Zee Entertainment dips 4%, nears 52-week low on weak Q3 results

The company said advertisement revenue YoY growth impacted due to FTA withdrawal (Zee Anmol) and slowdown in FMCG spends due to challenging macro-economic environment.

Shares of Zee Entertainment Enterprises (ZEE) dipped 4 per cent to Rs 210.40 on the BSE in Tuesday’s intra-day trade after the media major reported a weak set of December quarter (Q3FY23) earnings, with consolidated profit after tax (PAT) down 92 per cent to Rs 243 crore, due to shrinking advertisement spending and a rise in expenses. The company had posted PAT of Rs 2,987 crore in a year ago quarter (Q3FY22).

At 09:45 AM; ZEE quoted 3 per cent lower at Rs 212, as compared to 0.36 per cent rise in the S&P BSE Sensex. In past three