Zee Entertainment‘s share price shot up sharply after the company posted its earnings for the quarter ended June.

What Happened: The entertainment major reported a consolidated net profit of ₹118 crore for the June quarter, a turnaround from the ₹53 crore loss posted in the same period last year. The company’s consolidated total income increased by 7.6% year-on-year to ₹2,150 crore in the June quarter, compared to ₹1,998 crore in Q1 FY24.

The company’s income growth was driven by an 8.8% year-on-year increase in subscription revenue, reaching ₹987.19 crore in the June quarter from ₹907.49 crore. Additionally, other sales and services income soared by 71.3% YoY to ₹135.40 crore. However, advertisement revenue declined by 3.1% YoY to ₹911.34 crore.

Domestic advertising revenue for the quarter declined by 3.6% YoY, impacted by cricket and general elections. EBITDA for the June quarter came at ₹271.7 crore, with an EBITDA margin was at 12.8%.

Price Action: Zee’s share price was up 4.56% to trade at ₹151.78 on Wednesday afternoon.

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