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Zee Media now operates only in TV; Q2FY2019 profit falls by 51% QoQ

Zee Media reported consolidated revenue of Rs 170 crore in the quarter ended September 2018 (Q2FY2019), which is an improvement of 35% over the same quarter last year and an increase of 9% over the preceding quarter.

— Advertising revenue: Rs 149 crore
— Subscription revenue: Rs 13 crore

The company reported profits of Rs 17.2 crore, significantly up by 355% (Rs 3.7 crore) over the same quarter last year, but reduced by 51% (Rs 55.3 crore) over the preceding quarter.

Note that the company’s Profit after Tax (PAT) was Rs 17 crore this quarter, which is 68% lower over a PAT of Rs 55 crore in the preceding quarter. However, it incurred an expense of Rs 12 crore from “discontinued operations” (sale of Ez-Mall Online) in the last quarter and paid tax on these operations of upto Rs 7 crore, significantly reducing the profit for the period.

Sale of Ez-Mall

In June, the company discontinued its e-commerce business Ez-Mall online and sold its full equity stake in the entity for Rs 8.6 crore. Ez-Mall Online ceased to be a subsidiary of Zee Media from June 28. The company’s gain on disposal on investments in Ez-Mall amounted to Rs 41 crore, which has now been accounted for the earnings of the preceding quarter.

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Note that Zee Media now operates only in television broadcasting.

EBITDA stood at Rs 40.8 crore, an increase of 52% from Rs 26.7 crore in the same quarter last year.

Other notes

  • Operating revenue grew 35.5% year-on-year to Rs 168 crore in this quarter.
  • The company’s expenditure increased by 30% year-on-year to Rs 127.7 crore this quarter. The increase is mainly on account of three new channels launched last year: Zee Salaam, Zee 24 Kalak, and Zee Uttar Pradesh-Uttarkhand.
  • Digital: Zeenews.com received 722 million page views in the quarter, up by 25% year-on-year.
  • Zee Media’s 14 news channels reached 377 million viewers in the quarter.
  • Zee Business increased market share during stock market hours from to 33% from 17% QoQ.
  • Zee Media acquired the remaining 40% balance stake in Zee Akaash News, which became a subsidiary under the company on June 1.

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