India’s Zee Entertainment Enterprises reported a first-quarter profit on Wednesday, led by growth in its subscriber base. The broadcaster reported a consolidated net profit of Rs 118 crore for the quarter ended June 30, compared to a loss of Rs 53.42 crore a year ago.
Reportedly, the company’s subscription revenue increased 9% to Rs 987 crore rupees, boosting its total income by nearly 8%. Zee’s shares has been trading almost five percent higher at Rs 152.75 a piece at the time of filing this report.
Flailing advertising revenue and two failed deals which include a $10 billion merger with Culver Max Entertainment (Sony India) have weighed on Zee’s shares and financials. In February 2024, Sony Group formally withdrew its agreement to merge its operations in India with Zee Entertainment Enterprises from the National Company Law Tribunal (NCLT).