Zee Entertainment Enterprises Q3 profit drops 92%
Zee Entertainment Enterprises (ZEE) has reported a steep drop in its consolidated net profit for the October-December 2022 quarter. The company’s net profit fell by 92 percent to Rs 24.3 crore, compared to Rs 299 crore in the same period a year ago. Its revenue from operations remained flat at around Rs 2,111 crore, down 0.1 percent on-year. Zee’s advertising revenue also saw a decline, falling to Rs 1,063 crore from Rs 1,261 crore in Q3 FY22.
Several exceptional items, including provisions for Zee Learn’s insolvency case and receivables from Siti Networks, as well as a one-time bonus as part of a talent retention plan, affected Zee’s bottomline. These exceptional items aggregated to Rs 169 crore. Additionally, the company’s EBITDA fell 27.5 percent YoY to Rs 343.8 crore against Rs 479 crore, while operating margins contracted to 16.3 percent from 22.7 percent due to elevated investment in content, marketing, and technology. Money Control