Shares of Zee Entertainment Enterprises (ZEEL) plunged over 8% intraday today after the company announced its September quarter earnings.
Post Q2 results, ZEEL stock opened with intraday loss of Rs 247.95, down 6.33% today.
The stock later fell 8.12% to intraday low of Rs 243.2 on BSE. ZEEL stock has fallen over 45% year to date and 23% in the last 3 months. Today's intra day low is 39.5 points higher than the stock's 52-week low of Rs 203.70.
ZEEL stock has fallen today after four days of consecutive gain. Zee Entertainment stock trades lower than 5, 20, 50, 100 and 200-day moving averages. As per market depth data on BSE, there is 12% buying against 88% bidders selling the stock.
Overall 22 lakh and 390 lakh shares changed hands on BSE and NSE counters, respectively.
Ahead of Q2 results, shares of Zee Entertainment closed at Rs 264.70 apiece, up 1.91% on Thursday.
Zee Entertainment Enterprises Ltd (ZEEL) reported a 6.87% year-on-year (Y-o-Y) rise in consolidated net profit after tax (PAT) at Rs 413.23 crore for the second quarter ended September 30, 2019, compared to the consolidated net profit of Rs 386.67 crore, recorded in the corresponding quarter last year. The Q2 earnings were impacted by slow revenue growth and weak operating margins.
"The company has reported a one-time loss of Rs 170.62 crore in July-September period of this fiscal," ZEEL said in a filing to the Bombay Stock Exchange.
Compared to last year, the total expenditure of the company increased 9.9% Y-o-Y. While advertising revenue grew by 1.2% Y-o-Y, subscription revenue for the quarter was up 19% Y-o-Y.
Earnings before interest, tax, depreciation and amortization (EBITDA) grew by 2.5% Y-o-Y to Rs 692.90, while EBITDA margin stood at 32.7%.
By Rupa Burman Roy