Zee Entertainment logs 92% y-o-y decline in Q3 Net Profit; stock slips ~1%

14 Feb 2023 , 12:21 PM

Zee Entertainment Enterprises (ZEE) reported a 92% drop in consolidated net profit for the October-December 2022 quarter, at Rs 24.3 crore, compared to Rs 299 crore in the same period last year.

Meanwhile, Zee reported in an exchange filing that its revenue from operations remained flat at around Rs2,111 crore, down 0.1% yoy. Advertising revenue fell to Rs1,063 crore in Q3FY22 from Rs1,261 crore.

Provisions for Zee Learn’s insolvency case and Siti Networks receivables, as well as a one-time bonus as part of the talent retention plan, dragged down the bottom line. The exceptional items totaled Rs169 crore.

EBITDA fell 27.5% year on year to Rs343.8 crore from Rs479 crore. Operating margins shrank to 16.3% from 22.7% as content, marketing, and technology investments increased.

Meanwhile, Zee5’s revenue increased by 33% year on year to Rs194 crore. For the quarter, the average watch time was 169 minutes. Zee Music Company reported a 246% yoy increase in video views and a 12 million subscriber addition since Q2FY22 on the back of its new age catalogue.

At around 12.18 PM, Zee Entertainment was trading 0.92% lower at Rs216.35, against the previous close of Rs218.35 on NSE. So far, the counter touched an intraday high and low of Rs217.40 and Rs210.35 respectively.

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