Den Networks Ltd

Den Networks Ltd

₹ 58.4 0.52%
23 Feb - close price
About

Den network ltd is a mass media & entertainment company that provides visual entertainment to its customers through cable TV, over-the-top (OTT) entertainment, and broadband services. It has curated media content from Various broadcasters across a wide range of genres and entertains 13 million+ households in India across 13 key states and 433 cities and is the Largest Subscriber Base amongst all cable players in India.[1]

Key Points

A Subsidiary of Reliance Industries
Reliance through its network of subsidiaries has acquired ~59% in Den networks in FY19. [1] Reliance Industries holds ~75% stake in the company as of FY23. [2]

  • Market Cap 2,787 Cr.
  • Current Price 58.4
  • High / Low 69.4 / 25.2
  • Stock P/E 10.7
  • Book Value 69.0
  • Dividend Yield 0.00 %
  • ROCE 2.97 %
  • ROE 6.01 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 0.85 times its book value
  • Company has delivered good profit growth of 59.9% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -2.53% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 3.54% over last 3 years.
  • Earnings include an other income of Rs.180 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
342 326 303 325 294 303 283 287 277 283 273 277 273
278 261 255 281 244 248 242 250 239 249 244 235 233
Operating Profit 64 65 48 44 50 55 41 38 37 34 29 42 40
OPM % 19% 20% 16% 14% 17% 18% 14% 13% 14% 12% 11% 15% 15%
57 29 34 34 30 28 5 39 43 27 50 52 51
Interest 0 0 0 0 0 0 0 0 1 1 1 1 1
Depreciation 64 61 40 39 36 33 32 28 30 29 28 29 28
Profit before tax 57 33 41 39 44 50 14 49 50 31 50 64 62
Tax % -4% -4% 1% 2% -1% 4% 8% 1% 1% -304% 15% 29% 23%
60 34 41 38 44 49 13 48 49 126 42 46 48
EPS in Rs 1.37 0.77 0.86 0.83 0.95 1.05 0.27 1.00 1.03 2.80 0.89 0.96 0.99
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,130 897 1,098 1,130 948 1,157 1,285 1,206 1,291 1,307 1,226 1,130 1,106
1,047 699 814 1,037 1,123 981 1,007 1,029 1,079 1,058 1,024 979 961
Operating Profit 82 197 284 93 -176 176 278 177 212 250 202 152 144
OPM % 7% 22% 26% 8% -19% 15% 22% 15% 16% 19% 16% 13% 13%
27 38 65 88 51 10 30 -165 176 190 120 112 180
Interest 27 47 89 82 79 65 66 59 32 3 0 1 3
Depreciation 54 81 147 186 206 276 249 242 247 251 148 119 114
Profit before tax 29 107 113 -88 -409 -155 -7 -288 110 186 174 143 207
Tax % 35% 27% 34% -38% -5% -21% -139% -4% 47% -2% 2% -65%
19 78 75 -122 -431 -188 -17 -301 59 189 171 236 262
EPS in Rs 1.09 4.65 2.15 -8.08 -24.21 -10.74 -1.76 -5.81 1.47 4.15 3.69 5.09 5.64
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 2%
5 Years: -3%
3 Years: -4%
TTM: -4%
Compounded Profit Growth
10 Years: 12%
5 Years: 60%
3 Years: 63%
TTM: 66%
Stock Price CAGR
10 Years: -8%
5 Years: -3%
3 Years: 1%
1 Year: 91%
Return on Equity
10 Years: -2%
5 Years: 2%
3 Years: 4%
Last Year: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 130 133 178 178 178 194 195 477 477 477 477 477 477
Reserves 675 748 1,678 1,532 792 620 591 2,069 2,126 2,298 2,476 2,731 2,817
Preference Capital 2 2 2 0 0 0 0 2 0 0 0 0
258 747 1,025 998 854 505 530 480 213 0 0 28 27
458 648 676 649 1,107 1,088 1,041 929 872 678 554 524 574
Total Liabilities 1,521 2,276 3,557 3,357 2,931 2,407 2,357 3,955 3,688 3,452 3,507 3,759 3,894
576 1,046 1,355 1,425 1,474 1,299 1,186 935 763 609 557 562 544
CWIP 75 66 94 110 129 45 50 19 21 37 21 29 21
Investments 22 131 379 145 109 101 127 2,139 70 2,140 1,913 1,426 2,094
847 1,033 1,728 1,676 1,219 962 994 862 2,834 666 1,016 1,741 1,236
Total Assets 1,521 2,276 3,557 3,357 2,931 2,407 2,357 3,955 3,688 3,452 3,507 3,759 3,894

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
85 175 108 61 8 202 185 42 268 218 129 139
-130 -668 -1,248 -48 186 2 -80 -2,047 429 -361 -258 -54
74 455 1,126 -109 -161 -277 -41 1,933 -688 134 96 -115
Net Cash Flow 29 -37 -14 -96 33 -74 64 -72 9 -9 -33 -30

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 91 133 130 129 101 74 86 68 38 26 21 28
Inventory Days
Days Payable
Cash Conversion Cycle 91 133 130 129 101 74 86 68 38 26 21 28
Working Capital Days -3 -83 -148 -170 -167 -129 -69 -105 -95 -86 -78 -82
ROCE % 5% 11% 8% -1% -12% -4% 4% -1% 4% 2% 2% 3%

Shareholding Pattern

Numbers in percentages

8 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
74.90% 74.90% 74.90% 74.90% 74.90% 74.90% 74.91% 74.91% 74.91% 74.91% 74.91% 74.91%
1.31% 0.76% 0.76% 1.03% 1.05% 1.22% 1.19% 1.27% 1.08% 1.24% 1.30% 0.98%
5.18% 0.97% 0.00% 0.00% 0.00% 0.00% 0.40% 0.19% 0.19% 0.20% 0.21% 0.17%
18.51% 23.27% 24.24% 23.97% 23.95% 23.78% 23.41% 23.56% 23.74% 23.57% 23.50% 23.86%
0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
No. of Shareholders 32,98674,75578,09286,90390,53598,72895,42592,90491,15389,34599,9021,08,548

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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