Zee Entertainment Enterprises Ltd (ZEEL) on Monday reported a 91.9 percent year-on-year (YoY) decline in net profit at Rs 24.31 crore for the third quarter that ended December 31, 2022.

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In the corresponding quarter last year, the company posted a net profit of Rs 298.7 crore. CNBC-TV18 Polls had predicted a profit of Rs 173 crore for the quarter under review.

In the December quarter, total revenue stood at Rs 2,111.2 crore during the period under review, up 0.1 percent against Rs 2,112.6 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 2,085 crore for the quarter under review.

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At the operating level, EBITDA declines 27.5 percent to Rs 343.8 crore in the third quarter of this fiscal over Rs 479 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 16.3 percent in the reporting quarter as compared to 22.7 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.