Subscription revenues recorded 25.6% YoY growth to Rs 409.8 crore in Q3FY13 as against Rs 326.2 crore primarily driven by domestic subscription revenues (5.4% QoQ). We believe that the company's ad revenue growth is likely to remain healthy however significant outperformance over the industry is unlikely in FY14. Moreover, ZEEL has been able to take price hikes on a YoY basis, which has helped to a large extent in outperformance as compared to industry. advertising revenues and subscription revenues which grew by 28.8% YoY (Rs 509.4 crore v/s Rs 395.5 crore) and 25.6% YoY (Rs 409.8 crore v/s Rs 326.2 crore) respectively.ĭuring the quarter, advertising revenues outperformed the industry growth (~11-12%) and grew by 28.8% at Rs 509.4 crore largely driven by an increase in the market share in the GEC space, low base and increased programming hours (2.5 hours QoQ). ZEEL reported a robust revenue growth of 26.3% YoY to Rs 938.8 crore in Q3FY13 as against Rs 743.6 crore in Q3FY12 with all round performance across major revenue streams i.e. At the CMP of Rs 230, ZEEL is trading at 22.6x and 17.0x its estimated earnings for FY14 and FY15 and we reiterate a BUY with the price target of Rs 267 representing a potential upside of ~17.6%. This can be reiterated from the various key initiatives (such as increasing intervals of review meetings and conducting workshops) taken by MIB to achieve the superior results.Įxpected surge in subscription revenues due to timely digitization implementation, better ad-revenue growth and enhanced reach from the MediaPro venture should help revenues to grow at a CAGR of ~17.6% to Rs 4,923.3 crore by FY15 from Rs 3,040.5 crore in FY12. Moreover, the Ministry of Information & Broadcasting (MIB) has demonstrated the seriousness of DAS implementation in phase 2 cities. a) launch of HD channels, b) Zee Bangla Cinema (already leading cinema channel in Bengali market, complementing Zee Bangla), c) Zee Alwan, d) Ditto TV (~70,000 paying subscribers) and e) ZeeQ (currently available on Dish TV and Videocon d2h). We remain positive on its new ventures i.e. "ZEEL's market share continues to remain robust led by strong showing of flagship channel Zee TV and stable performance in regional markets. Ventura Securities is bullish on Zee Entertainment Enterprises (ZEEL) and has recommended buy rating on the stock with a target price of Rs 267 in its Januresearch report. Unlocking opportunities in Metal and Mining.Sustainability 100+ Pharma Industry Conclave.Masters Of Change Managing Diabetes with Ayurveda.Life Insurance Made Simple Headwinds and Tailwinds.
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