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BSE: 532515 | NSE: TVTODAY | TV Broadcasting & Software Production | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that TV Today Network Ltd is a good quality company.
The key valuation ratios of TV Today Network Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of TV Today Network Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 31.3% | 23.7% | 28.9% | 27.8% | 25.1% | 25.2% | 21% | 22.9% | 12.4% | 9.5% | - |
| Value Creation Index ⓘ | 1.2 | 0.7 | 1.1 | 1.0 | 0.8 | 0.8 | 0.5 | 0.6 | -0.1 | -0.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 460 | 542 | 617 | 691 | 739 | 856 | 783 | 930 | 878 | 952 | 1,041 |
| Sales YoY Gr. | - | 17.8% | 13.8% | 12% | 6.9% | 15.9% | -8.6% | 18.8% | -5.6% | 8.4% | - |
| Adj EPS ⓘ | 15.2 | 14.4 | 17.4 | 23.1 | 21.9 | 23.7 | 22.2 | 30.6 | 15.9 | 10.1 | 16.6 |
| YoY Gr. | - | -4.9% | 20.7% | 33% | -5.4% | 8.3% | -6.4% | 38% | -48.2% | -36.7% | - |
| BVPS (₹) ⓘ | 75.4 | 85.1 | 106.7 | 121.1 | 149.8 | 146.2 | 166 | 194.1 | 138.9 | 145.4 | 154 |
| Adj Net Profit ⓘ | 90.4 | 85.9 | 104 | 138 | 131 | 141 | 132 | 183 | 94.7 | 60 | 99 |
| Cash Flow from Ops. ⓘ | 77.9 | -32.1 | 19.4 | 156 | 125 | 201 | 166 | 236 | 40.8 | 15.1 | - |
| Debt/CF from Ops. ⓘ | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.4% | 5.2% | 6.7% | 8.4% | ||||
| Adj EPS ⓘ | -4.5% | -14.4% | -23.2% | -36.7% | ||||
| BVPSⓘ | 7.6% | -0.6% | -4.3% | 4.7% | ||||
| Share Price | 0.5% | -4.8% | -8.1% | 5.8% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 21.8 | 18 | 18.1 | 20.3 | 16.2 | 16 | 14.2 | 17 | 9.5 | 7.1 | 11.1 |
| Op. Profit Mgn % ⓘ | 30.7 | 30 | 26.9 | 31.5 | 27 | 25.5 | 25.6 | 26.1 | 15 | 9.4 | 13.9 |
| Net Profit Mgn % ⓘ | 19.6 | 15.9 | 16.8 | 20 | 17.7 | 16.5 | 16.9 | 19.7 | 10.8 | 6.3 | 9.5 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 284 | 221 | 173 | 193 | 236 | 276 | 353 | 355 | 388 | 287 | 168 |
| Cash Conv. Cycle ⓘ | 27 | 31 | 29 | 25 | 29 | 33 | 40 | 25 | 30 | 48 | 124 |
Sales growth is good in last 4 quarters at 17.75%
Return on Equity has declined versus last 3 years average to 11.10%
Sales growth has been subdued in last 3 years 6.74%
Net Profit has been subdued in last 3 years -23.20%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 16.6 | 16.6 |
| TTM Sales (₹ Cr.) | 1,041 | 1,041 |
| BVPS (₹.) ⓘ | 154 | 154 |
| Reserves (₹ Cr.) ⓘ | 889 | 889 |
| P/BV ⓘ | 1.52 | 1.52 |
| PE ⓘ | 14.14 | 14.15 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 192.35 / 308.15 |
| All Time Low / High (₹) | 41.10 / 557.95 |
| Market Cap (₹ Cr.) | 1,400 |
| Equity (₹ Cr.) | 29.8 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 22.2 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 460 | 542 | 617 | 691 | 739 | 856 | 783 | 930 | 878 | 952 |
| Operating Expenses ⓘ | 319 | 380 | 452 | 474 | 541 | 638 | 584 | 689 | 747 | 863 |
| Manufacturing Costs | 43 | 78 | 91 | 85 | 91 | 103 | 95 | 113 | 129 | 147 |
| Material Costs | 0 | 0 | 0 | 0 | 3 | 2 | 0 | 0 | 0 | 0 |
| Employee Cost | 117 | 142 | 170 | 193 | 222 | 251 | 242 | 278 | 327 | 372 |
| Other Costs ⓘ | 159 | 160 | 191 | 196 | 225 | 282 | 246 | 298 | 291 | 344 |
| Operating Profit ⓘ | 141 | 162 | 165 | 217 | 198 | 218 | 199 | 241 | 131 | 89 |
| Operating Profit Margin (%) | 30.6% | 30.0% | 26.7% | 31.4% | 26.8% | 25.4% | 25.4% | 25.9% | 14.9% | 9.4% |
| Other Income ⓘ | 23 | 21 | 21 | 23 | 37 | 43 | 37 | 48 | 44 | 38 |
| Interest ⓘ | 1 | 1 | 2 | 1 | 1 | 3 | 2 | 3 | 3 | 3 |
| Depreciation ⓘ | 30 | 31 | 29 | 31 | 32 | 39 | 40 | 42 | 41 | 41 |
| Exceptional Items ⓘ | 0 | -39 | 9 | -21 | 0 | 0 | 0 | 0 | -10 | -5 |
| Profit Before Tax ⓘ | 132 | 114 | 163 | 188 | 203 | 220 | 193 | 244 | 120 | 77 |
| Tax ⓘ | 42 | 53 | 54 | 64 | 73 | 78 | 62 | 62 | 32 | 21 |
| Profit After Tax | 90 | 61 | 109 | 123 | 130 | 142 | 131 | 182 | 88 | 56 |
| PAT Margin (%) | 19.6% | 11.2% | 17.7% | 17.9% | 17.6% | 16.6% | 16.8% | 19.5% | 10.0% | 5.9% |
| Adjusted EPS (₹) | 15.1 | 10.2 | 18.3 | 20.7 | 21.8 | 23.8 | 22.0 | 30.5 | 14.8 | 9.5 |
| Dividend Payout Ratio (%) | 10% | 17% | 11% | 11% | 10% | 93% | 11% | 10% | 474% | 90% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 450 | 508 | 637 | 722 | 893 | 872 | 990 | 1,158 | 828 | 867 |
| Share Capital ⓘ | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
| Reserves ⓘ | 420 | 478 | 607 | 692 | 864 | 843 | 961 | 1,128 | 799 | 838 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 7 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 7 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 |
| Trade Payables | 62 | 61 | 82 | 79 | 83 | 91 | 84 | 104 | 101 | 100 |
| Others Liabilities ⓘ | 249 | 91 | 97 | 134 | 108 | 179 | 175 | 200 | 165 | 164 |
| Total Liabilities ⓘ | 768 | 660 | 815 | 934 | 1,088 | 1,142 | 1,249 | 1,463 | 1,094 | 1,132 |
Fixed Assets | ||||||||||
| Gross Block | 438 | 243 | 258 | 334 | 354 | 389 | 409 | 450 | 471 | 489 |
| Accumulated Depreciation | 203 | 30 | 59 | 81 | 112 | 150 | 187 | 225 | 249 | 293 |
| Net Fixed Assetsⓘ | 235 | 214 | 199 | 252 | 242 | 239 | 222 | 225 | 222 | 196 |
| CWIP ⓘ | 3 | 5 | 4 | 2 | 4 | 0 | 1 | 1 | 1 | 3 |
| Investmentsⓘ | 46 | 3 | 34 | 68 | 3 | 3 | 2 | 2 | 1 | 1 |
| Inventories | 0 | 0 | 0 | 0 | 3 | 1 | 0 | 0 | 0 | 0 |
| Trade Receivables | 137 | 141 | 172 | 178 | 183 | 219 | 199 | 192 | 212 | 276 |
| Cash Equivalents | 95 | 170 | 262 | 198 | 291 | 140 | 260 | 181 | 64 | 249 |
| Others Assetsⓘ | 252 | 127 | 143 | 236 | 363 | 539 | 564 | 862 | 594 | 406 |
| Total Assets ⓘ | 768 | 660 | 815 | 934 | 1,088 | 1,142 | 1,249 | 1,463 | 1,094 | 1,132 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 78 | -32 | 19 | 156 | 125 | 201 | 166 | 236 | 41 | 15 |
| PBT ⓘ | 123 | 114 | 163 | 188 | 203 | 220 | 193 | 244 | 120 | 77 |
| Adjustment ⓘ | 21 | 53 | 10 | 43 | 15 | 16 | 18 | 11 | 14 | 31 |
| Changes in Working Capital ⓘ | -27 | -142 | -94 | -14 | -19 | -20 | 4 | 20 | -51 | -78 |
| Tax Paid ⓘ | -39 | -57 | -59 | -60 | -74 | -16 | -49 | -39 | -42 | -15 |
| Cash Flow From Investing Activity ⓘ | -49 | 1 | -2 | -137 | -104 | -15 | -166 | -211 | 371 | 35 |
| Capex | -57 | -8 | -16 | -84 | -24 | -12 | -20 | -26 | -30 | -19 |
| Net Investments | 0 | 0 | 0 | 0 | -102 | -37 | -169 | -218 | 354 | 20 |
| Others ⓘ | 7 | 9 | 14 | -53 | 22 | 34 | 23 | 33 | 47 | 33 |
| Cash Flow From Financing Activityⓘ | -18 | -11 | -14 | -29 | -14 | -168 | -17 | -22 | -427 | -28 |
| Net Proceeds from Shares ⓘ | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -17 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -2 | 0 | -2 | -14 | -1 | 0 | 0 | -3 | -3 | -3 |
| Dividend Paid ⓘ | -6 | -9 | -10 | -12 | -13 | -133 | -13 | -15 | -418 | -18 |
| Others ⓘ | 6 | -2 | -2 | -2 | 0 | -35 | -3 | -5 | -6 | -7 |
| Net Cash Flow ⓘ | 11 | -42 | 3 | -9 | 7 | 17 | -17 | 2 | -15 | 22 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 21.8 | 12.71 | 19.09 | 18.17 | 16.1 | 16.1 | 14.08 | 16.92 | 8.87 | 6.65 |
| ROCE (%) | 31.33 | 23.71 | 28.91 | 27.78 | 25.14 | 25.17 | 21.02 | 22.92 | 12.44 | 9.49 |
| Asset Turnover Ratio | 0.65 | 0.76 | 0.84 | 0.79 | 0.73 | 0.77 | 0.65 | 0.69 | 0.69 | 0.86 |
| PAT to CFO Conversion(x) | 0.87 | -0.52 | 0.17 | 1.27 | 0.96 | 1.42 | 1.27 | 1.3 | 0.47 | 0.27 | Working Capital Days |
| Receivable Days | 98 | 94 | 93 | 93 | 89 | 86 | 98 | 77 | 84 | 94 |
| Inventory Days | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 9,050 | 0 | 0 | 0 | 0 | 0 |
TV Today Network (TVTN) operates news channels and is promoted by Living Media India (LMIL). The latter had been conducting news broadcasting business through one of its divisions, 'TV Today Division' since 1994.
TV Today Division has now been transferred to TVTN. It runs 24 hours news & current affairs channels, namely, 'Aaj Tak', “Tez†and “Delli Aaj Tak†in Hindi and 'Headlines Today' in English.
The company has a tie-up with TheOneAlliance to distribute its channels. TVTN has also launched its channels in US,
Channels
Aaj Tak- Aaj Tak is a 24 hour Hindi news channel providing news of all around world.
Tez- The objective to launch Tez was to providing Hindi news to time-conscious people in crisp format.
Headlines Today- This is an English news channels catering to a younger audience.
Dilli Aaj Tak- It is a metro-centric 24 hour Hindi news channel.
Awards
Aaj Tak received the “Best News Channel Award†from Indian Television Academy Awards 2008.
It won the “TV News Channel of the Year†during Indian Telly Awards 2008.
The channel bagged Best Hindi News Channel at Sansui Television Awards 2008.
Outlook
The television industry was worth $5.48 billion in 2007 as per PWC’s report. The direct-to-home (DTH) service is changing the face of the television industry. By 2012 the television industry is exptcted to grow to $ 12.34 billion.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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