The media major's consolidated net profit (from continuing operations) declined 6.47% to Rs 53.34 crore in Q3 FY24 as against Rs 57.03 crore recorded in Q3 FY23.
Revenue from operations in Q3 FY24 was at Rs 2,045.7 crore, down 3% from Rs 2,108.8 crore posted in the same period a year ago.
The company's revenue from advertisement was at Rs 1,027.4 crore (down 3.38% YoY) while income from subscription stood at Rs 921.3 crore (up 3% YoY) and revenue from other sales and services came in at Rs 97 crore (down 35.76% YoY) during the period under review.
Domestic Ad revenues were at Rs 986.7 crore, up 4.9% QoQ and down 2.7% YoY. It was impacted by Cricket during Q3. While Q3 saw some seasonal festive uptick, overall pace of Ad environment recovery continues to be slow, said the company.
Meanwhile, subscription revenue growth driven by pick up in linear subscription revenue post NTO 3.0 & ZEE5. During the quarter, normalised subscription revenue grew 10% YoY, aided by recognition of Rs 59 crore amount from Siti Network.
In Q3 FY24, other sales and services revenue tumbled due to fewer movie releases.
Profit before tax from continuing operations slipped 32% YoY to Rs 82.2 crore in Q3 FY24.
EBITDA in Q3 FY24 was at Rs 209.20 crore, down 42.9% as against Rs 366 crore reported in Q3 FY23. EBITDA margin reduced to 10.2% in Q3 FY24 as compared to 17.4% registered in the corresponding quarter previous year.
ZEEL is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.
The scrip shed 0.34% to Rs 187.95 on the BSE.
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