TV TODAY NETWORK 2020-21 Annual Report Analysis

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TV TODAY NETWORK 2020-21 Annual Report Analysis
Wed, 3 Nov

TV TODAY NETWORK has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

TV TODAY NETWORK Income Statement Analysis

  • Operating income during the year fell 8.7% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 7.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 25.4% in FY21 as against 25.2% in FY20.
  • Depreciation charges increased by 4.2% and finance costs decreased by 13.8% YoY, respectively.
  • Other income declined by 14.3% YoY.
  • Net profit for the year declined by 5.6% YoY.
  • Net profit margins during the year grew from 15.5% in FY20 to 16.0% in FY21.

TV TODAY NETWORK Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 8,572 7,830 -8.7%
Other income Rs m 433 371 -14.3%
Total Revenues Rs m 9,005 8,201 -8.9%
Gross profit Rs m 2,160 1,991 -7.8%
Depreciation Rs m 385 401 4.2%
Interest Rs m 28 24 -13.8%
Profit before tax Rs m 2,179 1,936 -11.1%
Tax Rs m 786 621 -20.9%
Profit after tax Rs m 1,394 1,315 -5.6%
Gross profit margin % 25.2 25.4
Effective tax rate % 36.1 32.1
Net profit margin % 15.5 16.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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TV TODAY NETWORK Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 3 billion as compared to Rs 3 billion in FY20, thereby witnessing an decrease of -7.4%.
  • Current assets rose 4% and stood at Rs 9 billion, while fixed assets rose 25% and stood at Rs 4 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 12 billion as against Rs 11 billion during FY20, thereby witnessing a growth of 9%.

TV TODAY NETWORK Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 8,720 9,905 13.6
 
Current Liabilities Rs m 2,710 2,508 -7.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 11,409 12,476 9.4
 
Current assets Rs m 8,331 8,629 3.6
Fixed Assets Rs m 3,079 3,847 25.0
Total Assets Rs m 11,409 12,476 9.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



TV TODAY NETWORK Cash Flow Statement Analysis

  • TV TODAY NETWORK's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -2 billion, an improvement of 978.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -172 million, an improvement of 90% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -174 million from the Rs 169 million net cash flows seen during FY20.

TV TODAY NETWORK Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 2,006 1,659 -17.3%
Cash Flow from Investing Activities Rs m -154 -1,661 -
Cash Flow from Financing Activities Rs m -1,683 -172 -
Net Cash Flow Rs m 169 -174 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for TV TODAY NETWORK

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.0, an decline from the EPS of Rs 23.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 319.4, stands at 10.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.3 times, while the price to sales ratio stands at 1.7 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 143.7 131.2
TTM Earnings per share Rs 23.4 22.0
Diluted earnings per share Rs 23.4 22.0
Price to Cash Flow x 10.7 11.1
TTM P/E ratio x 10.9 10.9
Price / Book Value ratio x 1.6 1.3
Market Cap Rs m 19,058 19,058
Dividends per share (Unadj.) Rs 22.3 2.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for TV TODAY NETWORK

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.4x during FY21, from 3.1x during FY20. 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 improved and stood at 80.4x during FY21, from 78.0x during FY20. 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 13.3% during FY21, from 16.0% during FY21. 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 19.8% during FY21, from 25.3% during FY20. 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 10.7% during FY21, from 12.5% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 3.1 3.4
Debtors’ Days Days 9 9
Interest coverage x 78.0 80.4
Debt to equity ratio x 0.0 0.0
Return on assets % 12.5 10.7
Return on equity % 16.0 13.3
Return on capital employed % 25.3 19.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 197.3 to Rs 319.4, registering a gain of Rs 122.2 or around 61.9%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 15,290.1 (down 0.2%). Over the last one year it has moved up from 9,632.4 to 15,290.1, a gain of 5,658 points (up 58.7%).

Overall, the S&P BSE SENSEX is up 50.2% 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 (3QFY20); Net Profit Down 2.6% (Quarterly Result Update)

Feb 11, 2020 | Updated on Feb 11, 2020

For the quarter ended December 2019, TV TODAY NETWORK has posted a net profit of Rs 382 m (down 2.6% YoY). Sales on the other hand came in at Rs 2 bn (up 11.6% YoY). Read on for a complete analysis of TV TODAY NETWORK's quarterly results.

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