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Motilal Oswal Report
Zee Entertainment Enterprise Ltd.'s revenue declined 3% YoY, led by continued weakness in ad spending within the Fmcg segment and impact of cricket world cup led to Ebitda decline of 43% YoY (in-line). Adjusted profit after tax (excl. extraordinary items) declined 30% YoY to Rs 924 million.
We have revised down our Ebitda/PAT estimates for FY25 by 8%/11%, on account of slower recovery within the ad revenues and higher opex.
With the merger processes now being called off, the company's growth plans going ahead would remain a key monitorable.
We reiterate our 'Neutral' stance on the stock with the target price of Rs 200/share.
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