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Zee Ent : Other income boosts profits

Oct 24, 2013

Zee Entertainment has announced the results for the second quarter of the financial year 2013-14 (2QFY14). The company has reported 15.5% YoY growth in sales and a strong 26% YoY growth in profit after tax. Here is our detailed analysis of the results.

Performance summary
  • Zee's sales grew by 15.5% YoY in 2QFY14. The growth in sales was driven by 16% YoY growth in subscriptions; while advertising revenues grew by just 10.5% YoY. However, other sales and services which include syndication sales (pertaining to sports channels), play out & transmission services; which contributed 5.4% to the total sales, increased by 96.5% YoY.
  • Continuing the trend of 1QFY14, the company curtailed its programming and operating cost. It decreased from 50.2% of total sales in 2QFY13 to 45.8% in 2QFY14. This has restricted operating expenditure growth to just 7.5%; which is significantly lower than the sales growth. Consequently, operating profit increased by 42.7% YoY; resulting in 5.4% increase in EBITDA margin from 22.8% to 28.2% in 2QFY14.
  • Other income for 2QFY14 increased by 111% YoY. This was largely on account of realized gains on investment. However, growth in profit after tax was restricted to 26% YoY owing to relatively higher tax rate as compared to the last year's corresponding quarter.

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