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ZEE Entertainment posts strong performance in a challenging environment

Posted On: 2019-10-17 18:54:49

The Board of Directors in its meeting held today has approved and taken on record the unaudited consolidated financial results of Zee Entertainment Enterprises Limited (ZEEL) (BSE: 505537, NSE: ZEEL.EQ) and its subsidiaries tor the quarter ended September 30, 2019.

For the second quarter of FY20, ZEEL reported consolidated revenue of Rs. 21,220 million. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs. 6,929 million with an EBITDA margin of 32.7%. PAT for the qualter was Rs. 4,132 million.

Mr. Punit Goenka, Managing Director and CEO, ZEEL, commented, "I am pleased with the performance we have exhibited during the quarter. Our entertainment portfolio continues to grow from strength to strength across all formats and maintained its leading position. Our television network has emerged stronger post the implementation of tariff order on the back of a strong customer connect and brand pull of its channels. ZEE5 continued to gain traction across audience segments and markets, driven by its compelling content library and expanding list of partnerships across the digital eco-system.

This strong operating performance allowed us to deliver industry leading growth in both advertising and subscription despite the tough macro-economic environment. Domestic subscription growth of 27% has reaffirmed the value proposition our television network has built over the years. The impact of tariff order has now largely settled down and has brought increased transparency along with improved monetization. Our domestic advertising revenue growth, though significantly lower than historical trend, is higher than the industry growth. We have witnessed an improvement in ad spends through the quarter and we believe that the onset of festive season along with measures taken by the government will help revive the consumption growth."

Q2FY20 HIGHLIGHTS

- Total revenue for,the quarter was Rs. 21,220 million, growth of 7.4% YoY. The growth was driven by the strong performance of domestic broadcast and digital businesses.

- Advertising revenue for the quarter was Rs. 12,247 million, growth of 1.2% YoY. Domestic advertising revenue grew by 1.4% YoY to Rs. 11,690 million. International advertising revenue for the quarter was Rs. 557 million.

- Subscription revenue for the 'Iualter was Rs. 7,235 million, growth of 19.0% YaY. Domestic subscription revenue grew by 26.8% Yo Y to Rs. 6,459 million. Intcl11ational subscription revenue was Rs. 776 million.

- EBITDA (Earnings I3efore lnterest, Tax, Depreciation and Amortization) for the quarter grew by 2.5% to Rs. 6,929 million and EBITDA margin stood at 32.7%.

- ZEE5 recorded a peak DAU (Daily Active User) base of 8.9mn in the month of September.

- ZEEL's television network had an all-India viewership share of 18.4% during the quarter.

Shares of ZEE ENTERTAINMENT ENTERPRISES LTD. was last trading in BSE at Rs.264.7 as compared to the previous close of Rs. 259.75. The total number of shares traded during the day was 1159490 in over 14444 trades.

The stock hit an intraday high of Rs. 273.75 and intraday low of 256. The net turnover during the day was Rs. 306247118.


Source: Equity Bulls

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