Zee Entertainment posted solid Q3 FY21 results with profit soaring to Rs 399 crore vs Rs 349 crore, up 14% on a yearly basis and consolidated revenues up 33% at Rs 2,729 crore. The company’s reported EBITDA stood at Rs 715 crore vs Rs 565 crore, up 26.5% and margins at 26.2% vs 27.5% on a yearly basis.
Ad revenues were healthy at Rs 1302 crore vs Rs 1230 crore, up 6% YoY with domestic ad revenue up 7.5% YoY. The broadcast network saw a sharp recovery post H1 reflecting the rebound in consumer demand and spending. Subscription revenue in Q3 was also strong at Rs 841 crore vs Rs 713 crore, up 18% YoY.
Domestic subscription revenue has been up 9.3% driven by both television and Zee5. The comparable programming cost (excluding inventory amortisation of syndicated content) grew by 11% YoY and primarily led by increased content and transmission costs in digital business. A&P and other expenses declined by 8.3% YoY during the quarter.
While TV viewership reverted to an earlier level, movie genre share dropped due to lack of new movie releases.
The digital business Zee5 saw global MAUs at 65.9mn and DAUs at 5.4mn respectively in Dec 2020. Zee5’s Q3 revenue stood at Rs 117.8 crore with an EBITDA loss at Rs 175 crore. Zee5 released 7 movies on the ‘Pay Per View’ model and released 20 originals during the quarter.