Zee Entertainment Enterprises Limited announces Q3FY21, the results report a growth in domestic advertising which increased by 7.5% and domestic subscription revenue grew by 9.3% on a like-to-like basis. Consolidated revenue grew by 33.2% to Rs.27,293mn; excluding content syndication deal of 5,512mn revenue grew 6.3%.

Reports Underlying EBITDA (excluding content syndication revenue and cost) stood at Rs. 6,375mn, EBITDA margin of 29.3%. 18.2% all India viewership share in Q3, continues to be strong #2 TV entertainment network in India
ZEE5 global MAUs and DAUs stood at 65.9mn and 5.4mn respectively in Dec’20, Zee Studios released Suraj Pe Mangal Bhari in theatres, first Hindi Movie to be released in theatres after COVID. ZEE5 released 7 movies on ‘Pay Per View’ model.

Sharp improvement in margin led by revenue growth

INR million 3QFY21 3QFY20 Growth
Operating revenue 27,293 20,487 33.2%
Expenditure (20,136) (14,829) 35.8%
EBITDA 7,157 5,658 26.5%
Add: Other income 275 710 -61.2%
Less: Depreciation (652) (656) -0.5%
Less: Finance cost (21) (200) -89.5%
Less: Fair value through P&L (839) (401)
Profit Before Tax (PBT) 5,920 5,110 15.8%
Less: Provision for Tax (1,937) (1,622) 19.4%
Add: Share of Profit of Associates (3) (2)
Less: Minority interest 19 8
Profit after Tax (PAT) 3,999 3,494 14.4%


Strong recovery in domestic advertising


Domestic advertising revenue for the quarter grew by 7.5% YoY and 43.6% QoQ; a sharp recovery post H1 reflects  the rebound in consumer demand and spending


Reported growth of 18% includes revenue from music business which has been reclassified as subscription  revenue in this fiscal. Comparable growth of 9.3% in domestic business driven by both television and ZEE5

Other Sales Services

Increased due to a content syndication deal worth Rs. 5,512mn during the quarter. The syndicated content had an  inventory value of Rs. 4,730mn which was amortized during the quarter

Operating cost

Comparable programming cost (excluding inventory amortisation of syndicated content) grew by 11% during the quarter primarily led by increased content and transmission costs in digital business

A&P and Other  expenses

A&P and other expenses declined by 8.3% YoY during the quarter

Fair Value through  P&L

Primarily contains impact of change in market price of Redeemable Preference Shares

International  revenue break-up

Advertising revenue – Rs. 577mn, Subscription revenue – Rs. 1,091mn, Other Sales & Services – Rs. 5,695mn

Break-up of content inventory, advances and deposits

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