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Beverage alcohol company Diageo's Indian subsidiary, United Spirits, has announced its March quarter result for fiscal year 2025.

The company's consolidated advertisement and sales promotion witnessed a drop of 4.25% in Q4FY25. The ad expenses stood at Rs 315 crore in the March quarter of fiscal 2025 compared to Rs 329 crore in the corresponding quarter previous fiscal. 

Overall, the consolidated ad expenses in fiscal 2025 surged to Rs 1,130 crore versus Rs 1,048 crore in FY24.

According to the company's financial data, the consolidated profit after tax stood at Rs 421 crore in the January-March quarter FY2025--a jump of 74.6% Year-on-Year.

While the revenue from operations stood at Rs 6,634 crore in the same period. The company mentioned that the revenue from beverage alcohol stood at Rs 2,946 crore and from Sports at Rs 89 crore in Q4 FY25. The revenue from sports declined by 25.8% on a YoY basis. In Q4 FY24, it clocked revenue of Rs 120 crore from sports.

The net sales value was up 9% to Rs 3,031 crore in Q4FY25 on a year-on-year basis, driven by the growth in the standalone business, partly offset by lower number of Indian Premier League (IPL) matches played by Royal Challengers Bengaluru (RCB) in the Jan-March quarter versus the prior year same quarter.

United Spirits' earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed to Rs 460 crore--a growth of 37.7% compared to year, in-line with strong leveraged growth in the standalone business.

The company's standalone EBITDA surged to Rs 505 crore in Q4FY25--up 39.5%.

The company clocked a standalone net sales value of Rs 2,946 crore, up 10.5% YoY, fuelled by business commenced in the state of Andhra Pradesh in September 2024 after a gap of 5 years. 


In full fiscal 2025, United Spirits' profit jumped by 12.4% to Rs 1,582 crore in fiscal 2025 while the EBITDA increased to 12.1% to Rs 2,243 crore.

According to Praveen Someshwar, CEO & Managing Director, "Looking ahead, we remain focused on delivering sustained growth while creating long-term value for all our stakeholders in line with our ambition to be the best performing, most trusted and respected CPG company in India".

United Spirits ad expenses surge by 7% to Rs 1,130 crore in FY2025; Q4 profit up by 74.6%

Music recording company Saregama India Ltd has witnessed a 26% decline in its advertisement expenses year-on-year, but with an increase in profit in the March quarter in fiscal 2025.

The company registered a profit of Rs 59.86 crore between January-March FY2025 compared to Rs 53.90 crore in the corresponding quarter last fiscal.

However, the ad expenses were lowered to Rs 19.76 crore in Q4 FY25 from Rs 26.66 crore in the same period last fiscal. 

Overall, Saregama scaled up its ad expenses to Rs 90.41 crore in fiscal 2025--up 19% year-on-year, while the profit climbed to Rs 204.24 crore in FY25.

Saregama's revenue from operations witnessed a marginal drop of 8.7% in Q4 YoY. Its March FY2025 revenue stood at Rs 240.82 crore from Rs 263.05 crore in Q4 FY24.

<a href="https://www.storyboard18.com/advertising/saregama-reports-136-6-yoy-jump-in-revenue-ad-spend-increases-23-4-in-q3-fy25-56186.htm">Saregama reports 136.6% YoY jump in revenue; Ad spend increases 23.4% in Q3 FY25</a>

The company's revenue from the retail business declined to Rs 15.4 crore in Q4 FY25 compared to Rs 22.5 crore in Q3 FY25--a 32% YoY decline. The revenue from events witnessed a 98% drop sequentially at Rs 4.8 crore in Q4FY25 versus Rs 279 crore in Q3FY25.

However, the video business recorded a revenue of Rs 49.2 crore in the March quarter compared to Rs 24.3 crore in December FY2025--an increase of 102%.

During the January-March quarter, Saregama released more than 700 film and non-film tracks in Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, Telugu, Malayalam, Marathi, Bengali, and other languages.

The company's licensing and artist management revenue saw an increase of 6% in the March quarter in FY25 to Rs 171.2 crore versus Rs 161.6 crore in the corresponding quarter last fiscal.

Saregama said it has been voraciously spending money on content over the years. The company spent Rs 316 crore on content in fiscal 2025--up 62.05% YoY. It has aimed to spend Rs 1000 crore by fiscal year 2027.

"Another path-breaking year for Saregama with the highest ever revenue from operations, driven by a clear strategy of aggressive investments and diversification of IP monetization, including music, video, and live events. The company stands on the cusp of an exciting growth phase with huge opportunities in this fast-growing sector," Avarna Jain, Vice Chairperson, Saregama India, said.

Saregama India ad expenses decline by 26% in Q4FY25, profit surged to Rs 59 crore

HT Media on Tuesday reported a profit of Rs 51.36 crore for the January-March quarter for fiscal year 2025. The media company reported a profit of Rs 14.2 crore for the full fiscal 2025. The company's revenue from operations increased from Rs 464.41 crore in Q4 FY24 to Rs 513.57 crore in the March quarter in FY25.

The print ad revenue of the company witnessed a 3% drop in Quarter 4 fiscal year 2025 at Rs 293 crore. 
However, the print ad revenue showed a marginal upside on a full-year basis, with auto, real estate, and education becoming key growth drivers. The company's ad revenue stood at to Rs 1,065 crore in full fiscal 2025.

HT Media print-English reported an ad revenue of Rs 158 crore in Q4FY25.

The digital segment of the company reported a 35% increase in operating revenue at Rs 58 crore in Q4FY25 compared to Rs 43 crore in the corresponding quarter last fiscal. 

The company attributed the digital revenue growth to OTTplay and Shine businesses.

HT Media's print ad revenue drops by 3% to Rs 293 crore in Q4FY25

Imagine Marketing India, the parent company of hearable and wearables brand boAt, will continue to capitalize on India's e-commerce industry to accelerate sales and revenue. The company has intended to invest in existing strategic relationships with online marketplaces, such as Amazon and Flipkart, that sell boAt products.

"For our online sales channel, we intend to invest in our existing strong strategic relationships with online marketplaces that retail our products, such as Amazon and Flipkart, and continue to jointly promote our brands and products on their platforms, while introducing more SKUs that we retail on these online marketplaces through exclusive product launches," the IPO-bound company said.

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According to the Sebi registered document, boAt has consistently increased its advertising and promotional expenses year-on-year. The company's Draft Red Herring Prospectus (DRHP) revealed that boAt spent Rs 46 crore on ad and promotions in the six-month period ended on 30 September 2021. However, this data is according to the previous DRHP. The company has filed another IPO this year through pre-filing route that allows company to withhold public disclosure of details until later stages.

The company increased its advertisement and promotional expenses to Rs 47.8 crore in fiscal year 2021 from Rs 20.2 crore in 2020, driven by an increase in new consumer acquisition and advertisement initiatives during the year.

The consumer electronic brand has aggressively splurged on digital marketing to target users since its inception.

"Over the years, we have developed initiatives that target a consumer’s retention life cycle. We believe our marketing initiatives have been consistent across several forms of media, aided by organized and rigorous calendar planning across various channels and content formats, with the brand identity at its core and this has allowed us to build an engagement driven marketing approach that is efficient and productive," the company mentioned in the DRHP. 

The company said that its marketing strategies will continue engaging with prominent personalities, including cricketers, musicians, social media influencers, television personalities, and celebrities.

Mumbai-based boAt has floated a Rs 2000 crore IPO, comprising a fresh issue of equity shares worth Rs 900 crore and an offer for sale (OFS) of up to Rs 1,100 crore. Of the total net proceeds, Rs 700 crore will be allocated for repayment/prepayment and general corporate purposes.

boAt to leverage e-commerce partnerships, digital marketing to boost sales

In a significant development following the recent bust of a ₹700 crore illegal IPTV operation, Gujarat Police are intensifying their investigation into the suspect, for potential involvement in radicalization activities and illicit financial transactions linked to international piracy syndicates based in Syria and Middle East. 

Mohammed Murtuza Ali, an app developer from Jalandhar, Punjab, was arrested for allegedly operating "BOS IPTV," an unauthorized streaming service that allegedly reached approximately five million subscribers. The service broadcasted thousands of premium channels, including several Pakistani news and entertainment networks, without authorization.

Gujarat police officers are probing whether Ali's platform was used to disseminate extremist content aimed at radicalizing viewers. The Anti-Terrorism Squad (ATS) will probe the extent to which the unauthorized broadcasting of certain channels may have contributed to spreading radical ideologies within India.

Dharmendra Sharma, Superintendent of Police, Gujarat Cyber Crime Cell told Storyboard18, "The suspect was clearly dealing with Pakistani nationals to distribute content. Radicalisation via distributing such content is we are investigating." 

Furthermore, "We want to track down the servers used by the suspect for distributing such illicit content in India. We are investigating further about other persons involved in the matter." 

According to Gujarat police, there are potential links between Ali's operations and international syndicates based in Pakistan and Syria and the Middle East. These connections are under scrutiny to determine the extent of foreign involvement in the IPTV service and any associated activities. A officer privy to investigation said, "The accused is a member of the larger syndicate and distributed copyright content via WhatsApp and Telegram." 

According to the police, the suspect also broadcasted and streamed advertisements of Pakistani led brands and were actively laundering money via cryptocurrency. The Gujarat police is tracking the money trail for collecting evidence against the suspect. 

Storyboard18 had first reported that acting on a complaint from Star India, have arrested an alleged kingpin behind an illicit Internet Protocol Television (IPTV) service that attracted roughly five million subscribers and generated an estimated ₹700 crore (US $84 million) in annual revenue.  

The suspect is believed to have streamed thousands of premium linear television channels—including several Pakistani news networks and entertainment serials—without authorization.

The charges invoked include sections 303, 318(4), and 61 of the Bharatiya Nyaya Sanhita (BNS) 2023, along with Sections 37, 51, 63, and 65A of the Indian Copyright Act, 1957, and Sections 65, 66, 66B, and 66D of the Information Technology Act, 2000. The police have seized 3 laptops and 2 mobile phones, which were allegedly used to operate and manage the illegal IPTV service.

<a href="https://www.storyboard18.com/television/exclusive-gujarat-police-star-india-bust-%E2%82%B9700-crore-iptv-racket-streaming-pakistani-channels-66250.htm">Read More: EXCLUSIVE: Gujarat police, Star India bust ₹700 crore IPTV racket streaming Pakistani channels</a>

“This crackdown is a critical milestone in our ongoing fight against piracy,” said a spokesperson at JioStar. “We commend the swift and impactful action by the Cyber Police in Gandhinagar and other agencies involved. At JioStar, we remain steadfast in our commitment to protect our content, partners, and the interests of millions of lawful subscribers. We will not hesitate to take the strongest possible legal action against anyone found engaging in such unlawful activities.”

Storyboard18 had earlier reported that the Law enforcement agencies in the UAE had raided the operations of an alleged rogue Internet Protocol Television (IPTV) provider. The raid resulted in the seizure of IPTV boxes containing 12,000 pirated premium channels and content from various rightsholders.

Disney Star had filed a criminal complaint in UAE against a rogue IPTV provider, primeproott.com, which was selling IPTV boxes through its website. The complaint stated that the rogue operator charged Rs 5,750 for the box and Rs 2,300 for access to the application.

<a href="https://www.storyboard18.com/how-it-works/breaking-major-iptv-piracy-ring-busted-in-dubai-following-disney-star-complaint-42678.htm">Read More: Breaking: Major IPTV piracy ring busted following Disney Star complaint</a>

<a href="https://www.storyboard18.com/how-it-works/delhi-high-court-blocks-pirate-app-streaming-disney-star-content-46715.htm">Read More: Delhi High Court blocks pirate app streaming Disney Star content</a>


Gujarat police probes radicalization, Syria links in ₹700 crore IPTV piracy case

India's travel and tourism sector witnessed a significant dip in advertisement expenditure in 2024. According to a report by Excellent Publicity, in association with TAM Media Research, the television ad spends dropped by 38% between January and December 2024 compared to the same duration in 2023. The travel and tourism companies also cut their digital ad spend by 10% in 2024.

In contrast, the sector ramped up its advertisement and promotional activity on print media by 36% in 2024.Notably, print media remained the preferred advertising medium for the travel and tourism sector for two consecutive years. The share of ad activities in print media rose from 37% in 2023 to 52% in 2024. The share of ad spends on digital media dropped by 10% year-on-year in January and December 2024, while on television, it reduced by 38% in the same period, the report mentioned.

On television, Emirates Air Line emerged in the top spot on television ad spends between January and March 2025 at Rs 138 crore with a 67.5% share. Turkish Airlines shelled out approximately Rs 29 crore on TV ads, followed by La Travenues Technology (Rs 10 crore), Turkey Toursim (Rs 7 crore), UP Toursim (Rs 6 crore), Air India, Qantas Airways, Jharkhand Toursim Development, TravelxpIndia (Rs 2 crore) each, and Malaysia Tourism (Rs 1 crore), respectively until March 31, 2025. The top-10 advertisers accounted for 97.5% of total Tourism & Travel sector ad spends in January-March this year.

On print media, Veena Patil Hospitality spends the highest, approximately Rs 55 crore, capturing 15% share in January-March 2025. State tourism boards, such as, Gujarat spent Rs 55 crore, West Bengal Tourism Rs 35 crore, Uttarakhand Tourism Rs 6 crore on print media commercials in the same period. More than 800 travel & toursim related advertisers splurged on print ads. 

In contrast, MakeMyTrip secured the first position in digital ad spend with Rs 48 crore in the January to March period in 2025. Travel platform Agoda remained the second-highest spender in digital ads at Rs 29 crore, followed by the Saudi Commission for Tourism and National Heritage at Rs 28 crore. Air India's digital spend stood at Rs 19 crore in the first three months of 2025, while Qatar Airways spent Rs 15 crore in the same duration.

"Today’s travelers are no longer satisfied with surface-level experiences; they seek meaning, connection, and authenticity. This shift is redefining how destinations and brands engage with their audiences. Traditional promotion tactics are giving way to storytelling, community-driven content, and digital-first experiences that resonate on a deeper level. The travel and tourism industry is evolving, and those who adapt to this change by prioritizing relevance over reach will lead the next wave of growth in this sector,"Vaishal Dalal, Co-founder & Director, Excellent Publicity said.


Tourism brands cut down ad spends on TV by 38%, Digital by 10% in 2024

Zee Entertainment Enterprises is projecting only modest growth in advertising revenue for the upcoming fiscal year, despite signs of financial recovery and strategic expansion.

Chief Executive Punit Goenka, speaking on an earnings call, said that while the company does not expect a dramatic turnaround, it is aiming for high single-digit growth in advertising revenue in fiscal 2026, even as inflationary pressures persist.

The company’s consolidated advertising revenue fell sharply in the fourth quarter of fiscal 2025, declining 32.6 percent year-over-year to ₹837 crore from ₹1,110 crore in the same period last year. For the full fiscal year, advertising revenue dropped 11.4 percent to ₹3,591 crore, down from ₹4,057 crore in fiscal 2024.

“We witnessed a dip in advertising revenue growth and the aberration in subscription revenue numbers,” Goenka said. “But we remain hopeful of regaining the growth through targeted interventions going forward.” He added that a rebound in ad revenue is expected after the current cricket calendar concludes, typically a critical period for viewership and spending.

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Goenka emphasized a strategic pivot toward improving margins, reducing losses, and boosting cash flow. The company is investing in content development, platform expansion, and monetization efforts, including a growing focus on ‘mini-series’ airing on Zee TV and the free-to-air segment, as it looks to stabilize performance.

These content efforts, he said, could generate revenue growth of 8 to 10 percent and operating margins between 18 and 20 percent in the next fiscal year.

As part of its content pipeline, Zee plans to release between 18 and 21 films in the current year. “We have to leverage our biggest strength, which is language,” Goenka said. “That’s where the growth of 8 to 10 percent will come from - for both linear and digital platforms.”

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Goenka also addressed the potential implications of the merger of Reliance's Viacom18 and Disney Star, resulting in the creation of JioStar. Goenka predicts a broader positive impact on the entertainment industry’s economics. While production costs remain largely fixed due to commoditization, he said the deal has already yielded benefits in content acquisition, especially for films and OTT platforms.

As ZEEL navigates a challenging media landscape, its leadership remains cautiously optimistic, betting that strategic programming and operational discipline will help the company regain momentum in a shifting industry.

Zee Entertainment eyes modest ad revenue growth amid industry headwinds

Skincare brand Emami Ltd has registered an increase in profit and its advertisement expenditure in the fourth quarter of fiscal year 2025, which ended on 31 March 2025.

Emami’s Q4 profit stood at Rs 162 crore in FY25--an increase of 11% year-on-year. In the corresponding quarter of fiscal 2024, Emami had clocked a profit of Rs  146.75 crore.

Despite the tepid urban mass demand, the company's core domestic business delivered double-digit growth of 11%, coupled with a healthy volume growth of around 7%, led by key brands such as Navratna, Dermicool, BoroPlus, and the Healthcare range. 

Emami’s ad and sales promotion expenses also surged to Rs 188.8 crore in Q4 FY25 compared to Rs 180.19 crore in Q4 FY24.

The personal care and healthcare company’s overall profit in fiscal 2025 marginally shot up, surged to Rs 802.74 crore compared to Rs 790.83 crore in FY24.

Whereas, the company's ad and promotional expenditure increased from Rs 652.20 crore in FY24 to Rs 694.02 crore in FY25.

The revenue from the operation of the company surged to Rs 963.05 crore, up 8.08% year-on-year in Q4. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of the company jumped by 4% to Rs 219 crore in the same period.

The makers of brands like BoroPlus, Navratna, Zandu, Kesh King, Fair and Handsome, Emami is navigating short-term macro uncertainties through portfolio premiumization, innovation acceleration, enhanced channel productivity, and strategic international expansion. 


“Going forward, we’re focused on strengthening our core brands and unlocking new growth through brand extensions, premium offerings, and sharper channel strategies,” Harsha V Agarwal, Vice Chairman and Managing Director, Emami Limited, said.

Agarwal has expected a gradual pickup in consumption, supported by easing inflation, recent income tax benefits, and rate cuts by the Reserve Bank of India.

The Board of Directors approved a Special dividend of 200% (3rd Interim Dividend), amounting to Rs 2 per share on Friday.

Emami boosts ad spends to Rs 188.8 crore in Q4 FY25 as profit rises 11%

Relaxo Footwears, which registered a nearly 17% decline in its profit in fiscal 2025 (Rs 170 crore), reduced its advertisement because of low production levels and sales. The company ad advertising spending stood at 3% of its revenue in fiscal 2025. In FY24, the company's PAT was Rs 200 crore. 

Relaxo, which makes products under 10 brands including Flite, Sparx, Bahamas, and Schoolmate, witnessed an 8% drop in its profit to Rs 56 crore in the quarter ended on 31 March 2025.

The revenue from operations of Relaxo witnessed a 7% drop on a year-on-year basis in the Quarter 4 FY2025. 

Relaxo clocked revenue from operations at Rs 695 crore in Q4 FY25 compared to Rs 747 crore in the same period in fiscal 2024.

In full fiscal 2025, Relaxo’s revenue from operations declined to Rs 2,790 crore from Rs 2,914 crore in FY24.

The EBITDA stood at Rs 382 crore in FY25 compared to Rs 407 crore in FY24.

Ramesh Kumar Dua, Chairman and Managing Director, said that the topline was impacted by muted demand in the mid-range footwear segment and internal restructuring of the distribution model.


However, showing optimism on the effect of the restructuring and other investments, Dua added that “profitably will happen in the coming years”.

“Looking ahead at FY26, our priority is to drive profitable growth. While the topline is expected to remain steady with a potential upward bias, our efforts will be directed toward EBITDA enhancement, led by operational efficiencies, digital initiatives, and a sharper product focus,” he added.

Relaxo Footwears cuts adex in FY25 due to low production and sales

Yoga guru Baba Ramdev-owned Patanjali Foods has declared fourth-quarter results for the fiscal year 2025. The seller of edible oil, biscuits, and snacks reported a 74% rise in standalone profit along with a two-fold increase in marketing and promotional activities in fiscal 2025. 

The company's profit stood at Rs 358.5 crore for the quarter ended on 31 March 2025. In Q4 FY24, Patanjali Foods's profit was Rs 206 crore. Overall, in full fiscal 2025, the FMCG company's profit jumped to 1,301 crore versus Rs 765 crore in FY24. At a macro level, the demand in the rural markets outpaced the urban markets in Q4FY25, for the fifth straight quarter. Rural India consumer demand grew four times faster than urban India consumer demand. 

Patanjali Foods' advertisement and promotional spending in Q4 FY25 stood at Rs 325.66 crore and accounted for 3.36% of the revenue from operations. "The Company spent around 3.36% of its Q4FY25 Revenue from Operations on advertising & sales promotions, continuing its aggressive momentum on Advertisement and Sales Promotion spends," Patanjali Foods mentioned in a stock exchange filing.

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The company's revenue from the operation of the company clocked at Rs 9692 crore in Q4 FY 25 compared to Rs 8227.6 crore in the corresponding quarter last fiscal year. In full fiscal, the revenue from operations increased to Rs 34,157 crore--up 7.6% year-on-year.

The Haridwar-based company's total income surged to Rs 9744 crore in Q4 FY25, and in full fiscal 2025 to Rs 34,289 crore.

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Patanjali Foods' total EBITDA grew 37% to Rs 2,079 crore in fiscal 2025.

In Q4 FY25, the edible oil segment recorded revenues of Rs 6,764 crore compared to Rs 5,594 crore in Q4 FY24, registering a 21 percent YoY rise. According to the company, the edible oil segment EBITDA crossed the Rs 1,000 crore mark in FY25, with branded edible oil sales contributing more than 75% of the total edible oil.
The biscuits and confectionery recorded a revenue of Rs 426.25 crore in Q4 FY25 and Rs 1,677.38 crore in FY25. The composite revenue share of FMCG, including Home and Personal Care, stood at 30.61% in Q4 FY25. It added that the export revenues of the company stood at Rs 73.44 crore in Q4FY25. For Q4FY25, Dental Care accounted for Rs 398.14 crore, Skin Care at Rs 178.49 crore, and Home Care contributed Rs 88 crore. The remaining revenues came from Hair Care & other products.

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On the FY2026 outlook, Patanjali Foods said, "we expect a gradual recovery in the overall demand scenario, driven
primarily by supportive government policies, expectations of better agriculture output due to good monsoon, leading to higher consumer spending".

The company has projected the second half of FY26 to be strong from a demand standpoint.

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