Financials
Zeel ad revenue & profit up in Q2 despite GST impact
BENGALURU: The Subhash Chandra led Zee Entertainment Enterprises Limited (Zeel) reported a 2.9 percent increase in advertising revenue for the quarter ended 30 September 2017 (Q2-18, current quarter) as compared to the corresponding year ago quarter (y-o-y). Zeel says in a press release that despite the adverse impact of GST on advertising, domestic advertising grew by 5.8 percent y-o-y, on a comparable basis (excluding sports, RBNL and IWPL) to Rs 9028 million.
Zeel’s net profit after tax (PAT) for the period more than doubled (2.48 times) y-o-y in the current quarter to Rs 5908 million as compared to Rs 2384 million due the slump sale of its sports broadcasting business that resulted in a net gain of Rs 1346.1 million for the current quarter. Zeel’s subscription revenue declined 14 percent y-o-y to Rs 5014.1 million in the current quarter as compared to Rs 5833.4 million. However, adjusted for the sale of sports business, domestic subscription revenue grew by 7.2 percent to Rs. 4043 million. International subscription revenue stood at Rs 971 million. Other sales and services revenue in the current quarter was lower y-o-y at Rs 939 million as compared to Rs 1529.4 million.
Overall, Zeel’s revenue increased 2.7 percent y-o-y in Q2-18 to Rs 17,851.8 million on higher other income as compared to Rs 17,386.7 million in Q2-17. Other income in the current quarter more than quadrupled y-o-y to Rs 2031.3 million as compared to Rs 432.3 million. EBIDTA in the current quarter was almost flat y-o-y (up 0.4 percent) at Rs 4912 million as compared to Rs 4892 million.
Company speak
Zeel chairman Subhash Chandra said, “We are now a 25 years old organisation and it is with great satisfaction and pride that I look back at this journey and the numerous milestones we have achieved. Starting as India’s first private television channel, we have grown into a truly global entertainment content company with a worldwide footprint and a strong presence across all forms of entertainment. Indian M&E industry has grown by leaps and bounds but it is just the beginning. I am confident that we will continue to shape the entertainment industry, much like we have done over the last two and a half decades.”
Zeel managing director and CEO Punit Goenka commented, “At Zeel, it has been an exciting 25 years during which we significantly increased our viewership and expanded our regional as well as global presence. This was achieved while delivering a strong financial performance. It has been possible because of our ability to evolve our content offerings in line with changing consumer preferences. Another step in this evolution would be the launch of our new digital product, ‘Z5’, in the second half of this financial year. It will offer an unrivalled content catalogue appealing to all demographics and bring unique viewing experience to the consumer.”
“We are satisfied with our performance against the backdrop of tough macro-economic environment during the quarter. Our advertisers were negatively impacted during transition to GST which led to a temporary pull-back on their ad spends. Post the decline in the first half of the quarter, the growth recovered strongly and is back on track. Despite the adversity, our domestic ad revenue grew at 5.8 percent on a comparable basis,” said Goenka.
“The domestic subscription growth for the quarter was at 7.2 percent. As against the early closure of deals last year, content deals with distributors are taking slightly longer due to litigations regarding the TRAI tariff regulation. However, our full year outlook for subscription growth remains unaltered. Despite the loss of advertising revenue and elevated expenses during the quarter, we have been able to deliver a healthy margin of 31 percent,” assured Goenka.
“The acquisition of 9X Media follows our stated strategy of expanding into regional markets and niche genres. 9X Media’s six music channels enjoy leading market shares in their respective segments and will further strengthen our entertainment offering to the consumer. The channels will benefit immensely from our network’s strength to achieve higher growth potential and cost synergies,” revealed Goenka.
Let us look at the other numbers reported by Zeel
The company’s total expenditure in the current quarter declined 9.6 percent y-o-y to Rs 10,909 million from Rs 12,062 million. Employee Benefit Expense in Q2-18 increased 18.4 percent y-o-y to Rs1814 million from Rs 1533 million. Operating costs in the current quarter declined 24.7 percent y-o-y to Rs 5789 million from Rs 7688 million. Advertising and Publicity expenses increased 22.3 percent y-o-y in Q2-18 to Rs 1410 million from Rs 1153 million in Q2-18. Other expenses increased 12.3 percent in the current quarter to Rs 1896 million from Rs 1688 million in Q2-17.
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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.
