Zee Entertainment Q2 results: Consolidated PAT surges 187% to Rs 270 cr

Zee Entertainment Enterprises on Thursday reported 187% rise in consolidated net profit at Rs 270 crore for the quarter ending September 30, 2021. The company, which has lately been embroiled in a shareholder dispute, reported net profit of Rs 94 crore a year ago.

ZEEL's revenue rose 15% to Rs 1,979 crore in Q2FY22 as against Rs 1,723 crore in Q2FY21.

"Domestic Ad revenues grew both YoY and QoQ by 20.1% % & 18.9% respectively, While revenue grew but Q2 continued to be partially impacted by Covid in first half of the quarter," the company said in a stock exchange filing. 

Subscription revenues in Q2FY22 were down marginally by 1.5% YoY. "Delay in NTO 2.0 implementation continue to impact pricing. The new implementation timeline for NTO 2.0 implementation is April 1, 2022," said ZEEL. ZEEL said it has a "strong slate of movies across Hindi, Tamil, Telugu, Marathi and Punjabi languages being planned for release in H2FY22" while adding "opening of cinemas across the country to boost prospects of theatrical revenue in second half of the fiscal".

On Thursday, ZEEL's scrip on NSE closed nearly 1% lower at Rs 314.60.

Zee had cancelled October 27 board meet to announce quarterly results citing lack of quorum. 

Zee’s single-largest sha­re­holders Invesco Developing Markets Fund (for­merly Invesco Oppenheimer Devel­oping Markets Fund) and OFI Global China Fund LLC, which together hold 17.88 per cent, have been pressing for an extraordinary general meeting of shareholders for removing Managing Director Punit Goenka, besides opposing Zee’s proposed merger deal with Sony Pictures Network India.