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Zee Ent: Operating Margins Continue Expansion

Jun 9, 2016 | Updated on Oct 30, 2019

Zee Entertainment has announced its results for the fourth quarter of the financial year 2015-16 (4QFY16). The company has reported 14% YoY growth in sales and a 13% YoY growth in profit after tax. Here is our detailed analysis of the results.

Performance summary
  • Zee's sales grew by 14% YoY in 4QFY16.
  • The company managed to curtail its overall operating costs, causing a rise in EBITDA margins from 20.1% in 4QFY15 to 27% in the quarter gone by. This caused operating profit to grow by 52.7% YoY, higher than the revenue growth.
  • Profit after tax grew by 13% YoY.
  • The board has recommended payment of dividend of Rs 2.25 per equity share.

    Financial Performance Snapshot
    (Rs m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Net sales 13,471 15,316 13.7% 48,837 58,515 19.8%
    Expenditure 10,763 11,181 3.9% 36,300 43,419 19.6%
    Operating profit (EBDITA) 2,708 4,136 52.7% 12,537 15,096 20.4%
    EBDITA margin (%) 20.1% 27.0% 6.9% 25.7% 25.8% 0.1%
    Other income 564 458 -18.9% 2,278 2,016 -11.5%
    Interest 30 42 41.3% 103 123 19.9%
    Depreciation & amortisation 174 273 57.1% 673 840 24.8%
    Profit before tax 3,068 4,278 39.4% 14,039 16,148 15.0%
    Exceptional items 0 0 0 331
    Tax 749 1,618 116.2% 4,284 5,528 29.0%
    Profit after tax before minority interest 2,319 2,659 14.7% 9,755 10,289 5.5%
    Minority interest -25 50 37 18
    Share of profit & loss of associate -37 -4 57 -4
    Profit after tax 2,308 2,606 12.9% 9,775 10,268 5.0%
    Net profit margin (%) 17.1% 17.0% 20.0% 17.5%
    No. of shares (m) 960.5
    Basic reported earnings per share (Rs) 10.7
    P/E (x)* 42.0

    (*on a trailing twelve month basis)

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