ZEEL posts consolidated revenue of Rs 2111 crore in Q3 FY23

Company’s advertising revenue decreased by 15.63% to Rs 1063.8 crore

by Team PITCH
February 14, 2023

ZEEL posts consolidated revenue of Rs 2111 crore in Q3 FY23

Zee Entertainment Enterprises Limited (ZEEL) has reported a marginal decline of 0.7% in revenue at Rs 2111.2 crore for the quarter ending December 31, 2022 against Rs 2112.6 crore in the same quarter of the previous fiscal.

The network’s advertising revenue decreased by 15.63% to Rs 1063.8 crore against Rs 1260.8 crore. Domestic advertising revenues declined by 15.8% to Rs 1015.4 crore on YoY basis.

The company in BSE filing said that the ad revenue year-on-year growth was impacted due to FTA withdrawal (Zee Anmol) and slowdown in FMCG spends due to the challenging macroeconomic environment.

Company’s subscription revenue was up 11.2% to Rs 894.4 crore in Q3 FY23 against Rs 790.15crore in Q3FY22, aided by underlying organic growth in Zee5, Zee Music and by recognition of subscription revenue from Siti network, the company said in the statement.

Other sales and services revenue of the company was up 148% aided by higher syndication revenue. Theatrical performance continues to be soft, read the financial statements.

The company’s programming and technology cost increased year-on-year due to higher content cost in movies and linear, and continued investment in Zee5. The operational cost up by 11.54% to Rs 1134.37 crore against Rs 1016.98 in the same quarter previous year.

The profit after tax (PAT) of the network declined by 91.9% to Rs 24.3 crore in Q3FY23 against Rs 298.7 crore in Q3 FY22. ZEEL’s

Q3 FY23 EBITDA down by 29.5% (YOY) impacted by slower growth in revenue and elevated investment in content, marketing and technology.