Music Broadcast Ltd

About

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

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 [1]

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  • Market Cap 769 Cr.
  • Current Price 22.2
  • High / Low 29.6 / 21.6
  • Stock P/E
  • Book Value 17.3
  • Dividend Yield 0.00 %
  • ROCE -5.20 %
  • ROE -4.53 %
  • Face Value 2.00

Pros

  • Company is almost debt free.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -10.76% over past five years.
  • Company has a low return on equity of 2.57% for last 3 years.
  • Earnings include an other income of Rs.15.95 Cr.
  • Company has high debtors of 221.05 days.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
87.02 81.87 69.78 62.53 69.64 45.87 14.36 30.08 40.67 42.48 20.48 42.04
58.42 49.90 47.41 44.02 48.07 51.17 29.61 33.12 36.51 39.58 33.68 37.47
Operating Profit 28.60 31.97 22.37 18.51 21.57 -5.30 -15.25 -3.04 4.16 2.90 -13.20 4.57
OPM % 32.87% 39.05% 32.06% 29.60% 30.97% -11.55% -106.20% -10.11% 10.23% 6.83% -64.45% 10.87%
Other Income 4.46 4.61 3.29 4.99 4.16 3.87 4.73 2.92 5.02 2.26 3.88 4.79
Interest 1.37 1.52 2.57 2.65 2.48 2.05 0.70 0.96 0.83 0.73 0.68 0.66
Depreciation 6.76 6.91 8.59 8.67 8.90 8.63 8.51 8.28 8.24 8.21 8.19 8.20
Profit before tax 24.93 28.15 14.50 12.18 14.35 -12.11 -19.73 -9.36 0.11 -3.78 -18.19 0.50
Tax % 34.30% 34.81% 41.86% -51.97% 29.06% 26.42% 29.60% 30.56% 27.27% -2.38% 28.86% 40.00%
Net Profit 16.38 18.35 8.43 18.51 10.18 -8.91 -13.89 -6.49 0.07 -3.87 -12.94 0.29
EPS in Rs 0.47 0.53 0.24 0.54 0.29 -0.26 -0.40 -0.19 0.00 -0.11 -0.37 0.01

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 Mar 2021 TTM
81 105 122 138 154 201 225 271 298 325 248 128 146
85 104 96 104 112 139 149 180 201 212 191 139 147
Operating Profit -4 1 26 34 42 62 77 91 97 113 57 -11 -2
OPM % -5% 1% 21% 24% 27% 31% 34% 34% 33% 35% 23% -9% -1%
Other Income 4 39 2 2 3 7 2 4 19 15 16 15 16
Interest 10 8 7 5 6 6 21 19 15 6 10 3 3
Depreciation 24 25 23 20 15 16 17 20 26 27 35 33 33
Profit before tax -34 8 -2 12 24 47 42 57 75 96 29 -33 -21
Tax % 0% 0% 0% 0% 0% 0% 34% 36% 31% 36% 2% 26%
Net Profit -34 8 -2 12 24 47 28 37 52 62 28 -24 -16
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 -0.70 -0.47
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 2%
5 Years: -11%
3 Years: -25%
TTM: -9%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 14%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -25%
1 Year: -2%
Return on Equity
10 Years: %
5 Years: 5%
3 Years: 3%
Last Year: -5%

Balance Sheet

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 Mar 2021 Sep 2021
39 39 39 39 39 39 42 57 57 55 69 69 69
Reserves -81 -73 -66 -53 -28 19 85 491 543 548 563 541 528
Borrowings 196 191 173 149 128 285 223 150 50 74 22 23 22
41 40 35 36 31 55 140 63 49 53 34 23 26
Total Liabilities 195 197 181 171 170 398 490 761 699 731 688 657 645
102 78 59 42 32 19 230 312 297 310 309 283 268
CWIP 4 4 2 1 0 0 66 0 0 0 0 0 0
Investments 1 3 0 0 0 0 15 27 156 172 208 202 213
88 111 120 127 138 379 179 423 246 249 170 172 164
Total Assets 195 197 181 171 170 398 490 761 699 731 688 657 645

Cash Flows

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 Mar 2021
21 34 36 65 61 79 40 86 49 5
5 -2 -5 -201 -60 -211 3 -44 32 4
-24 -27 -26 160 -32 205 -116 -40 -89 -7
Net Cash Flow 2 6 6 24 -31 73 -72 2 -7 2

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 Mar 2021
Debtor Days 172 188 186 171 149 140 123 110 135 141 156 221
Inventory Days
Days Payable
Cash Conversion Cycle 172 188 186 171 149 140 123 110 135 141 156 221
Working Capital Days 100 166 112 99 110 436 71 63 107 110 144 224
ROCE % -1% 3% 12% 22% 22% 22% 14% 12% 14% 4% -5%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
73.65 73.65 73.65 73.86 73.94 74.05 74.05 74.05 74.05 74.05 74.05 74.05
2.43 1.18 0.79 0.79 0.83 0.16 0.16 0.15 0.13 0.14 0.15 0.14
8.34 10.21 10.90 15.73 15.57 14.73 10.37 8.47 8.38 8.06 5.49 5.47
15.59 14.96 14.66 9.62 9.67 11.06 15.42 17.33 17.44 17.75 20.31 20.34

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