ZEEL Witnesses 6.8% Revenue Growth in FY24: Profit Surge
Zee Entertainment Enterprises Ltd reports revenue growth and profit surge in FY24, driven by subscription and advertising revenue boosts
Sumit Rawat
Zee Entertainment Enterprises Ltd (ZEEL) achieved a 6.8% rise in total revenue for the fiscal year ending March 31, 2024, compared to the previous year.
The digital and broadcast company's total revenue reached Rs 8,766.4 crore in FY24, up from Rs 8,167.6 crore in FY23.
According to its earnings report for the quarter and year ending March 31, 2024, ZEEL recorded a profit of Rs 13.4 crore in the fourth quarter, reversing a loss of Rs 196 crore in the same period last year.
The company's total income for Q4 FY24 was Rs 2,185.29 crore, an increase from Rs 2,126.35 crore in Q4 FY23.
ZEEL's subscription revenue grew by 10% year-on-year to Rs 3,666 crore in FY24, up from Rs 3,335 crore the previous year, driven by an uptick in linear subscriptions post NTO 3.0 and ZEE5. In Q4 FY24, subscription revenue saw a 12% year-on-year increase to Rs 949 crore, compared to Rs 847 crore in the same quarter of FY23.
Advertising revenue for the fourth quarter rose 10% to Rs 1,110.2 crore from Rs 1,005.8 crore in Q4 FY23, as the advertising market improved. "Domestic advertising revenue for the quarter grew by 10.6% year-on-year, driven by the ongoing recovery in the macro advertising environment and increased spending by FMCG clients," the company stated.
ZEEL incurred Rs 5.66 crore in costs related to its merger with Sony Pictures, which was later canceled, and reported Rs 21.97 crore in restructuring costs due to employee terminations.
In FY24, ZEEL's overall advertising revenue slightly declined to Rs 4,057.66 crore from Rs 4,057.89 crore. Revenue from its streaming platform Zee5 increased marginally in Q4 FY24 to Rs 237.2 crore, up from Rs 220 crore in the same period the previous year.
For FY24, Zee5's revenue rose to Rs 919.5 crore from Rs 741.1 crore in FY23.
ZEEL noted that the linear TV landscape remained robust, with a 30 basis points year-on-year increase in its network market share. "Total TV viewership improved by 5% year-on-year," the company said, adding that its streaming platform released 16 shows and movies in Q4 FY24.
