MUSIC BROADCAST 2023-24 Annual Report Analysis

Mon, 29 Jul

MUSIC BROADCAST 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.

MUSIC BROADCAST Income Statement Analysis

• Operating income during the year rose 14.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 43.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.5% in FY24 as against 11.6% in FY23.
• Depreciation charges increased by 1.9% and finance costs increased by 153.0% YoY, respectively.
• Other income grew by 17.1% YoY.
• Net profit for the year grew by 99.0% YoY.
• Net profit margins during the year grew from 1.7% in FY23 to 3.0% in FY24.

MUSIC BROADCAST Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	1,989	2,285	14.9%
Other income	Rs m	197	231	17.1%
Total Revenues	Rs m	2,186	2,516	15.1%
Gross profit	Rs m	231	332	43.7%
Depreciation	Rs m	328	334	1.9%
Interest	Rs m	39	99	153.0%
Profit before tax	Rs m	61	129	112.8%
Tax	Rs m	26	61	130.9%
Profit after tax	Rs m	34	68	99.0%
Gross profit margin	%	11.6	14.5
Effective tax rate	%	43.3	46.9
Net profit margin	%	1.7	3.0

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MUSIC BROADCAST Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 437 million as compared to Rs 363 million in FY23, thereby witnessing an increase of 20.2%.
• Long-term debt stood at Rs 916 million as compared to Rs 837 million during FY23, a growth of 9.4%.
• Current assets rose 21% and stood at Rs 2 billion, while fixed assets fell 0% and stood at Rs 5 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 5%.

MUSIC BROADCAST Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,247	5,317	1.3
Current Liabilities	Rs m	363	437	20.2
Long-term Debt	Rs m	837	916	9.4
Total Liabilities	Rs m	6,412	6,712	4.7
Current assets	Rs m	1,484	1,802	21.4
Fixed Assets	Rs m	4,929	4,910	-0.4
Total Assets	Rs m	6,412	6,712	4.7

MUSIC BROADCAST Cash Flow Statement Analysis

• MUSIC BROADCAST's cash flow from operating activities (CFO) during FY24 stood at Rs 273 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -163 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -81 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 30 million from the Rs -12 million net cash flows seen during FY23.

MUSIC BROADCAST 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	306	273	-10.8%
Cash Flow from Investing Activities	Rs m	-239	-163	-
Cash Flow from Financing Activities	Rs m	-79	-81	-
Net Cash Flow	Rs m	-12	30	-

Current Valuations for MUSIC BROADCAST

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.2, an improvement from the EPS of Rs 0.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 15.9, stands at 80.2 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 2.4 times.
• The company's price to cash flow (P/CF) ratio stood at 15.4 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	5.8	6.6
TTM Earnings per share	Rs	0.1	0.2
Diluted earnings per share	Rs	0.1	0.2
Price to Cash Flow	x	10.3	15.4
TTM P/E ratio	x	109.0	80.2
Price / Book Value ratio	x	1.2	1.2
Market Cap	Rs m	6,447	6,217
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for MUSIC BROADCAST

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.1x during FY24, from 4.1x 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 deteriorated and stood at 2.3x during FY24, from 2.5x 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 improved and stood at 1.3% during FY24, from 0.7% 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 3.7% during FY24, from 1.6% 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 improved and stood at 2.5% during FY24, from 1.1% 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	4.1	4.1
Debtors’ Days	Days	1,209	1,174
Interest coverage	x	2.5	2.3
Debt to equity ratio	x	0.2	0.2
Return on assets	%	1.1	2.5
Return on equity	%	0.7	1.3
Return on capital employed	%	1.6	3.7

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

MUSIC BROADCAST Share Price Performance

Over the last one year, MUSIC BROADCAST share price has moved up from Rs 11.9 to Rs 15.9, registering a gain of Rs 4.0 or around 34.1%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 19,057.1 (down 0.5%). Over the last one year it has moved up from 13,536.0 to 19,057.1, a gain of 5,521 points (up 40.8%).

Overall, the S&P BSE SENSEX is up 22.6% over the year.

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