Zee Entertainment on Friday has reported a 48.94% drop in consolidated net profit to Rs 106.60 crore for the first quarter of 2022. As per the company, tough macroeconomic conditions primarily caused a decline in profits. Reportedly, the profit was 208.78 crore for the same quarter a year ago.

The company’s revenue stood at Rs 1,879.53 crore for the quarter. It was 1,808.56 crore in the year-ago period. Zee also reported that its revenue from advertising remained at Rs 976.28 crore for the quarter under review, 5.36% higher than year-ago value. The subscription revenue, on the other hand, stood at Rs 771.72 crore. The same was registered Rs 813.05 crore.

Withdrawal of free-to-air Zee Anmol and lower ad spending by the brand resulted in lower operating performance. The company further said that this quarter was also impacted by timing of some of its B2B (Business-to-Business) deals and renewals.

On the BSE, shares of Zee Entertainment on Friday remained at Rs 241.80 per share, down 2.50% from its previous close. Headquartered in Mumbai, Zee Entertainment operates 45 channels worldwide.