India’s Zee Entertainment reports Q1 profit on subscriber growth

India’s Zee Entertainment Enterprises reported a first-quarter profit on Wednesday, led by growth in its subscriber base.

The broadcaster reported a consolidated net profit of 1.18 billion rupees ($14.1 million) for the quarter ended June 30, compared with a loss of 534.2 million rupees a year ago.

The company’s subscription revenue increased 9% to 9.87 billion rupees, boosting its total income by nearly 8%.

Zee is among India’s biggest players in the country’s media and entertainment industry where the likes of Reliance Industries and the Adani Group are expanding their presence.

However, flailing advertising revenue and two failed deals, including a $10 billion merger with Sony’s Indian unit, have weighed on Zee’s shares and financials. Reuters