ZEEL Q2 PAT declines 77% to Rs 94 cr

On a consolidated basis, Zee Entertainment Enterprises (ZEEL)'s net profit tumbled 77.2% to Rs 94 crore in Q2 September 2020 from Rs 413.20 crore in Q2 September 2018.

Operating revenue fell 18.8% to Rs 1,722.70 crore in Q2 September 2020 over Q2 September 2019. Profit Before Tax (PBT) fell 66.9% to Rs 167.30 crore during the period under review. Total tax expense fell 19.68% to Rs 73.97 crore in Q2 FY21 over Q2 FY20.

EBITDA fell 54.7% to Rs 313.60 crore in Q2 FY21 as against Rs 692.90 crore in Q2 FY20. The result was announced after market hours today, 2 November 2020.

The company said its subscription revenue grew by 10.6% to Rs 800.29 crore in Q2 September 2020 over Q2 September 2019. The figure includes revenue from music business which has been reclassified as subscription revenue in this fiscal. On a like-to-like basis, domestic subscription grew 2.3% YoY, primarily driven by growth in ZEE5 subscription revenues.

The company's advertising revenue for the quarter declined by 26% compared with 66% decline in Q1. Rebound in demand across most consumer segments bodes well for advertising revenues in H2, the firm said.

Other sales and services slumped 88.7% year-on-year to Rs 19.62 crore. The revenue in this segment fell sharply due to reclassification of music business revenue to subscription, no theatrical release due to cinema halls being shut and lesser content syndication deals.

Shares of ZEEL fell 2.4% to close at Rs 183.35 on BSE.

ZEEL is a media and entertainment company engaged in providing broadcasting services.

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