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Zee Media Corporation Limited declares its Q3 results for FY18

Feb 02, 2018

Zee Media Corporation Limited (ZMCL) (BSE: 532794, NSE: ZEEMEDIA) today reported consolidated revenues of Rs 1,592.2 mn for third quarter of fiscal 2018.


The Network incurred expenditure of Rs 1,218.2 mn in the third quarter. The Board of Directors, in its meeting held today, approved and took on record the financial results of ZMCL for the third quarter ended December 31, 2017.


Operating Highlights


•    Operating revenue grew by 44.8% to Rs 1,592.2 mn in Q3FY18 from Rs 1,099.6 mn in Q3FY17. For 9MFY18, it stood at Rs 3,982.7 mn, a growth of 26.5% over 9MFY17.
•    Operating Expenditure in Q3FY18 grew by 37.2% to Rs 1,218.2 mn from Rs 887.6 mn in Q3FY17. In 9MFY18, the expenditure grew by 25.9% to Rs 3,143.5 mn from Rs 2,496.7 mn in 9MFY17. The increase in expenditure is on account of three new channels – WION, Zee Salaam, and Zee 24 Kalak along with launch of operations of subsidiary company EZmall.com.
•    EBITDA for Q3FY18 grew by 76.4% to Rs 374 mn from Rs 212 mn for the corresponding period last financial year. For 9MFY18, EBITDA grew by 28.8% to Rs 839.2 mn from Rs 651.8 mn in 9MFY17.


Business Highlights
•    The 13 news channels of ZMCL comprising 1 Global, 3 National and 9 Regional channels continued to be one of the largest TV news networks in the country and reached more than 350 million viewers. (Source: BARC, NCCS 2+, All India, ZMCL Channels, 24hrs, Weeks 40-52'2017 Coverage)

The network organized a Ministerial Conclave themed “The Growth Debate” to discuss about the current state of Indian economy and the various measures that the government is undertaking to boost growth in the coming quarters. The key participants in the conclave were Nitin Gadkari (Minister for Roads, Transport & Highways), Mahesh Sharma (Minister of state for Environment), Amitabh Kant (CEO - NITI Aayog), Col. Rajyavardhan Rathore (Minister for Youth & Sports) and Hasmukh Adhia (Revenue Secretary).
•    Zee News, the network's flagship news channel, reached 194.8 mn viewers. The channel continued to strengthen its market position and achieved a 40% growth in revenues during the quarter over corresponding period last financial year. (Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)

The channel continued to provide extensive coverage on important events with national impact, such as Gujarat elections. The channel organized Game of Gujarat conclave to provide all contesting parties with a platform to present their point of views on the ensuing Gujarat elections.


•    Zee Business, our Business News offering, reached 20.5 million viewers. (Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)
•    WION, India's first Global News channel, continues to carve out a niche for itself and reached over 6.0 million viewers. (Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)
•    24 Ghanta, the network's Bengali news offering, was the most preferred channel in the region and reached 38.2 million viewers. (Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)

To promote the cultural heritage of West Bengal, the channel extensively covered the pandals of lesser known but very important festivals - Shakti Aradhana (Kali Puja) & Jagadhatri Puja - which are celebrated with a lot of fervor in Rest of West Bengal outside Kolkata.
•    Zee 24 Taas, India's first 24-hour Marathi news channel, continued its domination of the genre with 31.4% market share. (Source: BARC, NCCS 15+, Maharashtra market, Week 40–52'2017, 06:00-24:00 hrs, 6 Channels, Average Weekly Share based on Impressions)
•    Zee Hindustan, our 2nd national Hindi news channel, reached more than 162 million viewers. (Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)

In line with the network's commitment to place importance on nation's health, the channel organized Swasth Hindustan Summit & Conclave, which discussed India's current state of health in India and the initiatives being taken by the Government to bring India at par with international standards.


•    Zee Madhya Pradesh Chhattisgarh, through its relevant and engaging content, continued its dominance in the genre with 66.5% market share. (Source: BARC, NCCS 15+, MP/CG market, Week 40–Wk 52'2017, 06:00-24:00 hrs, 7 channels, Weekly Share based on Impressions)

To promote a discussion on state of health in Chhattisgarh, the channel organized Chhattisgarh Health Summit Swasthya Ratna Samman with Chief Minister Dr Raman Singh as Chief Guest.
•    Zee Punjab Haryana Himachal, addressing audiences across Himachal Pradesh and Haryana besides Punjab, reached more than 21 million viewers. (Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)
•    Zee Rajasthan, our regional channel catering to Rajasthani population, reached 27.4 million viewers across India. During the year, the channel displayed exceptional performance and revenues grew four-fold. (Source: Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)

The channel organized Rising New India Conclave to communicate the government' schemes to the masses through discussion on diversified topics. Manoj Sinha, Minister of State for Railways and for Communications was the Chief Guest.


•    Zee Kalinga News, our 24X7 news channel for Odisha, reached over 18 million viewers. (Source: Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage)
•    Zee Bihar Jharkhand, our regional channel targeting the states of Bihar and Jharkhand, dominated the genre with 57.2% market share. (Source: BARC, NCCS 15+, Bihar/Jharkhand market, Week 40–52'2017, 06:00-24:00 hrs, 4 Channels, Average Weekly Share based on Impressions).

To provide the state government with a platform to discuss the roadmap for development of Bihar, the channel organized Bihar Conclave with participation and views from Chief Minister Nitish Kumar and several other key ministers from current dispensation. The channel also organized Ek Shaam Jawano Ke Naam, an entertainment night dedicated to the armed and para military forces. The event witnessed several memorable performances by the army personnel.


•    Zee Salaam, our new offering for Urdu audience, has been making a consistent impact and led the genre with 44.5% market share. (Source: BARC, NCCS 15+, HSM market, Week 40– 52'2017, 06:00-24:00 hrs, 5 Channels, Average Weekly Share based on Impressions).
•    Zee 24 Kalak, our latest offering for Gujarati population, reached more than 14 million viewers. (Source: BARC, NCCS 2+, All India, 24hrs, 1st Oct - 31st December 2017 Coverage).

The channel ran an innovative outdoor campaign to promote citizens to vote in the assembly elections by painting specially designed creatives on roads. The campaign received special appreciation from the Election Commissioner of Gujarat.


Corporate Development


•    During the quarter under review, the Equity Shares issued by Diligent Media Corporation Limited to the Shareholders of the Company in pursuance of a Scheme of Arrangement and Amalgamation approved by the Mumbai bench of Hon'ble National Company Law Tribunal vide order passed on June 8, 2017, were listed and commenced trading on BSE Limited and National Stock Exchange of India Limited with effect from December 11, 2017 under Scrip Code 'DNAMEDIA' (NSE) and 540789 (BSE). Consequently, all activities involved in connection with the Scheme stood concluded.
•    During the quarter under review, the Company launched a Home Shopping Channel 'Ez-Mall.com'. Additionally, Zee Uttar Pradesh Uttarakhand, a regional news and current affairs channel catering to Uttar Pradesh and Uttarakhand markets was launched on January 21, 2018.
•    The Board of Directors of the Company at the meeting held on February 1, 2018 accorded its in-principle approval for acquisition of balance 40% equity stake in Company's 60% subsidiary Zee Akaash News Pvt Ltd at all cash consideration of Rs 490 million. Aforesaid consideration shall exclude Dividend if any as may be declared by the subsidiary before conclusion of the transaction. The proposed acquisition will be subject to completion of certain conditions precedent by the parties including execution of SPA and is expected to conclude within 120 days from the date of approval.


Report By: ZMCL    
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