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Zee News Ltd consolidated Q1 revenues at Rs 648.5 mn

23-July-2010
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Zee News Ltd consolidated Q1 revenues at Rs 648.5 mn

Zee News Ltd (ZNL) has reported consolidated revenues of Rs 648.5 million in the first quarter fiscal 2011. ZNL’s consolidated EBITDA stood at Rs 81.2 million despite the losses of the recently launched Zee Tamizh, Zee News Uttar Pradesh and Zee 24 Ghantalu. Net Profit before tax stood at Rs 55.3 million.

The Board of Directors in its meeting held on July 22, 2010, approved and took on record the un-audited financial results of ZNL for the quarter ended on June 30, 2010.

Subhash Chandra, Chairman, ZNL, said, “Continuing its sound performance in FY 09-10, ZNL has started FY 10-11 with a great zeal. Immediately after de-merger the company’s aim was to consolidate its existing operations. Our focus on innovation, efficiency enhancement, and further rationalization of cost has enhanced our competitive advantage and has resulted in such encouraging performance.”

Commenting on the first quarter numbers, Chandra added, “ZNL has out-performed the industry in Q1 of FY 2010-11.The advertising revenue of the company grew by 14.5%, which is quite creditable given the fact that last year during the same period news genre enjoyed an unprecedented revenue growth owning to general elections of the Country. Aggressive business strategy, coupled with operational efficiency has enabled us achieve a 12.5% EBITDA margin for the Company despite the losses accruing from the 3 newly launched channels. In a cluttered television news market where profitability is a prerogative of only a select few, ZNL’s performance certainly stands apart.”

Punit Goenka, Managing Director, ZNL, said, “The first quarter of current fiscal has been a great start, and is heartening to know most of the channels increased their viewership share compared to last fiscal. The performance of newly launched Zee News UP and Zee 24 Ghantalu has been extremely encouraging. Our revenue growth has been fueled both by advertisement and subscription revenue. We continue to focus on current deliverables and our 12.5% EBITDA margin, including losses of 3 new channels, bears testimony of our operational expertise and edge. It gives us confidence to judiciously explore expansion opportunities, as we are on course with our endeavor of consolidating our news operations.”

Barun Das, CEO, ZNL, said, “our “existing business” has set a new benchmark in the industry by achieving a 34% of EBITDA margin. Once again it has been an all round performance contributed by all the channels at the national and regional level. It is extremely encouraging for us to see that our focus on sensible news for Zee News has earned viewer’s respect, which resulted in increased in its viewership share. The viewership performances of newly launched Zee News UP and Zee 24 Ghantalu have been encouraging and we are confident to meet the breakeven targets that we set for ourselves. The overall sentiment for the economy as a whole and adverting industry in particular, is quite positive. Therefore we are quite optimistic about our performance going forward.”

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