BRIGHT OUTDOOR MEDIA 2023-24 Annual Report Analysis

Tue, 5 Nov

BRIGHT OUTDOOR MEDIA 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.

BRIGHT OUTDOOR MEDIA Income Statement Analysis

• Operating income during the year rose 16.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 86.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.2% in FY24 as against 13.3% in FY23.
• Depreciation charges increased by 888.8% and finance costs decreased by 79.8% YoY, respectively.
• Other income grew by 40.8% YoY.
• Net profit for the year grew by 125.8% YoY.
• Net profit margins during the year grew from 7.8% in FY23 to 15.0% in FY24.

BRIGHT OUTDOOR MEDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	915	1,067	16.6%
Other income	Rs m	4	6	40.8%
Total Revenues	Rs m	919	1,073	16.7%
Gross profit	Rs m	122	227	86.0%
Depreciation	Rs m	1	11	888.8%
Interest	Rs m	29	6	-79.8%
Profit before tax	Rs m	96	215	124.1%
Tax	Rs m	25	55	119.3%
Profit after tax	Rs m	71	160	125.8%
Gross profit margin	%	13.3	21.2
Effective tax rate	%	26.1	25.6
Net profit margin	%	7.8	15.0

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BRIGHT OUTDOOR MEDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 402 million as compared to Rs 542 million in FY23, thereby witnessing an decrease of -25.8%.
• Long-term debt down at Rs 4 million as compared to Rs 12 million during FY23, a fall of 70.7%.
• Current assets rose 8% and stood at Rs 2 billion, while fixed assets rose 347% and stood at Rs 263 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 21%.

BRIGHT OUTDOOR MEDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	992	1,462	47.4
Current Liabilities	Rs m	542	402	-25.8
Long-term Debt	Rs m	12	4	-70.7
Total Liabilities	Rs m	1,546	1,868	20.9
Current assets	Rs m	1,487	1,605	8.0
Fixed Assets	Rs m	59	263	347.0
Total Assets	Rs m	1,546	1,868	20.9

BRIGHT OUTDOOR MEDIA Cash Flow Statement Analysis

• BRIGHT OUTDOOR MEDIA's cash flow from operating activities (CFO) during FY24 stood at Rs -181 million, an improvement of 46.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 77 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 111 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 7 million from the Rs 306 million net cash flows seen during FY23.

BRIGHT OUTDOOR MEDIA 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	-124	-181	-
Cash Flow from Investing Activities	Rs m	-186	77	-
Cash Flow from Financing Activities	Rs m	615	111	-82.0%
Net Cash Flow	Rs m	306	7	-97.6%

Current Valuations for BRIGHT OUTDOOR MEDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.5, an improvement from the EPS of Rs 5.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 454.0, stands at 41.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.5 times, while the price to sales ratio stands at 5.9 times.
• The company's price to cash flow (P/CF) ratio stood at 29.3 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	65.7	76.6
TTM Earnings per share	Rs	5.1	11.5
Diluted earnings per share	Rs	4.9	11.0
Price to Cash Flow	x	31.0	29.3
TTM P/E ratio	x	31.5	41.2
Price / Book Value ratio	x	2.2	3.4
Market Cap	Rs m	2,159	5,042
Dividends per share (Unadj.)	Rs	0.0	0.5

Ratio Analysis for BRIGHT OUTDOOR MEDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.0x during FY24, from 2.7x 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 38.0x during FY24, from 4.3x 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 11.0% during FY24, from 7.2% 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 15.1% during FY24, from 12.4% 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 8.9% during FY24, from 6.5% 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	2.7	4.0
Debtors’ Days	Days	182,641,775	214,418,721
Interest coverage	x	4.3	38.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	6.5	8.9
Return on equity	%	7.2	11.0
Return on capital employed	%	12.4	15.1

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

BRIGHT OUTDOOR MEDIA Share Price Performance

Over the last one year, BRIGHT OUTDOOR MEDIA share price has moved up from Rs 412.9 to Rs 454.0, registering a gain of Rs 41.2 or around 10.0%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 18,551.2 (down 0.2%). Over the last one year it has moved up from 14,108.8 to 18,551.2, a gain of 4,442 points (up 31.5%).

Overall, the S&P BSE SENSEX is up 25.0% over the year.

(To know more, check out historical annual results for BRIGHT OUTDOOR MEDIA and quarterly results for BRIGHT OUTDOOR MEDIA)