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PAT up 64.3% by ZEE
Zee Entertainment Enterprises Limited (ZEEL) reported its first quarter fiscal 2011 consolidated revenue of Rs6,770mn representing a 42.2% growth over the corresponding period in the previous fiscal.

The consolidated operating profit (EBITDA) for the quarter stood at Rs 1,870mn and profit after tax at Rs 1,501mn. The EBITDA margin for the quarter stood at 27.6%, a growth of ~300 bps over the corresponding period in the previous fiscal. Profit after Tax stood at Rs 1,501mn for the quarter ended June 30, 2010, recording a growth of 64.3% as compared to the corresponding period last fiscal.

The numbers as published are after consolidating the financials of Taj TV Limited (Taj) and ETC Networks Limited (ETC). The Board of Directors in its meeting held today, has taken on record the unaudited consolidated financial results of ZEEL and its subsidiaries for the quarter ended June 30, 2010. The numbers of the first quarter fiscal 2011 include financial results of Regional General Entertainment Channel business (R-GEC) acquired from Zee News Limited (ZNL). The R-GEC business was acquired w.e.f. January 1, 2010 and hence, the numbers for this quarter are not comparable with those of the corresponding quarter last fiscal.

Mr. Subhash Chandra, Chairman, stated, “Indian economy continues to grow at a healthy pace and we look forward to robust growth in all sectors. The revival in advertising spends in the country is a clear sign of buoyancy. The Indian television industry continued its march towards digitization with a healthy addition of 2.5 million digital homes on DTH alone. Additionally, there are many homes which are turning to digital cable too, though the level of transparency is very poor on digital cable systems and there is urgent need to address the issue for the healthy development of the industry. The 3G rollout would bring another opportunity to monetize our content on the mobile platform.”

Commenting on the fourth quarter results of the Company, Chandra added “Zee Entertainment continues to deliver industry leading performance. Our advertising revenue growth reflects the efficiency of our content business, across genres and across languages. The regional language channels continued to grow in their respective genres. Zee has a strong balance sheet and we look forward to growing our businesses both organically and inorganically.”

Punit Goenka, Managing Director and Chief Executive Officer, ZEEL, commented, “Our performance during the quarter is reflective of the robust growth in advertising spends in the country. Despite a heavy sports calendar during the quarter on competing channels, our portfolio has done very well, both in terms of viewership ratings and revenues. This clearly delineates the popularity of our programs which continue to draw loyal audience. While the competitive intensity remains high in the Indian television industry, we continue to make efforts towards further enhancing our market share.”

Elaborating further on the performance, Goenka said, “The DTH revenues are driving our subscription growth for the last several quarters. During this quarter, we have seen some growth in domestic cable revenues too. The regional channels have also recorded strong operating results. The outlook for the year remains buoyant and we look forward to a robust growth during the year.”

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