Zee Entertainment Q2 Results: Net profit dips 77% to Rs 93 crore; below St estimates

MUMBAI: Broadcaster Zee Entertainment Enterprises om Monday reported a consolidated net profit of Rs 93.41 crore for the quarter ended September, a decline of 77.3 per cent from a year ago. It had logged a net profit of Rs 412.09 crore in the same quarter a year ago.

An ET Now poll had projected the company’s net profit at Rs 265 crore.

The company’s total income dropped to Rs 1,760.61 crore, down 19.6 per cent from Rs 2,190.13 crore a year ago.

The group said it took various steps aimed at augmenting liquidity and conserving cash, including various cost saving initiatives, and sale of non-core and other assets.

Zee said its domestic subscription revenue grew 2.3 per cent on a like-to-like basis, while advertising revenue declined by 26.3 per cent YoY.

The company said its advertising revenue for the quarter declined by 26 per cent compared to 66 per cent decline in Q1, and added that the rebound in demand across most consumer segments bodes well for advertising revenues in H2.

Ahead of the announcement, Zee shares closed 2.40 per cent lower at Rs 183.35, while Sensex closed 0.36 per cent higher at 39,757.58 points.