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Zee Entertainment Enterprises Ltd (ZEEL) reported a 62.6 per cent jump in profits at ₹529.8 crore for the first quarter ended June 30 on zooming subscription revenues.
Consolidated revenues grew 13.3 per cent year-on-year to ₹2,008.1 crore, although they remained flat quarter on quarter.
The rise in income was driven by a 46.7 per cent growth in subscription revenues, at ₹708.8 crore. The EBITDA margin expanded 93 basis points year-on-year to 32.9 per cent. The overall profits stood at ₹529.8 crore, up 62.6 per cent Y-o-Y.
Punit Goenka, Managing Director and CEO, said, “We delivered another quarter of strong performance despite the operational challenges faced by the industry due to the implementation of TRAI tariff order. We have witnessed a strong uptake of our channels across markets which is reflected in the 47 per cent growth of our domestic subscription revenues. We are confident that the new tariff regime is going to be beneficial for all stakeholders.”
Domestic advertising growth of 4.2 per cent year-on-year was lower than in past quarters, the company said in a statement.
The group’s OTT platform, Zee5, managed to get 76.4 million monthly active users (MAU) by the end of Q1, up from 61.5 million MAUs in the sequential quarter.
Ad revenues stood at ₹1,186.7 crore, up 3.6 per cent over the same quarter last year.
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