Zee Entertainment Enterprises Ltd

About

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.

Key Points

India’s largest Television network[1]
ZEE entertainment was started in the year 1982 by Subash Chandra (The media baron of India). Zeel is one of the largest global content providing company which connects over one billion people and offers content across various Genres, Languages and platforms. Zeel is engaged in Broadcast & Digital Business, Movies & Music, Live Events.[2]

See full details
  • Market Cap 30,722 Cr.
  • Current Price 320
  • High / Low 363 / 167
  • Stock P/E 31.2
  • Book Value 105
  • Dividend Yield 0.78 %
  • ROCE 14.1 %
  • ROE 8.11 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 18.98%

Cons

  • The company has delivered a poor sales growth of 5.87% over past five years.
  • Promoter holding is low: 3.99%
  • Company has a low return on equity of 10.13% for last 3 years.
  • Promoter holding has decreased over last 3 years: -37.63%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,976 2,167 2,019 2,008 2,122 2,049 1,951 1,312 1,723 2,729 1,966 1,775
1,322 1,375 1,442 1,280 1,439 1,523 2,517 1,204 1,430 2,098 1,404 1,441
Operating Profit 654 792 578 728 683 525 -566 108 293 632 562 334
OPM % 33% 37% 29% 36% 32% 26% -29% 8% 17% 23% 29% 19%
Other Income 59 86 35 106 -102 71 -73 26 -59 28 -11 30
Interest 5 6 114 21 18 20 86 5 1 2 49 2
Depreciation 59 61 57 69 58 66 78 72 65 65 63 59
Profit before tax 649 811 442 744 504 511 -803 58 167 592 439 303
Tax % 40% 31% 34% 29% 18% 32% 5% 49% 44% 33% 38% 31%
Net Profit 387 562 292 531 413 349 -767 30 94 400 276 214
EPS in Rs 4.03 5.86 3.04 5.52 4.30 3.64 -7.98 0.32 0.98 4.16 2.87 2.23

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,200 3,009 3,040 3,700 4,422 4,884 5,812 6,434 6,686 7,934 8,130 7,730 8,193
1,574 2,180 2,291 2,743 3,215 3,624 4,386 4,711 4,605 5,370 6,870 6,123 6,373
Operating Profit 626 829 749 957 1,207 1,260 1,427 1,723 2,081 2,564 1,260 1,606 1,820
OPM % 28% 28% 25% 26% 27% 26% 25% 27% 31% 32% 15% 21% 22%
Other Income 110 101 128 144 178 222 183 1,430 565 236 112 -29 -13
Interest 33 9 5 9 16 10 160 137 145 130 145 57 54
Depreciation 29 29 32 40 50 67 78 115 182 235 271 265 252
Profit before tax 674 892 841 1,052 1,319 1,404 1,373 2,901 2,319 2,434 956 1,256 1,501
Tax % 8% 30% 30% 32% 33% 31% 40% 23% 36% 36% 45% 37%
Net Profit 634 637 589 720 892 978 823 2,221 1,479 1,567 526 800 983
EPS in Rs 7.31 6.51 6.14 7.54 9.29 10.18 8.57 23.13 15.40 16.32 5.48 8.33 10.24
Dividend Payout % 27% 31% 24% 27% 24% 22% 26% 11% 19% 21% 5% 30%
Compounded Sales Growth
10 Years:10%
5 Years:6%
3 Years:5%
TTM:10%
Compounded Profit Growth
10 Years:2%
5 Years:-1%
3 Years:-19%
TTM:3632%
Stock Price CAGR
10 Years:11%
5 Years:-9%
3 Years:-12%
1 Year:82%
Return on Equity
10 Years:17%
5 Years:16%
3 Years:10%
Last Year:8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
49 98 96 95 2,113 2,115 96 96 1,240 837 394 96
Reserves 3,781 3,000 3,335 3,816 2,625 3,435 4,708 6,594 7,466 8,828 9,248 9,998
Borrowings 119 2 2 3 3 2 1,716 2,203 382 374 352 505
787 773 882 1,160 3,308 3,473 1,446 1,364 3,186 3,636 2,722 2,219
Total Liabilities 4,731 3,873 4,315 5,074 6,032 7,006 7,966 10,258 11,130 12,933 12,418 12,819
1,848 810 920 991 1,073 1,138 1,333 916 1,476 1,414 1,315 1,191
CWIP 111 1 20 7 100 88 110 156 92 156 83 75
Investments 320 696 800 792 829 976 1,148 1,343 1,529 976 325 798
2,452 2,366 2,576 3,285 4,030 4,805 5,375 7,843 8,033 10,386 10,695 10,754
Total Assets 4,731 3,873 4,315 5,074 6,032 7,006 7,966 10,258 11,130 12,933 12,418 12,819

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
707 572 408 387 383 681 731 741 554 135 250 1,548
472 -478 -16 46 -205 -165 16 1,325 -1,041 864 397 -511
-785 -295 -449 -229 -144 -343 -405 -414 -1,090 -966 -1,062 -541
Net Cash Flow 394 -201 -57 204 34 173 342 1,652 -1,577 33 -415 496

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 124 106 104 98 85 80 85 70 84 84 96 92
Inventory Days 526 617 624 644
Days Payable 230 239 196 167
Cash Conversion Cycle 124 106 104 98 85 80 85 70 380 463 524 569
Working Capital Days 177 129 142 132 156 152 147 173 200 253 308 318
ROCE % 18% 25% 26% 28% 31% 27% 26% 24% 26% 27% 14% 14%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
41.62 38.20 35.79 22.37 4.87 4.77 4.77 4.02 4.02 3.99 3.99 3.99
41.52 44.96 47.07 48.69 67.38 68.27 67.32 66.24 65.76 64.15 57.46 57.18
11.05 11.23 11.23 13.08 11.84 10.91 9.68 11.12 12.01 12.40 18.47 15.98
0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15
5.66 5.46 5.76 15.71 15.77 15.91 18.08 18.48 18.06 19.31 19.93 22.70

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