Analysts had pegged the core net profit for the September quarter at Rs 153 crore.
Meanwhile, total revenue fell 19% year-on-year to Rs 2,034 crore in the reporting period.
On a sequential basis, net profit after tax rose 77% from Rs 118 crore reported in the previous June quarter.
The company posted EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs 321 crore, down 4 per cent year-on-year, while margins improved to 16 per cent.
The company said prudent cost discipline and focused execution have enabled it to record a 630 bps improvement in EBITDA margins in a challenging macro environment. Domestic advertising revenue for the quarter decreased 9% year over year, impacted by a subdued advertising spending environment in the second quarter. While advertising spending is increasing with the start of the holiday season, sustained recovery remains the key, the company said. Subscription revenue continued with healthy growth of 9% YoY during the quarter driven by linear subscription revenue post NTO 3.0 and ZEE5.
Other sales and services decreased 77% year-on-year as the prior-year period saw higher theatrical revenues from Gadar 2 and other syndications.
ZEE said the year-on-year decline in operating costs was due to lower programming and technology costs. It also maintains strong cost discipline across all elements of the cost structure.
On Friday, ZEE shares were trading 5.5% higher at Rs 132.73 on NSE.
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