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Dolat Capital Report
Zee Entertainment Enterprises Ltd.'s Q3 FY22 was in-line but weak with domestic ad/subscription revenue de-growth of 3.1/3.3% YoY.
Revenue/Ebitda/adjusted profit after tax were down 3.0/down 24.8/down 20.8% YoY and up 3.1/down 20.6/down 25.1% versus pre-Covid-19.
Continued build-up of content inventory (Rs 69.7 billion versus Rs 56.5/66.2 billion YoY/QoQ) with only modest growth in revenues is another key negative.
Post the potential Sony-Zee merger the governance issue of Zee Entertainment shall subside and growth, traction in digital etc. shall follow.
But, combined go-to-market strategy and merged co financials disclosure would be only post the closure of the transaction which shall take 12-15 months in our view.
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