ZEEL’s EBITDA in Q3 also declined 25% to Rs. 565.8 crore from Rs 754.3 crore while the EBITDA margin stood at 27.6%. Consolidated operating revenue declined 5.5% at Rs. 2048.7 crore even as expenditure increased 5% to Rs 1482.9 crore.
The consolidated advertising revenue declined by 15.8% YoY to Rs. 1230.8 crore from Rs 1462.6 crore. The domestic ad revenue for the quarter has declined by 15.7% YoY to Rs. 1157 crore compared to Rs. 1371.9 crore. The international advertising revenue for the quarter was Rs. 73.8 crore.
Its domestic advertising revenue was impacted by the continued slowdown in key consumer sectors. As the volume growth for most consumer companies did not see any uptick during the quarter, they cut advertising spends to protect their margins.
Also, the growth was impacted due to a higher base and the effect of the conversion of two channels from FTA to pay in March.
Its consolidated subscription revenue grew by 15.4% to Rs. 713.7 crore during the quarter. Domestic subscription revenue grew by 21.7% YoY while the International subscription revenue declined by 17.4% YoY.