ZeeL net profit surges to Rs 400 crore in Q3

Domestic subscription revenue grew by 9.3 per cent.

MUMBAI: Zee Entertainment Enterprises Ltd (ZeeL) has reported a consolidated net profit of Rs 400 crore for the quarter ended 31 December 2020. The company had posted a net profit of Rs 349 crore in the year-ago period.

The company's Q3 consolidated total income rose by 30 per cent to Rs 2,757 crore as against Rs 2,120 crore in December 2019. Consolidated revenue grew by 33.2 per cent to Rs 2,729 crore; excluding content syndication deal of Rs 551 crore, revenue grew 6.3 per cent.

Revenue for the quarter stood at Rs 2,178.1 crore, while the EBITDA was at Rs 715.7 crore.

The report stated that domestic advertising grew by 7.5 per cent and domestic subscription revenue was up 9.3 per cent on a like-to-like basis.

On the outbreak of the pandemic affecting economic activities, ZeeL stated, “The impact on the results for the quarter and nine months ended 31 December 2020 is primarily due to restrictions caused by the Covid2019 on the business activities.”

Therefore, the results for the quarter and nine months ended 31 December 2020 are not strictly comparable with the results of the earlier periods presented, it further added. "The Group has assessed the impact of this pandemic and the same has been incorporated in the plans going forward.”

In its regulatory filing the company also mentioned that it has taken numerous steps aimed at augmenting liquidity, conserving cash including various cost-saving initiatives, and sale of non-core and other assets.

"Based on the assessment and steps being taken, the Group expects no further adjustments to the carrying amounts of the property plant and equipment, intangible assets (including goodwill), investments, receivables, inventory and other current assets, as at 31 December 2020," it said.

Further, Zee has sold 49 per cent equity shares of its wholly owned subsidiary, Fly-By-Wire International Pvt Ltd. During the quarter, the board of directors of the company have approved acquisition of film production and distribution business from Zee Studios Ltd (a wholly owned subsidiary of the Company). The business transfer agreement is yet to be finalised and consequently, the effect of this transaction has not been given in these results.

It also highlighted that the network share declined due to FTA channels losing share and decline in overall Hindi movie genre. It reported growth of 18 per cent that includes revenue from music business which has been reclassified as subscription revenue in this fiscal. Comparable growth of 9.3 per cent in domestic business has been driven by both television and Zee5.

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