On May 17, Zee Entertainment Enterprises Limited (ZEEL) reported a net profit of Rs. 13.35 crore of the quarter that ended March 2024. During the same quarter last year, ZEEL reported a loss of Rs. 196 crore.
The company reported a profit of Rs. 58.5 crore in the third quarter of FY24.
The company disclosed a total income of Rs 2185.29 crore. This is an increase from Rs. 2126.35 crore that the company reported a year ago during the same period.
In FY24, Zee’s ad revenue was marginally down to Rs 4057.7 crore from Rs 4057.9 crore.
ZEEL’s advertising revenue was disclosed to be Rs. 1110.2 crore compared to Rs. 1005.8 crore in the fourth quarter of FY23.
“Domestic advertising revenue for the quarter grew by 10.6 percent YoY driven by the continued recovery in macro advertising environment and spending pickup by FMCG clients,” the company said in its statement.
In the advertising environment, EBITDA for the quarter came at Rs. 2103 Mn, with Q4 FY24 margin at 9.7 percent. Furthermore, other sales and services revenue YoY was down 57 percent due to fewer movie releases and syndication during the quarter.
Internationally, Q4 FY24 advertising revenue stood at Rs. 442 Mn, subscription revenue stood at Rs. 1020 Mn, and other sales and services stood at Rs. 264 Mn, the company reported.
For the full year of FY24, the broadcaster’s profit stood at Rs 141.43 crore crore versus Rs 47.79 crore in FY23.
Revenue from its streaming platform Zee5 improved marginally in Q4 FY24 to Rs. 237.2 crore from Rs. 220 crore during the same period a year ago. In FY24, the OTT platform’s revenue increased to Rs. 919.5 crore from Rs. 741.1 crore in FY23.
The EBITDA margin reduced from 13.6 percent in FY23 to 10.5 percent in FY24. The company stated that the drop is impacted by investments in content and technology.
The company’s subscription revenue growth was driven by the increase of linear subscription revenue post NTO 3.0 and ZEE5.
ZEEL also reported that its total TV viewership improved by 5 percent YoY.
The company’s total EBITDA margin for FY24 stood at 10.5 percent.