The Essel Group company Zee Entertainment Enterprises Ltd (ZEEL) today posted 42.04 per cent increase in consolidated net profit to Rs 224.64 crore for the first quarter ended June 30, 2013.

The company had posted a consolidated net profit of Rs 158.15 crore in the same period of previous fiscal, ZEEL said in a filing to the BSE.

Consolidated total income stood at Rs 973.25 crore in the April-June quarter of this fiscal compared to Rs 842.96 crore during the same period of 2012-13.

“Our performance during the quarter reflects the investments that Zee is making to grow its business and market share. This has been accompanied by a strong improvement in the operating performance of the company during the quarter,” ZEEL Chairman Subhash Chandra said.

“In a highly competitive space, Zee continues to build its media assets and in the process continues to create a value for the shareholders. We have a strong balance sheet and I am confident that we would take advantage of the growth opportunities ahead of us,” he said further.

ZEEL’s total consolidated revenue from advertising also grew 18.53 per cent to Rs 530.07 crore during the quarter as against Rs 447.19 crore in the same period of last fiscal, the company said.

Company’s consolidated revenue from subscription also increased to Rs 424.07 crore this quarter. It was Rs 364.12 crore in first quarter of the last year.

In a separate filing to BSE, ZEEL has informed that its Board of Directors has approved the equity dividends of Rs 2 per equity share of Re 1. It has also reappointed Ashok Vaidyanathan and P Kurien as Director of the companies. Both had retired as per rotation.

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