ZEEL’s revenues have grown at 16.2% CAGR over the last five years on the back of improvement in network viewership share and digitisation of analogue subscriber base. During FY17, revenue growth was lower at 10.7%, primarily due to demonetisation impact in the second half. Our advertising revenue growth of 9.2% was better than the industry average and subscription business grew by 13.5% adjusted for the sale of sports business.


Our EBITDA CAGR of 21.1% over the last five years has been better than revenue growth. EBITDA margins improved from 24.3% in FY12 to 29.9% in FY17. This improvement in margins is driven by operating leverage.


On back of strong revenue growth and better margins, Profit before tax has grown at 14.8% CAGR over the past five years. During FY17, PBT (before exceptional items) has increased by 19.3% YoY.


ZEEL’s return on capital employed (ROCE) remained healthy at 24% during FY17. EBIT margins (excluding exceptional gain) increased sharply from 25% in FY16 to 28% in FY17. This improvement did not translate into equivalent improvement in ROCE because exceptional gain from sale of sports business led to higher networth.


In FY17, ZEEL’s networth increased by 39%. Besides profit from operations, gain from sale of sports business was a key contributor to this increase.

Television Network Share

ZEEL’s network share declined from 17.0% in FY16 to 16.0% in FY17. Several events during the year led to shift of viewership from entertainment to news genre. Within entertainment genre, our regional portfolio and Hindi movie cluster strengthened their positions, whereas pay Hindi GEC portfolio saw some decline.

International Reach

The reach of our international channels increased by 29% to 363 mn people in more than 172 countries. The increased reach is driven by wider availability of our content for Indian diaspora and new channels for non-Indian audience launched during the year.

Movie Business REVENUE

128% growth in Zee Studios’ revenue was largely drivenby the success of two of our movies released during the year.

* The revenues of Movie business is before inter-company elimination

Revenue Breakdown FY17

Revenue : ₹ 64,342 Million

  • 57%

    Advertising Revenues

  • 35%

    Subscription Revenues

  • 08%

    Other Sales and Services

Distribution of Expenses FY17

Total Expenses : ₹ 45,073 Million

  • 62%

    Operating Costs

  • 25%

    Other Costs

  • 13%

    Employee Benefit Expenses