Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday reported a 50.56 percent increase in consolidated net profit to Rs 562.76 crore in the third quarter ended December 31, 2018.

CNBC-TV18 poll had predicted profit at Rs 438 crore for the quarter under review.

The company had posted net profit of Rs 374 crore in the year-ago period.

Total income stood at Rs 2,252.75 crore, up 19.43 percent, compared with Rs 1,886.11 crore a year ago.

The company reported 20.6 percent jump in its domestic advertising revenue at Rs 1371.9 crore, while domestic subscription revenue was up 28 percent at Rs 519.2 crore.

The company's total expenses stood at Rs 1,441.82 crore, up 7.72 per cent as compared with Rs 1,338.38 crore in the year-ago period.

Subhash Chandra, chairman, ZEEL, said, "India is poised to remain one of the fastest growing economies in the world. Decline in crude oil prices and rationalization of GST rates will further boost the economy and help maintain the growth momentum in consumption. Even in M&E space, content consumption is growing at a brisk pace across mediums. This trend along with macroeconomic tailwinds will drive growth in both advertising and subscription revenues."

Punit Goenka, managing director and chief executive officer, ZEEL, said, "While our television business continues to consolidate its number one position, ZEE5 is quickly establishing itself as one of the leading digital entertainment platforms in the country."

Shares of ZEEL Tuesday settled at Rs 456.70 apiece on the BSE, up 1.87 percent from the previous close.

First Published:Jan 15, 2019 3:46 PM IST