Zee Entertainment stock jumps 6% on Q1 turnaround; posts Rs 118 cr profit | News on Markets
Zee Entertainment stock jumps 6% on Q1 turnaround; posts Rs 118 cr profit | News on Markets
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Shares of Zee Entertainment surged 5.8 per cent to a high of Rs 153.45 in intra-day deals on Wednesday after the media company reported a turnaround in the June quarter.
At 14:15 PM, Zee Entertainment stock was trading 4.3 per cent higher at Rs 151.30. The counter saw trades of around 15 lakh shares as against the two-week average volume of around 13.39 lakh shares. In comparison, the S&P BSE Sensex was up 0.2 per cent or 184 points at 81,640.
Zee Entertainment, in an exchange filing today, reported a consolidated net profit of Rs 118.10 crore for the quarter ended June 2024 as against a net loss of Rs 53.42 crore in the corresponding quarter a year ago.
Total income grew by 7.6 per cent year-on-year (YoY) to Rs 2,149.52 crore in Q1FY25 when compared with Rs 1,998.26 crore in Q1FY24. Profit before exceptional items and tax jumped nearly 3-fold to Rs 208.49 crore from Rs 71.39 crore in the same comparable period.
The income growth was aided by an 8.8 per cent YoY growth in subscription revenue to Rs 987.19 crore in Q1FY25 from Rs 907.49 crore. Other sales and services income jumped by 71.3 per cent YoY to Rs 135.40 crore. Advertisement revenue, however, took a 3.1 per cent YoY hit, as it dipped to Rs 911.34 crore. Earnings per share from continuing operations rose to Rs 1.31 from Rs 0.04.
Zee Entertainment is engaged in a legal battle with Culver Max, BEPL and Sony Pictures followed the failed merger. Zee has sought a termination fee of $90 million from the Sony group for calling off the $10 billion merger deal.
On the bourses, Zee stock has been on a winning run for the last 7 trading sessions. The stock has gained 14.1 per cent during this period. The stock, however, trades almost 50 per cent lower when compared with its 52-week high of Rs 299.50 registered in December 2023. The stock hit a 52-week low of Rs 126 in June 2024.
First Published: Jul 31 2024 | 2:26 PM IST
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