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Zee: Subscription succor

Jan 29, 2003

Zee Telefilms, the broadcasting major, has posted a sharp rise in standalone revenues for the second quarter ended December 2002. While net profits have declined during the same period, on a consolidated basis, the company's performance is commendable. Backed by strong subscription revenues, tightening of costs and merger of ETC Networks Ltd. with the company, consolidated net profit for the first nine months of the current fiscal year is higher by 22% to Rs 1.7 bn.

Standalone
(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Net sales 853 1,240 45.3% 2,888 3,051 5.6%
Other Income 165 171 3.8% 554 514 -7.3%
Expenditure 470 879 87.3% 1,811 2,232 23.2%
Operating Profit (EBDIT) 384 361 -6.0% 1,077 819 -24.0%
Operating Profit Margin (%) 45.0% 29.1%   37.3% 26.8%  
Interest 161 148 -7.5% 447 419 -6.2%
Depreciation 19 25 34.8% 50 73 46.2%
Profit before Tax 370 358 -3.1% 1,135 841 -25.9%
Tax 131 136 4.5% 301 292 -3.0%
Profit after Tax/(Loss) 239 222 -7.2% 834 549 -34.1%
Net profit margin (%) 28.0% 17.9%   28.9% 18.0%  
No. of Shares (m) 412.5 412.5   412.5 412.5  
Diluted Earnings per share (Rs)* 2.3 2.2   2.7 1.8  
P/E ratio (x)         45.1  
(* annualised)            

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