BALAJI TELEFILMS 2023-24 Annual Report Analysis

Mon, 5 Aug

BALAJI TELEFILMS has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

BALAJI TELEFILMS Income Statement Analysis

• Operating income during the year rose 5.4% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.4% in FY24 as against 3.2% in FY23.
• Depreciation charges decreased by 21.7% and finance costs increased by 29.5% YoY, respectively.
• Other income declined by 55.5% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 6.4% in FY23 to 3.1% in FY24.

BALAJI TELEFILMS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,930	6,251	5.4%
Other income	Rs m	134	60	-55.5%
Total Revenues	Rs m	6,064	6,311	4.1%
Gross profit	Rs m	-191	460	NA
Depreciation	Rs m	104	81	-21.7%
Interest	Rs m	82	106	29.5%
Profit before tax	Rs m	-242	333	NA
Tax	Rs m	138	139	0.7%
Profit after tax	Rs m	-380	194	NA
Gross profit margin	%	-3.2	7.4
Effective tax rate	%	-57.0	41.8
Net profit margin	%	-6.4	3.1

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BALAJI TELEFILMS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 3 billion as compared to Rs 3 billion in FY23, thereby witnessing an decrease of -3.0%.
• Current assets rose 4% and stood at Rs 5 billion, while fixed assets rose 1% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 8 billion as against Rs 7 billion during FY23, thereby witnessing a growth of 3%.

BALAJI TELEFILMS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,955	4,218	6.6
Current Liabilities	Rs m	2,848	2,763	-3.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	7,321	7,540	3.0
Current assets	Rs m	4,792	4,982	4.0
Fixed Assets	Rs m	2,529	2,558	1.1
Total Assets	Rs m	7,321	7,540	3.0

BALAJI TELEFILMS Cash Flow Statement Analysis

• BALAJI TELEFILMS's cash flow from operating activities (CFO) during FY24 stood at Rs 658 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -177 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -320 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 162 million from the Rs 99 million net cash flows seen during FY23.

BALAJI TELEFILMS Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	-473	658	-
Cash Flow from Investing Activities	Rs m	135	-177	-
Cash Flow from Financing Activities	Rs m	437	-320	-
Net Cash Flow	Rs m	99	162	63.5%

Current Valuations for BALAJI TELEFILMS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 1.9, an improvement from the EPS of Rs -3.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 67.0, stands at 35.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at 33.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	58.6	61.6
TTM Earnings per share	Rs	-3.8	1.9
Diluted earnings per share	Rs	-3.7	1.9
Price to Cash Flow	x	-13.7	33.4
TTM P/E ratio	x	-9.9	35.1
Price / Book Value ratio	x	1.5	2.2
Market Cap	Rs m	5,780	9,190
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for BALAJI TELEFILMS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from 1.7x during FY23. 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 4.2x during FY24, from -2.0x during FY23. 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 4.6% during FY24, from -9.6% during FY24. 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 10.4% during FY24, from -4.1% during FY23. 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 4.0% during FY24, from -4.1% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.7	1.8
Debtors’ Days	Days	950	776
Interest coverage	x	-2.0	4.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-4.1	4.0
Return on equity	%	-9.6	4.6
Return on capital employed	%	-4.1	10.4

To see how BALAJI TELEFILMS has performed over the last 5 years, please visit here.

BALAJI TELEFILMS Share Price Performance

Over the last one year, BALAJI TELEFILMS share price has moved up from Rs 48.5 to Rs 67.0, registering a gain of Rs 18.5 or around 38.2%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 18,113.1 (down 3.1%). Over the last one year it has moved up from 13,824.8 to 18,113.1, a gain of 4,288 points (up 31.0%).

Overall, the S&P BSE SENSEX is up 18.5% over the year.

(To know more, check out historical annual results for BALAJI TELEFILMS and quarterly results for BALAJI TELEFILMS)