ZEEL’s revenues have grown at 10.7% CAGR over the past five years. Excluding the Sports business which was divested in FY17, revenues grew at 13.8% CAGR over the same period. This growth has been driven by improvement in our TV network share, digitization of pay-TV subscriber base and growth in revenues from new businesses. During FY20, our domestic subscription revenues grew by 33%, driven by the implementation of New Tariff Order in the broadcast business and growth in ZEE5 subscription revenue. Advertising revenue declined by 7.1% due to the continued macro-economic slowdown during the year.


Our EBITDA CAGR of 12.3% over the last five years is better than the revenue growth. EBITDA margins declined 480bps YoY in FY20 to 27.5%. The fall in EBITDA margin was due to decline in advertising revenue and increase in programing costs driven by elevated content investments over the last 2 years.

*Excluding one-offs in operational cost and other expenses in FY20


Our Profit before Tax has grown at 9.7% CAGR over the past five years led by robust revenue growth and improving margins. During FY20, Profit before Tax declined by 9.2% due to lower EBITDA margins.

*Excluding exceptional items and one-offs in operational cost and other expenses in FY20


ZEEL’s return on capital employed (ROCE) declined by 480bps YoY to 19.6% during FY20. The decline in ROCE is due to lower EBIT margins which decreased by 520bps YoY to 24.2%.


In FY20, ZEEL’s networth increased by 4.7%. This is primarily due to profit from operations.

Television Network Share

ZEEL converted two of its FTA (Free to Air) channels to pay in Mar’19 and subsequently removed them from the DD FreeDish platform. Due to this move, viewership of these two channels dropped significantly and the overall share of ZEEL network declined to 18.4% in FY20 vs 19.7% in FY19. However, excluding the share of these two channels, network share grew by 170bps in FY20, driven by the strong performance of Hindi movie channels and several regional channels.

*Viewership share numbers exclude Zee Anmol and Zee Anmol Cinema which were converted to pay channels in Mar’19


ZEE5 MAU (Monthly Active User) base saw a modest growth YoY, however this was accomplished with lesser marketing spends on user acquisition, highlighting the growth in organic user base. ZEE5 also reported a global DAU (Daily Active User) base of 6 million with a watch time of 136 minutes per viewer during the month. ZEE5 established itself as the biggest producer of digital original content in India with 80+ shows/movies released during the year.

Movie Business REVENUE

Zee Studios co-produced/distributed 14 movies during the year across Hindi, Marathi, Tamil and Punjabi languages. The movie business revenue declined as the movies released in FY20 could not match the success of the movies released last year.