According to an exchange filing, Zee Entertainment Enterprises Ltd. reported a bigger than expected quarterly net profit year-on-year to Rs 530 crore in the quarter ended June; on the back of the growth in domestic broadcast and digital businesses.
Managing director and chief executive officer of Zee, Punit Goenka said in a statement accompanying the filing, “We delivered another quarter of strong performance despite the operational challenges faced by the industry due to the implementation of Telecom Regulatory Authority of India’s tariff order.”
Essel Group, Zee Entertainment’s controlling stakeholder, is said to be in talks to selling half its stake to a strategic partner to cut debt and expects obligatory bids by this month. In June, lenders to Essel Group sold Rs 600 crore worth of Zee Entertainment’s shares pledged as security by the promoters in April and May.
Read EquityPandit’s Nifty Media Outlook for the Week