Hindustan Media Ventures Ltd

Hindustan Media Ventures is engaged in the business of publishing Hindustan, a Hindi Daily, and two monthly Hindi magazines Nandan and Kadambani.

Pros:
Company is virtually debt free.
Stock is trading at 0.62 times its book value
Market value of investments Rs.1114.38 Cr. is more than the Market Cap Rs.830.41 Cr.
Cons:
The company has delivered a poor growth of 6.70% over past five years.
Earnings include an other income of Rs.87.41 Cr.

Peer Comparison Sector: Media - Print/Television/Radio // Industry: Entertainment / Electronic Media Software

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
227 239 230 230 234 237 211 230 202 227 206 221
175 182 179 189 177 186 166 172 176 207 197 207
Operating Profit 52 57 50 41 57 51 45 58 26 19 8 13
OPM % 23% 24% 22% 18% 24% 22% 22% 25% 13% 9% 4% 6%
Other Income 19 20 34 22 17 25 20 8 26 8 21 32
Interest 3 5 4 4 3 2 3 3 3 4 6 5
Depreciation 6 5 5 5 5 5 5 5 5 5 5 5
Profit before tax 62 67 75 54 66 68 58 59 44 18 19 35
Tax % 29% 28% 27% 18% 29% 30% 24% 34% 9% 28% 32% 16%
Net Profit 44 49 55 44 46 48 44 39 40 13 13 29
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
16 17 18 163 516 597 636 730 819 918 933 880 855
15 16 17 138 429 501 524 578 638 684 728 699 788
Operating Profit 1 1 0 26 88 95 113 151 180 234 206 181 67
OPM % 5% 5% 2% 16% 17% 16% 18% 21% 22% 25% 22% 21% 8%
Other Income -0 0 0 3 10 19 28 30 56 61 92 79 87
Interest 0 0 0 4 4 3 5 6 11 11 16 11 18
Depreciation 0 0 0 3 16 19 22 22 24 22 20 20 20
Profit before tax 0 0 0 22 76 92 114 155 202 262 261 230 117
Tax % 33% 43% 47% 34% 30% 29% 26% 28% 30% 32% 26% 25%
Net Profit 0 0 0 15 54 65 85 111 141 179 194 171 96
EPS in Rs 7.14 8.71 11.31 14.95 18.95 24.35 26.38 23.33
Dividend Payout % 0% 0% 0% 0% 14% 13% 10% 8% 6% 5% 5% 5%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:48.55%
5 Years:6.70%
3 Years:2.44%
TTM:-6.26%
Compounded Profit Growth
10 Years:89.93%
5 Years:15.12%
3 Years:6.65%
TTM:-46.02%
Return on Equity
10 Years:18.42%
5 Years:18.30%
3 Years:17.44%
Last Year:13.67%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
4 4 7 57 73 73 73 73 73 73 73 73
Reserves 3 4 4 18 306 361 435 536 665 837 1,097 1,258
Borrowings 0 0 0 135 21 26 3 20 98 173 117 116
2 6 3 121 139 128 124 151 192 208 192 212
Total Liabilities 10 15 13 331 539 588 635 781 1,029 1,291 1,480 1,660
5 9 8 141 165 186 178 169 180 247 245 230
CWIP 0 0 0 15 1 7 1 11 3 3 4 10
Investments 0 0 0 31 189 213 278 369 547 795 999 1,114
5 6 6 144 184 182 178 232 298 247 232 306
Total Assets 10 15 13 331 539 588 635 781 1,029 1,291 1,480 1,660

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
0 -0 0 44 57 72 81 113 138 164 143 122
-0 -2 -1 -54 -185 -59 -58 -117 -182 -213 -68 -81
0 3 0 37 137 -5 -38 2 58 54 -81 -23
Net Cash Flow 0 1 -1 26 9 8 -15 -2 14 5 -7 18

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 6% 6% 2% 24% 26% 22% 25% 28% 29% 28% 23% 18%
Debtor Days 25 21 50 160 54 48 45 47 48 47 45 58
Inventory Turnover 13.61 11.48 12.87 18.70 25.39 21.40 19.91 22.33 21.04 19.73 19.59 18.40