It invested Rs. 436.27 crore in 436,26,56,265 Non-Cumulative Non-Convertible Redeemable Preference Shares of Re. 1 each of DMCL redeemable at par on 1st November 2036.
Also, Rs 103.35 crore was given towards impairment in the value of company’s investment in DMCL and recognised during the quarter/year ended 31st March 2019 and shown as exceptional items based on the valuation carried out by an independent valuer.
The impairment has been made as per Ind-AS 109, ZMCL said in the Q4 financial statement.
Its operating revenue during the quarter declined by 3.9% to Rs 169.35 crore from Rs 176.22 crore in the year-ago period due to hold back of spends by advertisers across the industry in the first half of the quarter in view of the TRAI’s New Tariff Order implementation.
However, its ad revenue grew by 0.3% at Rs 154.2 crore compared to Rs 153.6 crore. Subscription revenue declined 22% to Rs 10.16 crore from Rs 13.03 crore. Other sales and services declined 47.7% to Rs 4.98 crore compared to Rs 9.5 crore.
The group also reduced operating expenditure in Q4 FY19 by 7.7% to Rs 130.45 crore from Rs 141.27 crore in Q4 FY18 due to business optimisation. EBITDA for the quarter grew by 11.3% to Rs 38.89 crore from Rs 34.95 crore for the corresponding period last financial year. EBITDA Margin grew from 19.8% in Q4FY18 to 23% in Q4FY19.
It ad revenue for the fiscal was up by 20.7% to Rs 616 crore while subscription revenue remained flat at Rs 47.39 crore compared to Rs 47.49 crore a year ago.