Zee Entertainment on Thursday reported a 179.7% year-on-year rise in its consolidated net profit at Rs 163.6 crore for the third quarter of the financial year 2024-25 (Q3FY25). Sequentially, however, the company reported a nearly 22% drop in net profit from Rs 209.4 crore in the last quarter.
Consolidated revenue from operations fell 8.44% to Rs 940.6 crore from Rs 1,027.4 crore reported during the same period last year. Revenue rose marginally by 4.3% from Rs 901.7 crore.
The decline in revenue was attributed to delay in the renewal of a business-to-business (B2B) deal, which impacted revenue growth during the quarter. Zee Entertainment indicated that discussions for renewal were currently ongoing.
Advertising revenue for Q3FY25 came in at Rs 940.6 crore, an 8.4% decrease compared to Rs 1,027.4 crore in Q3 FY24. Ad revenue was up 4% from the previous quarter, reflecting some recovery despite an overall weak advertising environment. This dip in ad revenue had been anticipated due to reduced spending by fast-moving consumer goods (FMCG) companies during the quarter, Zee said.
Subscription revenue rose by 7% to Rs 982.5 crore, driven by both traditional linear subscriptions and growth from ZEE5, the company’s streaming service.
In addition to financial results, Zee’s Board of Directors approved the appointment of Divya Karani as an Independent Director for a three-year term starting January 23, 2025, pending approval from the Ministry of Information and Broadcasting and shareholders.