Zee Entertainment Enterprises Ltd on Thursday posted disappointing numbers for the quarter ended March 31, 2023 when it posted a consolidated net loss of Rs 196.03 crore compared with a profit of Rs 181.93 crore in the corresponding period of the previous year and a profit of Rs 24.32 crore in the preceding three months.
This came after its total income fell to Rs 2,126.35 crore from Rs 2,359.74 crore in the year-ago period. The period saw its expenses rising to Rs 2,083.36 crore from Rs 1,894.66 crore in the January-March 2022 period. Amid the loss, the board of directors did not declare any dividend for 2022-23.
For the year, profits came down to Rs 47.8 crore from Rs 955.8 crore while operating revenues declined 1.2 per cent to Rs 80,879 crore from Rs 81,857 crore. Zee added that its EBITDA (earnings before interest, taxes, depreciation and amortisation) was down 38 per cent to Rs 110.11 crore from Rs 1,780.3 crore due to elevated strategic investment across the business. Shares of Zee on Thursday ended at Rs 178.75 a drop of 1.22 per cent over the previous close.
Emami profit falls
FMCG major Emami Limited on Thursday posted a 60 per cent drop in consolidated net profit to Rs 142 crore for the quarter that ended March 2023, on muted demand.The company posted a consolidated net profit of Rs 354 crore in the corresponding period of FY22. Revenue from operations during the quarter was up 9 per cent to Rs 836 crore, from Rs 768 crore registered in Q4 of FY22.
The company attributed the decline in net profit to muted demand for personal care products and excessive rainfall in many parts of the country in March, which impacted the demand for summer products.
“Inflation in rural areas reached 6.8 per cent in FY23, the highest level in the previous nine years, and rural inflation surpassed urban inflation for the first time since FY18. Additionally, excessive rainfall in many parts of the country in March impacted the demand for summer products,” the company said.
“Despite the challenging demand scenario on account of high inflation, muted rural sentiments and unseasonal rains, we have delivered a resilient profit-led growth in Q4 FY23,” an Emami official said.