Zee Entertainment’s consolidated net profit rises 187% to Rs 270.2 crore, misses analyst estimates

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November 12, 2021 7:50 AM

In comparison, the media firm had posted a net profit of Rs 94 crore for the same quarter of last financial year, it said in a stock exchange announcement.

zee entertainmentZEEL’s domestic ad revenues grew by 18.9% on a quarter-on-quarter basis, and by 20.1% on a year-on-year basis.

Zee Entertainment Enterprises (ZEEL) on Thursday reported a 187% rise in its consolidated net profit at Rs 270.2 crore, but this was below analyst estimates that had forecast a quarterly net profit of Rs 286.5 crore. In comparison, the media firm had posted a net profit of Rs 94 crore for the same quarter of last financial year, it said in a stock exchange announcement.

During the quarter under review, the company’s consolidated operating revenue grew by 14.9% to Rs 1,978.8 crore (from Rs 1,722.7 crore), while Ebitda rose 31.4% to Rs 412.1 crore (Rs 313.6 crore).

ZEEL’s domestic ad revenues grew by 18.9% on a quarter-on-quarter basis, and by 20.1% on a year-on-year basis.“The second quarter has been one of recovery and revival for us and the industry at large. The increase in vaccination drives and reduction of cases have led to reopening of businesses across the country. The gradual re-opening of the economy boosted sentiment,” ZEEL MD & CEO Punit Goenka said in analysts’ call.

The media firm’s subscription revenues were marginally down by 1.5% on a YoY basis. A delay in implementation of the New Tariff Order continued to impact pricing.

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