Zee Entertainment: Good show Q4 result update

Zee Entertainment has put up a good show in the latest March quarter. The company’s total revenue grew about 17 per cent Y-o-Y to ₹2,019.27 crore, while profits grew 27 per cent Y-o-Y to ₹292.53 crore. Sustainable and launch of original content have aided growth. Zee’s Zee5 application too was able to sustain its strong momentum with the company now reporting 61.5 million users as of March, a growth of 49 per cent over the September 2018.

The domestic ad revenue registered growth of 18 per cent Y-o-Y, helped by launch of new shows and increase in ad spends from various sectors. But domestic subscription registered a muted single-digit growth of 4 per cent Y-o-Y. This is mainly attributed to the implementation of TRAI’s tariff order, which led to subscriber disruptions, as distributors took time to cope up with consumer demand. Operating margins declined to 28 per cent in the March 2019 quarter from 35 per cent in the year-ago period.

This could be due to an increase in content costs for Zee5 and rise in advertisement and publicity expenses for the new Kerala channel, Zee5, tariff order and movie production. However, profit growth was aided by lower interest, depreciation and tax expenses.

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