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.
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