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Dolat Capital Report
Zee Entertainment Enterprises Ltd.'s Q3 FY21 operating performance was ahead of estimates led by recovery in ad-revenues (up 7.5% YoY) and lower opex.
But, adjusted for the content syndication deal; free cash flow was negative approximately Rs 5 billion reversing the FCF generated in H1 FY21.
More importantly, the company's management guided for significant step-up in investments in FY22 in movie production (35-40 versus current 7-8), digital and broadcast business.
This is likely to severely impact Ebitda margin, working capital and thus FCF. This is a serious negative in our view
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