Zee Entertainment Q1 consolidated net profit down 49% to Rs 107 cr

Zee Entertainment Enterprises Ltd on Friday reported 48.94 per cent fall in consolidated net profit at Rs 106.60 crore for June quarter 2022-23 on account of challenging macroeconomic conditions.

The company had reported a net profit of Rs 208.78 crore in April-June period a year ago, Zee Entertainment Enterprises Ltd (ZEEL) said in a BSE filing.

Total income during the quarter under review was Rs 1,879.53 crore against Rs 1,808.56 crore in the year-ago period.

"Q1 FY23 operating performance impacted due to Zee Anmol FTA withdrawal and challenging macroeconomic conditions," said ZEEL in its earning updates.

Total expenses were at Rs 1,695.88 crore as against Rs 1,501.62 crore.

Revenue from advertisement was at Rs 976.28 crore in April-June. It was Rs 926.61 crore in the year-ago period.

"Ad revenue growth for the quarter impacted by FTA withdrawal (Zee Anmol) and lower ad spends by brands due to weak macroeconomic conditions," said ZEEL.

Its subscription revenue was at Rs 771.72 crore as against Rs 813.05 crore in Q1FY22.

"Subscription revenue YoY down 5.1 per cent and QoQ down 10 per cent," said ZEEL adding pricing embargo continues to impact linear revenue growth.

Moreover, Q1 is also impacted by timing of some of its B2B deals and renewals, it added.

Revenue from 'other sales and services' was at Rs 97.74 crore. It was Rs 35.32 crore a year ago.

Shares of ZEEL on Friday settled at Rs 241.80 apiece on BSE, down 2.50 per cent from the previous close.