Zee Enterprises Q1 Results: Firm posts Rs 53 crore-loss vs profit a year ago; revenue rises 8% YoY

economictimes.indiatimes.com:

Zee Entertainment Enterprises (ZEEL) on Wednesday reported a consolidated net loss of Rs 53.4 crore for the quarter ended June 2023, compared to a profit of Rs 107 crore a year ago. Consolidated revenue for the quarter increased 7.6% year-on-year (YoY) to Rs 1,984 crore. Sequentially though, the net loss narrowed from Rs 196 crore, while revenue declined 6%.

Operating profit, calculated as earnings before interest, taxes, depreciation, and amortization (EBITDA), declined 42.3% YoY to Rs 155 crore, while it rose 2% sequentially. The operating profit margin shrunk to 7.8% from 14.6% a year ago, The mainstay advertising revenue declined 2.6% on year and 6.4% sequentially to Rs 902 crore, amid muted spending environment as the quarter started off on a soft note, with IPL during the first two months of the quarter. “Green shoots emerged towards the quarter end, with early signs of Ad spending starting to pick up, led by FMCG,” the media major said.

Subscription revenue rose 18% YoY, driven by a pick-up in subscription revenue post-NTO 3.0 and ZEE5. ZEEL saw programming and technology cost increase YoY due to higher content costs in movies, including theatrical releases, and investment in the over-the-top OTT platform ZEE5. The marketing expenses rose from the year-ago period, primarily driven by an increase in spends on new shows, movies, and theatrical releases.

ZEE5’s revenue in the quarter grew 21% to Rs 194 crore. ZEEL's All India TV Network Share in the quarter declined 30 basis points sequentially to 17%. The company saw TV viewership improve sequentially.