On consolidated basis
Quarter ended September 2022
compared with Quarter ended September 2021.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 2.51% to Rs 2028.4 crore.
Operating profit margin has declined
from 20.38% to 14.66%, leading to 26.29% decline in operating profit to Rs
297.29 crore. Employee cost increased from 10.30% to 11.62%.
Other expenses rose from 69.32% to 73.72%. Selling and
administration expenses rose from 12.38% to 15.62%. Other direct
service cost rose from 45.67% to 50.15%.
Other income fell 44.44% to Rs 17.6
crore. PBIDT fell 27.61% to Rs 314.89 crore. Provision
for interest rose 341.55% to Rs 9.67 crore. Loan funds declined from
Rs 459.32 crore as of 30 September 2021 to Rs 300.11 crore as of 30 September
2022. Inventories rose to Rs 7,154.88 crore as of 30 September 2022
from Rs 5,629.93 crore as of 30 September 2021. Sundry debtors were
lower at Rs 1,755.74 crore as of 30 September 2022 compared to Rs 1,931.04
crore as of 30 September 2021. Cash and bank balance declined from
Rs 1,120.01 crore as of 30 September 2021 to Rs 877.10 crore as of 30 September
2022. Investments declined from Rs 510.56 crore as of 30 September
2021 to Rs 55.79 crore as of 30 September 2022.
PBDT fell 29.48% to Rs 305.22
crore. Provision for depreciation rose 36.33% to Rs 81.55
crore. Fixed assets increased to Rs 1,156.27 crore as of 30
September 2022 from Rs 623.27 crore as of 30 September
2021. Intangible assets declined from Rs 601.62 crore to Rs 345.23
crore.
Profit before tax down 40.03% to Rs
223.67 crore. Extraordinary items were decreased to Rs -46.64
crore. Provision for tax was expense of Rs 64.09 crore, compared to
Rs 92.96 crore. Effective tax rate was 36.21% compared to 25.89%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 58.21% to Rs 112.89 crore.
Equity capital stood at Rs 96.06
crore as of 30 September 2022 to Rs 96.06 crore as of 30 September
2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 30
September 2022 ,compared to 3.99% as of 30 September 2021
. Promoters pledged stake was 5.38% as of 30 September 2022
,compared to 5.38% as of 30 September 2021 .
year-to-date (YTD) results analysis.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 3.21% to Rs 3874.14 crore.
Operating profit margin has declined
from 19.65% to 14.14%, leading to 25.71% decline in operating profit to Rs
547.95 crore. Employee cost decreased from 11.50% to 11.31%.
Other expenses rose from 68.85% to 74.55%. Selling and
administration expenses rose from 11.27% to 14.16%. Other direct
service cost rose from 47.15% to 52.14%.
Other income fell 21.25% to Rs 51.39
crore. PBIDT fell 25.35% to Rs 599.34 crore. Provision
for interest rose 331.31% to Rs 17.77 crore. Loan funds declined
from Rs 459.32 crore as of 30 September 2021 to Rs 300.11 crore as of 30
September 2022. Inventories rose to Rs 7,154.88 crore as of 30
September 2022 from Rs 5,629.93 crore as of 30 September
2021. Sundry debtors were lower at Rs 1,755.74 crore as of 30
September 2022 compared to Rs 1,931.04 crore as of 30 September
2021. Cash and bank balance declined from Rs 1,120.01 crore as of 30
September 2021 to Rs 877.10 crore as of 30 September
2022. Investments declined from Rs 510.56 crore as of 30 September
2021 to Rs 55.79 crore as of 30 September 2022.
PBDT fell 27.19% to Rs 581.57 crore. Provision
for depreciation rose 34.16% to Rs 159.35 crore. Fixed assets
increased to Rs 1,156.27 crore as of 30 September 2022 from Rs 623.27 crore as
of 30 September 2021. Intangible assets declined from Rs 601.62 crore
to Rs 345.23 crore.
Profit before tax down 37.90% to Rs
422.22 crore. Share of profit/loss was 40% lower at Rs 0.03
crore. Extraordinary items were decreased to Rs -76.54
crore. Provision for tax was expense of Rs 126.22 crore, compared to
Rs 187.43 crore. Effective tax rate was 36.51% compared to 28.30%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 54.64% to Rs 219.49 crore.
Equity capital stood at Rs 96.06
crore as of 30 September 2022 to Rs 96.06 crore as of 30 September
2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 3.99% as of 30
September 2022 ,compared to 3.99% as of 30 September 2021
. Promoters pledged stake was 5.38% as of 30 September 2022
,compared to 5.38% as of 30 September 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 increased to Rs 967.27 crore as of 31 March 2022
from Rs 886.29 crore as of 31 March 2021. Intangible assets declined
from Rs 380.38 crore to Rs 344.97 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. 961.0 cr, YoY lower by 7.7%, QoQ up by
4%. Ad Revenue YoY growth was impacted by FTA withdrawal (Zee Anmol) and challenging
macroeconomic conditions.
Subscription revenue YoY up by 4.2%, QoQ up 6.5%; Q2
FY23 subscription revenues
were aided by catchup revenue
from previous quarter in linear business and underlying organic growth in Zeee5 and Music.
Other sales and services revenue YoY up 92% aided
by
theatrical revenues and others syndication deals.
In Q2FY2023 international Advertising revenue stood at Rs 51.8 cr,
Subscription revenue stood at Rs 106.0 cr , Other Sales & Services at Rs 19.5
cr.
| Zee Entertainment Enterprises : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,028.40 | 1,978.79 | 2.51 | 3,874.14 | 3,753.77 | 3.21 | 8,189.31 | 7,729.92 | 5.94 | | OPM (%) | 14.66 | 20.38 | -573 bps | 14.14 | 19.65 | -551 bps | 20.98 | 20.62 | 36 bps | | OP | 297.29 | 403.33 | -26.29 | 547.95 | 737.58 | -25.71 | 1,718.36 | 1,593.88 | 7.81 | | Other Inc. | 17.60 | 31.68 | -44.44 | 51.39 | 65.26 | -21.25 | 121.33 | 110.43 | 9.87 | | PBIDT | 314.89 | 435.01 | -27.61 | 599.34 | 802.84 | -25.35 | 1,839.69 | 1,704.31 | 7.94 | | Interest | 9.67 | 2.19 | 341.55 | 17.77 | 4.12 | 331.31 | 45.13 | 57.08 | -20.94 | | PBDT | 305.22 | 432.82 | -29.48 | 581.57 | 798.72 | -27.19 | 1,794.56 | 1,647.23 | 8.94 | | Depreciation | 81.55 | 59.82 | 36.33 | 159.35 | 118.78 | 34.16 | 245.85 | 264.92 | -7.20 | | PBT | 223.67 | 373.00 | -40.03 | 422.22 | 679.94 | -37.90 | 1548.71 | 1382.31 | 12.04 | | Share of Profit/(Loss) from Associates | -0.05 | 0.04 | PL | 0.03 | 0.05 | -40.00 | 0.1 | -0.1 | LP | | PBT before EO | 223.62 | 373.04 | -40.05 | 422.25 | 679.99 | -37.90 | 1548.81 | 1382.21 | 12.05 | | EO Income | -46.64 | -14 | -233.14 | -76.54 | -17.7 | -332.43 | -133.3 | -126.64 | -5.26 | | PBT after EO | 176.98 | 359.04 | -50.71 | 345.71 | 662.29 | -47.80 | 1415.51 | 1255.57 | 12.74 | | Taxation | 64.09 | 92.96 | -31.06 | 126.22 | 187.43 | -32.66 | 459.74 | 462.53 | -0.60 | | PAT | 112.89 | 266.08 | -57.57 | 219.49 | 474.86 | -53.78 | 955.77 | 793.04 | 20.52 | | Minority Interest (MI) | 0 | -4.08 | - | 0 | -9.04 | - | -8.79 | -7.01 | -25.39 | | Net profit | 112.89 | 270.16 | -58.21 | 219.49 | 483.9 | -54.64 | 964.56 | 800.05 | 20.56 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 112.89 | 270.16 | -58.21 | 219.49 | 483.9 | -54.64 | 964.56 | 800.05 | 20.56 | | EPS (Rs)* | 1.49 | 2.92 | -49.18 | 2.79 | 5.17 | -46.04 | 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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