Zee Entertainment Enterprises (ZEE) posted 92 percent fall in consolidated net profit at Rs 24.3 crore for the October-December 2022 quarter, compared to Rs 299 crore in the same period a year-ago.
Meanwhile, its revenue from operations remained flat at around Rs 2,111 crore, down 0.1 percent year-on-year, Zee reported in an exchange filing . Advertising revenue fell to Rs 1,063 crore from Rs 1,261 crore in Q3 FY22.
Exceptional items like provisions for Zee Learn's insolvency case and receivables from Siti Networks, as well as one-time bonus as part of talent retention plan dragged down the bottom line. Exceptional item aggregated to Rs 169 crore.
EBITDA (earnings before interest, taxes, depreciation and amortization) fell 27.5 percent YoY to Rs 343.8 crore against Rs 479 crore. Operating margins contracted to 16.3 percent from 22.7 percent on elevated investment in content, marketing and technology.
"Network share gains in South cluster was offset by soft performance in Marathi and seasonal dip in Hindi movies," said the company in its earnings presentation.
Meanwhile, Zee5's revenue jumped Rs 194 crore, registering 33 percent YoY growth. Average watch time for the quarter was 169 minutes.
Zee Music Company witnessed 246 percent YoY growth on video views and 12 million subscribers' addition since Q2 FY22 on back of new age catalogue, the company noted.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
