Zee Entertainment slides after Q3 PAT slips 25% YoY to Rs 299 cr

3 Feb 2022 , 09:57 AM

On a consolidated basis, profit before tax (PBT) fell 30.03% year-on-year to Rs 414.07 crore in Q3 December 2021.

According to the company, its results for the quarter ended December are not comparable with the year-ago period due to disruptions caused by the pandemic.

During the quarter, advertising revenue fell 3.17% to 1260.80 crore and subscription revenue declined 6.15% to Rs 790.15 crore in Q3 December 2021 over Q3 December 2020.

YTD subscription revenues were marginally lower due to linear business. Embargo on pricing due to implementation of NTO 2.0 continue to impact revenue growth. International subscription were impacted by one large distributor termination.

The board of directors of the company, at its meeting on 21 December, 2021, considered and approved scheme of arrangement whereby the company and Bangia Entertainment (an affiliate of Sony Pictures Networks India) shall merge in Sony Pictures Networks India. The scheme is subject to receipt of approvals from the Stock Exchanges, National Company Law Tribunal, Mumbai bench (NCLT), shareholders and creditors of the Company as may be directed by the NCLT and approval of other regulatory or statutory authorities as may be required.

Zee Entertainment Enterprises is a media & entertainment company offering entertainment content to diverse audiences. It is among the largest global content companies across genres, languages, and platforms. ZEEL is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas with more than 260,000 hours of television content and the worlds largest Hindi film library with rights to more than 4,800 movie titles across various languages. ZEEL has also produced several movies for theatrical release and is the fastest growing music label in India.

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