ZMCL’s earnings release for Q3 ended December 31, 2018

Zee Media Corporation Limited (ZMCL) has reported consolidated revenues of `1942.2 million for Q319. The network incurred an expenditure of `1362.3 million during the quarter. The operating revenue grew by 22.7 percent to `1942.2 million in Q319 from `1583.0 million in Q318. In 9MFY19, operating revenue grew by 30.3 percent to `5175.7 million from `3972.6 million in 9MFY18. Operating expenditure in Q319 grew by 21.3 percent to `1362.3 million from `1122.7 million in Q318. The increase in expenditure year-on-year has been mainly contributed by three new channels launched during last year viz. Zee Salaam, Zee 24 Kalak, and Zee Uttar Pradesh Uttarakhand. EBITDA for Q319 grew by 26 percent to `579.9 million from `460.3 million for the corresponding period last financial year. EBITDA margin grew from 29.1 percent in Q318 to 29.9 percent in Q319.

Zee News continued to focus on news that touches the pulse of the nation and reached more than 198 million viewers. The channel achieved a 20 percent growth in 9MFY19 over the same period last year. Zee Hindustan reached over 158.8 million viewers. The channel will focus on innovative and analytical news programming. Zee Business renewed its vigor to increase its relevance in the investor community. Zee 24 Ghanta, the network’s Bengali news offering reached more than 33.3 million viewers. Zee 24 Taas reached 41.1 million audiences across India. Zee Rajasthan reached 19.9 million viewers across India. Zee Uttar Pradesh Uttarakhand reached more than 7.9 million viewers. WION reached over 7.6 million viewers. Zee Kalinga News was reinstated as Zee Odisha to highlight the channel’s focus. The channel reached over 16.2 million viewers. Zee 24 Kalak reached more than 12.2 million viewers.

Corporate developments. Kanta Devi Allaria, independent director, resigned from the Board with effect from December 14, 2018. Rajiv Singh, executive director and chief operating officer decided to step down from the board with effect from January 31, 2019, and continued as chief operating officer till February 28, 2019. The Board of Directors approved the induction of two additional directors viz. Vishwapati Trivedi as an independent director and Punit Goenka as non-executive non-independent director, with effect from January 24, 2019.