Zee Entertainment Enterprises Limited (ZEEL) has reported a jump of 20.5% in its revenues for the second quarter of fiscal 2023-24 compared to the same period the previous year.

In its Q2 FY24 earnings report, the company said that this revenue growth was driven by strong performance in the digital space and healthy viewership gains in the linear segment.

The EBITDA margin for the company was up by 13.6 % for Q2 FY24 and the company's profit after tax (PAT) declined 5.3 percent YoY to Rs 129.9 crore.

Its digital platform Zee5, saw a revenue jump of 59% Y-o-Y in Q2 FY24 at Rs 265.2 crore        

The company has also reported a decline of 3.2% in its advertising revenues at Rs 979 crore in the second quarter of FY24 on a year-on-year basis, as compared to Rs 1,012.6 crore in Q2 FY23, due to a soft advertising environment.

According to the company, while some early pick up in ad spending was witnessed led by FMCG during Q2, overall pace of ad environment recovery continues to be slow. Ad revenues are also impacted by the busy cricket season (Asia Cup, ICC World Cup), it said.

Subscription revenues for the media company increased by 8% from Rs 821.9 crore in Q2 FY23 to Rs 887.8 crore in Q2 FY24. It however, declined on a Q-o-Q basis by 2%.

The increase in subscription revenue was driven by pick up in Linear subscription revenue post NTO 3.0 & ZEE5, the company said.

The broadcaster's all India TV network share was up 90 basis point quarter-on-quarter. Zee's network share increased to 17.9 percent from 17 percent in Q1 FY24.