Zee Entertainment Enterprise Ltd (ZEEL) yesterday evening reported a 38% (YoY) decline in consolidated net profit. This decline was mainly on account of the 5.5% drop in revenue from operations at Rs.2049 crore.

Revenue in turn declined due to lower advertising revenue – it was down 16% at Rs.1231 crore.

Domestic advertising revenue declined by 16% at Rs.1157 crore while international advertising revenue was at Rs.74 crore.

Subscription revenue for the quarter grew 15% at Rs.714 crore of which domestic subscription revenue grew by 22% at Rs.632 crore and international subscription revenue was at Rs.82 crore.

EBITDA declined 25% at Rs.566 crore and margins came in at 27.6%.

The earnings largely missed most estimates but yesterday, the market was hoping for the best which is why the stock rose 6% and closed at Rs.283.95 but today morning, it opened lower at Rs.276.40, going down to an intraday low at Rs.272.45 and remains among the top five losers on the BSE.