BackZee Entertainment net profit up 10.7%
The profit was notched up on a 11% increase in revenue to `964.3 crore from `896.06 crore
Premium
New Delhi:
Zee Entertainment Enterprises Ltd, which runs entertainment channels such as Zee TV and Zee Cinema, posted a 10.7% increase in net profit to ₹ 180.4 crore for the quarter ended 31 March, helped by higher advertising and subscription revenue.
The profit was notched up on a 11% increase in revenue to ₹ 964.3 crore from ₹ 869.06 crore. Advertising revenue grew 15.5% to ₹ 479.2 crore and that from subscriptions rose 13% to ₹ 454.6 crore.
“Fiscal 2013 has been a good year both on operating as well as financial parameters. Zee gained viewership share with improvements across genres both in national and regional languages, which led to outperformance in advertising growth relative to the industry," said Punit Goenka, managing director and chief executive officer.
“We have also seen steady improvement in our sports business over the last three years. While the investment in sports continues, performance has improved substantially with better monetization from subscription," he said.
According to analysts, the entertainment broadcaster posted advertising revenue in line with expectations, but the subscription revenue was higher than expected.
“The company’s margins have also declined but it’s much lower than what we expected," an analyst who tracks the company said on condition of anonymity.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
