Zee Entertainment Enterprises Ltd.

Financial Statement Analysis

Final Report, Group-1(Sec-A)
Akanksha Trigun Disha Gupta Lavanya Yadlapalli Mayur Shrikhande Raja SK Vinit Gawande
11-09-2013

[ This report is part of the requirements for the Financial Accounting Course PGP-2013]

Table of Contents
1. 2. 3. Objective ......................................................................................................................................... 1 Business Description ....................................................................................................................... 1 Market Profile, Competition, Strategies & Risks............................................................................. 1 Market Profile ..................................................................................................................................... 1 a. b. c. d. e. f. Size.......................................................................................................................................... 1 Key Consumers/Target Segments........................................................................................ 1 Drivers of Sales ...................................................................................................................... 1 Recent Trends ........................................................................................................................ 2 Expected Key Growth Areas ................................................................................................. 2 Expected Market Growth Rate ............................................................................................. 2

Competition ........................................................................................................................................ 2 a. b. c. d. Degree of Competition .......................................................................................................... 2 Imminent substitutes ............................................................................................................ 2 Closest Competitors .............................................................................................................. 2 Competition Measure ............................................................................................................ 2

Strategy ............................................................................................................................................... 3 a. b. Corporate Strategies to increase ROE .................................................................................. 3 Recent Initiatives to increase Market Share and ROE ........................................................ 3

Risks .................................................................................................................................................... 3 4. 5. 6. Trend Analysis ................................................................................................................................. 3 Ratio Analysis .................................................................................................................................. 4 Conclusion ....................................................................................................................................... 6

References .............................................................................................................................................. 6 Appendix A - Basic Financial Facts .......................................................................................................... 7 Appendix B - Market Profile & Competition ........................................................................................... 8 Appendix C Trend Analysis ................................................................................................................... 8 Appendix D Ratio Analysis.................................................................................................................. 10

1. Objective
The objective of the report is to analyse the financial statement of Zee Entertainment Enterprises Ltd and evaluate its performance and financial position.

2. Business Description
Subhash Chandra, one of India's leading entrepreneurs, who sought to create a revolution by facilitating the convergence of media and communication with a mirror into the common man's life and ways, created Zee Telefilms Limited in October 1992. This enterprise was to act as the chief content provider for Zee TV - India's first Hindi satellite channel. Zee Telefilms Limited (ZTL) is now known as Zee Entertainment Enterprises Limited (ZEE). It is a subsidiary of the Essel Group. ZEE is an integrated media and entertainment company engaged primarily in broadcasting and content development, production and its delivery via satellite. The Company has 32 channels that serve the widest array of content in India and is the leading broadcaster across the country. ZEE is also the pioneer in the international markets with 29 dedicated channels serving Indian content across 169 countries. To become the worlds leading global media company from the emerging markets. As a Corporation, we will be driven by innovation and creativity and would focus on growth while delivering exceptional value to our customers, our viewers and all our stakeholders. is ZEEs mission statement. Through its first-mover advantage, ZEE has established itself as a strong player in the regional entertainment space, while expanding its global presence. It is the largest producer and aggregator of Hindi programming in the world, with more than 1 lac+ hours of original programming in its archives. It is one of the most popular entertainment brands in India; was ranked 9th most popular brand within a decade of its launch. It is one of the largest Indian programming content distributors with an estimated reach of more than 670+ million viewers in over 169 countries including USA, Canada, Europe, Africa, the Middle East, South East Asia, Australia and New Zealand.
Note: Refer to the Appendix A for basic financial facts & figures of the company.

3. Market Profile, Competition, Strategies & Risks

Market Profile
a. Size The Indian Media & Entertainment Industry grew from INR 728 billion in 2011 to INR 821 billion in 2012, registering an overall growth of 12.6%. Television continues to be the dominant industry (45.1%) with an estimated share of INR 370.1 billion in 2012, registering a growth of 12.5% over 2011. b. Key Consumers/Target Segments The television industry has been targeted for all kinds of customers. Various channels have been established with focus on particular segments based on Geography (Regional channels), Demography (Channels targeted towards Children, Youth, Old aged, and Women etc.) and Lifestyles (Channels for Fashion, Sports, Education etc.) c. Drivers of Sales There is a growth in demand for the Television (Media & Entertainment) Industry because of higher real incomes and changing lifestyles, falling prices, increasing penetration, growing and 1

young consumer base, growing popularity for regional media channels etc. Reform in technology leading to better service quality and changing lifestyle in rural and urban areas has led to higher demand for information. All of these factors drive the sales or growth in the industry. d. Recent Trends Following are the recent trends for the industry growth: TV Digitization, Greater sophistication of and segmentation in content, increasing investments in the regional space, increasing media penetration, consumer understanding, policies from the government in terms of increasing FDI limits, digitization of cable distribution to improve profitability, increasing liberalization and tariff relaxation etc. e. Expected Key Growth Areas The Indian market is large enough to provide significant growth opportunities for IPTV, digital cable as well as DTH service providers. Investment in content is also expected to grow. Regional market is expected to grow. Indian channels presence across international markets is aggressively increasing. f. Expected Market Growth Rate By 2013, the market is expected to grow to INR 420 billion i.e. 13.5% over 2012. By 2017, the market is expected to grow to INR 848 billion i.e. 129% over 2012. The share of subscription revenue to total revenue is expected to increase from 66% in 2012 to 72% in 2017.
Note: Refer to Appendix B (Figure-2) for the past, estimated and projected growth rates of the Television Industry.

Competition
a. Degree of Competition The degree of competition in the entertainment industry is HIGH. The high competition is because the industry is highly fragmented. And the competitors are highly diversified. But the threat of new entrants is comparatively less because of the high sunk costs and hitches with the distribution. The high growth potential of the industry and large number of regional TV channels which provide the customers with wide range of choices to switch makes the industry more competitive. b. Imminent substitutes There are variety of substitutes like Internet, Film Industry, Major sporting events, and Cultural events. These substitutes can reduce the sales of our industry/company. Since the television constitutes more than 40% of the Media and Entertainment industry, catering to the highly reached and to the lower section of the society, the increase in the substitutes could be beneficial in terms of the advertisement revenue for the company. c. Closest Competitors Sun TV Ltd, DB Corp, Dish TV India, PVR Ltd and SRS are the closest competitors of Zee Entertainment Enterprises Ltd. d. Competition Measure The 4-firm Concentration ratio is 38.76%. So the Media & Entertainment Industry is in the low concentration range. The average industry margin is 8.51%. Due to various reasons few companies experience huge loss. The average industry margin based on the top 8 companies in terms of their sales is 12.82%. The overall industry sales have increased marginally by 1.75% from 2012 to 2013.
Note: Refer to Appendix B (Table-4) for the information on the industry top 4 firms.

Strategy
a. Corporate Strategies to increase ROE The corporate strategy of Zee Entertainment Enterprises is launching new products and also to scaling up the company for new businesses. The company has increased the ad rates by 20-30% which increases the ROE of the company. Zee also increased the market share in advertisement by 8-9% over televisions in 2012. b. Recent Initiatives to increase Market Share and ROE Zee Entertainment Enterprises is continuously launching more channels for different segments to increase its market share and ROE. It has launched many regional channels to cover the geographic segment and more specific interest channels to cover different behavioural segments. Recently it has launched the Indias First 24-hour food channel Zee Khana Khazana for the food lovers and is planning to launch a new Hindi movie channel to engage with the younger audience.

Risks
The three most important risks the company faces in achieving goals and implementing strategies are: 1. Ever changing trends in Media sector It may not be possible to consistently predict changing audience tastes. Repeated failures would have an adverse impact. 2. Macroeconomic environment Moderating growth, along with high inflation, can adversely impact advertising revenues of the company. 3. Increased competitive environment in the Hindi General Entertainment Space.

4. Trend Analysis
A trend analysis on the following has been done for both our main company ZEE and its competitor Sun TV Network: a. Sales Growth Rate b. Net Profit After Tax/Sales The consolidated financial data for both the companies for the past 7 years has been considered. Refer to Appendix C for the tables and charts prepared for the analysis. The Sales Growth Rate for the year 2007 for ZEE was considerably low (-ve) where as for the Sun TV Network it was very high (110%). In 2008, despite an economic downturn, ZEEs sales growth showed an upward trend. In the same year, Sun TV Networks sales growth rate has dropped down to a low 28% because in 2008, Zee Networks launched Zee Motion Pictures, an independent subsidiary of Zee Entertainment Enterprises focusing on development, production, distribution and marketing of mainstream films in Hindi and five regional languages (Marathi, Bengali, Telugu, Kannada and Tamil). In 2009, both the companies had a downward trend because of the continuing economic downturn. In 2010, ZEEs sales growth rate has showed a continuing downward trend whereas for Sun TV Network, the sales growth rate has increased. In 2011, owing to the industry growth rate, ZEE has considerably increased its sales growth rate. However for Sun TV Network, the sales growth rate was almost stagnant. In 2012, though the industry had a considerable growth, both the companies sales growth rate dropped significantly. The Profit Margin for ZEE showed an upward trend from 2007 until 2010, but later had a downward trend in 2011 and 2012. Despite a drop in sales growth rate to a 1% in 2010, the profit margin has increased .This may be attributed to the declaration of dividends and shares in 2010. We can thus infer that the company might have considerably cut down their expenses so as to 3

increase the profit. For Sun TV Network, the Profit margin has almost a flat trend, with minor variations across the 7 years. Despite a drop in sales growth rate to a -8% in 2012, the profit margin had been almost the same as in the previous year. It seems that the company has started cutting down their expenses owing to the countrys economic downturn.

5. Ratio Analysis
All the financial ratios for both the companies have been provided in Appendix D Ratio Analysis. a. Return on Equity Return on Equity for both the companies ZEE and Sun TV Network has an increasing trend until 2011 with minor variations, except for Sun TV Network in the year 2009 where it has dropped from that of the previous year. However, in 2012, ROE has decreased for both the companies. The fluctuations can be explained by using the Basic Dupont Model Analysis given below. b. Basic Dupont Model Analysis The Return on Equity can be split into the following components based on the Basic Dupont Model: Return on Equity = Net Profit Margin X Asset Turnover X Financial Leverage From FY2008 to FY2009, the ROE for ZEE has increased but with a minor variation. This can be attributed to the increase in Net Profit Margin with an increase in sales by about 18% even though there is an increase in the total expenditure by about 25%. The Asset turnover has also increased from that of the previous year. Though the financial leverage decreased, it has a very minor variation thus not affecting the ROE. For Sun TV Network, the ROE has decreased owing to the decrease in the net profit margin, asset turnover and a not so significant increase in financial leverage. From FY2009 to FY2010, the ROE for ZEE has increased owing to the increase in Net Profit Margin with a slight increase in sales by about 1% and also a decrease in total expenditure by about 3%. For Sun TV Network, the ROE has a sharp increase owing to an increase in the Net Profit Margin, a sharp increase in the Asset Turnover and a minor increase in the Financial Leverage. From FY2010 to FY2011, the ROE for ZEE has a sharp increase. Even though the net profit margin has significantly dropped from 28% to 20% with a high sales growth of 36% but an even higher increase in expenditure by 42%, the Asset turnover has significantly increased from 0.54 to 0.85 thus balancing out the effect of net profit margin. This shows that ZEE is on an expansion path. For Sun TV Network also, the ROE has a sharp increase, owing to the increase in net profit margin, a significant increase in the Asset Turnover ratio despite a very minor decrease in leverage. From FY2011 to FY2012, the ROE for ZEE has a decrease. Though the Asset Turnover ratio increased from 0.85 to 0.92, both the net profit margin and the leverage have decreased. The Net profit margin has decreased because of a very low growth in sales by about 1% and an increase in expenditure by 10%. For Sun TV Network also, the ROE has a sharp decrease because of a minor variation in Net Profit Margin, a sharp decrease in Asset Turnover ratio and a minor variation in Leverage. This may be attributed to the growth trend of these companies starting from FY2010.

c. Return on Net Operating Assets Based on the advanced DuPont model, the return on Net Operating Asset (RNOA) of ZEE has increased from 27.74% in 2008 to 41.03% in 2012. This increase is strongly because of the high operating efficiency of 2.3894 in 2012 when compared to the Operating profit margin which is quite flat from 19.92% in 2008 to 17.17% in 2012 with a slight increase in the years 2008 and 2009 and is low compared to its competitor Sun TV network. The trend in the increase of RNOA is increasingly better in the recent years due to the long amortization period of movie rights. But the RNOA of its competitor Sun TV network was increasingly good till 2011 but decreased to 35.57% from 55.89% in 2012 due to the allegations over the 2G spectrum scam . The involvement of the major shareholders and the top employees of Sun TV network in the 2G spectrum case has resulted in the decreased sales in 2012 from 1.529 times the net assets in 2011 to 1.0154 times in 2012 and the operating profit margin of Sun TV network quiet constant. Comparing the ratios of DuPont and Advance DuPont analysis, the Return on net operating assets (RNOA) is more than twice the return on equities (ROE) because of the huge liabilities, loans and advances. These liabilities increase the net operating asset turnover ratio to 2.3894 when compared with the net asset turnover ratio of 0.9264 in 2012. d. Debtor Turnover/Debt Collection Period The debtor turnover ratio of ZEE doesn't show much variation and it is low compared to the debtor turnover ratio of the competitor Sun TV Network which is above 4 except in FY2012. The higher the debtor turnover ratio, the more efficient is the management of debtors/credit policies. It can thus be inferred that Sun TV Network manages its debtors more efficiently than ZEE. However, in 2012, this ratio for ZEE doesnt have much of a variation but for Sun TV Network it has significantly dropped, probably owing to the economic downturn in the country. The Debt collection period for ZEE has a varying trend with minor variations and it has increased from FY2011 to FY2012 with a minor variation of 6 days. For Sun TV Network, the debt collection period has always been significantly lower than that of ZEE; however it has increased significantly in FY2012 when compared to that of FY2012. This shows that the economic downturn caused the debtors to be less liquid. Both the companies should change their credit policies to efficiently manage the debtors and reduce the debt collection period. e. Inventory Turnover/Inventory Holding Period Since both ZEE and Sun TV Network are service providers in the Media & Entertainment Industry, they dont have any Inventory and hence both these ratios are Not Applicable. f. Operating Cycle Operating Cycle would be the same as Debt Collection Period as Inventory Holding Period is not applicable. So the trend is the same as described in the Debtor Turnover/Debt Collection Period section. g. Payables Turnover/Days Payable Since both these companies are service providers, there wont be any raw material purchases required and hence these two ratios are Not Applicable. h. Current Ratio The Current Ratio (Working Capital Ratio) for ZEE increased from FY2008 to FY2009 and later showed a downward trend until FY2012 when it dropped to a low 2.7598. For Sun TV Network also, this ratio has a similar trend, except in FY2012, where it significantly increased to a high 4.1256 (highest across all the years analysed). These trends show that the liquidity position of ZEE has improved from FY2008 to FY2009 but started deteriorating from then until FY2012. This could be because of the increasing investments being made by the firm. For Sun TV Network, the liquidity position has been improved significantly from FY2008 to FY2009, dropped in FY2010 but improved again by FY2012.

i. Quick Ratio Since there are no inventories for both these companies, Quick Ratio would be the same as Current Ratio and the analysis would be the same as in above section. j. Debt to Equity Ratio For ZEE, Debt to Equity ratio has a decreasing trend except for a spike in FY2009. For Sun TV Network, the ratio has a continuously decreasing trend. In FY2012, both these companies have a significantly low debt to equity ratio (0.0006 for ZEE and 0.0000 for Sun TV Network). This shows that both the companies rely more on shareholders equity rather than on external lenders for investments. Thus, we can infer that both the companies have established sound long term financial policies which make them less risky. k. Interest Coverage The Interest coverage for ZEE has decreased from FY2008 to FY2009 and then showed an upward trend until FY2012 with a value of 175.5800. For Sun TV Network, the ratio has an increasing trend from FY2008 to FY2011 and then dropped to 256.6838 in 2012 from a high 722.9156 in the previous year. So, the ability to pay off debts has considerably been reduced for Sun TV Network. However, it is still high than that of ZEE. So, creditors would be interested in lending to Sun TV Network rather than to ZEE.

6. Conclusion
Based on the financial analysis performed above, we recommend not investing in Zee Entertainment Enterprises Ltd in the short-term when compared with SUN TV as the working capital ratio is deteriorating for ZEE whereas it is improved significantly for Sun TV Network. In the long term, the industry is expected to grow more than double its size by 2017. Both ZEE and Sun TV Network have sound long term financial policies, which makes them less risky. ZEE might outperform its competitors owing to its new investment strategies. Hence, one can invest in ZEE in the long-term because of the following observations: 1. The debt to equity ratio of ZEE is higher as compared to the competitor (SUN TV) showing that the company has high leverage and is considered stable by the creditors who are extending credit to it. 2. The wide difference between ROA and RNOA in 2012 shows that the company (ZEE) is doing a lot better than its competitor in terms of its actual operations.

References
http://www.nseindia.com/content/corporate/eq_ZEEL_base.pdf http://www.zeetelevision.com/ http://vidz.zeecdn.com/zeetele/pdfs/zeear2013deluxedt24-06-13-2finalfileforprinting-4f75b99abbf4f2d.pdf http://www.moneycontrol.com/india/stockpricequote/mediaentertainment/zeeentertainmententerprises/ZEE http://www.capitaline.com http://www.indiainbusiness.nic.in/industry-infrastructure/service-sectors/media-entertainment.htm http://www.ibef.org/download/Entertainment-March-220313.pdf http://vidz.zeecdn.com/zeetele/pdfs/zeear2013deluxedt24-06-13-2finalfileforprinting-4f75b99abbf4f2d.pdf http://www.ficci.com/spdocument/20217/FICCI-KPMG-Report-13-FRAMES.pdf http://www.sify.com/finance/stockpricequote/Zee_Entertainment_Enterprises_Ltd-ZEE/competitors.html http://www.moneycontrol.com/competition/zeeentertainmententerprises/comparison/ZEE http://www.moneycontrol.com/stocks/top-companies-in-india/net-sales-bse/media-entertainment.html http://www.moneycontrol.com/news/results-boardroom/ad-revenue-growth-remains-positive-zeeentertainment_771316.html http://www.equitymaster.com/detail.asp?date=10/12/2007&story=3&title=Zee-Entertainment-Porter-analysis

Appendix A - Basic Financial Facts

The financial year FY12-13 has been considered for the yearly report data. GICS Sector Sub-Industry NSE Stock Code (Symbol) Stock Price as on 15 Jul 2013 (In Rs.) 52 Week Range (In Rs.) Trailing 12 month EPS (In Rs.) Trailing 12 month P/E Common Shares Outstanding Market Capitalization (Million Rupees) Yield (%) Dividend Rate/Share Institutional Ownership (%) Credit Rating Rs. 10000 invested 5 years ago (1st April 2008) Media Broadcasting ZEEL 239.9 255.2 142.6 7.5 27.9 953,957,720 200760 3.13 Rs. 2 50.4 AA Rs. 19, 085 (1st April 2013)

Table 1 - Basic Financial Facts

Figure 1 Zee entertainment vs SUN TV network stocks comparison

Revenue (in Crores) FY 2012-13 FY 2011-12 FY 2010-11 FY 2009-10 FY 2008-09 FY 2007-08 Q1 842.96 698.3 676.99 475.93 541.96 391.57 Q2 953.5 718.4 711.6 540.5 571.7 398.6 Q3 938.82 754.83 824.88 530.93 545.58 518.2
Table 2 Revenue Data

Q4 964.29 869.06 797.97 649.29 513.74 525.95

Year 3699.57 3040.56 3011.41 2196.62 2172.95 1835.37

Earnings per Share (in rupees) FY 2012-13 FY 2011-12 FY 2010-11 FY 2009-10 FY 2008-09 FY 2007-08 Q1 1.65 0.74 NA NA NA NA Q2 1.96 1.6 NA NA NA NA Q3 2.03 1.48 1.72 NA NA NA
Table 3 Earnings Data

Q4 1.88 1.55 1.97 NA NA NA

Year 7.54 6.08 6.5 14.2 11.8 8.8

Appendix B - Market Profile & Competition

Companies SRS Zee Entertain Dish TV India Sun TV Network Last Price Market Cap. Sales Turnover Net Profit Total Assets 28.75 400.46 2,888.34 32.67 1,162.33 251.65 24,145.97 2,565.88 640.69 3,354.30 47.85 5,107.05 2,166.80 -65.75 720.73 419.9 16,547.61 1,817.62 683.34 2,645.24
Table 4 Industry top 4 firms details

Figure 2 Television Industry Size

Appendix C Trend Analysis

Companies Zee Entertainment Enterprises Ltd Sun TV Network FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 -8.371 110.61 21.076 28.316 18.631 19.476 1.032 39.782 36.777 38.588 1.0536 -8.259

Table 5 Sales Growth Rate (%)

Figure 3 Trend Chart for Sales Growth Rate

Companies Zee Entertainment Enterprises Ltd Sun TV Network

FY2006 0.129524 0.395825

FY2007 0.156694 0.362986

FY2008 0.208819 0.375536

FY2009 0.235318 0.354382

FY2010 0.288411 0.357851

FY2011 0.211679 0.382307

FY2012 0.193751 0.37512

Table 6 Net Profit after Tax/Sales

Figure 4 Trend Chart for Net Profit after Tax/Sale

Appendix D Ratio Analysis

Company Symbol ZEEL SUNTV ZEEL SUNTV Sales Profit after Tax Average Total Assets Net Operating Profit Sales Net Operating Profit Sales 360 Cost of Goods Sold 360 Debt Collect Period + Inv Holding Period Purchases Average Accounts Payable Payables Turnover Current Liabilities Current Liabilities Shareholder's equity Interest Expense Average Total Assets Average Total Assets Average Shareholder's Equity Sales Average Net Operating Assets Average Net Operating Assets Average Debtors Debtor Turnover Average Inventories Inventory Turnover ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV ZEEL SUNTV NA NA NA NA NA

Ratio Return on Equity(%) Return on Sales or Profit Margin(%) Asset Turnover Return on Assets(%) Leverage Measure 1 Net Operating Profit Margin(%) Net Operating Asset Turnover Return on Net Operating Assets(%) Debtor Turnover Debt Collection Period Inventory Turnover Inventory Holding Period Operating Cycle Payables Turnover Days Payable Current Ratio Quick Ratio Debt to Equity Ratio Interest Coverage

Numerator

Denominator Average Shareholder's Equity Sales

FY2012 17.35% 27.57% 19.42% 36.97% 0.9264 0.7335 17.99% 27.11% 0.9640 1.0167 17.17% 35.03% 2.3894 1.0154 41.03% 35.57% 3.5021 3.9379 102.7963 91.4203 NA NA 102.7963 91.4203

FY2011 20.28% 34.24% 20.78% 37.78% 0.8531 0.9148 17.72% 34.56% 1.1445 0.9906 18.58% 36.55% 1.7596 1.5294 32.70% 55.89% 3.7164 5.3103 96.8667 67.7926 NA NA 96.8667 67.7926

FY2010 16.83% 27.56% 28.03% 34.48% 0.5488 0.7602 15.38% 26.21% 1.0942 1.0515 26.85% 33.17% 1.0565 1.3243 28.36% 43.92% 3.1596 5.0945 113.9375 70.6649 NA NA 113.9375 70.6649

FY2009 14.64% 21.07% 23.98% 32.72% 0.5861 0.6132 14.06% 20.06% 1.0413 1.0505 24.74% 31.10% 1.3251 0.9955 32.79% 30.96% 3.5278 4.1679 102.0464 86.3735 NA NA 102.0464 86.3735

FY2008 13.58% 22.55% 22.67% 35.98% 0.5752 0.6141 13.04% 22.10% 1.0419 1.0204 19.92% 33.56% 1.3928 0.9153 27.74% 30.72% 3.2662 3.7445 110.2192 96.1401 NA NA 110.2192 96.1401

Profit after Tax

Profit after Tax

360 Current Assets Currents Assets - Inventories Secured Loans + Unsecured Loans Profit before Interest and Tax

NA 2.7598 4.1256 2.7598 4.1256 0.0006 0.0000 175.5800 256.6838

NA 2.8865 2.6075 2.8865 2.6075 0.0005 0.0001 105.6705 722.9156

NA 3.1108 2.2456 3.1108 2.2456 0.0312 0.0001 22.1928 227.8968

NA 4.6571 4.0260 4.6571 4.0260 0.1693 0.0421 5.2859 58.2705

NA 3.4256 3.4376 3.4256 3.4376 0.1351 0.0480 12.6676 41.1226

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Figure 5 Ratio Analysis of Zee Entertainment Ltd.

Figure 6 Ratio Analysis of SUN TV network

The following Excel sheet contains the detailed calculations of the above ratios:

Ratio_Analysis_Group1.xlsx

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