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Ad revenue growth drives Zee Media numbers up in Q1 FY20

Y-o-y Op revenue grew 30%, ad revenue grew 36%, EBITDA grew 84%

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BENGALURU: The Essel group’s Zee Media Corporation Ltd (ZMCL) reported 29.7 per cent growth in consolidated operating revenue for the quarter ended 30 June 2019 (Q1 2020, quarter or period under review) at Rs 200.66 crore as compared to Rs 154.69 crore for the corresponding year ago quarter Q1 2019 (y-o-y). Growth in numbers was led by 35.7 per cent y-o-y growth in advertising revenue in Q1 2020 at Rs 185.90 crore as compared to Rs 136.97 crore in Q1 2019. Subscription revenue for Q1 2020 increased 1.6 per cent y-o-y to Rs 11.28 crore from Rs 11.10 crore. Other sales and services declined 47.5 per cent y-o-y to Rs 3.47 crore during the period under review from Rs 6.62 crore.

However, the company’s consolidated profit after tax (PAT) for Q1 2020 declined 52.9 per cent to Rs 26.07 crore from Rs 55.38 crore in Q1 2019. It must be noted that ZMCL had sold off its entire equity stake in Ez-Mall Online to a related party effective 30 June 2018 and the company has arranged for impairment as per Ind-AS-109 for its investments in Diligent Media Corporation Ltd. For further details please refer to the company’s financial statements. Consolidated operating EBITDA for the quarter under review increased 83.6 per cent y-o-y in Q1 2020 to Rs 65.88 crore from Rs 35.88 crore.

Let us look at the other numbers reported by the company

Consolidated total expenditure for Q1 2020 increased 13.4 per cent y-o-y to Rs 134.78 crore from Rs 130.45 crore. Operating costs increased 41.7 per cent y-o-y in Q 2020 to Rs 36.12 crore from Rs 25.49 crore. Employee Benefits Expense in Q1 2020 increased 21.8 per cent y-o-y to Rs 42.40 crore from Rs 34.81 crore. Marketing, distribution and business promotion expenses in Q1 2020 increased 7 per cent y-o-y in Q1 2020 to Rs 22.23 crore from Rs 20.77 crore. Other expenses during the quarter under review declined 9.8 per cent y-o-y to Rs 34.03 crore from Rs 37.74 crore.

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