Zee Entertainment slips 9% in firm market post Q2 results

Its profit before tax declined 22 per cent year on year (YoY) to Rs 504 crore for Q2.

Shares of Zee Entertainment Enterprises (ZEEL) slipped 9 per cent to Rs 240 in the intra-day deal on the BSE on Friday after the company reported lower-than-expected consolidated net profit for July-September quarterly (Q2) as it provided for an inter-corporate deposit (ICD) worth Rs 171 crore during the period.

Zee’s profit before tax declined 22 per cent year on year (YoY) to Rs 504 crore for Q2, as the company said the ICD write-off, reported as an exceptional item in its results, was due to related parties delaying payment.

Operational revenue during the quarter grew 7.4 per cent to