Shares of Zee Ent zoom over 5% on delivering profits in Q4, rising revenues

Shares of Zee Ent zoom over 5% on delivering profits in Q4, rising revenues

Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).

In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.

Consolidated total income for the Q4FY24 stood at Rs 2,185.29 crore, showing growth from Rs 2,126.35 crore in the corresponding period a year ago.

In the fourth quarter of FY24, domestic advertising revenue grew by 10.6 per cent year-on-year, propelled by a recovering macro advertising environment and increased spending by FMCG clients. Subscription revenue growth was also notable, driven by a pickup in linear subscription, the management said in the investor presentation.

Total expenses in the fourth quarter were lower at Rs 2,043.76 crore compared to Rs 2,083.35 crore in the year-ago period, contributing to improved profitability.

The board of directors has recommended a final dividend of Re 1 per equity share for FY24, subject to shareholder approval at the upcoming annual general meeting.

For FY24, consolidated net profit stood at Rs 141.43 crore, a significant increase from Rs 47.79 crore in FY23. Consolidated total income for FY24 was Rs 8,766.48 crore, up from Rs 8,167.62 crore in FY23.

At 09:28 AM; the stock price of the company was trading 4.22 per cent higher at Rs 140.65 per share. In comparison, the S&P BSE index was up by 0.16 per cent.

Zee Entertainment Enterprises is an Indian media conglomerate headquartered in Mumbai and holds verticals spanning from television, print, internet, film, to mobile content-related ventures.