On consolidated basis
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 7.63% to Rs 1983.8 crore.
Operating profit margin has declined
from 14.56% to 8%, leading to 40.85% decline in operating profit to Rs 158.78
crore. Employee cost increased from 10.22% to 13.09%.
Other expenses rose from 75.22% to 78.91%. Selling and
administration expenses rose from 12.46% to 13.98%. Other direct
service cost rose from 54.37% to 57.63%.
Other income fell 57.08% to Rs 14.46
crore. PBIDT fell 42.66% to Rs 173.24 crore. Provision
for interest rose 191.06% to Rs 23.43 crore.
PBDT fell 49.05% to Rs 149.81
crore. Provision for depreciation rose 10% to Rs 78.52
crore.
Profit before tax down 67.99% to Rs
71.29 crore. Share of profit/loss was 25% higher at Rs 0.1
crore. Extraordinary items were decreased to Rs -70.64
crore. Provision for tax was expense of Rs 55.38 crore, compared to
Rs 86.9 crore. Effective tax rate was 7,384.00% compared to 45.06%.
Minority interest was nil in both
the periods.
Promoters’ stake was 3.99% as of 30
June 2023 ,compared to 3.99% as of 30 June 2022 . Promoters pledged
stake was 5.38% as of 30 June 2023 ,compared to 5.38% as of 30 June 2022
.
Full year results analysis.
Net sales (including other operating income) of Zee Entertainment Enterprises
has declined 1.19% to Rs 8087.9 crore.
Operating profit margin has declined
from 21.70% to 13.69%, leading to 37.70% decline in operating profit to Rs
1,106.92 crore. Employee cost increased from 10.09% to 10.19%.
Other expenses rose from 68.20% to 76.13%. Selling and
administration expenses rose from 10.49% to 13.05%. Other direct
service cost rose from 49.38% to 55.25%.
Other income fell 33.65% to Rs 79.72
crore. PBIDT fell 37.44% to Rs 1186.64 crore. Provision
for interest rose 60.37% to Rs 70.24 crore. Loan funds rose to Rs
282.02 crore as of 31 March 2023 from Rs 76.31 crore as of 31 March
2022. Inventories rose to Rs 7,307.89 crore as of 31 March 2023 from
Rs 6,386.24 crore as of 31 March 2022. Sundry debtors were lower at
Rs 1,608.79 crore as of 31 March 2023 compared to Rs 1,737.47 crore as of 31
March 2022. Cash and bank balance declined from Rs 1,273.25 crore as
of 31 March 2022 to Rs 804.02 crore as of 31 March 2023. Investments
declined from Rs 65.13 crore as of 31 March 2022 to Rs 34.89 crore as of 31
March 2023.
PBDT fell 39.75% to Rs 1116.4
crore. Provision for depreciation rose 41.36% to Rs 312.75
crore. Fixed assets declined from Rs 967.27 crore as of 31 March
2022 to Rs 780.68 crore as of 31 March 2023. Intangible assets
increased from Rs 344.97 crore to Rs 598.18 crore.
Profit before tax down 50.75% to Rs
803.65 crore. Extraordinary items were decreased to Rs -335.48
crore. Provision for tax was expense of Rs 423.59 crore, compared to
Rs 527.77 crore. Effective tax rate was 90.50% compared to 35.22%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 95.46% to Rs 44.48 crore.
Equity capital stood at Rs 96.06
crore as of 31 March 2023 to Rs 96.06 crore as of 31 March 2022. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 31
March 2023 ,compared to 3.99% as of 31 March 2022 . Promoters
pledged stake was 5.38% as of 31 March 2023 ,compared to 5.38% as of 31 March
2022 .
Cash flow from operating activities
decreased to Rs 129.05 crore for year ended March 2023 from Rs 280.04 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 267.64 crore, compared to Rs
236.13 crore during the year ended March 2022.
Operational
highlights:
Domestic Ad revenues stood at Rs. 901.8 cr, YoY lower by 2.6%, QoQ down
by 6.4%. Muted Ad spending environment as Q1 started off on a soft note, with
IPL during the first two months of the quarter. Green shoots emerged towards
the quarter end, with early signs of Ad spends starting to pick up, led by FMCG.
Subscription revenue YoY up by 18.0%, driven by pick up in subscription
revenue post NTO 3.0 & ZEE5.
Other sales and services revenue YoY up 42% aided by
Theatrical revenue from movie releases.
In Q1FY2024 international Advertising revenue stood at Rs 39.1 cr,
Subscription revenue stood at Rs 106.2 cr , Other Sales & Services at Rs 21.3
cr.
| Zee Entertainment Enterprises : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,983.80 | 1,843.15 | 7.63 | 8,087.90 | 8,185.71 | -1.19 | | OPM (%) | 8.00 | 14.56 | -656 bps | 13.69 | 21.70 | -802 bps | | OP | 158.78 | 268.42 | -40.85 | 1,106.92 | 1,776.62 | -37.70 | | Other Inc. | 14.46 | 33.69 | -57.08 | 79.72 | 120.15 | -33.65 | | PBIDT | 173.24 | 302.11 | -42.66 | 1,186.64 | 1,896.77 | -37.44 | | Interest | 23.43 | 8.05 | 191.06 | 70.24 | 43.80 | 60.37 | | PBDT | 149.81 | 294.06 | -49.05 | 1,116.40 | 1,852.97 | -39.75 | | Depreciation | 78.52 | 71.38 | 10.00 | 312.75 | 221.25 | 41.36 | | PBT | 71.29 | 222.68 | -67.99 | 803.65 | 1631.72 | -50.75 | | Share of Profit/(Loss) from Associates | 0.1 | 0.08 | 25.00 | -0.1 | 0.1 | PL | | PBT before EO | 71.39 | 222.76 | -67.95 | 803.55 | 1631.82 | -50.76 | | EO Income | -70.64 | -29.9 | -136.25 | -335.48 | -133.3 | -151.67 | | PBT after EO | 0.75 | 192.86 | -99.61 | 468.07 | 1498.52 | -68.76 | | Taxation | 55.38 | 86.9 | -36.27 | 423.59 | 527.77 | -19.74 | | PAT | -54.63 | 105.96 | PL | 44.48 | 970.75 | -95.42 | | Minority Interest (MI) | 0 | 0 | - | 0 | -8.79 | - | | Net profit | -54.63 | 105.96 | PL | 44.48 | 979.54 | -95.46 | | P/(L) from discontinued operations net of tax | 1.21 | 0.64 | 89.06 | 3.31 | -14.98 | LP | | Net profit after discontinued operations | -53.42 | 106.6 | PL | 47.79 | 964.56 | -95.05 | | EPS (Rs)* | -.56 | 1.27 | PL | 0.80 | 11.11 | -92.83 | | | * EPS is on current equity of Rs 96.05 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
|