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Results
14-Feb-24
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Analysis
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Zee Entertainment Enterprises
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Net Profit up 140.7 % YoY to Rs 58.5 crore in Q3FY2024
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On consolidated basis
Quarter ended December 2023 compared with Quarter ended December 2022.
Net sales (including other operating income) of Zee Entertainment Enterprises
has declined 2.99% to Rs 2045.77 crore.
Operating profit margin has declined
from 17.63% to 10.23%, leading to 43.72% decline in operating profit to Rs
209.27 crore. Employee cost increased from 9.46% to 11.94%.
Other expenses rose from 72.91% to 77.84%. Selling and
administration expenses rose from 11.38% to 12.37%. Other direct
service cost rose from 53.48% to 58.05%.
Other income rose 86.29% to Rs 27.59
crore. PBIDT fell 38.74% to Rs 236.86 crore. Provision
for interest rose 41.29% to Rs 18.34 crore.
PBDT fell 41.52% to Rs 218.52
crore. Provision for depreciation fell 9.02% to Rs 76.14 crore.
Profit before tax down 50.90% to Rs
142.38 crore. Extraordinary items were increased to Rs -60.34
crore. Provision for tax was expense of Rs 28.8 crore, compared to
Rs 63.74 crore. Effective tax rate was 35.06% compared to 52.78%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 6.47% to Rs 53.34 crore.
Promoters’ stake was 3.99% as of 31
December 2023 ,compared to 3.99% as of 31 December 2022 . Promoters
pledged stake was 5.38% as of 31 December 2023 ,compared to 5.38% as of 31
December 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 8.23% to Rs 6467.36 crore.
Operating profit margin has declined
from 15.98% to 10.84%, leading to 26.63% decline in operating profit to Rs
700.80 crore. Employee cost increased from 10.18% to 11.81%.
Other expenses rose from 73.84% to 77.36%. Selling and
administration expenses fell from 13.13% to 12.42%. Other direct
service cost rose from 52.65% to 58.08%.
Other income rose 73.84% to Rs
113.83 crore. PBIDT fell 20.19% to Rs 814.63
crore. Provision for interest rose 112.97% to Rs 65.17
crore.
PBDT fell 24.30% to Rs 749.46
crore. Provision for depreciation rose 1.08% to Rs 231.89
crore.
Profit before tax down 31.96% to Rs
517.57 crore. Extraordinary items were decreased to Rs -250.73
crore. Provision for tax was expense of Rs 80.03 crore, compared to
Rs 190.67 crore. Effective tax rate was 29.96% compared to 37.03%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 42.31% to Rs 187.09 crore.
Promoters’ stake was 3.99% as of 31
December 2023 ,compared to 3.99% as of 31 December 2022 . Promoters
pledged stake was 5.38% as of 31 December 2023 ,compared to 5.38% as of 31
December 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 986.7 crore , QoQ up by 4.9%, YoY
declined by 2.7%. Domestic Ad revenue was impacted by Cricket during Q3. While
Q3 saw some seasonal festive uptick, overall pace of Ad environment recovery
continues to be slow
Subscription revenue normalized growth of 10%. (Q3 FY23 subscription revenues
were aided by recognition of Rs 59 crores amount from Siti Network).
Other sales and services revenue YoY down 36% due to
fewer movie releases during the quarter.
In Q3FY2024, international
advertisement revenue stood at Rs 40.0 crore, subscription revenue stood at Rs 94.4
crore and other sales and service revenue stood at 2Rs 16.9 crore.
| Zee Entertainment Enterprises : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,045.77 | 2,108.75 | -2.99 | 6,467.36 | 5,975.79 | 8.23 | 8,087.90 | 8,185.71 | -1.19 | | OPM (%) | 10.23 | 17.63 | -740 bps | 10.84 | 15.98 | -515 bps | 13.69 | 21.70 | -802 bps | | OP | 209.27 | 371.82 | -43.72 | 700.80 | 955.19 | -26.63 | 1,106.92 | 1,776.62 | -37.70 | | Other Inc. | 27.59 | 14.81 | 86.29 | 113.83 | 65.48 | 73.84 | 79.72 | 120.15 | -33.65 | | PBIDT | 236.86 | 386.63 | -38.74 | 814.63 | 1,020.67 | -20.19 | 1,186.64 | 1,896.77 | -37.44 | | Interest | 18.34 | 12.98 | 41.29 | 65.17 | 30.60 | 112.97 | 70.24 | 43.80 | 60.37 | | PBDT | 218.52 | 373.65 | -41.52 | 749.46 | 990.07 | -24.30 | 1,116.40 | 1,852.97 | -39.75 | | Depreciation | 76.14 | 83.69 | -9.02 | 231.89 | 229.41 | 1.08 | 312.75 | 221.25 | 41.36 | | PBT | 142.38 | 289.96 | -50.90 | 517.57 | 760.66 | -31.96 | 803.65 | 1631.72 | -50.75 | | Share of Profit/(Loss) from Associates | 0.1 | -0.22 | LP | 0.28 | -0.19 | LP | -0.1 | 0.1 | PL | | PBT before EO | 142.48 | 289.74 | -50.82 | 517.85 | 760.47 | -31.90 | 803.55 | 1631.82 | -50.76 | | EO Income | -60.34 | -168.97 | 64.29 | -250.73 | -245.51 | -2.13 | -335.48 | -133.3 | -151.67 | | PBT after EO | 82.14 | 120.77 | -31.99 | 267.12 | 514.96 | -48.13 | 468.07 | 1498.52 | -68.76 | | Taxation | 28.8 | 63.74 | -54.82 | 80.03 | 190.67 | -58.03 | 216.69 | 527.77 | -58.94 | | PAT | 53.34 | 57.03 | -6.47 | 187.09 | 324.29 | -42.31 | 251.38 | 970.75 | -74.10 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | -8.79 | - | | Net profit | 53.34 | 57.03 | -6.47 | 187.09 | 324.29 | -42.31 | 251.38 | 979.54 | -74.34 | | P/(L) from discontinued operations net of tax | 5.2 | -32.71 | LP | -59.01 | -80.48 | 26.68 | -203.59 | -14.98 | -1,259.08 | | Net profit after discontinued operations | 58.54 | 24.32 | 140.71 | 128.08 | 243.81 | -47.47 | 47.79 | 964.56 | -95.05 | | EPS (Rs)* | 0.96 | 1.43 | -32.47 | 3.78 | 4.99 | -24.29 | 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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