Revenue of the company was up 17.9 percent at Rs 2,167 crore against Rs 1,838 crore.
Shares of Zee Entertainment Enterprises gained 3 percent in the early trade on Wednesday after company reported strong numbers for the quarter ended December 2018 (Q3FY19).
The company has registered 50.3 percent jump in its Q3FY19 net profit to Rs 562.7 crore against Rs 374 crore in the same quarter last fiscal.
Revenue of the company was up 17.9 percent at Rs 2,167 crore against Rs 1,838 crore.
The company reported 20.6 percent jump in its domestic ad revenue at Rs 1371.9 crore, while domestic subscription revenue was up 28 percent at Rs 519.2 crore.
Its total ad revenue rose 21.7 percent at Rs 1,462.6 crore, while total subscription revenue jumped 23.3 percent at Rs 618.5 crore, YoY.
Research house Citi has maintained buy rating and raised target to Rs 575 from Rs 550 per share.
The research house raised estimates post the strong Q3 which beat by 5-8%. Zee is a preferred pick with core TV business remains strong.
The encouraging trends on ZEE5 makes interesting play on online video theme, while induction of a strategic partner could be positive for minorities.
At 09:16 hrs Zee Entertainment Enterprises was quoting at Rs 467.90, up Rs 11.20, or 2.45 percent on the BSE.
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