Zee Entertainment released its earnings report for the July-September quarter today, November 11. The profit after tax of the company declined 57 percent from Rs 112.9 crore versus Rs 266.1 crore in the corresponding period a year ago. However, on a sequential basis the net profit increased 5 percent.
A CNBC-TV18 poll expected the profit to be at Rs 146 crore.
The revenue though remained almost flat and inched up 2.5 percent at Rs 202.8 crore. Earnings before tax depreciation and amortization (EBIDTA) went down 28 percent on the back of slower growth in revenue and more expense in marketing, content and technology.
The revenue through advertising for the quarter stood at Rs 101.7 crore, declining 7.1 percent from Rs 108.9 crore in the quarter ended September 2021. Meanwhile, subscription revenue increased 4.2 percent from the corresponding period a year ago.
"Q2 FY23 operating performance impacted due to Zee Anmol FTA withdrawal and challenging macroeconomic conditions," said ZEEL in its earning updates.
Meanwhile, the digital business through the app ZEE5 saw a 28 percent growth in revenue of Rs 167.1 crore backed by highest-ever DAUs. The number of unique users who engage with your product in one day is known as DAU.
Shares of Zee Entertainment Enterprise Ltd settled at Rs 265.95, up by 1.64 percent from the previous close on the BSE.
(Edited by : Shoma Bhattacharjee)
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