Television

Q3-2015: Zeel PAT up 44.5%; income up 14.8%; ad revenue up 8.5%

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BENGALURU: The Subhash Chandra-led content and broadcast player Zee Entertainment Enterprises Limited (Zeel) reported a 44.5 per cent hike in y-o-y PAT to Rs 308.61 crore (22.6 per cent of Total Income from Operations or TIO) in Q3-2015 from Rs 213.59 crore (18 per cent of TIO) in Q3-2014 and a 36 per cent increment from the Rs 227 crore (20.3 per cent of TIO) reported in the previous quarter. The company’s year to date (YTD) PAT at Rs 746.73 crore was 10.7 per cent higher than the Rs 674.5 crore during 9M-2014.

Zeel reported 14.8 per cent higher TIO in Q3-2015 at Rs 1363.72 crore as compared to Rs 1188.36 crore in the corresponding quarter of last year and 22 per cent more than the Rs 1117.82 crore in Q2-2015. TIO for 9M-2015 at Rs 3536.60 was 8.4 per cent more than the Rs 3262.89 crore in 9M-2014.

The company’s advertisement revenue in Q3-2015 at Rs 742.6 crore (54.5 per cent of TIO) was 8.5 per cent more than the Rs 683.41 crore (57.6 per cent of TIO) in Q3-2014 and 18.6 per cent more than the Rs 625.94 crore (56 per cent of TIO) in the immediate trailing quarter. During 9M-2015, ad revenue increased 10.7 per cent to Rs 1990.64 crore (56.3 per cent of TIO) from Rs 1797.69 crore (55.1 per cent of TIO) in 9M-2015.

Let’s look at the other results reported by Zeel:

Zeel reported a 2.3 per cent drop in subscription revenue to Rs 446.13 crore (32.7 per cent of TIO) from Rs 456.49 crore (38.4 per cent of TIO) in Q3-2014, but reported 5.1 per cent higher subscription revenue than the Rs 424.45 crore (38 per cent of TIO) in the immediate trailing quarter. Zeel says that due to a change in arrangements with various operators across international territories, the reporting of subscription revenue for the current year has undergone a change and is not comparable to the with the figures of previous years.

The company’s other income in Q3-2015 more than tripled (up 3.68 times) to Rs 174.99 crore from Rs 47.56 crore in the corresponding quarter of last year and more than doubled (up 2.6 times) the Rs 67.43 crore in Q2-2015. Other Income in 9M-2015 at Rs 263.25 crore more than doubled (up 2.1 times) as compared to the Rs 126.52 crore in 9M-2015.

Zeel’s Total Expenditure (TE) in Q3-2015 at Rs 1027.36 crore (75.3 per cent of TIO) grew 12.8 per cent from Rs 911.10 crore (76.7 per cent of TIO) in Q3-2014 and was 26.7 per cent more than the Rs 810.75 crore (72.5 per cent of TIO) in Q2-2015. 9M-2015 TE at Rs 2603.57 crore (73.6 per cent of TIO) was 8.4 per cent more than the Rs 2401.39 crore (73.6 per cent of TIO) in 9M-2014.

Operation cost in Q3-2015 at Rs 645.57 crore (47.3 per cent of TIO) was 5.9 per cent more than the Rs 609.50 crore in Q3-2014 and 32.3 per cent more than the Rs 470.30 crore (42.1 per cent of TIO) in Q2-2015. Operation cost in 9M-2015 at Rs 1519.25 crore (43 per cent of TIO) was 0.3 per cent lower than the Rs 1524.37 crore (46.7 per cent of TIO) in 9M-2014.

Zeel’s Employee Benefit Expense (EBE) in Q3-2015 at Rs 109.27 crore (8 per cent of TIO) was 14 per cent more than the Rs 95.86 crore (8.1 per cent of TIO) in Q3-2014 and was 1.2 per cent more than the Rs 107.96 crore (9.7 per cent of TIO) in Q2-2015. EBE during 9M-2015 at Rs 328.94 crore (9.3 per cent of TIO) was 13.2 per cent more than the Rs 290.68 crore (8.9 per cent of TIO) in 9M-2014.

Zeel chairman Subhash Chandra said, “Our quarterly performance reflects the investments that Zee is making to grow its business and market share. We will continue to pursue growth opportunities, which would enhance long term shareholder value.”

Zeel managing director and chief executive officer Punit Goenka added, “We had a good quarterly performance reflecting the industry wide trend. On the domestic subscription front, we grew in low double digit figures during the quarter. On a sustained basis, we are growing in high single digits on domestic subscription revenues. Implementation of digitization in the remaining parts of the country will push the growth momentum further.”

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