Dolat Capital: Zee Entertainment - One-Step Forward, One-Step Backward
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Dolat Capital Report
Zee Entertainment Enterprises Ltd.’s Q2 FY21 operating performance was in-line with revenue / Ebitda/ adjusted profit after tax decline of 19/43/51% YoY.
As company promised upon improvement in 5Gs (governance, granularity, growth, goodwill, and gusto) in Q1 FY21, the sudden pop-up of failure of related party viz.
Siti Networks to meets banks obligations was a key-negative surprise that wasn’t called out by company.
The company provided for balance outstanding receivables from Siti of Rs 0.8 billion (Rs 1.2 billion provided earlier).
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