Zee Entertainment Q2 Profit Jumps 148% On Sports Broadcasting Business Sale
Zee posted better-than-estimated quarterly earnings driven by an exceptional gain.
Zee Entertainment Enterprises Ltd.’s posted better-than-estimated quarterly earnings driven by an exceptional gain on sale of its sports broadcast business.
Net profit rose Rs 591 crore in the three months ended September, the Mumbai-based media company said on Tuesday. That compares with Rs 321 crore average of analyst estimates compiled by Bloomberg.
Revenue declined 6.7 percent to Rs 1,582 crore, compared with the prediction for Rs 1,583 crore. This included an exceptional gain of Rs 135 crore on the sale of sports broadcast business. Advertising revenue rose 2.9 percent to Rs 986.7 crore, while subscription revenue fell 14 percent to Rs 501 crore.
Earnings before interest, tax, depreciation and amortisation increased 17.3 percent to Rs 476.3 crore, in line with estimates. EBITDA margin expanded 600 basis points to 30 percent.
The company’s stock rose as much as 5.27 percent, the most in 2 months, to Rs 518.30 apiece intraday, making it the best performer among Nifty 50 companies.