Zee Entertainment Enterprises on August 12 reported a consolidated profit of Rs 106.60 crore for the quarter ended June FY23, down 49 percent compared to the year-ago period. The decline in profit was due to weak operating performance and moderate top-line growth.
Profit in corresponding period of last fiscal stood at Rs 208.8 crore. The sequential decline in profit was 41.4 percent.
Consolidated revenue for the June FY23 quarter grew by 4 percent to Rs 1,845.74 crore compared to the year-ago period, while on a quarter-on-quarter basis, there was a 20.5 percent fall in revenue, the company said in its BSE filing.
The company reported a 5.4 percent year-on-year growth in advertising business at Rs 976.3 crore for the June FY23 quarter, but the subscription business fell 5 percent to Rs 771.7 crore compared to the year-ago period.
Zee said advertising revenue growth for the quarter impacted by FTA withdrawal (Zee Anmol) and lower advertising spends by brands due to weak macroeconomic conditions, while pricing embargo continued to impact linear revenue growth in subscription business.
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