Zee Entertainment Q2 profit up 7% at Rs 413 crore

Zee Entertainment Enterprises Ltd (ZEEL) on Thursday reported 6.87 per cent year-on-year (Y-o-Y) rise in consolidated net profit after tax (PAT) at Rs 413.23 crore for the second quarter ended September 30, 2019.

"The Essel group company had posted a consolidated net profit of Rs 386.67 crore in the corresponding quarter last year," ZEEL said in a filing to the Bombay Stock Exchange.

The company has reported a one-time loss of Rs 170.62 crore in July-September period of this fiscal, it said in the regulatory filing.  

Consolidated revenue of Subhash Chandra-led media company rose 7.40 per cent to Rs 2,122 crore in Q2FY20 as compared to Rs 1,975.90 crore in the year-ago period, driven by the strong performance of domestic broadcast and digital businesses.

While advertising revenue grew by 1.2 per cent Y-o-Y to Rs 1,224.70 crore, subscription revenue for the quarter was Rs 723.50 crore, up 19 per cent Y-o-Y.

Also Read: PVR Q2 profit jumps 35% to Rs 47.67 crore, revenue surges 37%

During the quarter, ZEEL's International business revenue was Rs 208.2 crore. The advertising and subscription revenues declined by 4 per cent Y-o-Y and 21.5 per cent Y-o-Y, respectively.

The Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) grew by 2.5 per cent Y-o-Y to Rs 692.90 and EBITDA margin stood at 32.7 per cent.

The total expenditure of the company increased by 9.9 per cent to Rs 1,429.10 crore versus Rs 1300.10 crore in the same period last year.

Also Read: HUL Q2 profit rises 21% to Rs 1,848 crore, volume growth remains flat

Commenting on Q2 results, Punit Goenka, Managing Director and CEO, ZEEL said, "The entertainment portfolio continues to grow from strength to strength across all formats and maintained its leading position. Our television network has emerged stronger post the implementations of tariff order on the back of a strong customer connect and brand pull of its channels.

"ZEE5 continued to gain traction across audience segments and markets, driven by its compelling content library and expanding Iist of partnerships across the digital eco-system," he added.

Ahead of Q2 results, shares of Zee Entertainment closed at 264.70 apiece, up 1.91 per cent, on the BSE.

Edited by Chitranjan Kumar