Revenue from operations declined 9% year on year to Rs 2,112.11 crore in the quarter ended 31 March 2023.

The company's revenue from Advertisement was at Rs 1,005.77 crore (down 10.18% YoY), revenue from Subscription stood at Rs 847.42 crore (down 0.87% YoY) and revenue from Other sales and services was at Rs 258.92 crore (down 25.49% YoY) during the period under review.

ZEEL said that advertising revenue growth for the quarter impacted due to FTA withdrawal (Zee Anmol) and slowdown Ad spending.

Meanwhile, subscription revenue was impacted due to growth in ZEE5 offset by decline in linear TV subscription. The decline in other sales and services revenue was mainly aided by new launches and higher syndication revenue. Theatrical performance continues to be soft YoY, the company added.

Profit before exceptional items and tax dropped 90.74% to Rs 43.08 crore in Q4 FY23 from Rs 465.06 crore recorded in Q4 FY22. The company recorded an exceptional loss of Rs 89.97 crore during the quarter.

EBITDA in Q4 FY23 was at Rs 151.7 crore, registering a de-growth of 70% from Rs 505.3 crore posted in Q4 FY22. EBITDA margin slipped to 7.2% in Q4 FY23 as compared to 21.8% reported in the corresponding quarter previous year. The decrease in the EBITDA was impacted by increase in costs across ZEE5, movies and sports.

Total expenses rose 10% YoY to Rs 2,083.36 crore in Q4 FY23. Advertisement and publicity (A&P) expenses was at Rs 270.68 crore (up 28.67% YoY), operational cost stood at Rs 1,322.17 crore (up 5.35% YoY) in Q4 FY23.

The company said that the programming and technology cost increased YoY due to higher content cost in movies and linear and continued investment in Zee5 and Sports.

New content launches and digital increased the marketing cost on a YoY and QoQ basis, the firm added.

On full year basis, the company's consolidated net profit slumped 68.76% to Rs 468.07 crore on 1.2% decrease in revenue to Rs 8,087.90 crore in FY23 over FY22.

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.

Shares of ZEE Entertainment Enterprises rose 1.29% to Rs 181.05 on the BSE.