Press Releases2012Jul 23, 2012
ZEE declares Unaudited Financial Results for 1Q FY13
Mumbai, July 20, 2012: Zee Entertainment Enterprises Limited (ZEE) (BSE: 505537, NSE: ZEEL.EQ) today reported its first quarter fiscal 2013 consolidated revenue of Rs 8,430 million. The consolidated operating profit (EBITDA) for the quarter stood at Rs 2,332 million and PAT was Rs 1,570 million. The EBITDA margin for the quarter stood at 27.7% and the PAT margin was 18.6%.« Back
The Board of Directors in its meeting held today, has taken on record the unaudited consolidated financial results of ZEE and its subsidiaries for the quarter ended June 30, 2012.
Mr. Subhash Chandra, Chairman, ZEE, stated, "For the last few months, the Indian economy has been torn between controlling inflation and maintaining robust economic growth. Economic trends have not been encouraging due to high inflation, elevated interest rates, sluggish growth and derailed capital expenditure. While the perceived lack of action on reforms is being talked about, the India story is still strong from a global perspective. All stakeholders are hoping for measures to ensure long-term inflation stabilization, reduction of fiscal deficit, and a drop in interest rates."
"While business environment has stayed slightly weak, Zee continues to grow its business at a healthy level. The industry is looking forward to implementing the Digital Addressable System (DAS) in the first phase. While the deadline for the first phase of digitization got shifted by four months to October 31, 2012, digitization remains a strong theme for broadcasters. We continue to support the initiatives of the industry for a smooth transition to digital", he continued.
Commenting on the first quarter results of the Company, Mr. Chandra added, “It is encouraging to see that ZEE has recorded a strong improvement in the operating and financial performance during the quarter. This has been on the back of increased investments that we are undertaking to grow the business and market share. We have a very strong balance sheet and I am confident that we would take advantage of the growth opportunities ahead of us and will record improved operating performance in the period ahead.”
Mr. Punit Goenka, Managing Director and Chief Executive Officer, ZEE, commented, "ZEE has started the year on a good note with improvement in the operating performance in Q1FY13. Our portfolio has done well, both in terms of viewership ratings and revenues. ZEE's flagship channel, Zee TV has seen a rise in the average GRPs in 1QFY13 as compared to 4QFY12 and 3QFY12. During the quarter, we have been able to improve operating margins, partly due to higher viewership share and partly due to lower sports losses. In line with our focus of investing in content and programming we have launched new shows in the quarter, which have been well received by the audience."
"We are pleased to state that many of our products have improved in genre ratings during the quarter and feature in the top tier of their respective genres. Our effort is to continue this journey and aim for the leadership slot now", he continued.
Speaking about the outlook for the business, Mr. Goenka added, "The roll out of digitization will have a positive impact on our subscription revenues. In the next few quarters, we will continue to invest in making our content stronger and also build new businesses. The current slowdown in economy notwithstanding, we are confident of the continued growth of the business from medium to long term perspective. Our investments in the business are with a view to capture a large part of the growth prospects through disciplined investments."
Click here to view financial results