Financials
Q3-2015: Zeel PAT up 44.5%; income up 14.8%; ad revenue up 8.5%
BENGALURU: The Subhash Chandra-led content and broadcast player Zee Entertainment Enterprises Limited (Zeel) reported a 44.5 per cent hike in y-o-y PAT to Rs 308.61 crore (22.6 per cent of Total Income from Operations or TIO) in Q3-2015 from Rs 213.59 crore (18 per cent of TIO) in Q3-2014 and a 36 per cent increment from the Rs 227 crore (20.3 per cent of TIO) reported in the previous quarter. The company’s year to date (YTD) PAT at Rs 746.73 crore was 10.7 per cent higher than the Rs 674.5 crore during 9M-2014.
Zeel reported 14.8 per cent higher TIO in Q3-2015 at Rs 1363.72 crore as compared to Rs 1188.36 crore in the corresponding quarter of last year and 22 per cent more than the Rs 1117.82 crore in Q2-2015. TIO for 9M-2015 at Rs 3536.60 was 8.4 per cent more than the Rs 3262.89 crore in 9M-2014.
The company’s advertisement revenue in Q3-2015 at Rs 742.6 crore (54.5 per cent of TIO) was 8.5 per cent more than the Rs 683.41 crore (57.6 per cent of TIO) in Q3-2014 and 18.6 per cent more than the Rs 625.94 crore (56 per cent of TIO) in the immediate trailing quarter. During 9M-2015, ad revenue increased 10.7 per cent to Rs 1990.64 crore (56.3 per cent of TIO) from Rs 1797.69 crore (55.1 per cent of TIO) in 9M-2015.
Let’s look at the other results reported by Zeel:
Zeel reported a 2.3 per cent drop in subscription revenue to Rs 446.13 crore (32.7 per cent of TIO) from Rs 456.49 crore (38.4 per cent of TIO) in Q3-2014, but reported 5.1 per cent higher subscription revenue than the Rs 424.45 crore (38 per cent of TIO) in the immediate trailing quarter. Zeel says that due to a change in arrangements with various operators across international territories, the reporting of subscription revenue for the current year has undergone a change and is not comparable to the with the figures of previous years.
The company’s other income in Q3-2015 more than tripled (up 3.68 times) to Rs 174.99 crore from Rs 47.56 crore in the corresponding quarter of last year and more than doubled (up 2.6 times) the Rs 67.43 crore in Q2-2015. Other Income in 9M-2015 at Rs 263.25 crore more than doubled (up 2.1 times) as compared to the Rs 126.52 crore in 9M-2015.
Zeel’s Total Expenditure (TE) in Q3-2015 at Rs 1027.36 crore (75.3 per cent of TIO) grew 12.8 per cent from Rs 911.10 crore (76.7 per cent of TIO) in Q3-2014 and was 26.7 per cent more than the Rs 810.75 crore (72.5 per cent of TIO) in Q2-2015. 9M-2015 TE at Rs 2603.57 crore (73.6 per cent of TIO) was 8.4 per cent more than the Rs 2401.39 crore (73.6 per cent of TIO) in 9M-2014.
Operation cost in Q3-2015 at Rs 645.57 crore (47.3 per cent of TIO) was 5.9 per cent more than the Rs 609.50 crore in Q3-2014 and 32.3 per cent more than the Rs 470.30 crore (42.1 per cent of TIO) in Q2-2015. Operation cost in 9M-2015 at Rs 1519.25 crore (43 per cent of TIO) was 0.3 per cent lower than the Rs 1524.37 crore (46.7 per cent of TIO) in 9M-2014.
Zeel’s Employee Benefit Expense (EBE) in Q3-2015 at Rs 109.27 crore (8 per cent of TIO) was 14 per cent more than the Rs 95.86 crore (8.1 per cent of TIO) in Q3-2014 and was 1.2 per cent more than the Rs 107.96 crore (9.7 per cent of TIO) in Q2-2015. EBE during 9M-2015 at Rs 328.94 crore (9.3 per cent of TIO) was 13.2 per cent more than the Rs 290.68 crore (8.9 per cent of TIO) in 9M-2014.
Zeel chairman Subhash Chandra said, “Our quarterly performance reflects the investments that Zee is making to grow its business and market share. We will continue to pursue growth opportunities, which would enhance long term shareholder value.”
Zeel managing director and chief executive officer Punit Goenka added, “We had a good quarterly performance reflecting the industry wide trend. On the domestic subscription front, we grew in low double digit figures during the quarter. On a sustained basis, we are growing in high single digits on domestic subscription revenues. Implementation of digitization in the remaining parts of the country will push the growth momentum further.”
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.
