ZEEL Q3 FY2024 revenue slides 3% to Rs 20,457 million

Zee Entertainment Enterprises Ltd reported a 3% dip in its Q3 FY2024 operating revenue at Rs 20,457 million, from Rs 21,088 million in Q3 Y2023.

Domestic ad revenues were reported at Rs 9,867 million, QoQ up by 4.9%, YoY declined by 2.7%. Domestic ad revenue was impacted by cricket during Q3. While Q3 saw some seasonal festive uptick, overall pace of ad environment recovery continues to be slow.

Subscription revenue growth was driven by a pick-up in linear subscription revenue post NTO 3.0 and ZEE5. Normalised YoY revenue growth of 10% was reported. (Q3 FY23 subscription revenues were aided by recognition of Rs 59 crore amount from Siti Network).

EBITDA for the quarter came at Rs 2,092 million; with Q3 FY24 EBITDA margin at 10.2%.

ZEE5 YTD YoY revenue growth was reported at 31%, with YTD FY24 Revenue at Rs 6,823 million. ZEE5 Q3 FY24 revenue was reported at Rs 2,232 million, a growth of 15% YoY.