.8% in FY18 as against 24.9% in FY17.
  • Depreciation charges increased by 7.1% and finance costs decreased by 55.5% YoY, respectively.
  • Other income grew by 14.4% YoY.
  • Net profit for the year grew by 18.4% YoY.
  • Net profit margins during the year grew from 14.9% in FY17 to 16.0% in FY18.

TV TODAY NETWORK Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m6,5237,20910.5%
Other incomeRs m21424514.4%
Total RevenuesRs m6,7377,45410.6%
Gross profitRs m1,6242,07928.0%
DepreciationRs m2943147.1%
InterestRs m8437-55.5%
Profit before taxRs m1,4611,97235.0%
TaxRs m54164519.1%
Profit after taxRs m1,0051,18918.4%
Gross profit margin%24.928.8
Effective tax rate%37.132.7
Net profit margin%14.916.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TV TODAY NETWORK Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 2 billion as compared to Rs 2 billion in FY17, thereby witnessing an decrease of -6.2%.
  • Current assets fell 10% and stood at Rs 5 billion, while fixed assets rose 25% and stood at Rs 3 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 8 billion during FY17, thereby witnessing a growth of 9%.

TV TODAY NETWORK Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m5,8106,61713.9
 
Current LiabilitiesRs m1,7041,599-6.2
Long-term DebtRs m520-100.0
Total LiabilitiesRs m7,6808,3428.6
 
Current assetsRs m5,0774,564-10.1
Fixed AssetsRs m 2,0842,60525.0
Total AssetsRs m7,6808,3428.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TV TODAY NETWORK Cash Flow Statement Analysis

  • TV TODAY NETWORK's cash flow from operating activities (CFO) during FY18 stood at Rs 2 billion, an improvement of 31.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -993 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -587 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -4 million from the Rs 10 million net cash flows seen during FY17.

TV TODAY NETWORK Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m1,2011,57631.2%
Cash Flow from Investing ActivitiesRs m-1,031-993-
Cash Flow from Financing ActivitiesRs m-161-587-
Net Cash FlowRs m10-4-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TV TODAY NETWORK

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.9, an improvement from the EPS of Rs 16.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 428.8, stands at 18.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.5 times, while the price to sales ratio stands at 3.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 17.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs109.4120.9
TTM Earnings per shareRs16.819.9
Diluted earnings per shareRs16.819.9
Price to Cash Flow x19.717.0
TTM P/E ratiox18.418.4
Price / Book Value ratiox3.13.5
Market CapRs m25,57825,577
Dividends per share (Unadj.)Rs2.02.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TV TODAY NETWORK

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.9x during FY18, from 3.0x 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 53.7x during FY18, from 18.4x 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 18.0% during FY18, from 17.3% 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 28.3% during FY18, from 27.8% 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 14.7% during FY18, from 14.2% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox3.02.9
Debtors’ DaysDays10094
Interest coveragex18.453.7
Debt to equity ratiox0.00.0
Return on assets%14.214.7
Return on equity%17.318.0
Return on capital employed%27.828.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

TV TODAY NETWORK Share Price Performance

Over the last one year, TV TODAY NETWORK share price has moved up from Rs 328.7 to Rs 428.8, registering a gain of Rs 100.1 or around 30.5%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,797.9 (up 0.3%). Over the last one year it has moved up from 5,731.1 to 7,797.9, a gain of 2,067 points (up 36.1%).

Overall, the S&P BSE SENSEX is up 15.4% over the year.

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

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Related Views on News

TV TODAY NETWORK Announces Quarterly Results (2QFY20); Net Profit Down 19.7% (Quarterly Result Update)

Oct 25, 2019 | Updated on Oct 25, 2019

For the quarter ended September 2019, TV TODAY NETWORK has posted a net profit of Rs 237 m (down 19.7% YoY). Sales on the other hand came in at Rs 2 bn (up 10.5% YoY). Read on for a complete analysis of TV TODAY NETWORK's quarterly results.

TV TODAY NETWORK Announces Quarterly Results (1QFY20); Net Profit Up 24.5% (Quarterly Result Update)

Aug 13, 2019 | Updated on Aug 13, 2019

For the quarter ended June 2019, TV TODAY NETWORK has posted a net profit of Rs 510 m (up 24.5% YoY). Sales on the other hand came in at Rs 2 bn (up 34.8% YoY). Read on for a complete analysis of TV TODAY NETWORK's quarterly results.

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