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ICICI Direct Report
Zee Entertainment Enterprises Ltd.’s Q1 FY21 was all about management’s effort to address investors’ concerns on strategy, related party transaction, balance sheet.
Results, as expected, were weak with advertisement revenues fall of approximately 65% YoY (domestic ad decline of 66.1%) given the lack of fresh content.
Subscription growth of 5% YoY, primarily led by Zee5, remained a solace.
Higher-than-expected operational costs (purchase of licensed content, continued amortisation cost of movies, digital shows) and employee costs led to Ebitda at Rs 219.9 crore, down 66.7% YoY.
Ebitda margin was at 16.8%, down 1,609 basis points YoY. Reported profit after tax was at Rs 30.4 crore, down 94.3% YoY.
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