On consolidated basis
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating income) of Zee Entertainment Enterprises
has declined 0.07% to Rs 2111.18 crore.
Operating profit margin has declined
from 22.44% to 16.28%, leading to 27.48% decline in operating profit to Rs
343.74 crore. Employee cost increased from 10.10% to 10.25%.
Other expenses rose from 67.46% to 73.47%. Selling and
administration expenses rose from 10.80% to 11.46%. Other direct
service cost rose from 48.14% to 53.73%.
Other income fell 9.83% to Rs 16.05
crore. PBIDT fell 26.84% to Rs 359.79 crore. Provision
for interest rose 343.92% to Rs 13.14 crore.
PBDT fell 29.08% to Rs 346.65
crore. Provision for depreciation rose 53.57% to Rs 91.25 crore.
Profit before tax down 40.52% to Rs
255.40 crore. Extraordinary items were decreased to Rs -168.97
crore. Provision for tax was expense of Rs 61.9 crore, compared to
Rs 115.09 crore. Effective tax rate was 71.80% compared to 27.79%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 91.86% to Rs 24.31 crore.
Promoters’ stake was 3.99% as of 31
December 2022 ,compared to 3.99% as of 31 December 2021 . Promoters
pledged stake was 5.38% as of 31 December 2022 ,compared to 5.38% as of 31
December 2021 .
Year-to-date
(YTD) results analysis.
Net sales (including other operating income) of Zee Entertainment Enterprises
has increased 2.03% to Rs 5985.28 crore.
Operating profit margin has declined
from 20.65% to 14.90%, leading to 26.40% decline in operating profit to Rs
891.70 crore. Employee cost decreased from 11.00% to 10.94%.
Other expenses rose from 68.35% to 74.17%. Selling and
administration expenses rose from 11.10% to 13.21%. Other direct
service cost rose from 47.51% to 52.70%.
Other income fell 18.81% to Rs 67.44
crore. PBIDT fell 25.91% to Rs 959.14 crore. Provision
for interest rose 336.58% to Rs 30.91 crore.
PBDT fell 27.91% to Rs 928.23
crore. Provision for depreciation rose 40.63% to Rs 250.6
crore.
Profit before tax down 38.92% to Rs
677.63 crore. Extraordinary items were decreased to Rs -245.51
crore. Provision for tax was expense of Rs 188.12 crore, compared to
Rs 302.52 crore. Effective tax rate was 43.55% compared to 28.11%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 68.85% to Rs 243.81 crore.
Promoters’ stake was 3.99% as of 31
December 2022 ,compared to 3.99% as of 31 December 2021 . Promoters
pledged stake was 5.38% as of 31 December 2022 ,compared to 5.38% as of 31
December 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. 1015.4 cr, YoY lower by 15.8%, QoQ up
by 5.7%. Ad Revenue YoY growth was impacted by FTA withdrawal (Zee Anmol) and slowdown
in FMCG spends due to challenging macroeconomic conditions.
Subscription revenue YoY up by 11.2%, QoQ aided by underlying organic growth in
Zee5, Zee Music and by recognition of subscription revenue from Siti network.
Other sales and services revenue YoY up 148% by higher
syndication revenue. Theatrical performance continues to be
soft.
In Q3FY2023 international Advertising revenue stood at Rs 48.4 cr,
Subscription revenue stood at Rs 106.9 cr , Other Sales & Services at Rs 21.8
cr.
| Zee Entertainment Enterprises : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,111.18 | 2,112.64 | -0.07 | 5,985.28 | 5,866.41 | 2.03 | 8,189.31 | 7,729.92 | 5.94 | | OPM (%) | 16.28 | 22.44 | -615 bps | 14.90 | 20.65 | -575 bps | 20.98 | 20.62 | 36 bps | | OP | 343.74 | 473.98 | -27.48 | 891.70 | 1,211.56 | -26.40 | 1,718.36 | 1,593.88 | 7.81 | | Other Inc. | 16.05 | 17.80 | -9.83 | 67.44 | 83.06 | -18.81 | 121.33 | 110.43 | 9.87 | | PBIDT | 359.79 | 491.78 | -26.84 | 959.14 | 1,294.62 | -25.91 | 1,839.69 | 1,704.31 | 7.94 | | Interest | 13.14 | 2.96 | 343.92 | 30.91 | 7.08 | 336.58 | 45.13 | 57.08 | -20.94 | | PBDT | 346.65 | 488.82 | -29.08 | 928.23 | 1,287.54 | -27.91 | 1,794.56 | 1,647.23 | 8.94 | | Depreciation | 91.25 | 59.42 | 53.57 | 250.6 | 178.2 | 40.63 | 245.85 | 264.92 | -7.20 | | PBT | 255.40 | 429.40 | -40.52 | 677.63 | 1109.34 | -38.92 | 1548.71 | 1382.31 | 12.04 | | Share of Profit/(Loss) from Associates | -0.22 | 0.07 | PL | -0.19 | 0.12 | PL | 0.1 | -0.1 | LP | | PBT before EO | 255.18 | 429.47 | -40.58 | 677.44 | 1109.46 | -38.94 | 1548.81 | 1382.21 | 12.05 | | EO Income | -168.97 | -15.4 | -997.21 | -245.51 | -33.1 | -641.72 | -133.3 | -126.64 | -5.26 | | PBT after EO | 86.21 | 414.07 | -79.18 | 431.93 | 1076.36 | -59.87 | 1415.51 | 1255.57 | 12.74 | | Taxation | 61.9 | 115.09 | -46.22 | 188.12 | 302.52 | -37.82 | 459.74 | 462.53 | -0.60 | | PAT | 24.31 | 298.98 | -91.87 | 243.81 | 773.84 | -68.49 | 955.77 | 793.04 | 20.52 | | Minority Interest (MI) | 0 | 0.25 | - | 0 | -8.79 | - | -8.79 | -7.01 | -25.39 | | Net profit | 24.31 | 298.73 | -91.86 | 243.81 | 782.63 | -68.85 | 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 | 24.31 | 298.73 | -91.86 | 243.81 | 782.63 | -68.85 | 964.56 | 800.05 | 20.56 | | EPS (Rs)* | 0.75 | 3.23 | -76.68 | 3.98 | 8.40 | -52.59 | 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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