On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 2.74% to Rs 2169.92 crore.
Operating profit margin has jumped
from 7.18% to 9.69%, leading to 38.58% rise in operating profit to Rs 210.26
crore. Employee cost increased from 10.20% to 11.76%.
Other expenses fell from 82.62% to 78.55%. Selling and
administration expenses fell from 12.82% to 12.18%. Other direct
service cost fell from 62.60% to 59.13%.
Other income rose 7.94% to Rs 15.37
crore. PBIDT rose 35.95% to Rs 225.63 crore. Provision
for interest fell 82.59% to Rs 6.9 crore. Loan funds declined from
Rs 282.02 crore as of 31 March 2023 to Rs 230.32 crore as of 31 March
2024. Inventories declined from Rs 7,307.89 crore as of 31 March
2023 to Rs 6,912.91 crore as of 31 March 2024. Sundry debtors were
higher at Rs 1,701.56 crore as of 31 March 2024 compared to Rs 1,608.79 crore
as of 31 March 2023. Cash and bank balance rose to Rs 1,193.19 crore
as of 31 March 2024 from Rs 804.02 crore as of 31 March
2023. Investments rose to Rs 39.02 crore as of 31 March 2024 from Rs
34.89 crore as of 31 March 2023 .
PBDT rose 73.14% to Rs 218.73
crore. Provision for depreciation fell 7.37% to Rs 77.2
crore. Fixed assets declined from Rs 1,048.70 crore as of 31 March
2023 to Rs 883.37 crore as of 31 March 2024. Intangible assets increased
from Rs 330.16 crore to Rs 330.26 crore.
Profit before tax grew 229.22% to Rs
141.53 crore. Share of profit/loss was 22.22% lower at Rs 0.07
crore. Extraordinary items were increased to Rs -27.63
crore. Provision for tax was expense of Rs 101.79 crore, compared to
Rs 26 crore. Effective tax rate was 89.31% compared to negative
55.45%.
Minority interest was nil in both
the periods.
Equity capital stood at Rs 96.06
crore as of 31 March 2024 to Rs 96.06 crore as of 31 March 2023. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 31
March 2024 ,compared to 3.99% as of 31 March 2023 . Promoters
pledged stake was 5.38% as of 31 March 2024 ,compared to 5.38% as of 31 March
2023 .
Full year results analysis.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 6.79% to Rs 8637.18 crore.
Operating profit margin has declined
from 13.69% to 10.55%, leading to 17.70% decline in operating profit to Rs
910.96 crore. Employee cost increased from 10.19% to 11.80%.
Other expenses rose from 76.13% to 77.66%. Selling and
administration expenses fell from 13.05% to 12.36%. Other direct
service cost rose from 55.25% to 58.34%.
Other income rose 62.19% to Rs 129.3
crore. PBIDT fell 12.34% to Rs 1040.26 crore. Provision
for interest rose 2.61% to Rs 72.07 crore. Loan funds declined from
Rs 282.02 crore as of 31 March 2023 to Rs 230.32 crore as of 31 March
2024. Inventories declined from Rs 7,307.89 crore as of 31 March
2023 to Rs 6,912.91 crore as of 31 March 2024. Sundry debtors were
higher at Rs 1,701.56 crore as of 31 March 2024 compared to Rs 1,608.79 crore
as of 31 March 2023. Cash and bank balance rose to Rs 1,193.19 crore
as of 31 March 2024 from Rs 804.02 crore as of 31 March 2023. Investments
rose to Rs 39.02 crore as of 31 March 2024 from Rs 34.89 crore as of 31 March
2023 .
PBDT fell 13.28% to Rs 968.19
crore. Provision for depreciation fell 1.17% to Rs 309.09
crore. Fixed assets declined from Rs 1,048.70 crore as of 31 March
2023 to Rs 883.37 crore as of 31 March 2024. Intangible assets
increased from Rs 330.16 crore to Rs 330.26 crore.
Profit before tax down 17.99% to Rs
659.10 crore. Extraordinary items were increased to Rs -278.36
crore. Provision for tax was expense of Rs 181.82 crore, compared to
Rs 216.69 crore. Effective tax rate was 47.71% compared to 46.29%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 20.73% to Rs 199.27 crore.
Equity capital stood at Rs 96.06
crore as of 31 March 2024 to Rs 96.06 crore as of 31 March 2023. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 31
March 2024 ,compared to 3.99% as of 31 March 2023 . Promoters
pledged stake was 5.38% as of 31 March 2024 ,compared to 5.38% as of 31 March
2023 .
Cash flow from operating activities
increased to Rs 714.34 crore for year ended March 2024 from Rs 129.05 crore for
year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 130.50 crore, compared to Rs
267.64 crore during the year ended March 2023.
Operational
highlights:
Domestic advertising revenue for the quarter grew by 10.6% YoY driven
by the continued recovery in macro advertising environment and spending pickup
by FMCG clients.
Subscription revenue growth driven by pick up in Linear subscription
revenue post NTO 3.0 & ZEE5.
Other sales and services revenue YoY down 57% due to fewer movie
releases and syndication during the quarter.
International revenue break-up:
Q4FY2024 advertisement revenue stood at Rs 44.2 crore, subscription revenue
stood at Rs 102.2 crore and other sales and service revenue stood at Rs 26.4
crore.
Dividend: The Board of
Directors have recommended payment of equity dividend of Rs. 1/- per equity
share of Re. 1/- each to the Members for the financial year 2023-24.
| Zee Entertainment Enterprises : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,169.92 | 2,112.11 | 2.74 | 8,637.18 | 8,087.90 | 6.79 | | OPM (%) | 9.69 | 7.18 | 251 bps | 10.55 | 13.69 | -314 bps | | OP | 210.26 | 151.73 | 38.58 | 910.96 | 1,106.92 | -17.70 | | Other Inc. | 15.37 | 14.24 | 7.94 | 129.30 | 79.72 | 62.19 | | PBIDT | 225.63 | 165.97 | 35.95 | 1,040.26 | 1,186.64 | -12.34 | | Interest | 6.90 | 39.64 | -82.59 | 72.07 | 70.24 | 2.61 | | PBDT | 218.73 | 126.33 | 73.14 | 968.19 | 1,116.40 | -13.28 | | Depreciation | 77.2 | 83.34 | -7.37 | 309.09 | 312.75 | -1.17 | | PBT | 141.53 | 42.99 | 229.22 | 659.1 | 803.65 | -17.99 | | Share of Profit/(Loss) from Associates | 0.07 | 0.09 | -22.22 | 0.35 | -0.1 | LP | | PBT before EO | 141.6 | 43.08 | 228.69 | 659.45 | 803.55 | -17.93 | | EO Income | -27.63 | -89.97 | 69.29 | -278.36 | -335.48 | 17.03 | | PBT after EO | 113.97 | -46.89 | LP | 381.09 | 468.07 | -18.58 | | Taxation | 101.79 | 26 | 291.50 | 181.82 | 216.69 | -16.09 | | PAT | 12.18 | -72.89 | LP | 199.27 | 251.38 | -20.73 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 12.18 | -72.89 | LP | 199.27 | 251.38 | -20.73 | | P/(L) from discontinued operations net of tax | 1.17 | -123.14 | LP | -57.84 | -203.59 | 71.59 | | Net profit after discontinued operations | 13.35 | -196.03 | LP | 141.43 | 47.79 | 195.94 | | EPS (Rs)* | 0.16 | 0.18 | -11.48 | 3.59 | 4.49 | -20.13 | | | * 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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