Zee Entertainment swings to black in Q1; beats estimate

Media firm Zee Entertainment reported better-than-expected earnings for the June 2024 quarter (Q1FY25) amid a pick-up in subscription revenue. The company reported a consolidated net profit of Rs 118 crore in the June quarter on Wednesday versus a loss of Rs 53.4 crore reported in Q1FY24.

Bloomberg consensus estimates had pegged net profit for the quarter at Rs 97 crore. Revenue in Q1 rose 7.4% year-on-year (y-o-y) to Rs 2,131 crore, which compares favourably with a Bloomberg consensus estimate of Rs 2,119 crore for the period. While Zee’s domestic ad revenue for the quarter declined by 3.6% due to the IPL and general elections, subscription revenue saw an uptick, touching Rs 102 crore for the June quarter.