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Zee Ent : Lower costs saving grace in 4Q

May 31, 2013

Zee Entertainment has announced the results for the fourth quarter of the financial year 2012-13 (4QFY13). The company has reported an 11% YoY growth in sales and a 12.1% YoY growth in net profits. Here is our analysis of the results.

Performance Summary
  • Zee's topline grew by 11% YoY helped by a 15.5% YoY growth in advertising and a 13% YoY growth in subscriptions. However, other sales and services registered a fall of 41% YoY in revenues. For the full year, topline grew by 21.7% YoY.
  • Geographically, domestic subscription revenues increased by 26.3% YoY for the full year. International subscriptions were up by 14% YoY as compared to last year.
  • The media company was able to contain its operating expenditure substantially and as such operating expenses increased by just 2% YoY during the quarter. Operating profits were thus up by 51.4% YoY during the quarter on an absolute basis. For the full year, operating profits increased by 29% YoY. Operating profit margins improved hugely by 6.7% during the quarter and by 1.5% during the full year.
  • Zee's tax expenses rose significantly by 64% YoY during the March quarter.
  • Net profits were up by 12.1% YoY during the quarter and by 22.1% YoY during the full year.Net profit margins remained stable at around 18% levels for the quarter.
  • Zee has declared an equity dividend of Rs 2 per share implying dividend yield of 0.8%.

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