Financials
Q2-2016: Higher ad & subscription revenues drive Zeel income up by 17%; EBIDTA up 22%
BENGALURU: The Subhash Chandra led content and broadcast player Zee Entertainment Enterprises Limited (Zeel) reported a 26.8 per cent YoY hike in advertisement revenue in the quarter ended 31 December, 2015 (Q3-2016, current quarter) to Rs 941.88 crore (59 per cent of of Consolidated Total Revenue or TR) as compared to the Rs 742.60 crore (54.5 per cent of TR) and 11.7 per cent higher QoQ from Rs 843.31 crore (60.9 per cent of TR). Subscription revenue in the current quarter also increased 17 per cent YoY to Rs 521.80 (32.7 per cent of TR) as compared to the Rs 446.13 crore (32.7 per cent of TR) and 8.9 per cent higher YoY as compared to the Rs 479.14 crore (34.6 per cent of TR).
Note: 100,00,000 = 100 lakh = 10 million = 1 crore
EBIDTA in the current quarter increased 21.8 per cent YoY to Rs 439.19 crore (27 per cent margin) as compared to Rs 353.33 crore (25.9 per cent margin) and was 21.3 per cent higher QoQ as compared to Rs 356.43 crore (25.6 per cent margin).
Profit after Tax (PAT) in Q3-2016 however declined 10.9 per cent YoY to Rs 275 crore (17.2 per cent margin) as compared to Rs 308.61 crore (22.6 per cent margin), but increased 11.2 per cent QoQ as compared to Rs 247.4 crore (17.9 per cent margin).
The company’s TR in Q3-2016 increased 17 per cent YoY to Rs 1595.08 crore as compared to the Rs 1363.72 crore and increased 15.2 per cent QoQ from Rs 1384.90 crore.
Zeel’s TR during the nine-month period ended 31 December, 2015 (9M-2016) increased 22.1 per cent to Rs 4319.84 crore from Rs 3536.60 crore in 9M-2015. Advertising revenue increased 28.9 per cent to Rs 2656.13 crore (59.4 per cent of TR) in 9M-2016 from Rs 1990.64 crore (56.3 per cent of TR) in the corresponding year ago period. Subscription revenue in 9M-2016 at Rs 1463.46 crore (33.9 per cent of TR) increased 14.1 per cent from Rs 1282.71 crore (36.3 per cent of TR) in 9M-2015.
PAT for the current nine-month period increased 2.6 per cent to Rs 766.16 crore (17.7 per cent margin) from Rs 746.73 crore (21.1 per cent margin) in 9M-2015.
Let us look at the other results reported by Zeel for Q3-2016 and 9M-2016:
Total Expense (TE) in Q3-2016 at Rs 1185.01 crore (74.3 per cent of TR) increased 15.3 per cent YoY from Rs 1027.36 crore (75.3 per cent of TR) and increased 12.9 per cent QoQ from Rs 1050.05 crore (75.8 per cent of TR).
Zeel’s operating cost increased 8.8 per cent YoY to Rs 702.34 crore (44 per cent of TR) as compared to the Rs 644.57 crore (47.3 per cent of TR) and increased 16.4 per cent QoQ from Rs 603.62 crore (43.6 per cent of TR).
Other expense in Q3-2016 increased 25 per cent YoY to Rs 211.97 crore (13.3 per cent of TR) from Rs 169.63 crore (12.4 per cent of TR) and increased 18.4 per cent QoQ from Rs 126.70 crore (9.1 per cent of TR).
Advertisement and Publicity expense in the current quarter increased 41.7 per cent YoY at Rs 121.77 crore (7.6 per cent of TR) from Rs 85.92 crore (6.3 per cent of TR) and was 0.7 per cent more QoQ than Rs 120.90 crore (8.7 per cent of TR).
Company speak
Chandra said, “Zee saw an impressive performance in the third quarter. We grew ahead of the market through improved performance of our existing channels as well as new channels. Our vision is to provide long term sustainable growth to our shareholders. Our investments continue to provide us with positive results. We will continue to identify and pursue profitable investment opportunities that will enable us to join the ranks of world’s leading media companies and become the first Indian media company to do so.”
Zeel managing director and CEO Punit Goenka added, “Continuing in line with our robust performance in the previous few quarters we have witnessed steady growth in the third quarter of fiscal 2016 as well. The advertisement market growth continued its upward trajectory this quarter further aiding our growth while the subscription market witnessed steady growth as well. This quarter saw the rollout of BARC in the rural areas, which demonstrated the strength of our channels in the hinterlands of the country.”
Speaking about the outlook of the business, Goenka continued, “With more than 210,000 hours of content Zee is the leading content player in the Indian TV industry offering quality entertainment to audiences both home and abroad. Our chief focus will remain on creating innovative and high quality entertainment that can be delivered to audiences across consumption platforms. We believe that providing excellent content will remain key for monetising revenues, from both advertising and subscription standpoint. Going forward, we will further enhance our offerings on various platforms.”
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
