Zee Entertainment Enterprises Ltd, one of India’s largest broadcasters, today said net profit for the quarter ended 31 March fell 8% to Rs72.54 crore as ad sales slowed. For the year ended 31 March, net profit rose 5% to Rs312 crore. The consolidated net profit (including the numbers of Taj TV Ltd, ETC Networks Ltd and Zee Turner Ltd) for the quarter fell 7% to Rs96.81 crore, while for the year ended 31 March, the figure grew 24% to Rs519.64 crore. This includes Rs142 crore of tax refund during the year. Consolidated net profit before tax fell 8% to Rs532.01 crore.

“On the one hand we witnessed a considerable slowdown in the advertising revenue growth trajectory, particularly during the second half of the fiscal, while on the other we continued to record robust growth in subscription revenues,” said Subhash Chandra, chairman, ZEEL. “From a 30% plus growth in advertising revenues in the first half, we saw the growth fade away during the second half of fiscal 2009. Increased competition has also impacted industry margins during the second half of fiscal 2009,” he said in a statement.

While advertising revenue, which was 44% of total revenues in Q409, fell 7% to Rs22.84 crore, subscription revenues, which made up 46% of total revenues, grew 13% to Rs23.45 crore. Total revenues during the quarter grew 2% to Rs51.37 crore.

Financials, Earnings release.