Television broadcaster Zee Entertainment witnessed a significant surge in profit during the December quarter of FY24, reporting a 140 percent increase compared to the same period last year. The company’s profit stood at Rs 58.5 crore, rising from Rs 24.32 crore in Q3 FY23.
In addition to the remarkable profit growth, Zee Entertainment also recorded a 15 percent increase in income, reaching Rs 223 crore in Q3 FY24, up from Rs 194 crore in the corresponding period of the previous fiscal year.
Despite these positive financial results, Zee Entertainment experienced a notable decline in profits on a sequential basis, with a 52 percent drop compared to the previous quarter. In Q2 FY24, the company reported a profit of Rs 122.96 crore.
Also, Zee Entertainment’s profit and loss statement revealed a decline in revenue, down to Rs 2,046 crore from Rs 2,109 crore year-on-year. This decrease in revenue reflects the company’s ongoing challenges amidst evolving market conditions and strategic transitions. The broadcaster, currently grappling with the fallout from the terminated merger deal with Sony, continues to navigate challenges while striving for financial stability.