Zee Entertainment posted 92 per cent fall in net profit in Q3FY23

Zee Entertainment Enterprises (ZEE) posted 92 percent fall in consolidated net profit at INR 24.3 crore for the October-December 2022 quarter, compared to INR 299 crore in the same period a year-ago.

Meanwhile, its revenue from operations remained flat at around INR 2,111 crore, down 0.1 percent year-on-year, Zee reported in an exchange filing . Advertising revenue fell to INR 1,063 crore from INR 1,261 crore in Q3 FY22. Exceptional items like provisions for Zee Learn’s insolvency case and receivables from Siti Networks, as well as one-time bonus as part of talent retention plan dragged down the bottom line. Exceptional item aggregated to INR 169 crore.

EBITDA (earnings before interest, taxes, depreciation and amortization) fell 27.5 percent YoY to INR 343.8 crore against INR 479 crore. Operating margins contracted to 16.3 percent from 22.7 percent on elevated investment in content, marketing and technology.

“Network share gains in South cluster was offset by soft performance in Marathi and seasonal dip in Hindi movies,” said the company in its earnings presentation.