Advertising revenue was Rs 976.3 crore (up 5% YoY), Subscription revenue was Rs 771.7 crore (down 5% YoY) and revenue from Other Sales & Services was Rs 97.7 crore (up 177% YoY) during the period under review.

ZEEL said that advertising revenue growth for the quarter impacted by FTA withdrawal (Zee Anmol) and lower Ad spends by brands due to weak macroeconomic conditions.

EBITDA declined by 31.5% to Rs 235.7 crore in Q1 FY23 from Rs 344 crore in Q1 FY22. EBITDA margin was 12.8% in Q1 FY23 as against 19.4% in Q1 FY22.

Profit before tax in Q1 FY23 stood at Rs 168.6 crore, down by 44.4% from Rs 303.3 crore in Q1 FY22.

The company further said that the programming and technology cost was higher on a YoY basis, due to higher theatrical releases, investment in Zee5 and new launches in linear business.

The increase in marketing cost on a YoY basis was on account of new launches in linear business and continued investments in ZEE5, the company added.

Zee Entertainment Enterprises (ZEEL) is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.

The scrip fell 2.50% to end at Rs 241.80 on the BSE yesterday.