India’s Zee Leisure Q2 revenue rises on films, subscription increase

Nov 9 (Reuters) – India’s Zee Leisure Enterprises (ZEE.NS) on Thursday reported its first revenue in three quarters, as robust demand for its films and a pickup in subscriptions eclipsed a decline in commercial revenues.

The media and leisure firm posted an 8.9% rise in consolidated web revenue to 1.23 billion rupees ($14.77 million)for the second quarter ended Sept. 30.

The corporate, which owns TV channels together with Zee TV and Zee Cinema, posted an 8% rise in its subscription income on a year-on-year foundation.

Different gross sales and repair income rose 201%, helped by greater syndication and powerful theatrical efficiency of its films together with “Gadar 2”, whilst its home commercial income declined 2.1%.

“Whereas some early pick-up in advert spending was witnessed led by FMCG throughout Q2, total tempo of advert atmosphere restoration continues to be sluggish,” Zee stated in an announcement.

Its outcomes distinction weak quarterly earnings at Indian broadcasting friends together with NDTV (NDTV.NS) and TV18 Broadcast (TVEB.NS) as excessive inflation forces companies to chop again on commercial spending.

Zee’s whole bills rose 23% on account of greater content material prices in films and funding in ZEE5, its streaming platform.

Complete revenue grew 22.97% to 25.1 billion rupees.

The outcomes come months after an Indian tribunal cleared a long-delayed deliberate merger between Zee and Sony’s (6758.T) Indian enterprise to create a $10 billion media and leisure large.

In October, one other tribunal lifted the market regulator’s ban on CEO Punit Goenka holding board positions in any Zee Group firms, paving the way in which for him to move the brand new agency. Nevertheless, Sony stated in September it might take just a few extra months to finish the deal.

The broadcaster’s shares closed 1.2% greater forward of outcomes on Thursday.

($1 = 83.2760 Indian rupees)

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