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Zee Entertainment Enterprises Ltd.’s released their financial report for the quarter ended in September with a decline in profit due to exceptional gains in the year-ago period. Net profit took a dive of 38 per cent year-on-year basis to Rs. 386 crores in the September quarter.
The media company said in an exchange filing on Oct. 9. That the company had reported an exceptional gain of Rs 134.6 crore in the year-ago period due to the sale of its sports broadcast business.
The company’s revenue stood at Rs 1,976 crores, rising 24.5 per cent year-on-year basis during the quarter under review. Managing Director and Chief Executive Officer Punit Goenka said in an interview, “Zee entertainment has witnessed a strong growth across business verticals and we expect a high teen growth in the coming two quarters.”
The operating income or EBITDA surged to Rs 653 crores reporting a 37 per cent year-on-year basis incline in the July-September period. The operating margin grew from 30.1 per cent during the year-ago period to 33 per cent.
The media house also reported advertising revenue growth by 22.7 per cent to Rs 1,210.6 crores in the July-September period as compared to the year-ago period. Also, its overall subscription revenue stood at Rs 608.2 crore, posting a growth rate of 21.3 per cent year-on-year basis.
According to Goenka, the company aims to make Zee5 the country’s top digital platform in the next 12 months. Zee5 has become the second digital entertainment platform with about 4.13 crore active monthly users in September and an average daily time spend of 31 minutes.
