Zee Entertainment's Q2 net profit falls 77% to Rs 93 cr

Mumbai, Nov 2 (IANS) Zee Entertainment Enterprises Ltd (ZEEL) on Monday reported a 77.3 per cent drop in its consolidated net profit for the quarter ended September 30 at Rs 93.41 crore.During the same period of the last financial year (FY20), the company had reported a consolidated net profit of Rs 412.09 crore.Noting that the outbreak of the coronavirus pandemic has spread globally and in India, affecting economic activities, Zee Entertainment said in a regulatory filing that the impact on the results for the quarter and half year ended September 30 is primarily due to the restrictions on business activities caused by Covid-19."Hence, the results for the quarter and half year ended September 30 are not strictly comparable with the results of the earlier periods presented," it said.Its total income during the period under review declined 19.6 per cent on a year-on-year basis to Rs 1,760.61 crore.The company further said that the group has also taken various steps aimed at augmenting liquidity, conserving cash including various cost saving initiatives, and sale of non-core and other assets.
--IANS rrb/sn/arm