Zee Entertainment's Q2 Profits Drop Amid Weak Ad Environment

10 Nov 2023 , 12:55 PM

Zee Entertainment witnesses over 2% stock drop post muted Q2 performance. Advertising revenues decline by 3.3% YoY, reaching Rs 979 crore in Q2 FY24. Profit After Tax (PAT) shows a 5.3% YoY decrease, settling at Rs 129.9 crore. Total income for Q2 stands at Rs 2,509.57 crore, a significant increase from the previous fiscal’s Rs 2,040.87 crore.

Ad spending slowdown in sectors like edtech, fintech, food tech, and e-commerce contributes to revenue challenges. Ad environment recovery pace remains slow; impacted by cricket season and ongoing ICC World Cup.

All India TV network share rises to 17.9%, showing a 90 basis point increase QoQ. Subscription revenue sees an 8% YoY boost, driven by post-NTO 3.0 and Zee5 streaming service.

Zee5’s revenue surges by 59% YoY, reaching Rs 265.2 crore in Q2 FY24. Zee Entertainment stock return stands at 36.21% over the last six months, outperforming the Nifty50 index.

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