Results     24-Jan-25
Analysis
Zee Entertainment Enterprises
Net Profit up 180% YoY to Rs 163.6 crore in Q3FY2025
On consolidated basis

Quarter ended December 2024 compared with Quarter ended December 2023.

Net sales (including other operating income) of Zee Entertainment Enterprises has declined 3.27% to Rs 1978.8 crore.  

Operating profit margin has jumped from 10.22% to 16.21%, leading to 53.44% rise in operating profit to Rs 320.70 crore.  Employee cost increased from 11.94% to 12.30%.   Other expenses fell from 77.85% to 71.50%.   Selling and administration expenses rose from 12.38% to 15.04%.   Other direct service cost fell from 58.05% to 50.37%.   

Other income rose 24.55% to Rs 34.5 crore.  PBIDT rose 50.06% to Rs 355.2 crore.  Provision for interest fell 40.98% to Rs 10.8 crore.  

PBDT rose 57.69% to Rs 344.4 crore.  Provision for depreciation fell 13.53% to Rs 65.8 crore.  

Profit before tax grew 95.78% to Rs 278.60 crore.  Extraordinary items were decreased to Rs -80.90 crore.  Provision for tax was expense of Rs 34.2 crore, compared to Rs 28.8 crore.  Effective tax rate was 17.29% compared to 35.08%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 206.94% to Rs 163.60 crore.  

Promoters’ stake was 3.99% as of 31 December 2024 ,compared to 3.99% as of 31 December 2023 .  Promoters pledged stake was 5.38% as of 31 December 2024 ,compared to 5.38% as of 31 December 2023 .  

Year-to-date (YTD) results analysis.

Net sales (including other operating income) of Zee Entertainment Enterprises has declined 5.52% to Rs 6110 crore.  

Operating profit margin has jumped from 10.83% to 14.97%, leading to 30.50% rise in operating profit to Rs 914.40 crore.  Employee cost decreased from 11.81% to 11.40%.   Other expenses fell from 77.36% to 73.63%.   Selling and administration expenses rose from 12.42% to 13.86%.   Other direct service cost fell from 58.08% to 52.95%.   

Other income fell 23.44% to Rs 87.2 crore.  PBIDT rose 22.96% to Rs 1001.6 crore.  Provision for interest fell 62.27% to Rs 24.6 crore.  

PBDT rose 30.37% to Rs 977 crore.  Provision for depreciation fell 7.46% to Rs 214.6 crore.  

Profit before tax grew 47.32% to Rs 762.40 crore.  Extraordinary items were increased to Rs -98.60 crore.  Provision for tax was expense of Rs 165.3 crore, compared to Rs 80 crore.  Effective tax rate was 24.89% compared to 29.95%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 166.60% to Rs 498.80 crore.  

Promoters’ stake was 3.99% as of 31 December 2024 ,compared to 3.99% as of 31 December 2023 .  Promoters pledged stake was 5.38% as of 31 December 2024 ,compared to 5.38% as of 31 December 2023 .  


Full year results analysis.

Net sales (including other operating income) of Zee Entertainment Enterprises has increased 6.79% to Rs 8637.2 crore.  

Operating profit margin has declined from 13.69% to 10.55%, leading to 17.70% decline in operating profit to Rs 911.00 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 12.33% to Rs 1040.3 crore.  Provision for interest rose 2.65% to Rs 72.1 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 13.27% to Rs 968.2 crore.  Provision for depreciation fell 1.17% to Rs 309.1 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 -278.40 crore.  Provision for tax was expense of Rs 181.9 crore, compared to Rs 216.69 crore.  Effective tax rate was 47.73% compared to 46.29%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 20.76% to Rs 199.20 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:

 

Advertising revenue for the quarter improved by 4% QoQ, and declined by 8% YoY due to sluggish festive season. Sustained consumption slowdown is resulting in lower FMCG Ad spending.

 

Subscription revenue YoY Growth driven by both Linear subscription revenue and ZEE5.

 

Other sales and services declined YoY due to leaner movie calendar and lower syndication revenue.

 

International revenue break-up: Q3FY2025 advertisement revenue stood at Rs 60.0 crore, subscription revenue stood at Rs 86.6 crore and other sales and service revenue stood at Rs 20.8 crore.

 

 



Zee Entertainment Enterprises : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202412202312Var.(%)202412202312Var.(%)202403202303Var.(%)
Net Sales (including other operating income)1,978.802,045.70-3.276,110.006,467.30-5.528,637.208,087.906.79
OPM (%)16.2110.22599 bps14.9710.83413 bps10.5513.69-314 bps
OP320.70209.0053.44914.40700.7030.50911.001,106.92-17.70
Other Inc.34.5027.7024.5587.20113.90-23.44129.3079.7262.19
PBIDT355.20236.7050.061,001.60814.6022.961,040.301,186.64-12.33
Interest10.8018.30-40.9824.6065.20-62.2772.1070.242.65
PBDT344.40218.4057.69977.00749.4030.37968.201,116.40-13.27
Depreciation65.876.1-13.53214.6231.9-7.46309.1312.75-1.17
PBT278.60142.3095.78762.4517.547.32659.1803.65-17.99
Share of Profit/(Loss) from Associates0.10.100.30.300.4-0.1LP
PBT before EO278.7142.495.72762.7517.847.30659.5803.55-17.93
EO Income-80.9-60.3-34.16-98.6-250.760.67-278.4-335.4817.01
PBT after EO197.882.1140.93664.1267.1148.63381.1468.07-18.58
Taxation34.228.818.75165.380106.63181.9216.69-16.06
PAT163.653.3206.94498.8187.1166.60199.2251.38-20.76
Minority Interest (MI)00-00-00-
Net profit163.653.3206.94498.8187.1166.60199.2251.38-20.76
P/(L) from discontinued operations net of tax05.2--7.7-5986.95-57.8-203.5971.61
Net profit after discontinued operations163.658.5179.66491.1128.1283.37141.447.79195.88
EPS (Rs)*2.400.96149.425.963.7857.973.594.49-20.16
* 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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