The company had posted a net profit of Rs 308.61 crore for the corresponding period a year ago, it said in a filing to the BSE.
However, total income of the company on consolidated basis increased 16.96 per cent to Rs 1,595.08 crore during the quarter under review as against Rs 1,363.72 crore in the year -ago period.
"ZEE saw an impressive performance in the third quarter. We grew ahead of the market through improved performance of our existing channels as well as new channels. Our vision is to provide long-term sustainable growth to our shareholders," said Subhash Chandra, chairman of Zee Entertainment.
Over the outlook, he said, "Our investments continue to provide us with positive results. We will continue to identify and pursue profitable investment opportunities that will enable us to join the ranks of world's leading media companies and become the first Indian media company to do so."
In a separate filing, the company informed that its board on Friday approved to dilute its stake in India Webportal Pvt Ltd (IWPL) by inducting a strategic investor.
"IWPL shall issue convertible preference shares to the said investor, which may result in potential dilution of company's shareholding in the said subsidiary below 51 per cent," the company said.
Shares in Zee Entertainment, on Friday, ended 3.37 per cent lower at Rs 401.80 apiece on the BSE, whose benchmark Sensex index finished down 1.28 per cent.
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