Zee Entertainment Enterprises Ltd (ZEEL) Wednesday reported a 38.23 per cent decline in consolidated net profit at Rs 386.10 crore for the second quarter ended September 30, 2018.
The company had posted a net profit of Rs 625.09 crore in the July-September period a year ago, ZEEL said in a BSE filing.
However, its total consolidated income rose by 13.98 per cent to Rs 2,034.79 crore during the quarter under review as against Rs 1,785.18 crore of the corresponding quarter last fiscal.
Its total expenses were up 20.8 per cent at Rs 1,386.45 crore as against Rs 1,147.05 crore.
Commenting on the results, ZEEL Managing Director & CEO Punit Goenka said, "Our broadcast business continues to grow at an impressive pace as evident from the domestic advertising and subscription revenue growth numbers. We continue to consolidate our viewership share which is driving our market leading growth."
ZEEL's advertising revenue during the quarter was Rs 1,210.6 crore, registering a growth of 22.7 per cent on yearly basis.
"Domestic advertising revenue grew by 23.3 per cent Y-o-Y to 1,152.6 crore. International advertising revenue for the quarter was Rs 58 crore," ZEEL said in a statement.
Its subscription revenue for the quarter was Rs 608.2 crore million, registering a growth of 21.3 per cent
"Domestic subscription revenue grew by 26.0 per cent Yo Y to Rs 509.3 crore. International subscription revenue was Rs 98.9 crore," the company said.
Meanwhile, ZEEL informed that in the quarter ended September 30, 2017, the group concluded the second phase of the transaction of sales of its sports broadcasting business to Sony Pictures Networks resulting in a net gain of Rs 134.61 crore in the audited consolidated financial results for the year ended March 31, 2018.
Over the outlook, Goenka said, "The advertising and subscription revenue growth will be aided by the scaling-up of digital business and the growth outlook for both remains strong."
Shares of Zee Entertainment Enterprises Ltd (ZEEL) today settled at Rs 459.20 on BSE, up 6.36 per cent from the previous close.
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