Zee Entertainment Enterprises Ltd reported a consolidated net profit of Rs 13.35 crore in the March quarter, a turnaround from a loss in the same period last year. Domestic advertising and subscription revenue growth drove the performance.
New Delhi, May 17 (PTI) Zee Entertainment Enterprises Ltd on Friday reported a consolidated net profit of Rs 13.35 crore in the March quarter.
The company had posted a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal, Zee Entertainment Enterprises (ZEEL) said in a regulatory filing.
Consolidated total income in the quarter stood at Rs 2,185.29 crore as against Rs 2,126.35 crore in the corresponding period a year ago, it added.
In the fourth quarter of FY24, domestic advertising revenue grew 10.6 per cent year-on-year driven by the continued recovery in macro advertising environment and spending pickup by FMCG clients, while subscription revenue growth was driven by pick up in linear subscription, the company said in an investor presentation.
Total expenses in the fourth quarter were lower at Rs 2,043.76 crore as compared to Rs 2,083.35 crore in the year-ago period.
The board of directors has recommended a final dividend of Re 1 per equity share having face value of Re 1 each for FY24 subject to the approval of shareholders at the ensuing annual general meeting, the filing said.
In FY24, consolidated net profit was at Rs 141.43 crore, up from Rs 47.79 crore in FY23.
Consolidated total income in FY24 was at Rs 8,766.48 crore as compared to Rs 8,167.62 crore in FY23, the company said.
ZEEL said FY24 revenue growth was driven by subscription revenue and other sales and services.
On revenue growth and profitability outlook, ZEEL said, "Significant work already underway to implement identified margin improvement interventions across the business. Based on these efforts, our visibility and confidence on the performance enhancement plan has further improved."
The first quarter of FY25 will "see most of one-time higher costs towards implementing the interventions, offsetting underlying operating performance improvements and causing softness on margins", it added.
From the second quarter onwards, gradual margin improvement will kick in and FY25 margins will be meaningfully better than FY24, ZEEL said.
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