On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 3.99% to Rs 1845.74 crore.
Operating profit margin has declined
from 18.83% to 12.77%, leading to 29.47% decline in operating profit to Rs
235.76 crore. Employee cost decreased from 12.85% to 11.77%.
Other expenses rose from 68.32% to 75.46%. Selling and
administration expenses rose from 10.04% to 12.56%. Other direct
service cost rose from 48.81% to 54.32%.
Other income rose 0.63% to Rs 33.79
crore. PBIDT fell 26.72% to Rs 269.55 crore. Provision
for interest rose 319.69% to Rs 8.1 crore.
PBDT fell 28.55% to Rs 261.45
crore. Provision for depreciation rose 31.95% to Rs 77.8
crore.
Profit before tax down 40.17% to Rs
183.65 crore. Share of profit/loss was 700% higher at Rs 0.08
crore. Extraordinary items were decreased to Rs -15.00
crore. Provision for tax was expense of Rs 62.13 crore, compared to
Rs 94.47 crore. Effective tax rate was 36.82% compared to 31.15%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 50.13% to Rs 106.60 crore.
Promoters’ stake was 3.99% as of 30
June 2022 ,compared to 3.99% as of 30 June 2021 . Promoters pledged
stake was 5.38% as of 30 June 2022 ,compared to 5.38% as of 30 June 2021
.
Full year results analysis.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 5.94% to Rs 8189.31 crore.
Operating profit margin has jumped
from 20.62% to 20.98%, leading to 7.81% rise in operating profit to Rs 1,718.36
crore. Employee cost decreased from 10.59% to 10.55%.
Other expenses fell from 68.79% to 68.46%. Selling and
administration expenses rose from 7.98% to 10.55%. Other direct
service cost rose from 48.52% to 49.39%.
Other income rose 9.87% to Rs 121.33
crore. PBIDT rose 7.94% to Rs 1839.69 crore. Provision
for interest fell 20.94% to Rs 45.13 crore. Loan funds declined from
Rs 423.12 crore as of 31 March 2021 to Rs 76.31 crore as of 31 March
2022. Inventories rose to Rs 6,386.24 crore as of 31 March 2022 from
Rs 5,403.04 crore as of 31 March 2021. Sundry debtors were lower at
Rs 1,737.47 crore as of 31 March 2022 compared to Rs 1,945.15 crore as of 31
March 2021. Cash and bank balance rose to Rs 1,273.25 crore as of 31
March 2022 from Rs 1,090.67 crore as of 31 March 2021. Investments
declined from Rs 798.29 crore as of 31 March 2021 to Rs 65.13 crore as of 31
March 2022.
PBDT rose 8.94% to Rs 1794.56
crore. Provision for depreciation fell 7.20% to Rs 245.85
crore. Fixed assets declined from Rs 886.29 crore as of 31 March
2021 to Rs 695.49 crore as of 31 March 2022. Intangible assets
increased from Rs 380.38 crore to Rs 616.75 crore.
Profit before tax grew 12.04% to Rs
1,548.71 crore. Extraordinary items were decreased to Rs -133.30
crore. Provision for tax was expense of Rs 459.74 crore, compared to
Rs 462.53 crore. Effective tax rate was 32.48% compared to 36.84%.
Minority interest decreased 25.39%
to Rs -8.79 crore. Net profit attributable to owners of the company
increased 20.56% to Rs 964.56 crore.
Equity capital stood at Rs 96.06
crore as of 31 March 2022 to Rs 96.06 crore as of 31 March 2021. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 31
March 2022 ,compared to 3.99% as of 31 March 2021 . Promoters
pledged stake was 5.38% as of 31 March 2022 ,compared to 5.38% as of 31 March 2021
.
Cash flow from operating activities
decreased to Rs 271.44 crore for year ended March 2022 from Rs 1,547.69 crore
for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 236.13 crore, compared to Rs
205.99 crore during the year ended March 2021.
Operational
highlights:
Domestic Ad revenues stood at Rs. 925.7 cr, YoY grew by 5.8%, de-grew
QoQ by 14%. Ad Revenue growth for the quarter was impacted by FTA withdrawal
(Zee Anmol) and lower Ad spends by brands due to weak macroeconomic conditions.
Subscription revenue YoY down 5.1%, QoQ down 10%; Pricing embargo
continue to impact linear revenue growth. Q1FY2023 is also impacted by timing
of some of the company’s B2B deals and renewals.
Other sales and services revenue YoY up Rs 62.4 cr; QoQ down Rs 250.5
cr; Q4FY2022 had higher theatrical revenue from The Kashmir files, Valimai,
Bangar Raju.
In Q1FY2023 international Advertising revenue stood at Rs 50. 6 cr,
Subscription revenue stood at Rs 107.4 cr , Other Sales & Services at Rs
23.9 cr.
| Zee Entertainment Enterprises : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,845.74 | 1,774.98 | 3.99 | 8,189.31 | 7,729.92 | 5.94 | | OPM (%) | 12.77 | 18.83 | -606 bps | 20.98 | 20.62 | 36 bps | | OP | 235.76 | 334.25 | -29.47 | 1,718.36 | 1,593.88 | 7.81 | | Other Inc. | 33.79 | 33.58 | 0.63 | 121.33 | 110.43 | 9.87 | | PBIDT | 269.55 | 367.83 | -26.72 | 1,839.69 | 1,704.31 | 7.94 | | Interest | 8.10 | 1.93 | 319.69 | 45.13 | 57.08 | -20.94 | | PBDT | 261.45 | 365.90 | -28.55 | 1,794.56 | 1,647.23 | 8.94 | | Depreciation | 77.8 | 58.96 | 31.95 | 245.85 | 264.92 | -7.20 | | PBT | 183.65 | 306.94 | -40.17 | 1548.71 | 1382.31 | 12.04 | | Share of Profit/(Loss) from Associates | 0.08 | 0.01 | 700.00 | 0.1 | -0.1 | LP | | PBT before EO | 183.73 | 306.95 | -40.14 | 1548.81 | 1382.21 | 12.05 | | EO Income | -15 | -3.7 | -305.41 | -133.3 | -126.64 | -5.26 | | PBT after EO | 168.73 | 303.25 | -44.36 | 1415.51 | 1255.57 | 12.74 | | Taxation | 62.13 | 94.47 | -34.23 | 459.74 | 462.53 | -0.60 | | PAT | 106.6 | 208.78 | -48.94 | 955.77 | 793.04 | 20.52 | | Minority Interest (MI) | 0 | -4.96 | - | -8.79 | -7.01 | -25.39 | | Net profit | 106.6 | 213.74 | -50.13 | 964.56 | 800.05 | 20.56 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 106.6 | 213.74 | -50.13 | 964.56 | 800.05 | 20.56 | | EPS (Rs)* | 1.21 | 2.25 | -46.35 | 10.99 | 9.17 | 19.83 | | | * 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 |
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