Zee Entertainment Q4 Review - Encouraging Revenue Trends; But Margin Guidance Cut: Motilal Oswal

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Zee Entertainment Q4 Review - Encouraging Revenue Trends; But Margin Guidance Cut: Motilal Oswal

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

Zee Entertainment Enterprises Ltd.’s revenue stood flat YoY with in line Ebitda versus a loss in Q4 FY20.

Adjusted profit after tax was 18% lower than our estimate due to goodwill impairment and higher effective tax.

We have revised down our FY22E/FY23E Ebitda/profit after tax by ~7%/5% on reduced margin guidance due to increased content investment in both broadcasting and the digital business.

Lower investment guidance towards Sugarbox is a key positive.

Click on the attachment to read the full report:

Motilal Oswal Zee Q4FY21 Result Update.pdf

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