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Zee News (ZEEN IN, INR 16, BUY)
· Zee news reported INR 616 mn revenues in Q2FY11 (against an estimate of INR 668 mn)
down 5% Q-o-Q. Ad revenues stood at INR 407 mn (declined 10% Q-o-Q) and the
subscription revenues at INR 194 mn (grew 7.7% Q -o-Q).
· The EBITDA stood at INR 70 mn (against an estimate of INR 84 mn) down 3.8% Q -o-Q.
Although the SG&A expenses as a percentage of sales decline by 660bps Q-o-Q the
programming cost and employee cost as a percentage of sales went up 548bps and
225bps respectively Q -o-Q. The existing news channels Zee News, Zee Business, Zee 24
Taas, Zee Punjabi & 24 Ghanta reported EBDITA of INR 187 mn with EBITDA margin of
32.3%. The new channels Zee News UP, Zee 24 Gantalu and Zee Tamil reported an
operating loss of INR 261 mn.
· The Q2FY11 reported PAT was INR 2 mn (much below our estimate of INR 45 mn) down
from INR 33 mn in Q1FY11 due to decline in other income, higher interest expenses and
higher tax provision on account of deferred tax expense booked during the quarter.
New channel performances:
· Zee 24 Gantalu has been improving upon its viewership position and is now 3rd r terms
of Time Spent Per Viewer in Primetime in the Andhra Pradesh news market.
· Zee News UP channel was a front runner in the Uttar Pradesh news market in terms of
reach, time spent and share.
· 24 Ghanta was No. 1 in Q2 in the West Bengal news market both in terms of time spent
per viewer and relative share.
Note : The Q2FY11 numbers do not include performance of regional general entertainment
(R -GEC) channels—Zee Marathi, Zee Bangla, Zee Talkies, Zee Telugu, Zee Kannada, and Zee
Cinemalu—which have been demerged from ZNL and merged into Zee Entertainment
Enterprises (ZEEL) from January 1, 2010. Hence, the numbers for the quarter are not
comparable with same quarter last year.
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