Zee Media Corporation Limited has reported operating revenues for Q1 of FY16 at Rs 1,352.6 million, a growth of 1.3 per cent over corresponding period of FY15. EBITDA for Q1 of FY16 stood at Rs 147.7 million, a growth of 606.4 per cent over Q1 of FY15.
Subhash Chandra, Non-executive Chairman of the Board, said: “The Indian economy has started showing sparks of movement towards the promised growth trajectory. More projects are being implemented and simultaneously, the number of stalled projects has been declining. The fact that index of industrial production grew by 3 per cent during April-May compared to same period previous fiscal points to a revival in business sentiment in the country. In the first quarter, growth received a much needed momentum after RBI slashed its benchmark policy rate buoyed by softening of inflation. It is heartening to note that wholesale inflation was consistently negative and consumer inflation stayed within RBI’s set targets. There was positive news on agriculture front as well with better than expected monsoons, which led to a substantial increase in crops sowing compared to last year. With the macroeconomic environment promising a brighter future, the media and entertainment sector is expected to use the emerging opportunities – increased ad spends – to chart a robust growth path.”
Dr Bhaskar Das, Group CEO, News Cluster, said, “We at Zee Media understand the ever increasing and evolving demands of customer – both viewers and advertisers – in the broadcasting ecosystem. Content is indeed the king and customer occupies the centrestage. That’s why we are exploring new areas of innovation, both in form and content, in such a way that media is again established as the fourth pillar of democracy. As a pioneer in the industry, we seek to reinforce our commitment to the mass middle through our engaging and thought provoking content. We seek to improve our understanding and increase our collaboration with the change agents who are creating a positive impact on the development of our country. This I am hopeful will help us break the clutter and create meaningful content differentiation in the highly fragmented news TV genre.”
Ashish Kirpal Pandit, CEO, ZMCL said: “As the company sets itself apart from the me-too content environment, we are hopeful that new-age advertiser will find immense value in partnering with us for pushing their communication through our differentiated media vehicles. While we are looking at investing to upgrade our content, we remain focused on maintaining a robust bottomline. As a process driven entity, we have been successful in optimizing costs which reflects in the improved EBITDA margins. We are also trying to gauge the full impact of BARC ratings and how it’s going to play out in future.”