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Result update – Zee Entertainment

Zee reported a weak Q2FY23 performance.

  • Revenues at | 2028.4 crore, were up 2.5% YoY, with domestic ad decline of 7.7% YoY. Overall subscription revenues grew 4.2% YoY to | 821.9 crore, largely owing to 20% YoY growth in international subscription (Zee5 led), while pricing embargo continued to impact TV subscription growth
  • EBITDA came in at | 297 crore, decline of 27.9% YoY with margins at 14.7% (down 617 bps YoY, up 108 bps QoQ), due to higher marketing cost on a YoY basis on account of movies and continued investments in ZEE5
  •  The company reported PAT of | 112.9 crore, down 58.2% YoY

Key triggers for future price performance

  •  Overall viewership share improvement, which remains sub optimal. Turnaround in some key regional markets like Tamil/Marathi as well as Hindi GEC, where it has lost viewership market share. This would also drive recovery in margin performance and cash flow generation.
  •  Consummation of merger with Sony.

For report,

BCS Bureau

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