Zee Entertainment Enterprises Ltd (ZEEL) has reported consolidated revenue of Rs 7,980 million for the fourth quarter FY11, representing a 22.9 per cent growth over the corresponding period in the previous fiscal.
Profit after tax stood at Rs 1,918 million for the quarter ended March 31, 2011, recording a growth of 49 per cent as compared to the corresponding period last fiscal. Profit after tax for the full year FY2011 stood at Rs 6,236 million.
The consolidated operating profit (EBITDA) for the quarter stood at Rs 2,268 million, an increase of 23.5 per cent as compared to the corresponding period last fiscal. For the full year, operating profit stood at Rs 8,266 million and EBITDA margin was at 27.4 per cent. Total revenues were Rs 7,980 million for the quarter ended March 31, 2011 recording a growth of 22.9 per cent as compared to the corresponding period last fiscal. For full year FY2011, the company registered total revenues of Rs 30,114 million, an increase of 37.1 per cent over FY2010.
Advertising revenues stood at Rs 4,797 million, while subscription revenues were Rs 3,107 million for the quarter ended March 31, 2011. While advertising revenues increased by 36.4 per cent, subscription revenues showed an increase of 23.7 per cent as compared to the corresponding period last fiscal. Subscription revenues from domestic DTH were Rs 984 million during this quarter, an increase of 44.1 per cent y-o-y.
The sports business revenue during the quarter was Rs 1,424 million, a significant jump over the 3 rd quarter, while the operating losses were limited to Rs 152 million.
During the quarter, the company repaid debt of Rs 910 million. As of March 31, 2011, it has gross debt of Rs 1.2 million and net cash of Rs 12.5 billion.
The shareholders of the company have, through the postal ballot process, approved the buyback of equity shares of the company under the "open market" mechanism through the stock exchanges at a price not exceeding Rs 126 per equity share.
The full year fiscal 2011 operating revenues of the company stood at Rs 30,114 million, while consolidated operating profit (EBITDA) for the year was Rs 8,266 million with an operating profit margin of 27.4 per cent. PAT for the full year was Rs 6,236 million.
In an official statement, Subhash Chandra, Chairman, Zee Group, stated, “FY2011 was a significant year for the television media industry in several ways. The number of TV households continued to grow at a healthy pace. Advertising revenues bounced back at a healthy pace after a slowdown in FY2010, reflecting a buoyant recovery in the economy. There were some steps towards consolidation in the industry and more importantly, digitisation continued to be the dominating theme in the country. At the end of March 2011, there are now 34 million direct to home digital pay TV homes in the country, up from 21 million in March 2010. The adoption of digital has brought in many significant improvements in the way content is delivered to consumers, for example, High Definition content. Very soon, advertising would be sold separately for digital consumer, and consumer would be opting for premium content.”
Punit Goenka, Managing Director and Chief Executive Officer, ZEEL, in an official release, commented, “In a year which recorded a resurgence of advertising revenues on television, we have yet again outperformed the industry. We ended fiscal 2011 on a good note, gaining viewership share across several genres, combined with improved revenue shares, better operating margin and increased cash flow. With our subscription revenues growing at a healthy pace, our overall revenues have recorded a 23 per cent growth over the fourth quarter of last year. For fiscal 2011, our revenues grew 37 per cent, while our EBITDA grew 36 per cent, despite increased losses in sports business.”
“I am happy to report that sports losses were contained to Rs 152 million during the fourth quarter, in line with our forecast earlier. We do expect losses to continue in the sports business for some more time to come,” Goenka added.
Speaking about the outlook for the business, Goenka continued, “Our content focused approach combined with better monetisation of subscription revenues, will contribute to company delivering steady return in the year ahead.”
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