ZEE MEDIA CORP 2023-24 Annual Report Analysis

Mon, 21 Oct

ZEE MEDIA CORP 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.

ZEE MEDIA CORP Income Statement Analysis

• Operating income during the year fell 11.4% 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 6.6% in FY24 as against 3.6% in FY23.
• Depreciation charges decreased by 7.3% and finance costs decreased by 18.6% YoY, respectively.
• Other income grew by 9.9% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year declined from 9.5% in FY23 to 15.4% in FY24.

ZEE MEDIA CORP Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,206	6,383	-11.4%
Other income	Rs m	225	247	9.9%
Total Revenues	Rs m	7,431	6,630	-10.8%
Gross profit	Rs m	260	-424	NA
Depreciation	Rs m	917	849	-7.3%
Interest	Rs m	297	241	-18.6%
Profit before tax	Rs m	-728	-1,267	NA
Tax	Rs m	-40	-283	NA
Profit after tax	Rs m	-688	-984	NA
Gross profit margin	%	3.6	-6.6
Effective tax rate	%	5.4	22.3
Net profit margin	%	-9.5	-15.4

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ZEE MEDIA CORP Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 5 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 60.5%.
• Long-term debt down at Rs 27 million as compared to Rs 1 billion during FY23, a fall of 97.7%.
• Current assets rose 7% and stood at Rs 3 billion, while fixed assets rose 9% and stood at Rs 6 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 9 billion as against Rs 8 billion during FY23, thereby witnessing a growth of 8%.

ZEE MEDIA CORP Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,462	2,481	-28.3
Current Liabilities	Rs m	3,308	5,310	60.5
Long-term Debt	Rs m	1,206	27	-97.7
Total Liabilities	Rs m	8,353	9,014	7.9
Current assets	Rs m	2,342	2,516	7.4
Fixed Assets	Rs m	5,984	6,499	8.6
Total Assets	Rs m	8,353	9,014	7.9

ZEE MEDIA CORP Cash Flow Statement Analysis

• ZEE MEDIA CORP's cash flow from operating activities (CFO) during FY24 stood at Rs 769 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 146 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -923 million, an improvement of 1% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -8 million from the Rs -447 million net cash flows seen during FY23.

ZEE MEDIA CORP 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	1,462	769	-47.4%
Cash Flow from Investing Activities	Rs m	-977	146	-
Cash Flow from Financing Activities	Rs m	-933	-923	-
Net Cash Flow	Rs m	-447	-8	-

Current Valuations for ZEE MEDIA CORP

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.6, an decline from the EPS of Rs -1.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 22.2, stands at -16.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.6 times, while the price to sales ratio stands at 2.2 times.
• The company's price to cash flow (P/CF) ratio stood at -60.2 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	11.5	10.2
TTM Earnings per share	Rs	-1.1	-1.6
Diluted earnings per share	Rs	-1.1	-1.6
Price to Cash Flow	x	23.5	-60.2
TTM P/E ratio	x	-8.4	-16.5
Price / Book Value ratio	x	3.0	3.3
Market Cap	Rs m	10,251	8,124
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ZEE MEDIA CORP

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.5x during FY24, from 0.7x 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 deteriorated and stood at -4.3x during FY24, from -1.5x 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 -39.7% during FY24, from -19.9% 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 -40.9% during FY24, from -9.2% 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 -8.2% during FY24, from -4.7% 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	0.7	0.5
Debtors’ Days	Days	77	118
Interest coverage	x	-1.5	-4.3
Debt to equity ratio	x	0.3	0.0
Return on assets	%	-4.7	-8.2
Return on equity	%	-19.9	-39.7
Return on capital employed	%	-9.2	-40.9

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

ZEE MEDIA CORP Share Price Performance

Over the last one year, ZEE MEDIA CORP share price has moved up from Rs 13.8 to Rs 22.2, registering a gain of Rs 8.4 or around 60.5%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 19,407.7 (down 1.2%). Over the last one year it has moved up from 14,410.1 to 19,407.7, a gain of 4,998 points (up 34.7%).

Overall, the S&P BSE SENSEX is up 22.1% over the year.

(To know more, check out historical annual results for ZEE MEDIA CORP and quarterly results for ZEE MEDIA CORP)