Zee Media Corp reports Q2 net loss at Rs 102.67 cr; revenue up 37.8%

Zee Media Corporation on Friday reported a consolidated net loss of Rs 102.67 crore for the second quarter ended September 30.

The company had posted a net profit of Rs 18.53 crore in the year-ago period, Zee Media Corporation Ltd (ZMCL) said in a regulatory filing.

However, its revenue from operations increased 37.78 per cent to Rs 206.14 crore during the quarter under review, against Rs 149.61 crore in the corresponding period of the previous fiscal.

ZMCL's total expenses rose 36.89 per cent to Rs 173.51 crore in Q2 FY 2021-22, compared to Rs 126.75 crore a year ago.

It has registered a profit of Rs 34.07 crore before exceptional items and tax for the July-September quarter.

ZMCL had a loss of Rs 125.63 crore for the exceptional items. It has written back certain provisions amounting to Rs 8.83 crore, which are no longer required payable.

During the quarter, the holding company has provided Rs 127.33 crore against amount recoverable from DMCL (Diligent Media Corporation Ltd) and the same is shown as Exceptional item for the quarter/half year ended September 30, 2021, it said.

ZMCL is one of the leading news networks in India. Formerly known as Zee News Ltd, it is a part of media baron Subhash Chandra-led Essel Group and operates one of the largest news networks with 14 news channels in six different languages.

Shares of Zee Media Corporation Ltd on Friday settled at Rs 13.25 on BSE, up 0.99 per cent from the previous close.