Music Broadcast Ltd

radiocity.in BSE: 540366 NSE : RADIOCITY

About [ edit ]

Music Broadcast Limited is a subsidiary of Jagran Prakashan Ltd. It runs radio channel Radio City.
Being the first FM radio broadcaster in India and with 19 years of expertise in the radio industry, Radio City is the second largest operator today.

Key Points [ edit ]

Wide Reach
Music Broadcast currently has 39 stations across 12 states, comprising 62- of the country’s FM population. Radio City reaches out to over 69 million listeners in 34 cities covered by AZ Research 2019 ^#

Bonus Debentures to non-promoter:
On October 22, 2020, Music Broadcast approved the issue of Bonus Non-Convertible Non-Cumulative Redeemable Preference Shares (NCRPS) to non-promoter shareholders only. The bonus NCPRS shares shall be issued in the ratio 1:10; These bonus NCRPS with a coupon rate of 0.1% will be redeemed at Rs120 per NCRPS on expiry of 36 months from the date of allotment.^#

Website BSE NSE

Market Cap ₹ 843 Cr.
Current Price ₹ 24.3
High / Low ₹ 27.5 / 12.2
Stock P/E
Book Value ₹ 17.7
Dividend Yield 0.00 %
ROCE 4.09 %
ROE 3.11 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 4.29% over past five years.
Company has a low return on equity of 6.81% for last 3 years.
Company has high debtors of 156.47 days.
Company's cost of borrowing seems high

Peer comparison

Sector: Entertainment Industry: Entertainment / Electronic Media Software

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	75.93	75.68	80.14	87.02	81.87	69.78	62.53	69.64	45.87	14.36	30.08	40.67
	48.57	49.62	53.58	58.42	49.90	47.41	44.02	48.07	51.17	29.61	33.12	36.51
Operating Profit	27.36	26.06	26.56	28.60	31.97	22.37	18.51	21.57	-5.30	-15.25	-3.04	4.16
OPM %	36.03%	34.43%	33.14%	32.87%	39.05%	32.06%	29.60%	30.97%	-11.55%	-106.20%	-10.11%	10.23%
Other Income	5.40	2.42	3.60	4.46	4.61	3.29	4.99	4.16	3.87	4.73	2.92	5.02
Interest	3.37	1.38	1.38	1.37	1.52	2.57	2.65	2.48	2.05	0.70	0.96	0.83
Depreciation	6.67	6.74	6.70	6.76	6.91	8.59	8.67	8.90	8.63	8.51	8.28	8.24
Profit before tax	22.72	20.36	22.08	24.93	28.15	14.50	12.18	14.35	-12.11	-19.73	-9.36	0.11
Tax %	28.43%	33.69%	39.40%	34.30%	34.81%	41.86%	-51.97%	29.06%	26.42%	29.60%	30.56%	36.36%
Net Profit	16.26	13.50	13.38	16.38	18.35	8.43	18.51	10.18	-8.91	-13.89	-6.49	0.07
EPS in Rs	0.46	0.38	0.38	0.47	0.53	0.24	0.54	0.29	-0.26	-0.40	-0.19	0.00
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	81	105	122	138	154	201	225	271	298	325	248	131
	85	87	96	104	112	139	149	180	201	212	191	150
Operating Profit	-4	18	26	34	42	62	77	91	97	113	57	-19
OPM %	-5%	17%	21%	25%	27%	31%	34%	34%	33%	35%	23%	-15%
Other Income	4	22	2	2	3	7	2	4	19	15	16	17
Interest	10	8	7	5	6	6	21	19	15	6	10	5
Depreciation	24	25	23	20	15	16	17	20	26	27	35	34
Profit before tax	-34	8	-2	12	24	47	42	57	75	96	29	-41
Tax %	0%	0%	0%	0%	0%	0%	34%	36%	31%	36%	2%
Net Profit	-34	8	-2	12	24	47	28	37	52	62	28	-29
EPS in Rs	-1.31	0.30	-0.08	0.44	0.93	1.80	1.05	1.03	1.45	1.78	0.82	-0.85
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	12%
5 Years:	4%
3 Years:	-3%
TTM:	-54%

Compounded Profit Growth
10 Years:	10%
5 Years:	-16%
3 Years:	-19%
TTM:	-153%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-27%
1 Year:	17%

Return on Equity
10 Years:	%
5 Years:	9%
3 Years:	7%
Last Year:	3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	39	39	39	39	39	39	42	57	57	55	69	69
Reserves	-81	-73	-66	-53	-28	19	85	491	543	548	563	544
Borrowings	196	191	173	149	128	285	223	150	50	74	22	24
	41	40	35	36	31	55	140	63	49	53	34	40
Total Liabilities	195	197	181	171	170	398	490	761	699	731	688	678
	102	78	59	42	32	19	230	312	297	310	309	297
CWIP	4	4	2	1	0	0	66	0	0	0	0	0
Investments	1	3	0	0	0	0	15	27	156	172	208	219
	88	111	120	127	138	379	179	423	246	249	170	162
Total Assets	195	197	181	171	170	398	490	761	699	731	688	678

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	21	34	36	65	61	79	40	86	49
	5	-2	-5	-201	-60	-211	3	-44	32
	-24	-27	-26	160	-32	205	-116	-40	-89
Net Cash Flow	2	6	6	24	-31	73	-72	2	-7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %		-1%	3%	12%	22%	22%	22%	14%	12%	14%	4%
Debtor Days	172	188	186	171	149	140	123	110	135	141	156
Inventory Turnover

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
71.40	71.40	72.12	73.65	73.65	73.65	73.86	73.94	74.05	74.05	74.05	74.05
4.51	4.00	3.54	2.43	1.18	0.79	0.79	0.83	0.16	0.16	0.15	0.13
8.27	8.14	8.13	8.34	10.21	10.90	15.73	15.57	14.73	10.37	8.47	8.38
15.82	16.47	16.21	15.59	14.96	14.66	9.62	9.67	11.06	15.42	17.33	17.44

Music Broadcast Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

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