New Delhi: Media firm Zee Entertainment Enterprises Ltd (ZEEL) Monday reported a 26.83 per cent increase in consolidated net profit at Rs 292.53 crore for the fourth quarter ended March 2019. The company had posted a net profit of Rs 230.64 crore in January-March quarter a year ago, ZEEL said in a BSE filing. Also Read - iTripto is now India.Com Travel
Total income during the quarter under review stood at Rs 2,076.06 crore, up 14.48 per cent from Rs 1,813.43 crore in the corresponding quarter of the previous year. Also Read - BGR Crosses 10 Million Readers in June 2020: Registers 4.5x Growth Year on Year
“We have delivered another quarter of strong operating performance which is commendable given the challenges the industry is facing in implementing the TRAI tariff order,” ZEEL Managing Director and CEO Punit Goenka said. Also Read - Zee Digital Ranks 2nd Among Digital Media Publishers: Comscore India Report June 2020
ZEEL’s total expenses during the quarter stood at Rs 1,612.60 crore, up 23.77 per cent from Rs 1,302.84 crore in the year-ago period. Revenue from advertisement rose 16 per cent to Rs 1,217.49 crore, as compared with Rs 1,049.55 crore in March quarter of 2017-18. Revenue from subscription also rose 3.43 per cent to Rs 565.27 crore as against Rs 546.52 crore in the corresponding quarter last year.
“The subscription and advertising revenues for the fourth quarter were impacted due to the tariff order. However, our medium-term growth outlook for the business remains unchanged,” Goenka said.
For the financial year 2018-19, ZEEL’s net profit rose 6.05 per cent to Rs 1,567.24 crore from Rs 1,477.75 crore in 2017-18. Total income for 2018-19 stood at Rs 8,185.35 crore, up 14.86 per cent from Rs 7,126.03 crore in 2017-18.
Shares of Zee Entertainment Enterprises Monday settled at Rs 361.05 on the BSE, down 3.95 per cent from previous close.