Zee Entertainment Enterprises Ltd

Zee Entertainment Enterprises is mainly in the following businesses: Broadcasting of Satellite Television Channels, Space Selling agent for other satellite television channels, and Sale of Media Content i.e. programs / film rights / feeds /music rights.

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 17.02%
Cons:
Promoter's stake has decreased
Promoter holding is low: 22.36%
Promoters have pledged 96.00% of their holding

Peer Comparison Sector: Entertainment // Industry: Entertainment / Electronic Media Software

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
1,639 1,528 1,540 1,582 1,838 1,725 1,772 1,976 2,167 2,019 2,008 2,122
1,199 1,012 1,110 1,106 1,286 1,116 1,228 1,322 1,375 1,442 1,280 1,497
Operating Profit 440 516 431 476 552 609 544 654 792 578 728 625
OPM % 27% 34% 28% 30% 30% 35% 31% 33% 37% 29% 36% 29%
Other Income 52 1,289 101 339 48 89 52 59 86 35 106 -102
Interest 9 112 15 0 2 127 5 5 6 114 21 18
Depreciation 25 32 31 41 50 59 58 59 61 57 69 0
Profit before tax 459 1,661 486 774 548 511 533 649 811 442 744 504
Tax % 45% 9% 49% 19% 32% 55% 39% 40% 31% 34% 29% 18%
Net Profit 251 1,515 248 625 374 231 326 387 562 292 531 413
EPS in Rs 2.61 15.78 2.59 6.51 3.90 2.41 3.40 4.03 5.86 3.04 5.52 4.30
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,835 2,177 2,200 3,009 3,040 3,700 4,422 4,884 5,812 6,434 6,686 7,934 8,316
1,293 1,629 1,574 2,187 2,291 2,745 3,217 3,630 4,386 4,728 4,616 5,342 5,594
Operating Profit 543 548 626 822 749 954 1,204 1,254 1,427 1,706 2,070 2,592 2,722
OPM % 30% 25% 28% 27% 25% 26% 27% 26% 25% 27% 31% 33% 33%
Other Income 111 160 110 108 128 146 181 228 183 1,447 576 208 125
Interest 52 134 33 9 5 9 16 10 160 137 145 130 158
Depreciation 23 31 29 29 32 40 50 67 78 115 182 235 187
Profit before tax 579 543 674 892 841 1,052 1,319 1,404 1,373 2,901 2,319 2,434 2,502
Tax % 28% 4% 8% 30% 30% 32% 33% 31% 40% 23% 36% 36%
Net Profit 383 512 634 637 589 720 892 978 823 2,221 1,479 1,567 1,798
EPS in Rs 4.25 5.74 6.94 6.19 5.90 7.20 8.85 8.21 8.58 23.14 15.41 16.32 18.72
Dividend Payout % 23% 17% 27% 31% 24% 27% 24% 22% 26% 11% 19% 21%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.80%
5 Years:12.40%
3 Years:10.93%
TTM:13.74%
Compounded Profit Growth
10 Years:12.35%
5 Years:12.44%
3 Years:24.25%
TTM:47.76%
Stock Price CAGR
10 Years:7.65%
5 Years:-5.60%
3 Years:-16.37%
1 Year:-35.20%
Return on Equity
10 Years:18.62%
5 Years:18.47%
3 Years:18.97%
Last Year:17.36%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
43 43 49 98 96 95 2,113 2,115 96 96 1,240 837 96
Reserves 2,818 3,356 3,781 3,000 3,335 3,816 2,625 3,435 4,708 6,594 7,466 8,828 9,399
Borrowings 387 576 119 2 2 3 3 2 1,716 2,203 382 374 736
753 693 806 788 899 1,178 3,327 3,485 1,446 1,371 3,186 3,636 3,032
Total Liabilities 4,000 4,668 4,750 3,888 4,332 5,093 6,051 7,018 7,966 10,265 11,130 12,933 13,263
1,499 1,742 1,848 810 920 991 1,073 1,138 1,333 916 1,476 1,414 1,577
CWIP 62 67 111 1 20 7 100 88 110 156 92 156 38
Investments 252 127 320 696 800 792 829 976 1,148 1,343 1,529 976 931
2,188 2,731 2,471 2,381 2,592 3,304 4,049 4,817 5,375 7,850 8,033 10,386 10,717
Total Assets 4,000 4,668 4,750 3,888 4,332 5,093 6,051 7,018 7,966 10,265 11,130 12,933 13,263

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
301 100 707 572 408 387 383 681 731 741 554 135
-165 -80 472 -478 -16 46 -205 -165 16 1,325 -1,041 864
-66 7 -785 -295 -449 -229 -144 -343 -405 -414 -1,090 -966
Net Cash Flow 70 27 394 -201 -57 204 34 173 342 1,652 -1,577 33

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 20% 18% 18% 25% 26% 28% 31% 27% 26% 24% 26% 27%
Debtor Days 117 108 124 106 104 98 85 80 85 70 84 84
Inventory Turnover 8.13 6.18 4.74 5.95 4.78 4.60 4.32 4.14 4.64 4.27 3.09 2.45