NDTV 2023-24 Annual Report Analysis

Fri, 31 May

NDTV 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.

NDTV Income Statement Analysis

• Operating income during the year fell 4.1% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and stood at 10.1% in FY24 as against 17.4% in FY23.
• Depreciation charges decreased by 44.6% and finance costs increased by 60.7% YoY, respectively.
• Other income grew by 93.9% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 13.7% in FY23 to 5.8% in FY24.

NDTV Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,859	3,700	-4.1%
Other income	Rs m	163	315	93.9%
Total Revenues	Rs m	4,021	4,015	-0.1%
Gross profit	Rs m	670	-375	NA
Depreciation	Rs m	171	95	-44.6%
Interest	Rs m	29	46	60.7%
Profit before tax	Rs m	632	-201	NA
Tax	Rs m	103	13	-87.2%
Profit after tax	Rs m	529	-214	NA
Gross profit margin	%	17.4	-10.1
Effective tax rate	%	16.3	-6.6
Net profit margin	%	13.7	-5.8

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NDTV Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 34.6%.
• Long-term debt stood at Rs 306 million as compared to Rs 13 million during FY23, a growth of 2213.3%.
• Current assets rose 5% and stood at Rs 2 billion, while fixed assets rose 50% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 29%.

NDTV Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	2,792	2,579	-7.6
Current Liabilities	Rs m	1,414	1,904	34.6
Long-term Debt	Rs m	13	306	2,213.3
Total Liabilities	Rs m	4,639	5,972	28.7
Current assets	Rs m	2,211	2,327	5.2
Fixed Assets	Rs m	2,428	3,645	50.1
Total Assets	Rs m	4,639	5,972	28.7

NDTV Cash Flow Statement Analysis

• NDTV's cash flow from operating activities (CFO) during FY24 stood at Rs -676 million, an improvement of 421.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 499 million, an improvement of 26.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 213 million, an improvement of 211% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 36 million from the Rs 74 million net cash flows seen during FY23.

NDTV 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	-130	-676	-
Cash Flow from Investing Activities	Rs m	396	499	26.0%
Cash Flow from Financing Activities	Rs m	-192	213	-
Net Cash Flow	Rs m	74	36	-50.9%

Current Valuations for NDTV

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.3, an decline from the EPS of Rs 8.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 233.6, stands at -69.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.8 times, while the price to sales ratio stands at 4.1 times.
• The company's price to cash flow (P/CF) ratio stood at -129.2 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	59.9	57.4
TTM Earnings per share	Rs	8.2	-3.3
Diluted earnings per share	Rs	8.2	-3.3
Price to Cash Flow	x	17.7	-129.2
TTM P/E ratio	x	23.6	-69.8
Price / Book Value ratio	x	8.3	6.0
Market Cap	Rs m	23,127	15,365
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for NDTV

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.6x 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 deteriorated and stood at -3.4x during FY24, from 23.1x 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 -8.3% during FY24, from 19.0% 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 -5.4% during FY24, from 23.6% 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 -2.8% during FY24, from 12.0% 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	1.6	1.2
Debtors’ Days	Days	70	128
Interest coverage	x	23.1	-3.4
Debt to equity ratio	x	0.0	0.1
Return on assets	%	12.0	-2.8
Return on equity	%	19.0	-8.3
Return on capital employed	%	23.6	-5.4

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

NDTV Share Price Performance

Over the last one year, NDTV share price has moved down from Rs 237.2 to Rs 233.6, registering a loss of Rs 3.7 or around 1.5%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 15,824.2 (up 0.1%). Over the last one year it has moved up from 13,233.1 to 15,824.2, a gain of 2,591 points (up 19.6%).

Overall, the S&P BSE SENSEX is up 18.4% over the year.

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