Motilal Oswal: Zee Entertainment’s Weak Ad Spends, One-Offs Drag Down Q2 Earnings
Zee Entertainment channels. (Source: BloombergQuint)

Motilal Oswal: Zee Entertainment’s Weak Ad Spends, One-Offs Drag Down Q2 Earnings

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Motilal Oswal Report

Zee Entertainment Enterprises Ltd.’s revenue declined 19% YoY (in-line) as advertisement revenue fell 26% YoY.

Ebitda/profit after tax declined 55%/77% YoY on higher opex and continued one-offs/exceptional items and fair value adjustment cost of Rs 1.9 billion.

We have revised up ad revenues by 6%/6% for FY21/FY22E on better revenue visibility.

But, we reduce revenue estimates from other sales divisions, maintaining our overall FY21/FY22E revenue.

Click on the attachment to read the full report:

Motilal Oswal Zee Q2FY21 Result Update.pdf


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