Zee Entertainment Enterprises Ltd., the largest media and entertainment company in India, reported higher consolidated net profit for the third-quarter, backed by strong growth momentum in advertising incomes, despite subdued spends.
Consolidated Results
The Mumbai-based company posted a third-quarter consolidated net profit, after minority interest/share of associates, of Rs.194.11 crore, higher by 39 percent than the Rs.139.33 crore in the year-ago quarter. On a per share basis, its earnings for the quarter increased by 37 percent to Rs.2.03 from the Re.1.48 in the corresponding quarter of the preceding year.
Its quarterly consolidated net income from operations stood at Rs.938.82 crore, up by 26 percent from the Rs.743.61 crore in the corresponding quarter of the preceding year, while other income amounted to Rs.36 crore, compared with Rs.28.30 crore a year-ago.
During the quarter under review, income from 'advertising' was Rs.509.38 crore, compared with Rs.395.50 crore, a growth of 29 percent year-over-year, while that of 'subscription' was the highest-ever at Rs.409.76 crore, compared with Rs.326.16 crore, an increase of 26 percent. Income for the quarter from 'other sales and services' stood at Rs.19.68 crore, compared with Rs.21.95 crore a year-ago.
Stand-alone Results
Zee Entertainment reported a third-quarter stand-alone net profit of Rs.191.48 crore or Rs.two per share, while the company posted Rs.163.93 crore or Re.1.70 per share in the corresponding quarter a year-ago. Net profit and earnings per share increased by 17 and 18 percent respectively.
During the quarter, the company's stand-alone net income from operations was Rs.644.82 crore, compared with Rs.570.47 crore in the preceding year's corresponding quarter, a growth of 13 percent. Other income for the quarter was Rs.38.92 crore, compared with Rs.38.69 crore in Q3FY112.
Company Chairman Subhash Chandra said, "The first three quarters of this fiscal have been good for Zee with a strong performance relative to the industry and competition. With one quarter to go, we are looking forward to a strong growth this year. The highlight of this quarter is the strong growth momentum in advertising revenues, despite subdued spends. The performance illustrates that our investments in the content are yielding good returns. We continue to invest to create compelling content across genres."
At the BSE, Zee Entertainment closed Wednesday's trading at Rs.234.65, up Rs.12.05 or 5.41 percent on a volume of 11,46,000 shares.
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