Zee Entertainment Enterprises Limited reported its first quarter fiscal 2016 consolidated revenue of Rs 13,399 million, up from 10,551 mln a year ago.
Advertising revenues for the quarter were Rs 7,799 million, recording a growth of 25.4% over Q1 of last year.
Excluding sports business which is event led, advertising revenues growth was in mid to high twenties. Total subscription revenues for the quarter were Rs 4,625 million. During the current quarter, domestic subscription revenues stood at Rs 3,680 million registering a growth of 13.6% over corresponding period last fiscal, while international subscription revenues were Rs 945 million, up 7.0% over last fiscal.
Subscription revenues were Rs 4,625 million for the quarter ended June 30, 2015 recording a growth of 12.2% over Q1 FY15.
During the quarter, domestic subscription revenues stood at Rs 3,680 million while international subscription revenues stood at Rs 945 million.
Separately, the company also said it was acquiring the No. 1 Odiya GEC – Sarthak TV for Rs 115 cr.
The consolidated operating profit (EBITDA) for the quarter stood at Rs 3,112 million.
PAT for the quarter was Rs 2,423 million compared with 2,100 mln.
“India is the third largest economy in Asia and will continue on a steady growth trajectory as the economic reforms in the legislative pipeline come through. With reforms like GST set to be implemented in the near future, the government is ready to unlock India’s investment potential by improving business environment and liberalizing FDI,” said Subhash Chandra, Chairman, ZEE.
“ZEE has recorded a satisfactory performance during the first quarter. Our investments have resulted in organic growth which is in line with our expectations. We will continue to build ZEE’s presence in this highly competitive space by creating compelling content across genres and by pursuing new opportunities that will yield long term growth.”
Punit Goenka, Managing Director & Chief Executive Officer, ZEE, commented, “ZEE has started the year on a good note witnessing good returns on the operational front. This clearly highlights the popularity of our programs which continue to attract loyal audiences. We continue to experience growth in both advertising and subscription revenues through the launch of new and innovative programming.”
Speaking about the outlook of the business, Mr. Goenka continued, “While competition remains high in the Indian television industry, we remain true to our values by bringing innovative and high quality entertainment to our audiences. Our efforts are to continue in this journey and entertain audiences all over the world. We believe that by delivering excellent content we can benefit from monetizing revenues from an advertising and subscription standpoint.”