Indian media conglomerate Zee Entertainment Enterprises on Monday reported a 28.27 percent increase in consolidated net profit at Rs 321.72 crore for the December quarter, mainly on account of higher advertisement revenue. Consolidated profit during the quarter stood at Rs 321.7 crore increased from Rs 250.80 crore in the corresponding period, ZEEL said in a  regulatory filing.

Total revenue during the quarter under review grew 11.49 percent to Rs 1,886.11 crore as against Rs 1,691.58 crore in the year-ago period. “The slower growth in the last four quarters was due to specific events which required advertisers to recalibrate spends. As the impact of these factors is now behind us, ad spends have bounced back strongly and the outlook remains encouraging,” ZEEL MD and CEO Punit Goenka said. Consolidated advertisement revenue during the period stood at Rs 1,202.02 crore as against Rs 955.45 crore in the corresponding quarter previous fiscal, up 25.80 percent.

Subscription revenue during the quarter was Rs 501.69 crore compared to Rs 593.46 crore in the year-ago period. EBITDA for the quarter stood at Rs 5,944 million and EBITDA margin stood at 32.3 percent, the company said. “Advertising spends have bounced back strongly and the outlook remains encouraging. The recent cut in GST rates across a wide category of products should aid the growth,” Punit Goenka, Managing Director & Chief Executive Officer, ZEEL said.

ZEEL stock closed at Rs 592.10 on NSE today. Media house Zee Entertainment Enterprises’ consolidated profit grew by a whopping 147.8 percent year-on-year to Rs 590.80 crore in Q2, largely led by proceeds from sale of sports broadcasting business and other income. – Financial Express