Zee Entertainment Enterprises Ltd reported a 48.94 per cent decline in net profit at Rs 106.60 crore for June quarter 2022 -- 23 on account of challenging macroeconomic conditions. Zee Entertainment Enterprises Ltd ZEEL said in a BSE filing that the company had a net profit of Rs 208.78 crore in the April-June period.
The total income for the quarter was 1,879. There is 53 crore against 1,808. In the year-ago period, there were 56 crore.
ZEEL said in its earnings updates that Q 1 FY 23 operating performance was impacted due to Zee Anmol FTA withdrawal and challenging macroeconomic conditions.
Total expenses were Rs 1,695. As against 1,501, 88 crore were lost. 62 crore are in the hands of the government.
It was Rs 926.61 crore in the year-ago period.
Ad revenue growth for the quarter impacted by FTA withdrawal Zee Anmol and lower ads spends by brands due to weak macroeconomic conditions, said ZEEL.
The subscription revenue fell by 5.1 per cent and QoQ by 10 per cent, said ZEEL adding that the pricing embargo continues to affect linear revenue growth.
It added that Q 1 is impacted by timing of some of its B 2 B deals and renewals.
Revenue from other sales and services was 97.74 crore. A year ago, it was Rs 35.32 crore.
The shares of ZEEL were down 2.50 per cent from the previous close, and settled at Rs 241.80 apiece on the BSE on Friday.