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Zee Media net profit down 60.6% to Rs 3.79 cr; Invests Rs 4 cr in e-commerce venture

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Zee Media Corporation (ZMCL), which runs television news channels Zee News and Zee Business among others, has reported consolidated revenue of Rs 124.6 crore for the quarter ended September 30, 2017 (Q2FY18).  This represents a growth of 23.9 % from Rs 100.5 crore in the same quarter last year.

The media company’s profit after tax (PAT) declined by 60.6% YoY to Rs 3.79 crore during the quarter, from Rs 9.62 crore in Q2FY17. The company posted Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of Rs 21.3 crore, registering a decline of 2.9% from Rs 21.94 crore in the same quarter last year.

While advertising revenue grew by 31.2% YoY to Rs 111.1 crore for the quarter, the subscription revenue declined by 16.8% at Rs 11.73 crore as compared to Rs 14.09 crore in Q2 last year.

Digital business 

Video streaming: Note that Zee said it is merging its digital media and entertainment business undertakings of Zee Digital Convergence Ltd, including the Ditto TV and Ozee businesses, vesting it with the parent company ZEEL. As such, digital revenues of these channels will not be reported by the company. In ZEEL’s results, the company mentioned OZEE saw an average of more than 115 million video views per month during the quarter.

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E-commerce: During the quarter, Zee Media started an e-commerce site called EZ-Mall. During the quarter, the company invested approximately Rs 4 crore in EZ-Mall. The e-commerce company is a wholly-owned subsidiary of Zee Media. Note that Zee Media Corp. also entered the television shopping business by acquiring a stake in two India Today Group companies—Today Merchandise Pvt. Ltd (TMPL) and Today Retail Network Pvt. Ltd (TRNL) in February 2016.

Download: Press release

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