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ZEE MEDIA CORP. 2017-18 Annual Report Analysis

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ZEE MEDIA CORP. 2017-18 Annual Report Analysis
Tue, 21 Aug

ZEE MEDIA CORP. 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.

ZEE MEDIA CORP. Income Statement Analysis

  • Operating income during the year rose 28.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 4.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.0% in FY18 as against 22.2% in FY17.
  • Depreciation charges and finance costs increased by 49.3% YoY and 17.3% YoY, respectively.
  • Other income declined by 43.6% YoY.
  • Net profit for the year declined by 42.3% YoY.
  • Net profit margins during the year declined from 10.3% in FY17 to 4.7% in FY18.

ZEE MEDIA CORP. Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,498 5,780 28.5%
Other income Rs m 166 94 -43.6%
Total Revenues Rs m 4,665 5,874 25.9%
Gross profit Rs m 999 1,041 4.2%
Depreciation Rs m 275 410 49.3%
Interest Rs m 150 176 17.3%
Profit before tax Rs m 741 549 -25.9%
Tax Rs m 229 225 -1.7%
Profit after tax Rs m 482 278 -42.3%
Gross profit margin % 22.2 18.0
Effective tax rate % 30.9 41.0
Net profit margin % 10.3 4.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ZEE MEDIA CORP. Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 3 billion as compared to Rs 2 billion in FY17, thereby witnessing an increase of 20.2%.
  • Long-term debt stood at Rs 628 million as compared to Rs 480 million during FY17, a growth of 31.0%.
  • Current assets rose 3% and stood at Rs 2 billion, while fixed assets rose 42% and stood at Rs 2 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 10 billion as against Rs 12 billion during FY17, thereby witnessing a fall of 12%.

ZEE MEDIA CORP. Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,157 6,721 30.3
 
Current Liabilities Rs m 2,120 2,547 20.2
Long-term Debt Rs m 480 628 31.0
Total Liabilities Rs m 11,876 10,408 -12.4
 
Current assets Rs m 2,302 2,379 3.3
Fixed Assets Rs m 1,390 1,972 41.9
Total Assets Rs m 11,876 10,408 -12.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



ZEE MEDIA CORP. Cash Flow Statement Analysis

  • ZEE MEDIA CORP.'s cash flow from operating activities (CFO) during FY18 stood at Rs 660 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -1 billion, an improvement of 7.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -148 million, an improvement of 55% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -516 million from the Rs -375 million net cash flows seen during FY17.

ZEE MEDIA CORP. 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 951 660 -30.6%
Cash Flow from Investing Activities Rs m -954 -1,028 -
Cash Flow from Financing Activities Rs m -326 -148 -
Net Cash Flow Rs m -375 -516 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for ZEE MEDIA CORP.

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.6, an decline from the EPS of Rs 1.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 28.9, stands at 13.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.9 times, while the price to sales ratio stands at 3.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.2 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 9.6 12.3
TTM Earnings per share Rs 1.0 0.6
Diluted earnings per share Rs 1.3 0.8
Price to Cash Flow x 17.3 14.2
TTM P/E ratio x 17.3 13.3
Price / Book Value ratio x 2.7 2.9
Market Cap Rs m 13,582 10,448
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 ZEE MEDIA CORP.

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.9x 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 4.1x during FY18, from 5.9x 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 4.1% during FY18, from 9.3% 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 declined and down at 9.2% during FY18, from 15.3% 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 4.4% during FY18, from 5.3% 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 0.9
Debtors’ Days Days 114 112
Interest coverage x 5.9 4.1
Debt to equity ratio x 0.1 0.1
Return on assets % 5.3 4.4
Return on equity % 9.3 4.1
Return on capital employed % 15.3 9.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how ZEE MEDIA CORP. has performed over the last 5 years, please visit here.

ZEE MEDIA CORP. Share Price Performance

Over the last one year, ZEE MEDIA CORP. share price has moved up from Rs 36.0 to Rs 28.9, registering a loss of Rs 7.1 or around 19.7%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,554.7 (up 0.3%). Over the last one year it has moved up from 5,611.7 to 7,554.7, a gain of 1,943 points (up 34.6%).

Overall, the S&P BSE SENSEX is up 22.5% over the year.

(To know more, check out historical annual results for ZEE MEDIA CORP. and quarterly results for ZEE MEDIA CORP.)

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For the quarter ended December 2018, ZEE MEDIA CORP. has posted a net profit of Rs 274 m (up 124.7% YoY). Sales on the other hand came in at Rs 2 bn (up 22.0% YoY). Read on for a complete analysis of ZEE MEDIA CORP.'s quarterly results.

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