Zee Entertainment Q3 net profit at Rs 299 cr; total income at Rs 2,130 cr

Zee Entertainment Enterprise Ltd on Wednesday reported a consolidated net profit of Rs 298.98 crore for the third quarter ended December 2021.

The company had reported a net profit of Rs 398.01 crore in the October-December period a year ago, Zee Entertainment Enterprise Ltd (ZEEL) said in a BSE filing.

Total income during the quarter under review was Rs 2,130.44 crore. It was Rs 2,756.93 crore in the corresponding quarter of the previous year.

According to the company, its results for the quarter ended December are not comparable with the year-ago period due to disruptions caused by the pandemic.

"The impact on the results for the quarter and nine months ended 31 December 2021 is primarily due to restrictions caused by the COVID-19 on the business activities. Hence, the results for the quarter and nine months ended 31 December 2021 are not strictly comparable with the results of the earlier periods presented," it said.

Its total expenses were at Rs 1,701.04 during the quarter.

ZEEL's revenue from advertisement was at Rs 1,260.80 crore in the October-December quarter. It was Rs 1,302.03 crore earlier.

Subscription revenue was at Rs 790.15 crore. It stood at Rs 841.91 crore in Q3 FY 2020-21.

Revenue from 'Other sales and services' came in at Rs 61.69 crore. It was Rs 585.42 crore a year ago.

During the quarter, the board of directors of ZEEL, at its meeting held on December 21, 2021, considered and approved a scheme of the arrangement whereby the company and Bangla Entertainment (an affiliate of Sony Pictures Networks India Private Ltd) shall merge in Sony Pictures Networks India.

"The Scheme is subject to receipt of approvals from the Stock Exchanges, National Company Law Tribunal, Mumbai Bench (NCLT), shareholders and creditors of the Company as may be directed by the NCLTand approval of other regulatory or statutory authorities as may be required," it said.

Shares of Zee Entertainment Enterprise Ltd on Wednesday settled at Rs 292.80 on BSE, up 1.16 per cent from the previous close.

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