TV TODAY NETWORK 2023-24 Annual Report Analysis

Wed, 7 Aug

TV TODAY NETWORK 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.

TV TODAY NETWORK Income Statement Analysis

• Operating income during the year rose 8.4% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 26.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.8% in FY24 as against 13.0% in FY23.
• Depreciation charges increased by 0.3% and finance costs increased by 2.4% YoY, respectively.
• Other income declined by 26.3% YoY.
• Net profit for the year declined by 36.1% YoY.
• Net profit margins during the year declined from 10.0% in FY23 to 5.9% in FY24.

TV TODAY NETWORK Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	8,782	9,521	8.4%
Other income	Rs m	512	378	-26.3%
Total Revenues	Rs m	9,295	9,899	6.5%
Gross profit	Rs m	1,137	841	-26.1%
Depreciation	Rs m	413	414	0.3%
Interest	Rs m	33	34	2.4%
Profit before tax	Rs m	1,204	771	-36.0%
Tax	Rs m	321	207	-35.6%
Profit after tax	Rs m	882	564	-36.1%
Gross profit margin	%	13.0	8.8
Effective tax rate	%	26.7	26.8
Net profit margin	%	10.0	5.9

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TV TODAY NETWORK Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 3.3%.
• Current assets rose 6% and stood at Rs 9 billion, while fixed assets fell 8% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 11 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 4%.

TV TODAY NETWORK Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,284	8,674	4.7
Current Liabilities	Rs m	2,487	2,568	3.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	10,929	11,316	3.5
Current assets	Rs m	8,654	9,215	6.5
Fixed Assets	Rs m	2,275	2,102	-7.6
Total Assets	Rs m	10,929	11,316	3.5

TV TODAY NETWORK Cash Flow Statement Analysis

• TV TODAY NETWORK's cash flow from operating activities (CFO) during FY24 stood at Rs 151 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 350 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -281 million, an improvement of 93% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 220 million from the Rs -147 million net cash flows seen during FY23.

TV TODAY NETWORK 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	407	151	-62.9%
Cash Flow from Investing Activities	Rs m	3,713	350	-90.6%
Cash Flow from Financing Activities	Rs m	-4,267	-281	-
Net Cash Flow	Rs m	-147	220	-

Current Valuations for TV TODAY NETWORK

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.5, an decline from the EPS of Rs 14.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 272.1, stands at 16.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 1.7 times.
• The company's price to cash flow (P/CF) ratio stood at 13.8 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	147.2	159.6
TTM Earnings per share	Rs	14.8	9.5
Diluted earnings per share	Rs	14.8	9.5
Price to Cash Flow	x	8.3	13.8
TTM P/E ratio	x	12.2	16.4
Price / Book Value ratio	x	2.2	1.6
Market Cap	Rs m	17,920	13,518
Dividends per share (Unadj.)	Rs	70.0	8.5

Ratio Analysis for TV TODAY NETWORK

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 3.6x during FY24, from 3.5x 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 23.5x during FY24, from 37.0x 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 declined and down at 6.5% during FY24, from 10.7% 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 declined and down at 9.3% during FY24, from 14.9% 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 5.3% during FY24, from 8.4% 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	3.5	3.6
Debtors’ Days	Days	9	11
Interest coverage	x	37.0	23.5
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.4	5.3
Return on equity	%	10.7	6.5
Return on capital employed	%	14.9	9.3

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

TV TODAY NETWORK Share Price Performance

Over the last one year, TV TODAY NETWORK share price has moved up from Rs 208.4 to Rs 272.1, registering a gain of Rs 63.8 or around 30.6%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 18,351.5 (up 1.4%). Over the last one year it has moved up from 13,950.8 to 18,351.5, a gain of 4,401 points (up 31.5%).

Overall, the S&P BSE SENSEX is up 20.5% over the year.

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