Zee Tele has reported a 3% increase in net profit at Rs 17.07 crore (Rs 170.7 million) for the quarter ended June 30, 2003 when compared with Rs 16.60 crore (Rs 166 million) last fiscal.

Total income decreased to Rs 108.59 crore (Rs 1.08 billion) from Rs 108.63 crore in the corresponding period of the last fiscal, according to a release issued to the Bombay Stock Exchange on Tuesday.

The group has posted a net profit of Rs 62.30 crore (Rs 623 million). Total income increased from Rs 265.01 crore in JQ02 to Rs 308.38 crore in the quarter ended June 30, 2003, the release added.

CMD Subhash Chandra was quoted in the release as saying: "Subscription-based business turned in an excellent performance globally with 40.50 per cent growth in overall subscription revenues.

"Looking ahead in FY2004, Zee is exceptionally well positioned to benefit from the implementation of conditional access system in Indian cable homes, and a robust economic environment augurs well for advertising revenues."