ZMCL reports total revenue of Rs 195.59 crore in Q2 FY23

Zee Media Corporation Limited (ZMCL) has reported total revenue of Rs 195.59 crore, a decline of 5.8% for the quarter ended September 30, 2022 as compared to the previous year same quarter. The network posted total revenue of Rs 207.63 crore in the same quarter previous year.  The group’s operating revenue declined by 5.5% to Rs 194.77 crore against Rs 206.14 crore in the same quarter of last year.

Advertising revenue of the network stood at Rs 184. 29 crore, a decline of 5.5% as compared to Rs 195.05 crore in Q2FY22. Similarly, company subscription revenue declined by 7.8% to Rs 8.9 crore in Q2 FY23 against Rs 9.65crore in Q2 FY22.  While other sales and services were up by 9.8% to Rs 1.58 crore in Q2 FY23.

Network’s total expenses stood at Rs 174. 38 crore, up by 21.2% in Q2 FY23 against Rs 143.89 crore. The operating cost was up by 22.4% to Rs 35.14 crore as compared to 28.72 crore in the same period last year. Company’s employee benefits expenses increased by 36.4% to Rs 68.80 crore against Rs 50.43 crore in Q2FY22.Meanwhile, company’s marketing, distribution and business promotion expenses declined by 36.3% to Rs 15.41 crore against Rs 24.19 crore in Q2FY22.

The 14 TV news channels of ZMCL comprising 1 Global, 4 National and 9 Regional language channels, together with 5 digital channels and 17 digital brands, continued to be one of the largest news networks in the country.

In corporate development, ZMCL in an earnings release mentioned that ZMCL has been repeatedly raising the issue of ratings being drawn from the usage of landing pages / channels.

“ZMCL believes that the impact of such landing pages / channels should not be considered since these channels / services are obtained on commercial terms. Pending resolution of this issue, ZMCL has sought suspension of BARC ratings for TV channels during the quarter under review.”

The release further reads that the nomination and remuneration committee of the board, at its meeting held today, considered the candidature of  Purushottam Vaishnava for appointment as Director and advised the management to file requisite application with the Ministry of Information and Broadcasting for seeking prior approval for the same.