Zee Entertainment Enterprises Q2 net up 6.7 pc to Rs 412 cr

Media firm Zee Entertainment Enterprises Ltd (ZEEL) on Thursday reported a 6.73 per cent rise in consolidated net profit at Rs 412.09 crore for the second quarter ended September 2019, driven by strong performance in domestic broadcast and digital businesses.

The company had posted a net profit of Rs 386.10 crore in July-September quarter a year ago, ZEEL said in a BSE filing.

The company's total income rose 7.63 per cent to Rs 2,190.13 crore during the quarter under review as against Rs 2,034.79 crore in the corresponding quarter last year.

"The growth was driven by the strong performance of domestic broadcast and digital businesses," the company said.

ZEEL's total expenses in the quarter stood at Rs 1,514.13 crore as against Rs 1,386.45 crore in the year-ago period, up 9.20 per cent.

"Our entertainment portfolio continues to grow from strength to strength across all formats and maintained its leading position. Our television network has emerged stronger post the implementation of tariff order on the back of a strong customer connect and brand pull of its channels," ZEEL Managing Director and CEO Punit Goenka said.

During the first half of the year (April-September), ZEEL's net profit rose 32.28 per cent to Rs 941.85 crore as against Rs 711.99 crore in the corresponding period last year.

Total income during the April-September period rose 11.55 per cent to Rs 4,302.16 crore as against Rs 3,856.58 crore a year ago.

Revenue from advertisement stood at Rs 1,224.66 crore during July-September, up 1.16 per cent from Rs 1,210.60 crore in the year-ago period.

Subscription revenue rose 18.96 per cent to Rs 723.50 crore during the quarter under review as against Rs 608.16 crore in the corresponding quarter last year.

"This strong operating performance allowed us to deliver industry leading growth in both advertising and subscription despite the tough macro-economic environment. Domestic subscription growth of 27 per cent has reaffirmed the value proposition our television network has built over the years," Goenka said.

Shares of Zee Entertainment Enterprises on Thursday closed at Rs 264.70 on the BSE, up 1.91 per cent from the previous close.