Shares of Zee Entertainment Enterprises Ltd. fell over 4% on Wednesday after its third-quarter profit declined over 52%, missing analysts' estimates.
The company's net profit declined 52.42% year-on-year to Rs 58.5 crore in the quarter ended December, according to an exchange filing. Analysts at Bloomberg estimated the net profit to be Rs 90.54 crore.
Zee Entertainment Enterprises Q3 Results Highlights (Consolidated, QoQ)
Revenue down 16.25% at Rs 2,045.67 crore. (Bloomberg estimate: Rs 2,087.26 crore).
Ebitda down 38.01% at Rs 209.17 crore. (Bloomberg estimate: Rs 208.95 crore).
Margin narrows 359 basis points to 10.22%. (Bloomberg estimate: 10%).
Net profit down 52.42% at Rs 58.5 crore. (Bloomberg estimate: Rs 90.54 crore).
Board continues to monitor progress on Zee-Sony merger.
Claims against company, termination fee not tenable, it said.
Shares of the company fell as much as 4.43% to Rs 180.30 apiece on NSE. It pared losses to trade 2.01% lower at Rs 184.85 apiece as of 9:24 a.m. This compares to a 0.78% decline in the NSE Nifty 50 Index.
It has declined 14.52% in 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 40.71.
Out of 22 analysts tracking the company, three maintain a 'buy' rating, six recommend a 'hold', and 13 suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside 1.9%.
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