Slowdown Blues: Zee Media profit drops 73% to Rs 13.17 crore in FY19

Subhash Chandra-led Zee Media concluded financial year 2018-19 with 73.1 per cent decline in consolidated profit after tax (PAT) at Rs 13.17 crore against Rs 49 crore in the last fiscal.

"Consolidated operating revenue in FY19 grew by 19.8 per cent to Rs 686.92 crore from Rs 573.48 crore in the financial year 2017-18," Zee Media said in a filing to the Bombay Stock Exchange.

Advertising revenue grew by 20.7 per cent to Rs 616.13 crore in financial year ended March 31, 2019.

The operating profit (EBITDA) of the Essel Group company surged 30.6 per cent at Rs 173.64 crore as compared to Rs 132.96 crore in the previous year.

In January-March quarter, the company posted a net loss of Rs 86.66 crore against net profit of Rs 11.52 crore in the same quarter last year.

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The revenue of the company stood at Rs 169.35 crore in Q4FY19 from Rs 176.22 crore in Q4FY18, registering a decline of 3.9 per cent, due to hold back of spends by advertisers across the industry in the first half of the quarter in view of the TRAI's new tariff order implementation.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the March quarter was up 11.3 per cent at Rs 38.89 crore from Rs Rs 34.95 crore for the corresponding period last financial year. EBITDA Margin grew from 19.8 per cent in Q4FY18 to 23 per cent in Q4FY19.

Operating expenditure declined by 7.7 per cent to Rs 130.45 crore in Q4FY19 from Rs 141.27 crore in Q4FY18 due to business optimisation, the company said.

Ahead of earnings announcement, shares of Zee Media closed 6.52 higher at Rs 14.54 apiece on the BSE.

Edited by Chitranjan Kumar