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technology | IST

Zee Entertainment's stake sale will be announced by July-end, says CEO Punit Goenka

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Media firm Zee Entertainment Enterprises Ltd (ZEEL) Tuesday reported a 62.56 per cent increase in consolidated net profit at Rs 529.76 crore for the first quarter ended June 2019, helped by growth in subscription revenue. In an interview with CNBCTV18, Punit Goenka, MD & CEO of the company, discussed financial results and shared growth outlook.

Media firm Zee Entertainment Enterprises Ltd (ZEEL) Tuesday reported a 62.56 per cent increase in consolidated net profit at Rs 529.76 crore for the first quarter ended June 2019, helped by growth in subscription revenue.
In an interview with CNBCTV18, Punit Goenka, MD & CEO of the company, discussed financial results and shared growth outlook.
"We expect 25 percent subscription revenue growth in FY20. Subscription revenue contributed 35 percent to topline in Q1,” Goenka said on Wednesday.
On the advertising revenue, he said, “Second quarter will improve but it will not be a drastic improvement but I still expect that on the back of festive season H2 will be significantly better.”
“The overall industry for the year should be high single digits to low double digits kind of growth and as usual we will endeavour to beat the industry growth by at least a few 100 bps,” added Goenka.
According to him, FMCG sector will drive advertising revenues going ahead.
On the other income front, Goenka said, “There are some one-offs that relates to tax refund and interest earned on that. So it’s not a recurring factor."
Speaking about the stake sale, the MD & CEO said, “It’s all positive. As I had spoken to you last time that we had a couple of non-binding offers, one has converted into a binding offer already for us and I am expecting the second one to happen in matter of days.”
"We will announce deal by July-end", Goenka added.