On consolidated basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 20.45% to Rs 2437.79 crore.
Operating profit margin has declined
from 15.56% to 13.65%, leading to 5.65% rise in operating profit to Rs 332.75
crore. Employee cost decreased from 10.90% to 10.66%.
Other expenses rose from 73.54% to 75.69%. Selling and
administration expenses fell from 15.57% to 11.20%. Other direct
service cost rose from 50.23% to 58.47%.
Other income rose 322.73% to Rs
71.78 crore. PBIDT rose 21.87% to Rs 404.53
crore. Provision for interest rose 144.51% to Rs 23.4
crore. Loan funds declined from Rs 300.11 crore as of 30 September
2022 to Rs 251.54 crore as of 30 September 2023. Inventories
declined from Rs 7,154.88 crore as of 30 September 2022 to Rs 7,021.64 crore as
of 30 September 2023. Sundry debtors were higher at Rs 2,256.24
crore as of 30 September 2023 compared to Rs 1,755.74 crore as of 30 September
2022. Cash and bank balance declined from Rs 877.10 crore as of 30
September 2022 to Rs 565.52 crore as of 30 September
2023. Investments declined from Rs 55.79 crore as of 30 September
2022 to Rs 38.99 crore as of 30 September 2023.
PBDT rose 18.23% to Rs 381.13
crore. Provision for depreciation rose 3.89% to Rs 77.23
crore. Fixed assets declined from Rs 845.47 crore as of 30 September
2022 to Rs 736.43 crore as of 30 September 2023. Intangible assets declined
from Rs 656.03 crore to Rs 566.16 crore.
Profit before tax grew 22.53% to Rs
303.90 crore. Extraordinary items were decreased to Rs -119.75
crore. Provision for tax was expense of Rs 54.35 crore, compared to
Rs 64.2 crore. Effective tax rate was 29.50% compared to 31.89%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 5.29% to Rs 129.88 crore.
Equity capital stood at Rs 96.06
crore as of 30 September 2023 to Rs 96.06 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 30
September 2023 ,compared to 3.99% as of 30 September 2022
. Promoters pledged stake was 5.38% as of 30 September 2023
,compared to 5.38% as of 30 September 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 14.34% to Rs 4421.59 crore.
Operating profit margin has declined
from 15.09% to 11.12%, leading to 15.74% decline in operating profit to Rs
491.53 crore. Employee cost increased from 10.57% to 11.75%.
Other expenses rose from 74.34% to 77.13%. Selling and
administration expenses fell from 14.09% to 12.45%. Other direct
service cost rose from 52.20% to 58.09%.
Other income rose 70.20% to Rs 86.24
crore. PBIDT fell 8.88% to Rs 577.77 crore. Provision for
interest rose 165.78% to Rs 46.83 crore. Loan funds declined from Rs
300.11 crore as of 30 September 2022 to Rs 251.54 crore as of 30 September 2023. Inventories
declined from Rs 7,154.88 crore as of 30 September 2022 to Rs 7,021.64 crore as
of 30 September 2023. Sundry debtors were higher at Rs 2,256.24
crore as of 30 September 2023 compared to Rs 1,755.74 crore as of 30 September
2022. Cash and bank balance declined from Rs 877.10 crore as of 30
September 2022 to Rs 565.52 crore as of 30 September
2023. Investments declined from Rs 55.79 crore as of 30 September
2022 to Rs 38.99 crore as of 30 September 2023.
PBDT fell 13.87% to Rs 530.94 crore. Provision
for depreciation rose 6.88% to Rs 155.75 crore. Fixed assets
declined from Rs 845.47 crore as of 30 September 2022 to Rs 736.43 crore as of
30 September 2023. Intangible assets declined from Rs 656.03 crore to
Rs 566.16 crore.
Profit before tax down 20.29% to Rs
375.19 crore. Share of profit/loss was 500% higher at Rs 0.18
crore. Extraordinary items were decreased to Rs -190.39
crore. Provision for tax was expense of Rs 51.23 crore, compared to
Rs 126.96 crore. Effective tax rate was 27.69% compared to 32.21%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 49.95% to Rs 133.75 crore.
Equity capital stood at Rs 96.06
crore as of 30 September 2023 to Rs 96.06 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 30
September 2023 ,compared to 3.99% as of 30 September 2022
. Promoters pledged stake was 5.38% as of 30 September 2023
,compared to 5.38% as of 30 September 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 increased to Rs 1,048.70 crore as of 31 March
2023 from Rs 967.27 crore as of 31 March 2022. Intangible assets
declined from Rs 344.97 crore to Rs 330.16 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 216.69 crore, compared to
Rs 527.77 crore. Effective tax rate was 46.29% compared to 35.22%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company decreased
74.34% to Rs 251.38 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 came at Rs 941.1 crore, QoQ up by 4.4%, YoY
declined by 2.1%.
Subscription revenue YoY up 8.0%, driven by pick up in Linear
subscription revenue post NTO 3.0 & ZEE5.
Other sales and services revenue YoY up 201% aided by
higher syndication and strong theatrical performance of movies.
In Q2FY2024, international
advertisement revenue stood at Rs 38.1 crore, subscription revenue stood at Rs
108.8 crore and other sales and service revenue stood at 26.7 crore.
| Zee Entertainment Enterprises : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,437.79 | 2,023.90 | 20.45 | 4,421.59 | 3,867.04 | 14.34 | 8,087.90 | 8,185.71 | -1.19 | | OPM (%) | 13.65 | 15.56 | -191 bps | 11.12 | 15.09 | -397 bps | 13.69 | 21.70 | -802 bps | | OP | 332.75 | 314.96 | 5.65 | 491.53 | 583.38 | -15.74 | 1,106.92 | 1,776.62 | -37.70 | | Other Inc. | 71.78 | 16.98 | 322.73 | 86.24 | 50.67 | 70.20 | 79.72 | 120.15 | -33.65 | | PBIDT | 404.53 | 331.94 | 21.87 | 577.77 | 634.05 | -8.88 | 1,186.64 | 1,896.77 | -37.44 | | Interest | 23.40 | 9.57 | 144.51 | 46.83 | 17.62 | 165.78 | 70.24 | 43.80 | 60.37 | | PBDT | 381.13 | 322.37 | 18.23 | 530.94 | 616.43 | -13.87 | 1,116.40 | 1,852.97 | -39.75 | | Depreciation | 77.23 | 74.34 | 3.89 | 155.75 | 145.72 | 6.88 | 312.75 | 221.25 | 41.36 | | PBT | 303.90 | 248.03 | 22.53 | 375.19 | 470.71 | -20.29 | 803.65 | 1631.72 | -50.75 | | Share of Profit/(Loss) from Associates | 0.08 | -0.05 | LP | 0.18 | 0.03 | 500.00 | -0.1 | 0.1 | PL | | PBT before EO | 303.98 | 247.98 | 22.58 | 375.37 | 470.74 | -20.26 | 803.55 | 1631.82 | -50.76 | | EO Income | -119.75 | -46.64 | -156.75 | -190.39 | -76.54 | -148.75 | -335.48 | -133.3 | -151.67 | | PBT after EO | 184.23 | 201.34 | -8.50 | 184.98 | 394.2 | -53.07 | 468.07 | 1498.52 | -68.76 | | Taxation | 54.35 | 64.2 | -15.34 | 51.23 | 126.96 | -59.65 | 216.69 | 527.77 | -58.94 | | PAT | 129.88 | 137.14 | -5.29 | 133.75 | 267.24 | -49.95 | 251.38 | 970.75 | -74.10 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | -8.79 | - | | Net profit | 129.88 | 137.14 | -5.29 | 133.75 | 267.24 | -49.95 | 251.38 | 979.54 | -74.34 | | P/(L) from discontinued operations net of tax | -6.92 | -24.25 | 71.46 | -64.21 | -47.75 | -34.47 | -203.59 | -14.98 | -1,259.08 | | Net profit after discontinued operations | 122.96 | 112.89 | 8.92 | 69.54 | 219.49 | -68.32 | 47.79 | 964.56 | -95.05 | | EPS (Rs)* | 2.23 | 1.76 | 26.87 | 2.83 | 3.32 | -14.97 | 4.49 | 11.11 | -59.54 | | | * 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 |
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