Zee Entertainment consolidated net profit down 49% to Rs 106 crore in Q1

Zee Entertainment on Friday reported a 48.94 per cent fall in consolidated net profit to Rs 106.60 crore for the quarter ended June 30, 2022 (Q1), due to challenging macroeconomic conditions, the company said. The broadcaster had reported a net profit of Rs 208.78 crore in April-June last year. 

Revenue during the quarter under review stood at Rs 1,879.53 crore versus Rs 1,808.56 crore reported in the year-ago period.

"The operating performance in Q1 was impacted due to the withdrawal of free-to-air Zee Anmol and lower ad spends by brands," Zee said. 

Revenue from advertising came in at Rs 976.28 crore in Q1, 5.36 per cent higher than the Rs 926.61 crore reported last year. Its subscription revenue, however, came in at Rs 771.72 crore in Q1, down 5.35 per cent over last year, when subscription revenue stood at 813.05 crore.  

Q1, Zee said, was also impacted by timing of some of its B2B deals and renewals.  Shares of the broadcaster on Friday settled at Rs 241.80 apiece on the BSE, down 2.50 per cent from the previous close.