The company had reported a net profit of Rs 529.76 in the same quarter a year ago.

Zee’s total income in the period tumbled 36.6 per cent to Rs 1,338.41 crore, from Rs 2,112.03 crore a year ago.

Its advertisement revenues dropped 64.5 per cent to Rs 421.06 crore, from Rs 1,186.71 crore a year ago.

The company said the impact on the results for the current quarter is primarily due to restrictions caused by the Covid-19 on the business activities.

The group said it has assessed the impact of this pandemic and the same has been incorporated in the plans going forward.

In accordance with government directives, restrictions have started to relax, enabling content production to commence, and this is expected to result in increase in business activity for the group, the company said in the notes to its accounts.

In addition to the aforesaid assessment and review of the current indicators of future economic conditions, the group has also taken various steps aimed at augmenting liquidity, conserving cash including various cost saving initiatives, and sale of non-core and other assets, it said.

Based on the assessment and steps being taken, the Group expects no further adjustments to the carrying amounts of the property plant and equipment, intangible assets, it added.

Zee said Subhash Chandra has tendered his resignation, as the non-executive director of the company, which was reluctantly accepted by the board of directors. He will now act as the Chairman Emiritus of the company from August 19.

The company elevated R Gopalan as the Chairman. He was appointed as an additional director in November 2019.

Zee Entertainment said it has seen a strong bounce back in viewership shares across the network post lockdown, and enjoys 19.2 per cent all India entertainment share over the last 4 weeks.

Its domestic subscription revenues grew by 6.2 per cent YoY on a higher base, primarily led by ZEE5 subscription revenue.

Despite a sharp increase in viewership across mediums, monetization was really weak in Apr-May leading to 66 per cent YoY decline in domestic advertising revenues.

The company said that since no fresh episodes of existing shows were produced in the first two months, there was a drop in programming cost. This reduction was partially offset by content shot at homes and purchase of licensed content for linear and digital businesses.

Additionally, amortization cost of movies and digital shows continued, it added.