DISH TV 2023-24 Annual Report Analysis

Tue, 27 Aug

DISH TV 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.

DISH TV Income Statement Analysis

• Operating income during the year fell 17.9% 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 18.9% in FY24 as against 44.0% in FY23.
• Depreciation charges decreased by 44.4% and finance costs decreased by 3.9% YoY, respectively.
• Other income declined by 42.0% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 74.4% in FY23 to 105.9% in FY24.

DISH TV Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	22,619	18,565	-17.9%
Other income	Rs m	332	193	-42.0%
Total Revenues	Rs m	22,951	18,758	-18.3%
Gross profit	Rs m	-9,942	3,510	NA
Depreciation	Rs m	8,491	4,719	-44.4%
Interest	Rs m	2,780	2,670	-3.9%
Profit before tax	Rs m	-20,881	-3,686	NA
Tax	Rs m	-4,046	15,979	NA
Profit after tax	Rs m	-16,835	-19,666	NA
Gross profit margin	%	-44.0	18.9
Effective tax rate	%	19.4	-433.5
Net profit margin	%	-74.4	-105.9

Dear Reader: If You Invest in Midcap Stocks, this is for You

DISH TV Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 55 billion as compared to Rs 53 billion in FY23, thereby witnessing an increase of 3.8%.
• Current assets rose 10% and stood at Rs 8 billion, while fixed assets fell 12% and stood at Rs 20 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 28 billion as against Rs 30 billion during FY23, thereby witnessing a fall of 6%.

DISH TV Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-7,930	-27,596	NA
Current Liabilities	Rs m	52,567	54,564	3.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	29,880	28,002	-6.3
Current assets	Rs m	7,599	8,369	10.1
Fixed Assets	Rs m	22,281	19,634	-11.9
Total Assets	Rs m	29,880	28,002	-6.3

DISH TV Cash Flow Statement Analysis

• DISH TV's cash flow from operating activities (CFO) during FY24 stood at Rs 7 billion, an improvement of 1.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -6 billion, an improvement of 74.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -883 million, an improvement of 73% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -71 million from the Rs -5 million net cash flows seen during FY23.

DISH TV 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	6,683	6,763	1.2%
Cash Flow from Investing Activities	Rs m	-3,405	-5,950	-
Cash Flow from Financing Activities	Rs m	-3,283	-883	-
Net Cash Flow	Rs m	-5	-71	-

Current Valuations for DISH TV

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -10.7, an decline from the EPS of Rs -9.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 14.8, stands at -1.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -1.0 times, while the price to sales ratio stands at 1.5 times.
• The company's price to cash flow (P/CF) ratio stood at -2.4 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	12.3	10.1
TTM Earnings per share	Rs	-9.1	-10.7
Diluted earnings per share	Rs	-9.1	-10.7
Price to Cash Flow	x	-2.9	-2.4
TTM P/E ratio	x	-1.4	-1.4
Price / Book Value ratio	x	-4.0	-1.3
Market Cap	Rs m	31,927	35,858
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DISH TV

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.2x during FY24, from 0.1x 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 -0.4x during FY24, from -6.5x 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 declined and down at 71.3% during FY24, from 212.3% 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 declined and down at 3.7% during FY24, from 228.3% 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 declined and down at -60.7% during FY24, from -47.0% 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	0.1	0.2
Debtors’ Days	Days	149	129
Interest coverage	x	-6.5	-0.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	-47.0	-60.7
Return on equity	%	212.3	71.3
Return on capital employed	%	228.3	3.7

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

DISH TV Share Price Performance

Over the last one year, DISH TV share price has moved down from Rs 18.8 to Rs 14.8, registering a loss of Rs 4.0 or around 21.1%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 19,445.7 (up 0.3%). Over the last one year it has moved up from 13,998.1 to 19,445.7, a gain of 5,448 points (up 38.9%).

Overall, the S&P BSE SENSEX is up 25.1% over the year.

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