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ZEE

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					                                                                                            Regd off: Continental Bldg., 135, Dr. Annie Besant Road, Worli, Mumbai - 400 018
ZEE ENTERTAINMENT ENTERPRISES LTD.                                                          E-Mail:    sanghavip@zeenetwork.com
                                                                                            Web site: www.zeetelevision.com
                                                                                            Telephone: (022) 6697 1234 Fax: (022) 2490 0302/0213
MEDIA                                                            SUBHASH CHANDRA            Tr agent: Sharepro Services, Satam Estate, 3rd Flr., Chakala, Mumbai - 99
Chairman: Subhash Chandra                                                      SEC: M. Lakshminarayanan                               AUD: MGB & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1992   505537              Z:IN       1           210.8          19.7            -3.3        17.9      16.8            0.9          91,467.6              432.6       INE256A01028
SHAREHOLDING                                                     FX Transaction (FY09)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 21.7%               Exports (fob)          Rs m      893
Foreign collaborators      : 19.9%
                                                                                                     (Rs)
                                                 Imports (cif)          Rs m      175
Indian inst/Mut Fund       : 22.6%               Fx inflow              Rs m      950         400
FIIs/GDR                   : 27.5%               Fx outflow             Rs m      471                                                                       DAILY
Free float                 :  8.4%               Net fx                 Rs m      479
Shareholders               : 91,564                                                                                                                         100 DMA
                                                                                              300
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                              200
 High                                 Rs                 381            363          257
Low                                   Rs                 189            169            88
Sales per share                       Rs                35.0           42.3         50.2
Earnings per share                    Rs                 5.5             8.8        11.8      100
Cash flow per share                   Rs                  5.9            9.4        12.5
Dividends per share                   Rs                1.50           2.00         2.00
Dividend yield (eoy)                  %                  0.5            0.8           1.2
                                                                                                 0
Book value per share                  Rs                60.4           66.0         78.3
Shares outstanding (eoy)              m               433.57         433.57       434.01         Aug-06            Jun-07            Feb-08               Nov-08            Aug-09
Bonus/Rights/Conversions                                  BC               -          BC
Price / Sales ratio                   x                   8.2            6.3          3.4                               No. of months                 12            12            12
Avg P/E ratio                         x                 52.1           30.1         14.6                                  Year ending           31/03/07      31/03/08      31/03/09
                                                                                             CASH FLOW
P/CF ratio (eoy)                      x                 48.3           28.4         13.8
Price / Book Value ratio              x                   4.7            4.0          2.2    From Operations                         Rs   m       1,714             3,011      1,002
Dividend payout                       %                 27.4           22.6         16.9     From Investments                        Rs   m      -4,280            -1,654       -798
Avg Mkt Cap                           Rs m           123,567        115,330       74,867     From Financial Activity                 Rs   m       2,209              -664         71
No. of employees                      `000                  1              1          NA     Net Cashflow                            Rs   m        -357               693        274
Total wages/salary                    Rs m             1,017          1,438        2,031
Avg. sales/employee                   Rs Th         22,065.5       22,885.3           NA                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th          1,480.3        1,793.0           NA                                           2QFY09  3QFY09             4QFY09         1QFY10
Avg. net profit/employee              Rs Th          3,455.6        4,779.3           NA     Net sales                   Rs    m     5,717   5,456              5,137          4,759
                                                                                             Gross profit                Rs    m     1,487   1,201              1,202          1,170
INCOME DATA                                                                                  Gross profit margin         %            26.0     22.0              23.4           24.6
Net Sales                             Rs     m        15,159        18,354        21,773     Net profit                  Rs    m     1,781      814               968            913
Other income                          Rs     m           686         1,133         1,572     Net profit margin           %            31.2     14.9              18.8           19.2
Total revenues                        Rs     m        15,845        19,487        23,345
Gross profit                          Rs     m         3,099         5,209         4,549                                          KEY DATA
Depreciation                          Rs     m           185           232           310     Parameters                          Unit              FY07             FY08       FY09
Interest                              Rs     m           219           298           406     Advertising revenue                 % of sales         46.4             50.7       48.6
Profit before tax                     Rs     m         3,381         5,812         5,405     Subscription revenue                % of sales         43.9             40.5       41.5
Minority Interest                     Rs     m           -68          -333           -99     Personnel Cost                      % of sales          6.7              7.8        9.3
Prior Period Items                    Rs     m             2           -31         1,425     Selling and Distribution Exp.       % of sales         10.6              8.4       11.9
Extraordinary Inc (Exp)               Rs     m            61           -20            26     Operating Margin                    % of sales         21.1             29.5       25.2
Tax                                   Rs     m         1,002         1,595         1,633
                                                                                                                                    NOTES
Profit after tax                      Rs     m         2,374         3,833         5,124
Gross profit margin                   %                 20.4          28.4          20.9     Zee Entertainment is India's first and one of the largest vertically integrated media
Effective tax rate                    %                 29.6          27.4          30.2     and entertainment companies with operations spread across more than 10 countries
                                                                                             worldwide including India, USA, UK, Australia, Middle East and many African and
Net profit margin                     %                 15.7          20.9          23.5
                                                                                             South Asian countries. The company broadcasts India's leading television channels
BALANCE SHEET DATA                                                                           including Zee TV, Zee Cinema, Zee Sports, Zee Café, Zee Studio, Zee Music and
                                                                                             ETC. The operations of Zee include content and broadcasting, film production and
Current assets                        Rs m            18,088        21,508        27,026     distribution and education business (learning centers in animation and media arts).
Current liabilities                   Rs m             5,106         6,279         5,803
Net working cap to sales              %                 85.6          83.0          97.5     During FY09, Zee Entertainment's topline increased by 18%. Zee TV had a 19%
Current ratio                         x                   3.5           3.4           4.7    share in the Hindi general entertainment genre. Zee Cinema, the company's Hindi
Inventory Turnover                    Days                  1             1             1    movie channel, led its category with a 35% share, while Zee Café, its English general
Debtors Turnover                      Days               128           117           108     entertainment channel has a 20% share in its genre. The company is renegotiating
Net fixed assets                      Rs m            14,841        15,605        18,093     programming cost and has laid off 350 to 400 people. The company also expects a
Share capital                         Rs m               434           434           434     10% to 12% growth in the FY10 bottomline on the back of such measures.
"Free" reserves                       Rs m            26,396        29,204        33,348
                                                                                             Zee's advertising revenues would continue to increase at a fast rate in the future due
Net worth                             Rs m            26,179        28,611        33,995     to its strong position in the general entertainment category (GEC). Subscription
Long term debt                        Rs m             1,057         1,973         3,546     revenues will also increase due to the rollout of CAS and DTH. The entry of other
Total assets                          Rs m            35,255        39,629        46,390     players such as UTV, NDTV, TV18 in the GEC space can, however, cause a dent in
Interest coverage                     x                 16.4          20.5          14.3     the viewership ratings of Zee Entertainment and adversely affect its advertisement
Debt to equity ratio                  x                   0.0           0.1           0.1    and subscription revenues. The slow rollout of CAS and DTH will cause a decline in
Sales to assets ratio                 x                   0.4           0.5           0.5    its revenues.
Return on assets                      %                   9.5         13.5          14.7
Return on equity                      %                   9.1         13.4          15.1
Return on capital                     %                 13.2          18.7          19.1
Exports to sales                      %                   6.1           4.3           4.1
Imports to sales                      %                   4.5           0.6           0.8
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posted:11/6/2010
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