Zee Entertainment Ltd has reported a 21 per cent rise in net profit to ₹218.14 crore in the first quarter ended June 30, 2016, as against ₹179.6 crore in the corresponding quarter a year ago.

Total consolidated income stood at ₹1,571.62 crore, up 18.5 per cent, as compared to ₹1,326.68 crore in the same period a year ago.

Subhash Chandra, Chairman of ZEEL, said: “Buoyed by the news of a normal monsoon and the implementation of various legislative reforms, the Indian economy is expected to continue its steady growth.”

He added, “As for the performance, the financial results once again highlight the strong underlying fundamentals of the company. The advertising and subscription revenues continue to drive the company’s growth.

Taking a long-term view of the business trends, we are committed to become a global content company and will make suitable investments to achieve that objective.”

Punit Goenka, MD and CEO, said: “The advertising growth is holding up and subscription revenue is maintaining steady growth. While advertising could receive a fillip if consumer spending improves, on the subscription front the industry awaits regulatory guidelines that will shape up the subscription revenue growth over the next few quarters.”

“As an entertainment company, it is imperative for us to experiment with new content and innovate on new formats, and we will continue to do so.

“We are making investments in new growth verticals with the objective that they will start contributing to the company’s success in the future. An effort in this direction was the re-launch of company’s paid OTT platform ‘dittoTV’ with new subscription plans. Our movie production business has started delivering results, which is evident with movies like Sairat which became the highest grossing Marathi movie of all time.”

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