Zee Entertainment, has posted impressive financial results for the December quarter of FY24. The quarter clocked 140 percent surge in profits at Rs 58.5 crore, against Rs 24.32 crore in the corresponding period of the previous year.
Additionally, the company has recorded a 15 percent rise in income, amounting to Rs 223 crore, compared to Rs 194 crore reported in Q3 FY23.
However, Zee, currently navigating the fallout from the terminated merger deal with Sony, experienced a sequential drop in profits, marking a 52 percent decline from the previous quarter. In Q2 FY24, the company reported a profit of Rs 122.96 crore.
In the earnings update, the company mentioned impact on cost structure due to the merger.
“We had accelerated our technology and digital investments in
anticipation of impending merger to be able to hit the ground running on merger synergies,” the report said.
Domestic ad revenues came at Rs 9,867 million with a quarter on quarter increase of 4.9 percent and a year on year decline of 2.7 percent.
“Domestic ad revenue was impacted by cricket during Q3. While Q3 saw some seasonal festive uptick, overall pace of ad environment recovery continues to be slow. As Ad environment stabilizes, we are confident on our ability to accelerate revenue growth,” the report said.
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