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Anand Rathi Report
Pulled down by a 65% YoY fall in advertisement revenue to Rs 4.21 billion largely due to the pandemic and market-share loss (Q1 FY21 market share: 15.8%, 18.3% the quarter prior) in certain markets, Zee Entertainment Enterprises Ltd.’s revenue plunged 34.7% YoY to Rs 13.12 billion.
Its subscription revenue grew 5% YoY to Rs 7.44 billion. Ebitda declined 67% YoY to Rs 2.2 billion.
The reported margin was 16.8%, versus 32.9% a year back. No fresh episodes of existing shows were produced in the first two months, leading to a drop in programming cost.
This was partially offset by content shot at homes and purchase of licensed content for the linear and digital businesses.
Besides, amortisation cost of movies and digital shows continues. At the ruling market price, the risk-reward is favourable.
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