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Ushodaya Enterprises Private Limited: Ratings Reaffirmed

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Ushodaya Enterprises Private Limited: Ratings Reaffirmed July 16, 2020 Ushodaya Enterprises Private Limited: Ratings reaffirmed Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Term Loans 240.13 240.13 [ICRA]AA (Stable); reaffirmed Short-term, Fund-based Limits 135.0 135.0 [ICRA]A1+; reaffirmed Short-term, Non-fund Based 10.0 10.0 [ICRA]A1+; reaffirmed Limits Total 385.13 385.13 *Instrument details are provided in Annexure-1 Rationale The ratings reflect the healthy financial profile of Ushodaya Enterprises Private Limited (UEPL) as characterised by robust debt servicing indicators, limited debt levels and strong liquidity position. The company had sizeable unencumbered cash and bank balances and liquid investments of Rs. 1,407.2 crore (at the consolidated level, as on March 31, 2020) against a total consolidated debt of Rs. 253.2 crore as on March 31, 2020. The ratings continue to reflect the strong market position of the Eenadu newspaper and the ETV-Telugu channel (under UEPL’s 50.94% subsidiary, Eenadu Television Private Limited or ETPL) in Andhra Pradesh and Telangana. The ratings also favourably factor in the financial flexibility enjoyed by UEPL as part of the Ramoji Group. UEPL’s operating profit margins (OPM) at the standalone level had weakened over FY2019 and FY2020 owing to high (imported) newsprint costs and a subdued macro environment, which adversely impacted the advertisement revenues. Newsprint prices had increased by 28%1 in FY2019 owing to the rise in demand for virgin pulp-based newsprint (following the ban on import of waste paper by China). While the newsprint prices softened from Q4 FY2019 onwards, UEPL’s cost of consumption of newsprint, remained high in FY2020 due to accumulation of high-priced newsprint stocks towards the end of FY2019, which were consumed by UEPL till June 2020. Coupled with 14% YoY decline in advertisement revenues in FY2020, this adversely impacted the OPM of UEPL’s print segment in FY2020. The ramp up in the subscriber base for the recently launched (in March 2019) ETV Bharat, a mobile-based application, has remained slow, restricting UEPL’s ability to move to a subscription-based revenue model. Coupled with the high operating expenses, this resulted in a loss of Rs. 71 crore for the division in 9M FY2020, which additionally dragged down the OPM at the standalone level. Priya Foods, the foods division of UEPL, reported flat sales in FY2020 (vis-à-vis FY2019), following the management’s conscious decision to reduce trading of edible oil, given the volatility in its prices. The division, however, enjoys a strong market position in Andhra Pradesh and Telangana. Despite the above, the OPM at the consolidated level remained adequately supported by the strong operating performance of ETPL, which reported 20% YoY growth in revenues in FY2020. While the advertisement revenues of ETPL witnessed 18% YoY degrowth in FY2020, the overall revenue growth was bolstered by a robust 74% YoY growth in subscription revenues following the implementation of the New Tariff Order (NTO, with effect from February 1, 2019). The OPM of ETPL also remained robust at 44.1% in FY2020. At the consolidated level, as per provisional financials, UEPL reported 1% YoY growth in revenues to Rs. 1,518.6 crore in 9M FY2020, with an OPM of 17.3% over 25.0% in 9M FY2019. 1 Reflects increase in cost of consumption for UEPL for FY2019 over FY2018 1 Following the outbreak of the Covid-19 pandemic, UEPL’s earnings are expected to be adversely impacted in FY2021, as corporates (across key sectors) are expected to cut back on their discretionary advertisement spends. The circulation revenues for Eenadu were also impacted in Q1 FY2021 amid the distribution challenges following the lockdown. The same, however, are expected to pick-up from Q2 FY2021 onwards, upon easing of lockdown restrictions. ICRA also notes the increasing competition to newspaper publications from digital media, which impacted the circulation volumes for UEPL over FY2019 and FY2020, with a YoY degrowth of 6% in FY2020. The current crisis may further accelerate the migration of readership towards the digital medium. While advertisement and circulation revenues are expected to be adversely impacted in FY2021, the subscription revenues for ETPL are expected to hold steady as subscribers maintain their television viewing following limited avenues of outdoor entertainment. UEPL also has visibility of low cost newsprint stock for FY2021. Coupled with cost-saving measures being undertaken by the company, this should provide some support to UEPL’s consolidated OPM in FY2021. The pace of recovery of UEPL’s operating performance will remain contingent upon the severity of the pandemic, easing of restrictions and revival of the economy thereafter. UEPL lacks geographic diversity with the Eenadu newspaper’s publication limited to Andhra Pradesh and Telangana. It also faces high concentration risk for its television broadcasting business towards a single channel, ETV Telugu. Furthermore, UEPL’s advertisement revenues remain vulnerable to cyclical downturns and the newspaper business remains susceptible to volatility in newsprint costs. ETV Bharat is also expected to continue to report losses for the next two to three years. ICRA would continue to monitor the turnaround in operations / profitability of this business division. ICRA also notes the various contingent liabilities with respect to direct taxes, which are under appeal. While the company has paid part of them under protest, it also has sufficient cash and bank balances to meet the remaining liability if the appeals go against the company. ICRA will continue to monitor the developments in this regard. Key rating drivers Credit strengths Healthy financial profile – Despite the debt drawn in the past to fund the capital expenditure (capex) plans, the credit profile of the company remains strong, with high cash and bank balances and liquid investments. The capital structure of the company remained healthy at 0.1x (at consolidated level) as on December 31, 2019 due to healthy accruals and lower debt levels. The debt coverage indicators also remained healthy, as reflected by interest coverage of 14.3 times and net cash accruals / total debt of 123% for 9M FY2020. The company’s liquidity position is strong, underpinned by sizeable unencumbered cash and bank balances, and liquid investments of Rs. 1,407.2 crore (at the consolidated level, as on March 31, 2020), against a total debt of Rs. 253.2 crore as on March 31, 2020. Strong market position of Eenadu newspaper and ETV-Telugu channel in Andhra Pradesh and Telangana – Eenadu ranks tenth among all the newspapers in India in terms of total readership as per the Indian Readership Survey (IRS) Q4 2020 data. Moreover, Eenadu leads the print medium in Andhra Pradesh and Telangana. ETPL’s general entertainment channel, ETV Telugu, is among the top two channels by market share2 in Andhra Pradesh and Telangana. Strong market position of Priya Foods in Andhra Pradesh and Telangana – With presence across pickles, spices, instant mixes, commodities trading, edible oil trading, among others, Priya Foods leads the organised food and food products industry in Andhra Pradesh and Telangana. It, however, continues to face competition from the unorganised segment. 2 As per BARC data for FY2020, Andhra Pradesh/Telangana market, M/F 15+, All, as provided by the company. 2 Financial flexibility by being a part of the Ramoji Group with a professional and experienced management team – The Ramoji Group, of which UEPL is a part, has diversified its business interests, with huge asset holdings in various companies such as the 1,700-acre land holding in Ramoji Film City. UEPL enjoys strong financial flexibility as a part of the Group, with a professional and experienced management team. Credit challenges Lack of geographic diversity for its newspaper publication business; high concentration risk for television broadcasting business – Eenadu newspaper’s presence is limited to two states—Andhra Pradesh and Telangana—exposing it to the political and economic developments in the region. Nonetheless, comfort is drawn from the leadership position of Eenadu newspaper in these states. More than 70% of the revenues and profitability of ETPL is derived from a single channel—ETV Telugu—indicating high concentration risk. Nonetheless, comfort is drawn from the healthy market share of ETV Telugu in Andhra Pradesh and Telangana. Profitability of Eenadu remains vulnerable to increase in newsprint prices – The main cost element for a newspaper company is the newsprint cost. Newsprint prices have been volatile and it may not always be possible to pass on the increase to the customers through an increase in cover price or higher advertisement tariff. Newsprint prices had increased by 28%3 in FY2019 owing to the rise in demand for virgin pulp-based newsprint (following ban on import of waste paper by China). This resulted in a moderation in UEPL’s publication division OPM to 25.8% in FY2019 from 31.5% in FY2018. While newsprint prices softened from Q4 FY2019 onwards, UEPL’s cost of consumption of newsprint, remained high in FY2020 due to accumulation of high-priced newsprint stocks towards the end of FY2019. Coupled with decline in advertisement revenues in 9M FY2020, this resulted in a decline in the OPM of the publication division to 16.5% in 9M FY2020, against 29.6% in 9M FY2019 (as per provisional financials). These high cost newsprint stocks have lasted till June 2020 for UEPL. The company now has visibility of low cost newsprint stock for FY2021, which is expected to provide some support to its OPM in FY2021. Vulnerability of advertisement revenues to cyclical downturns – The newspaper publishing and television broadcasting industry remain vulnerable to cyclicality in advertisement spends by corporates and the rising competitive intensity, which challenge the company’s ability to retain market share, and by implication, its advertisement revenue share.
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