Ladies and gentlemen, good day and welcome to the Q3 FY 2024 earnings conference call of Zee Entertainment Enterprises Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star 100 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mahesh Pratap Singh, Head of Investor Relations at Zee Entertainment Enterprises Limited. Thank you, and over to you, sir.
Thanks. Hello everyone, welcome to our Q3 FY 2024 earnings discussion. We hope you've had an opportunity to review the results. Today we are joined by our Managing Director and CEO, Mr. Punit Goenka, along with the senior management team. We will start the call with opening remarks from Mr. Goenka, followed by commentary on financial performance by Mr. Rohit Gupta, our Chief Financial Officer. We will subsequently open the floor for questions and answers session. Before we get started, let me remind everyone that some of the statements made or discussed on today's conference call will be forward-looking in nature and must be viewed in conjunction with risks and uncertainties we face. The company does not undertake to update any of these forward-looking statements publicly. With that, I'll now hand the call over to Mr. Goenka for his opening remarks. Over to you, please.
Thank you, Mahesh. Good evening, everyone. I hope all of you are doing well. Thank you for taking the time out today to join the call as we discuss the company's performance in the third quarter of financial year 2024. I'm accompanied today with our CFO, Rohit Gupta, who will take you through the company's performance and overall market dynamics in detail, while I touch upon our plans for the future. Before we begin, let me address the points pertaining to the merger. As you all are aware, the company's proposed merger was terminated by Sony through a communication received on 22nd January 2024. The same was reviewed by our board, and appropriate steps have been taken in consultation with the legal experts that are in the best interest of our shareholders and stakeholders.
We have even approached the National Company Law Tribunal to seek direction on the implementation of the scheme. I would like to mention that as a member of the founding family of Zee, as a shareholder of the company, and most importantly, as the leader of this organization, I certainly wanted the merger to be implemented. In line with the aspiration, we even took several steps towards divestment or closure of profitable businesses in the domestic and international markets. I personally offered several proposals and solutions to Sony to address their demands, but unfortunately, they remained unaccepted. Since the matter is sub judice, I would not like to say more and let the law take its own course. I am a firm believer in learning from the past, living in the present, and believing in the future.
Therefore, I would prefer to talk about the company and its potential to deliver a stronger growth trajectory going forward. Over the last few years, the overall macroeconomic environment remained soft due to weak consumption patterns in some markets. As a result, the advertisement revenues were impacted. Subscription revenue growth, on the other hand, also remained impacted due to the NTO-related issues. The headwinds are certainly beginning to ease since the slowdown is cyclical and transitory in nature and not a structural one. Although we continue to post moderate growth, the momentum remains slow as the overall sentiment is yet to fully recover. As a result, we are implementing certain strategic steps in order to enhance our performance in the coming quarters. I want to take this opportunity to reiterate that Zee continues to have strong business fundamentals.
The company's intrinsic value remains intact, and I have chalked out a firm and structured plan to bring back our margins to industry-beating levels and drive growth for the future. How I envisage taking the company forward in the coming quarters is centered around three key aspects which are part of our intrinsic DNA. The first being frugality. The second is optimization. And third, but the most important, is sharp focus on quality content. Zee is well-equipped for the future with immense capabilities to identify and capture the emerging opportunities in an evolving landscape. We are agile with a strong entrepreneurial spirit, making us the best across the industry. The three-pronged approach I mentioned will elevate and further streamline our existing capabilities in line with our robust growth plans. Let me briefly touch upon each of these three points I just mentioned.
Over the last three decades, the company has been recognized for its fiscal prudence across the industry, and going forward, there will be a sharper emphasis on frugality with a crystal-clear focus on quality and output. Across verticals, including technology, content, and marketing, we are implementing steps to optimize spends and enhance the returns on investments. A sound recalibration of the OTT cost structure will be an integral part of this process. In terms of optimization, our aim is to enhance our productivity by implementing a structured resource optimization drive. This also means enhancing the level of synergies and reduced overlaps between businesses. On the revenue side, we will take steps to increase the value delivery to our advertisers, apart from exploring alternate content monetization avenues. This also includes leveraging the strength and reach of our platforms.
Amidst this, we will continue to maintain a sharp focus on quality content by streamlining our content creation process for quality output without compromising on the delivery. Quality over quantity will be our mantra going forward. For example, it may result in the creation of a relatively lesser number of originals if required, but we will ensure that every piece of content we create is superior in quality and captivating for our audiences. We remain optimistic that the results of these structural steps over the next few quarters will start reflecting in the company's performance. A gradual recovery in margins is expected to reflect from the second half of financial year 2025. We certainly expect the financial year 2025 margins to be meaningfully better than financial year 2024.
My focus is on enhancing the performance of the company to achieve the targeted recovery, and we will remain committed toward fortifying our portfolio and competing effectively in the industry. Our financial year 2026 aspiration will be to target an 18%-20% industry-leading EBITDA margin profile. Zee, as a company, is well-positioned to capitalize on growth opportunities. As a pioneer, Zee has a rich legacy of over three decades with a proven content creation expertise across languages and markets. We remain confident that Zee's fundamentals remain unmatched across the industry, and the company is well-equipped to compete as a major player in the sector. A sector which undoubtedly has significant headroom for growth given the rising income levels. Content consumption has significant headroom to grow due to lower penetration, favorable demographics, and affordability. The sector also offers a conducive infrastructure-pairing way for long-term growth of the digital ecosystem.
Harnessing the potential of the company, of the industry at large, and most importantly, with the continued trust and support of our shareholders, I remain certain that Zee will return to its strong operating levels, generating higher value for all our stakeholders. A steady-state aspiration will be to target 8%-10% CAGR revenue growth, with digital business growing at a much faster pace. Over the years, all our efforts have been ensured that the shareholders' interests are protected, and I seek their faith in our abilities as we implement the strategic steps for a better tomorrow. On that note, I'd like to hand over the call to Rohit to share the financial and operating metrics of our performance in the third quarter. I look forward to interacting with all of you during the Q&A session later. Thank you. Over to you, Rohit.
Thank you, Punit. Good evening, everyone. I'm glad to connect with all of you. I will briefly touch upon some of the key financial highlights. Q 3 FY 2024 was a steady quarter wherein festive season strength was partially offset by tickets. During the quarter, we saw some gradual pickup in ad spending led by FMCG. As a result, our ad revenues were up 4.9% quarter-on-quarter. The pace of ad spend recovery is still muted, and that reflects in YoY comparison, wherein ad revenues are still lower by 3.4%. While we have seen some recovery in the last few months, many of our large FMCG brands are still circumspect on volume recovery and rural demand, and hence, we will continue to be cautious in the near term on the pace of ad revenue growth.
With NTO 3.0 having enabled TV subscription revenue growth and a step-up in ZEE5 Subscription, our subscription revenues continue to inch up, and for YTD FY2024, are up 9% year- on- year. TV industry landscape remains healthy, and TV viewership is at its peak in the past nine quarters. Our broadcasting business remains healthy, and 78% of Zee's portfolio has gained share in FY 2024 YTD. We have gained 40 basis points share in FY 2024 YTD compared to the same period last year, and Zee has had the highest share growth amongst all networks. Zee is the fastest-growing network in the South, has widened its leads over its competitors in the East region, and has consolidated its leadership in Hindi movies and Marathi movies. Zee TV and Zee Marathi remain two large opportunities for network share gain, which we are working on.
Encouragingly, Zee Marathi has shown some green shoots post-intervention in December and January. In Q 3 FY 2024, our viewership share performance was impacted by cricket, and it came at 16.5%. On the digital side, ZEE5 continues to make progress in line with our strategic priorities. ZEE5 continues to grow at a healthy pace, and during the nine-month period, ZEE5 revenues were up 31% year-over-year. Driven by prudent cost management, ZEE5's quarterly EBITDA loss has further narrowed by INR 99 million quarter-over-quarter. ZEE5's Quarter 3 FY 2024 revenue was up 14.9% year-over-year and declined 15.8% quarter-over-quarter as Q 2 FY 2024 revenues were aided by a digital syndication deal. Our original content continues to resonate well with viewers, and we released 19 shows and movies, including five originals during the quarter.
Coming to the movie business, during Q 3 FY2024, Zee Studios released six movies, three Hindi and three regional, with "12th Fail", "Khichdi 2," and "Naal 2" being some of the headline names. Other sales and services revenues declined 36% year-on-year on the back of a fewer number of movies produced and released. This revenue is lower 83% quarter-on-quarter as Q 2 FY 2024 revenues were aided by strong box office performances of "Gadar 2," "Bro," and "King of Kotha." Given the nature of the movie business, there is always going to be some quarterly peaks and troughs. On the music business, Zee Music Company continues to be the number two music channel with over 146 million subscribers on YouTube and over 41 billion total video views during the quarter, driven by ZMC's new age music catalog and rich library. Now moving to cost and profitability.
In Q 3 FY 2024, overall operating costs declined by 12.8% quarter-on-quarter due to lower content costs, fewer movie releases, and continued cost optimization in ZEE5. Given our business has high operating leverage, despite effective cost management, EBITDA margins have declined to 10.2%, down 340 basis points quarter-on-quarter, and down 720 basis points year-on-year due to adverse operating leverage on lower revenues. Cash from continued operations for the quarter came in at INR 533 million. Net profit for the quarter and year was impacted by mergers' expenses related to exceptional items, which for Quarter 3 stood at INR 603 million. On the balance sheet side, our focused efforts have enabled us to further strengthen our liquidity and financial position. During the quarter, we generated strong FCF driven by optimization of working capital.
The cash and treasury investments increased during the quarter, and as of December 2023, stood at INR 8,286 million, which includes cash balance of INR 6,166 million and fixed deposits of INR 2,120 million. Our content inventory continued to decline in Quarter 3 driven by optimized acquisitions. December 2023 content inventory advances and deposits were at INR 75.2 billion, lower by INR 4.4 billion on a YTD basis. Also, receivables from Dish have been fully normalized, and past dues have been all caught up. Now a bit of color on the road ahead as we embark on this new phase as a standalone Zee. We are confident about our longer-term growth prospects and headroom for margin improvement given our broad content portfolio, diversified offerings, and margin improvement levers in our business.
While our recent performance has been subdued, a large part of this has been due to temporary and transitory factors, and the structural strength and attractiveness of our business is still very strong, giving us confidence on our recovery path. Please do keep in mind that it has just been barely three weeks since we have started to revisit our plans as a standalone Zee, and we are still working through all the details. Hence, what we are putting out is an aspirational view based on our initial assessment. It's not a formal guidance. Our steady-state aspiration will be to target 8%-10% overall revenue CAGR with the current portfolio and to get back to 18%-20% industry-leading EBITDA margin profile in a stable macro environment.
While we will somewhat depend on macro recovery for overall revenue growth, we still have a better degree of control on our cost structure, and we are revisiting with a frugality and fiscal prudence mindset. There are several identified cost levers. However, there will be one-time costs and lead time associated in implementing these interventions. As a result, for the next three to six months, we will likely have some pressures on margins due to increasing one-time higher costs towards implementing these interventions. As we come out of that phase, beginning H2 FY 2025, we expect to see gradual margin improvement, and we will continue to build on that foundation with an aim to get our steady-state 18%-20% EBITDA margin aspirations by FY 2026. Back to you, Mahesh.
Thanks, Rohit. Sir, we can open the call for questions and answers. Would you give the instructions?
Sure. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Abhishek Banerjee from ICICI Securities. Please go ahead.
Hi, Sir. A couple of questions from me. First of all, so given where the agreement with Sony seems to have fallen through, as of now, what is the state of the company in terms of people retaining? I mean, are they being able to retain people, or is the attrition becoming high over the last 15 days or a month or so? And when you are talking about margins slipping, do you mean that margins will remain at current levels, or do you think that it will come down from current levels also as you implement your plan, and then we come back to current levels in H2 FY 2025?
Yeah, Abhishek. Thank you for that. No, we have not seen any attrition in the last 15 days or three weeks since we received the termination notice from Sony. But as we talked about frugality, tightening our belts on manpower also will be part of that plan going forward. Not to say that I'm saying that there are going to be large levels of layoffs, but we will have to see which are the overlaps in my opening remarks that I talked about between businesses. Second point, on the question of the margins, as Rohit said, that it's been just 3 weeks since we've been evaluating our plans to move forward on a standalone basis.
Please do give us some more time to come back to you with more detailed color, which we should be able to do within a matter of the next couple of months and give you a far more detailed analysis of that.
Understood. Just one last question. With regards to the rights to the ILT20 events, you have given that your counsel believes that you do not have any liability because there were some lapses on the part of Star. But they will become a much more well-capitalized business as of now, the way things seem to be panning out. So if you could give us some clarity on what kind of lapses have happened on their part, that would give us some comfort.
Abhishek, that's not something that I would like to comment on on this call. All points pertaining to this matter have been elaborated in detail in the notes to the accounts that we have just published. I understand you may not have had enough sufficient time to go through those, but for now, I would request you to refer to the same for more clarity. I would not be in a position to offer any further comments on that.
Mr. Banerjee, do you have any further questions?
No, sir.
Thank you. The next question is from the line of Abhishek Kumar from JM Financial. Please go ahead.
Yeah. Thanks for taking my question. And Punit, good to see your resolute guidance given the circumstances. My question is on the strategy going forward. It seems like a complete reset for Zee. So one, some of the initiatives we had taken around sports, ILT20, etc., any rethink on that line? That's point number one. And point number two, on margins, if we can break it down into the margins for linear business and for OTT because we have seen, even in our own past, the linear TV margins were in mid-30s. And even globally and in different parts of the world, we have seen this to be a much more profitable business. So 18%-20% margin looks I mean, it's obviously much better than from where we are, but it looks like we can do better.
Any thought in terms of or any color in terms of how we are thinking about linear business versus OTT margin in our guidance? Thank you so much.
Yeah, Abhishek. So as Rohit talked about the fact that 78% of our current business comes from the linear vertical, obviously, the margins would be skewed in favor of that vertical going forward as well. But we have demonstrated over the last several quarters that the investments in the OTT business have already peaked, and you can see that the margin profile there is improving in terms of the loss quarter-on-quarter is coming down, even if it's just marginal or not. So from that perspective, it will be a combination of the two. And also, lastly, as I again mentioned in my opening remarks, fidelity will be a key thing.
Your first question on the sports business, etc., I think we will be relooking at the entire portfolio of the business to see which is the businesses that will add maximum value to our portfolio going forward and, therefore, what we need to focus on and what we do not focus on going forward.
Sure. Maybe just one quick follow-up on the margin question. So from our modeling perspective also, what comes first? I mean, do you see growth to be a precursor for the margins to go up to 18%-20%, or irrespective of the growth over the next one, one and a half years, we are confident of taking up the margin to our aspirational level? Thank you.
I think that level of detail you can probably take offline with Rohit and Mahesh, Abhishek. Rather than getting into this, I think we can move on from here for now.
Sure. Sure. Okay. Thank you and have a good day.
Thank you.
Thank you. The next question is from the line of Jinesh Joshi from Prabhudas Lilladher Private Limited. Please go ahead.
Hi. Thanks for the opportunity. Am I audible?
Yes, Jinesh.
Yeah. My question is surrounding the new RIO copy which was filed recently. So just wanted to check if the revised pricing is in force or not. And if yes, what is the average price hike across bouquets? And in that context, how should we see the subscription revenue growth for the next couple of years?
Did I understand it correctly whether you were asking whether sports has been taxed?
No, no, no, sir. The new revised interconnection offer which was supposed to come into force from 1st of February, the revised pricing on our bouquets, that is what I was quizzing about.
I think the average price increase across the bouquets is between 6%-8%. It varies from market to market, and we are working towards achieving that going forward from there.
Got that. So one last question from my side. I don't know if I should be asking this, but is it possible to list out one or two critical conditions that were not being met which led Sony to pull out? Because if I recollect properly, in the exchange notification that we had submitted, you had made your stance clear with respect to the CEO candidature. So is there something more to it which you want to call out, especially with respect to critical conditions?
I think that the best suited person for that is Sony to answer. Whatever they have claimed in their termination notice, we have responded to that and is available in public domain for you to have a look at.
Sure. Thank you so much.
Thank you. A reminder to all the participants, if you wish to ask questions, you may press star and one to join the question queue. The next question is from the line of Arun Prasath from Avendus Spark. Please go ahead.
Good evening. Thanks for the opportunity. On subscription revenue, we see in the nine months, there is around INR 230 crore absolute incremental growth on subscription revenue. Is it largely coming from the ZEE5 revenue growth?
It's a mix. So part of the growth is, of course, like I said in my opening remarks, it's coming from ZEE5 subscriptions going up. Part of it is also with NTO 3.0. Now, it has been implemented. So that has also contributed to the overall subscription growth. So it's a mix of both linear and digital subscriptions growing.
Understood. So the NTO 3.0-related impact, can you just separately call out how much is that? A rough calculation tells me it's around 3%-4%. Is it in the vicinity of that?
We haven't given the splits on that. Yeah, but it'll be broadly around that. Yeah.
Right. Right. And this we expect going by our increase in the pack rates, that is, bouquet rates. This can be substantially more, around 6%-7%. Is that the right understanding?
As I've always guided, that it will be in the mid to high single-digit kind of numbers going forward.
All right. But that never materialized except for this year. So that's why we are asking specifically.
Yeah.
No, I think if you look at our subscription revenues, they have been growing in high single digit, closer to 10% sort of range. Even when you look at this nine-month growth which you alluded to, that's a 9% number. You look at the quarter year-on-year, that again is a 9%-10% kind of adjusted growth number. So the TV doing mid-plus single-digit kind of number has been there. And then, of course, that gets a lift from digital growing at a faster pace.
Okay. Right. All right. All right. Secondly, on the if I again exclude ZEE5 numbers and look at the linear TV on its own, our margins are around 24%-25%, kind of absolute lowest in last maybe after the March, I understand. But for a festival quarter, I don't remember linear TV delivering this kind of margins. So, is it something one-off, or is there, or have we spent more than what we are supposed to? How should we look at this?
No, I think the two reasons that we alluded to and Rohit talked about in the beginning itself, that because a large part of our portfolio operates in the heartland markets, which is yet to see the recovery from the largest segment of advertisers, which is FMCG in our case, is one reason for this thing to happen. And the second part is, of course, the fact that we had some marquee sports properties in Q3 which have also eaten into some part of the input.
Okay. All right. All right, Punit. All the best. Thanks.
Thanks, Arun.
Thank you. The next question is from the line of Arun Malhotra from CapGrow Capital. Please go ahead.
Yeah. Thanks for taking my question. I think this, post the fallout of the merger.
Sorry to interrupt, Mr. Malhotra. There was a disturbance from your line. Could you please repeat?
Yeah, yeah. I think post the fallout of the merger, do we see the promoters again? Do you see any misalignment of interest between the promoters?
Sorry, Mr. Malhotra. Once again, your line has a lot of disturbance. Your voice is not coming clear.
Yeah. Am I audible now? Am I audible now?
It's a bit better, sir.
Yeah. So I was saying post the fallout of the merger, is there misalignment of interest between the minority shareholders and the promoters because the promoters hold only 4%? That's one. And second part of it is, are the promoters planning to increase their stake?
Arun, I don't think this is a forum to discuss what the promoters' alignment towards this is going to be on the stake side. I think some pledging has already been done from some of the promoters of the company. On your first part of misalignment between minority shareholders and the promoters, given that the promoters only have 4%, I have not heard of anything yet. But certainly, if the minority shareholders are unhappy with the promoters in any manner whatsoever, we are always happy to openly discuss, debate, and address their concerns, whatever those may be.
Sure. No, I appreciate it. That's very clear that the shareholders are unhappy with what has happened. Whatever has happened has not been in the interest of the minority shareholders. Most of them are clueless as to what were the two or three critical points why the merger did not happen, despite till the last moment, the management maintaining that we are meeting all the merger conditions and the merger should go through.
I think I've already spoken about that. Arun, so I don't know how much more we can dwell into that. We will have to go with the matter being sub judice and let the law play out however it plays out in that manner.
Lastly, do you foresee that in terms of business, do you foresee 2025, 2026 to be much better, as you said? Or there'll be more concrete plans that could be shared with the shareholders just to give them more confidence that the Zee in the new avatar is much better than what it could have been with Zee Sony?
Absolutely. We will share more concrete plans with you, hopefully, within the next couple of months itself during the first quarter itself. Not just 2025, 2026, but even 2024, 2025 will be better than 2023, 2024 in my view.
All right. Thank you. Thank you, Punit.
Thank you.
Thank you. The next question is from the line of Manoj Alimchandani from AFRS. Please go ahead.
Yeah. Thanks for giving me an opportunity. I got two specific questions. Before that, let me compliment you, Punit, and also Sanjay Pugalia, for the excellent tweets, "Jai Shri Ram," and excellent tuning. I am sure it heralds a new future ahead for the organization and for the industry. Now, can I come to two specific questions?
You should. I am sure.
Yeah. One is the deal with Japanese company Sony was done on the 21st of December. Before that, agreement was done, due diligence was done, and then binding agreement was signed. At that time, the valuations in the market were quite low. After that, the market has grown. Valuation of the Indian market has improved for obvious reasons. The whole world is aware of that. So aren't we selling the company our stake very cheap when the market has gone up over 50%? So the valuation on a comparative basis should be much higher, particularly since the market share has also gone up and our performance is far better than the rivals. Everybody knows the operating condition of Disney, losing subscribers and losing profits, and also Network 18, huge losses and no significant increase in market share. So our valuation should be much, much higher on a relative basis.
We all know a talented and beautiful bride always has unlimited suitors. So why just rely on one company at a lower valuation when who's who of the industry, whether it is Birlas or Mahindras? Everybody wants entry in the media sector. It is essential for business and political reasons. I am sure if conversations are held, you will get much, much better valuations by giving them small stakes. And that will drive the opportunity shareholder wealth creation. I would like to have your insights and thought process on this. Second point is there was a talk on creeping acquisition. A statement was made. Whenever promoters or associates had mentioned about creeping acquisition and when transactions start, even a small transaction, it kicks off valuations. So when is it still happening? We have seen many industries, corporates, where creeping acquisition started, they are multiplied by at least three times.
Many examples are there for that. So what's your thought process on this creeping acquisition happening and QIP signing? And when will we be having this? And so we can also easily get, if not 3 x, maybe 2x in the next few months. These are the triggers the whole market appreciates. We are very happy with your informal guidance of 18% margins. And I hope in the financial models of all A-class analysts, when they consider this and the conservative growth of 8%-10% you have mentioned, the whole models and the re-rating will happen. Thank you once again for the opportunity. Look forward to detailed response from you on each of these 3 points. And hats off to you. Keep tweeting. We look forward to your tweets.
Thank you very much, Manoj, for your kind words for the tweets. Secondly, on your first point, again, let me thank you for your confidence in the company's potential valuation going forward. I'm certain with shareholders like yourselves and your confidence in the company, we will achieve much higher heights going forward. We will continue to work towards building shareholder value come what may. On the creeping acquisition, Manoj, I've already commented that that's a promoter subject. Today, we are here addressing the Quarter 3 results of ZEEL. I think some of the promoters have already made their intent public. Beyond that, I will not be in a position to comment here in terms of either the timing or the quantum of the creeping acquisition. Thank you very much, Bhai, for your comment.
So, can I make one small observation? In the interest of all shareholder interests or all stakeholders?
Please do.
Yeah. One important point is there are rivals who are using proxy advisors and using unethical means against the interests of the companies. Also in the cases of shareholder directors' appointment, we are very concerned it may happen in the future. We should ensure by proper complaints against regulators that proxy advisors should not misuse their position. Everybody is aware maximum unethical means are used by rivals. Most of them are quite weak. A few amount here and there make a big difference compared to their networks of those proxy advisors and individuals connected. Some of them may be bureaucrats, past bureaucrats also. This is an observation. If some action is initiated actively initially, it will help the corporate and industry significantly. Not only that, it will also help the industry ministers' FDI goals. He has mentioned FDI goal is slipping.
Not to worry, in the future, till we made up reasons for fallen FDI is this transaction where FDI was expected much, much earlier. So I am sure Punit, Piyush Goyal will also be disappointed with the Japanese company's step for their own agenda. With this, I wish you all the best.
Thank you very much, Manoj. Thank you.
Thank you. As there are no further questions from the participants, I will now hand the conference over to Mr. Mahesh Pratap Singh for closing comments.
Thank you, Sir. Thank you, everyone, for joining us today. We hope all your questions were answered. Do feel free to reach out if you have any follow-up questions or if your query remains unanswered. We will be available and look forward to speaking to you next quarter. Thanks so much and have a great evening.
Thank you. On behalf of Zee Entertainment Enterprises Limited, that concludes the conference. Thank you for joining us. You may now disconnect your lines.