Synopsis
Zee’s consolidated revenue grew by 10% year-on-year to Rs 2,170 crore in the March 2024 quarter. This was 8% higher than the street’s estimates. A large part of this growth was on account of 10% growth in the advertising revenue at Rs1,110 crore, beating the analysts’ estimates by 16%.
The stock of Zee Entertainment Enterprises has gained over 11% in the past three trading sessions since its fourth quarter results last Friday. This may offer some relief to investors given that the stock had fallen by over 20% in three months following a failed merger deal with Sony. The company’s March 2024 quarter beat analysts’ estimates as its advertising revenue showed growth after six consecutive quarters of decline. The management
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