Announcement • Jul 15
T.V. Today Network Limited to Report Q1, 2027 Results on Aug 05, 2026 T.V. Today Network Limited announced that they will report Q1, 2027 results on Aug 05, 2026 Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹125, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 17x in the Media industry in India. Total loss to shareholders of 31% over the past three years. Reported Earnings • May 18
Full year 2026 earnings released: EPS: ₹3.39 (vs ₹13.81 in FY 2025) Full year 2026 results: EPS: ₹3.39 (down from ₹13.81 in FY 2025). Revenue: ₹8.50b (down 14% from FY 2025). Net income: ₹202.4m (down 75% from FY 2025). Profit margin: 2.4% (down from 8.3% in FY 2025). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Mar 27
T.V. Today Network Limited to Report Q4, 2026 Results on May 15, 2026 T.V. Today Network Limited announced that they will report Q4, 2026 results on May 15, 2026 Reported Earnings • Feb 16
Third quarter 2026 earnings released: ₹0.13 loss per share (vs ₹1.46 profit in 3Q 2025) Third quarter 2026 results: ₹0.13 loss per share (down from ₹1.46 profit in 3Q 2025). Revenue: ₹2.20b (down 7.3% from 3Q 2025). Net loss: ₹17.6m (down 120% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Dec 26
T.V. Today Network Limited to Report Q3, 2026 Results on Feb 13, 2026 T.V. Today Network Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 12
Second quarter 2026 earnings released: ₹0.33 loss per share (vs ₹1.39 profit in 2Q 2025) Second quarter 2026 results: ₹0.33 loss per share (down from ₹1.39 profit in 2Q 2025). Revenue: ₹1.97b (down 4.6% from 2Q 2025). Net loss: ₹19.8m (down 124% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Sep 26
T.V. Today Network Limited to Report Q2, 2026 Results on Nov 11, 2025 T.V. Today Network Limited announced that they will report Q2, 2026 results on Nov 11, 2025 Upcoming Dividend • Sep 04
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.0%. Within top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (2.5%). New Risk • Aug 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.61b (US$98.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.3% net profit margin). Market cap is less than US$100m (₹8.61b market cap, or US$98.1m). Declared Dividend • Jul 31
Dividend reduced to ₹3.00 Dividend of ₹3.00 is 65% lower than last year. Ex-date: 11th September 2025 Payment date: 17th October 2025 Dividend yield will be 1.9%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 77% to shift the payout ratio to a potentially unsustainable range, which is more than the 18% EPS decline seen over the last 5 years. Reported Earnings • Jul 26
First quarter 2026 earnings released: EPS: ₹1.23 (vs ₹8.61 in 1Q 2025) First quarter 2026 results: EPS: ₹1.23 (down from ₹8.61 in 1Q 2025). Revenue: ₹2.08b (down 33% from 1Q 2025). Net income: ₹73.9m (down 86% from 1Q 2025). Profit margin: 3.6% (down from 17% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Jul 08
T.V. Today Network Limited to Report Q1, 2026 Results on Jul 25, 2025 T.V. Today Network Limited announced that they will report Q1, 2026 results on Jul 25, 2025 Reported Earnings • May 23
Full year 2025 earnings released: EPS: ₹13.81 (vs ₹9.45 in FY 2024) Full year 2025 results: EPS: ₹13.81 (up from ₹9.45 in FY 2024). Revenue: ₹10.4b (up 9.1% from FY 2024). Net income: ₹824.2m (up 46% from FY 2024). Profit margin: 7.9% (up from 5.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Mar 25
T.V. Today Network Limited to Report Q4, 2025 Results on May 16, 2025 T.V. Today Network Limited announced that they will report Q4, 2025 results on May 16, 2025 Announcement • Feb 26
Creative Channel Advertising And Marketing Private Limited entered into a memorandum of understanding to acquire FM Radio Broadcasting Operations of T.V. Today Network Limited from T.V. Today Network Limited (NSEI:TVTODAY) for INR 200 million. Creative Channel Advertising And Marketing Private Limited entered into a memorandum of understanding to acquire FM Radio Broadcasting Operations of T.V. Today Network Limited from T.V. Today Network Limited (NSEI:TVTODAY) for INR 200 million on February 25, 2025. A cash consideration of INR 200 million will be paid by Creative Channel Advertising And Marketing Private Limited
For the period ending March 31, 2024, FM Radio Broadcasting Operations of T.V. Today Network Limited reported total revenue of INR 161.8 million. As of March 31, 2024, FM Radio Broadcasting Operations of T.V. Today Network Limited reported total common equity of INR 0.
The transaction is subject to approval by regulatory board / committee and approval of merger agreement by target board. The deal has been approved by the board. The expected completion of the transaction is on or before January 31, 2026. Announcement • Jan 30
T.V. Today Network Limited Approves Appointment of Mr. Vijayant Kumar as Chief Technology Officer - Television, Effective February 03, 2025 T.V. Today Network Limited announced that the Board of Directors has approved the appointment of Mr. Vijayant Kumar as Chief Technology Officer - Television of the Company with effect from February 03, 2025 and designated as one of the Senior Management Personnel of the Company. Mr. Vijayant Kumar has extensive experience in the broadcast media industry, primarily with Zee Media Corporation Limited, where he has worked for 24 years. His earlier experience includes serving as Vice President of Technology at Team Computers and as a Senior Manager in Technical Support from 1994 to 1998. Throughout his career, Mr. Vijayant has demonstrated strong leadership in technology, focusing on strategic planning, implementation and operational management to enhance service delivery and support organizational goals. Announcement • Jan 16
T.V. Today Network Limited Announces Resignation of Piyush Gupta as Group Chief Technology Officer, Effective April 15, 2025 T.V. today Network Limited announced that Mr. Piyush Gupta - Group Chief Technology Officer of the Company has vide his letter dated January 16, 2025 tendered his resignation from the Company to pursue other opportunities. The Company has accepted the resignation and he will be relieved from his duties from the close of business hours on April 15, 2025. Announcement • Jan 09
T.V. Today Network Limited Announces Closure of FM Radio Broadcasting Operations The Board of Directors of T.V. Today Network Limited, at their meeting held on January 9, 2025, has inter alia approved the closure of FM Radio Broadcasting operations of the Company (comprising of three FM radio stations in Mumbai, Delhi and Kolkata under the frequency 104.8 FM) subject to regulatory approvals, if any, and fulfilment of other compliances as may be required. The Radio business is expected to be closed in nearly one to six months. Amount & percentage of turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year: Turnover of Radio Business in Fiscal Year 2023- 24 was INR 161.8 million. This was 1.70% of total turnover of T.V. Today Network Limited for the said year. Net worth contributed from Radio Business: Loss of INR 195.3 million for the Fiscal Year 2023-24. Given the state of industry, its dynamics and evolution of FM Radio Broadcasting business, the Board of Directors considered it in better interest of the Company to close this business instead of continuing the same. Announcement • Dec 26
T.V. Today Network Limited to Report Q3, 2025 Results on Feb 11, 2025 T.V. Today Network Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: ₹1.39 (vs ₹1.18 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.39 (up from ₹1.18 in 2Q 2024). Revenue: ₹2.19b (up 2.6% from 2Q 2024). Net income: ₹82.7m (up 18% from 2Q 2024). Profit margin: 3.8% (up from 3.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Sep 24
T.V. Today Network Limited to Report First Half, 2025 Results on Oct 28, 2024 T.V. Today Network Limited announced that they will report first half, 2025 results on Oct 28, 2024 Upcoming Dividend • Sep 04
Upcoming dividend of ₹8.50 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 17 October 2024. Payout ratio is on the higher end at 90% but the company is not cash flow positive. Trailing yield: 3.2%. Within top quartile of Indian dividend payers (1.0%). Higher than average of industry peers (2.0%). Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: ₹8.61 (vs ₹1.47 in 1Q 2024) First quarter 2025 results: EPS: ₹8.61 (up from ₹1.47 in 1Q 2024). Revenue: ₹3.22b (up 44% from 1Q 2024). Net income: ₹513.8m (up 485% from 1Q 2024). Profit margin: 16% (up from 3.9% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹287, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 31x in the Media industry in India. Total returns to shareholders of 32% over the past three years. Announcement • Jul 22
T.V. Today Network Limited, Annual General Meeting, Sep 18, 2024 T.V. Today Network Limited, Annual General Meeting, Sep 18, 2024, at 15:30 Indian Standard Time. Declared Dividend • Jul 21
Dividend increased to ₹8.50 Dividend of ₹8.50 is 183% higher than last year. Ex-date: 11th September 2024 Payment date: 17th October 2024 Dividend yield will be 3.6%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (89.9% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share declined by 16% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Announcement • Jun 26
T.V. Today Network Limited to Report Q1, 2025 Results on Aug 01, 2024 T.V. Today Network Limited announced that they will report Q1, 2025 results on Aug 01, 2024 Reported Earnings • May 18
Full year 2024 earnings released: EPS: ₹9.45 (vs ₹14.79 in FY 2023) Full year 2024 results: EPS: ₹9.45 (down from ₹14.79 in FY 2023). Revenue: ₹9.90b (up 13% from FY 2023). Net income: ₹563.8m (down 36% from FY 2023). Profit margin: 5.7% (down from 10.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • May 18
T.V. Today Network Limited Recommends Final Dividend for the Financial Year 2023 T.V. Today Network Limited recommended Final Dividend for the requisite approval of members of the Company, @ 170% viz INR 8.50 per equity share having face value of INR 5/- each for the Financial Year 2023-2024. The dividend, if declared at the 25th Annual General Meeting shall be paid/dispatched on or before 30th day from the conclusion of the Annual General Meeting (AGM). Announcement • Apr 10
T.V. Today Network Limited Announces Appointment of Navendu Shekhar as Head - Human Resources, Effective April 10, 2024 T.V. Today Network Limited announced that Mr. Navendu Shekhar has been appointed as the Head - Human Resources of the Company with effect from April 10, 2024. Accordingly, Mr. Navendu Shekhar will be a Senior Management Personnel of the Company. Navendu Shekhar, through his previous assignments spanning over 12 years, brings a wealth of experience and expertise in solving complex strategic and operational people challenges at the field, regional and corporate levels. He has a proven ability to build cross-functional working relationships in companies, ranging from start-ups to Fortune 500 organizations (Amazon, Vodafone, TCS, Cash free Payments), to support long-term strategic business goals. He has completed his MBA in HR from MDI Gurgaon and B.Tech in Electrical and Electronics from Manipal University. He has also been awarded as the Emerging HR loador from Economic Times and HR 100 under 40 from Jombay. Announcement • Mar 27
T.V. Today Network Limited to Report Q4, 2024 Results on May 17, 2024 T.V. Today Network Limited announced that they will report Q4, 2024 results on May 17, 2024 Announcement • Feb 23
Purva Misra to Move from T.V. Today Network Limited as Chief HR Officer, Effective March 01, 2024 T.V. Today Network Limited announced that Ms. Purva Misra will move from her current role that is, Chief HR Officer of the Company and Chief Operating Officer, India Today Media Institute to that of handling special projects (study of growth opportunities) with effect from March 01, 2024. Subsequent to change, Ms. Purva Misra shall not continue to be designated as a Senior Management Personnel of the Company. Reason for change viz. appointment, resignation, removal, death or otherwise: Cessation as SMP subsequent to change in role/profile. Date of cessation: February 29, 2024. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹4.88 (vs ₹4.63 in 3Q 2023) Third quarter 2024 results: EPS: ₹4.88 (up from ₹4.63 in 3Q 2023). Revenue: ₹2.72b (up 18% from 3Q 2023). Net income: ₹291.2m (up 5.4% from 3Q 2023). Profit margin: 11% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jan 25
TV Today Network Appoints Saikat Dutta as National Revenue Head TV Today Network announced that Media professional Saikat Dutta has joined the company as the National Revenue Head of the company. A year ago, Saikat Dutta joined Patanjali Media as Chief Operating Officer. Dutta has over two decades of experience in the media ad sales domain, specialising in integrated advertising solutions, network ad sales and strategic alliances along with airtime sales. This is Dutta's second stint with TV Today. He was the National Head Sales - Aaj Tak HD & Good News Today between January 20220 and December 2022. He has previously worked for Sun TV Network Limited, India TV, Zee Entertainment Enterprise, ABP Group and Star TV. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹256, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 27x in the Media industry in India. Total returns to shareholders of 44% over the past three years. Announcement • Dec 27
T.V. Today Network Limited to Report Q3, 2024 Results on Feb 09, 2024 T.V. Today Network Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Announcement • Nov 18
T.V. Today Network Limited Announces Appointment of Jaivir Singh as Independent Director T.V. Today Network Limited announced that in furtherance to intimation dated August 11, 2023 with respect to the appointment of Mr. Jaivir Singh as an Independent Director of the Company, subject to the approval of Shareholders and Ministry of Information & Broadcasting, Government of India, whichever is later, this is to inform you that subsequent to the approval of members in the 24th Annual General Meeting of the Company held on September 21, 2023, the Ministry of Information & Broadcasting vide its letter dated November 17, 2023 has granted its approval for the same as well. Accordingly, the appointment of Mr. Jaivir Singh as an Independent Director of the Company has become effective from November 17, 2023. The term of appointment will be five years from November 17, 2023. Mr. Jaivir Singh serves as the Vice Chairman of the PwC India Foundation, as also Advisor to the Chairman of PwC in India and Managing Director in PwC India. He is a serving member of the Global Corporate Sustainability Board of the PwC Network and leads the Global Office for Humanitarian Affairs (GOHA) for PwC International. He has also from 2008 to 2011, been the Advisor to the Dean of the Fuqua School of Business (Duke University) where he supported the creation and execution of the universities India entry strategy. Outside of PwC, Mr. Jaivir Singh serves as a trustee on the board of Humentum, a global non-profit working with humanitarian and development organizations to improve how they operate. He continues to spend some time with the family business, where he drives Marketing and Strategy for Impact Projects Pvt Ltd, a real estate development company operating in Northern India, and is also involved in the Nanhi Chhaan Foundation, a not-for-profit institution set up by his family to address development issues relating to the Girl Child and Women. Mr. Singh did his schooling from the Doon School and then went for Further studies in Marketing & Advertising (BA) (NC), 2001 to 2002 to LCP, London, UK. Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: ₹1.18 (vs ₹3.31 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.18 (down from ₹3.31 in 2Q 2023). Revenue: ₹2.23b (up 5.4% from 2Q 2023). Net income: ₹70.2m (down 64% from 2Q 2023). Profit margin: 3.1% (down from 9.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Oct 12
T.V. Today Network Limited to Report Q2, 2024 Results on Nov 01, 2023 T.V. Today Network Limited announced that they will report Q2, 2024 results at 12:08 PM, Indian Standard Time on Nov 01, 2023 Announcement • Sep 22
T.V. Today Network Limited Approves Dividend for the Financial Year Ended March 31 , 2023 T.V. Today Network Limited approved final dividend of INR 3.00 per Equity Share of the face value of INR 5/- each for the financial year ended March 31, 2023. Upcoming Dividend • Sep 06
Upcoming dividend of ₹3.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 21 October 2023. Payout ratio is a comfortable 20% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Within top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (1.8%). New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 1.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (204% cash payout ratio). Profit margins are more than 30% lower than last year (7.0% net profit margin). Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: ₹1.47 (vs ₹5.87 in 1Q 2023) First quarter 2024 results: EPS: ₹1.47 (down from ₹5.87 in 1Q 2023). Revenue: ₹2.32b (up 6.5% from 1Q 2023). Net income: ₹87.8m (down 75% from 1Q 2023). Profit margin: 3.8% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Announcement • Aug 12
T.V. Today Network Limited, Annual General Meeting, Sep 21, 2023 T.V. Today Network Limited, Annual General Meeting, Sep 21, 2023, at 15:30 Indian Standard Time. Announcement • Jun 29
T.V. Today Network Limited to Report Q1, 2024 Results on Aug 11, 2023 T.V. Today Network Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Reported Earnings • May 17
Full year 2023 earnings released: EPS: ₹14.79 (vs ₹30.42 in FY 2022) Full year 2023 results: EPS: ₹14.79 (down from ₹30.42 in FY 2022). Revenue: ₹9.22b (flat on FY 2022). Net income: ₹882.4m (down 51% from FY 2022). Profit margin: 9.6% (down from 20% in FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Buying Opportunity • Feb 13
Now 33% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be ₹344, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 10.0%. Revenue is forecast to grow by 21% in a year. Earnings is forecast to grow by 40% in the next year. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹4.63 (vs ₹10.31 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.63 (down from ₹10.31 in 3Q 2022). Revenue: ₹2.31b (down 10% from 3Q 2022). Net income: ₹276.2m (down 55% from 3Q 2022). Profit margin: 12% (down from 24% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Media industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Announcement • Feb 04
T.V. Today Network Limited Declares Special Interim Dividend for the Financial Year 2022-2023 The Board of Directors of T.v. Today Network Limited at their meeting held i.e., February 03,2023, has approved and Declared special interim dividend of INR 67/- (Rupees Sixty-Seven only) per Equity Share i.e. at the rate of 1340% on the face value of INR 5/- each fully paid-up, for the financial year 2022-2023. The Special Interim Dividend shall be paid to the equity shareholders of the Company or in the records of the Depositories as beneficial owners of the shares as on February 13, 2023, which is the Record Date fixed for the purpose. Announcement • Dec 29
T.V. Today Network Limited to Report Q3, 2023 Results on Feb 03, 2023 T.V. Today Network Limited announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹3.31 (vs ₹7.87 in 2Q 2022) Second quarter 2023 results: EPS: ₹3.31 (down from ₹7.87 in 2Q 2022). Revenue: ₹2.12b (down 6.4% from 2Q 2022). Net income: ₹197.2m (down 58% from 2Q 2022). Profit margin: 9.3% (down from 21% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Additional Non-Executive Independent Director Neera Malhotra was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹3.31 (vs ₹7.87 in 2Q 2022) Second quarter 2023 results: EPS: ₹3.31 (down from ₹7.87 in 2Q 2022). Revenue: ₹2.23b (down 1.1% from 2Q 2022). Net income: ₹197.2m (down 58% from 2Q 2022). Profit margin: 8.8% (down from 21% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 12
Price target decreased to ₹350 Down from ₹378, the current price target is provided by 1 analyst. New target price is 29% above last closing price of ₹272. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₹30.80 for next year compared to ₹30.42 last year. Upcoming Dividend • Sep 12
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 27 October 2022. Payout ratio is a comfortable 10.0% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (2.2%). Reported Earnings • Aug 08
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹30.42 (up from ₹22.04 in FY 2021). Revenue: ₹9.30b (up 19% from FY 2021). Net income: ₹1.82b (up 38% from FY 2021). Profit margin: 20% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 9.8%, compared to a 11% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • May 25
Price target decreased to ₹378 Down from ₹408, the current price target is an average from 2 analysts. New target price is 55% above last closing price of ₹244. Stock is down 32% over the past year. The company is forecast to post earnings per share of ₹33.80 for next year compared to ₹30.42 last year. Reported Earnings • May 14
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹30.42 (up from ₹22.04 in FY 2021). Revenue: ₹9.74b (up 24% from FY 2021). Net income: ₹1.82b (up 38% from FY 2021). Profit margin: 19% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 3.9%, compared to a 19% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Additional Non-Executive Independent Director Neera Malhotra was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: ₹10.31 (up from ₹9.18 in 3Q 2021). Revenue: ₹2.67b (up 19% from 3Q 2021). Net income: ₹615.0m (up 12% from 3Q 2021). Profit margin: 23% (down from 25% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 14%, compared to a 19% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Price Target Changed • Jan 20
Price target increased to ₹370 Up from ₹333, the current price target is an average from 2 analysts. New target price is 8.1% below last closing price of ₹403. Stock is up 65% over the past year. The company is forecast to post earnings per share of ₹31.55 for next year compared to ₹22.04 last year. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Additional Non-Executive Independent Director Neera Malhotra was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₹404, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Media industry in India. Total returns to shareholders of 16% over the past three years. Recent Insider Transactions • Nov 13
Insider recently sold ₹4.7m worth of stock On the 10th of November, Rahul Shaw sold around 13k shares on-market at roughly ₹352 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹7.0m more than they bought in the last 12 months. Reported Earnings • Nov 01
Second quarter 2022 earnings released: EPS ₹7.87 (vs ₹4.65 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹2.40b (up 36% from 2Q 2021). Net income: ₹469.8m (up 69% from 2Q 2021). Profit margin: 20% (up from 16% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 01
Upcoming dividend of ₹2.25 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 16 October 2021. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.5%). Reported Earnings • Aug 09
Full year 2021 earnings released: EPS ₹22.04 (vs ₹23.36 in FY 2020) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: ₹7.83b (down 8.7% from FY 2020). Net income: ₹1.32b (down 5.6% from FY 2020). Profit margin: 17% (in line with FY 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jun 05
Price target increased to ₹318 Up from ₹275, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₹313. Stock is up 63% over the past year. Reported Earnings • Jun 01
Full year 2021 earnings released: EPS ₹22.04 (vs ₹23.36 in FY 2020) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: ₹8.20b (down 4.3% from FY 2020). Net income: ₹1.32b (down 5.6% from FY 2020). Profit margin: 16% (in line with FY 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 19% share price gain to ₹331, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Media industry in India. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹604 per share. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹9.18 (vs ₹6.29 in 3Q 2020) The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₹2.24b (flat on 3Q 2020). Net income: ₹548.0m (up 46% from 3Q 2020). Profit margin: 25% (up from 17% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 15
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 11%, compared to a 21% growth forecast for the Media industry in India. Is New 90 Day High Low • Feb 11
New 90-day high: ₹277 The company is up 38% from its price of ₹201 on 13 November 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹483 per share. Is New 90 Day High Low • Jan 08
New 90-day high: ₹239 The company is up 21% from its price of ₹197 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹395 per share.