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Dolat Capital Report
Zee Entertainment Enterprises Ltd.'s Q2 FY22 was weak with down 11% domestic ad revenue growth versus Q2 FY20 on account of viewership share decline; second consecutive quarter of drop in subscription revenue and steep increase in advertisement and promotion and other expenses.
Improvement in digital business operating and financial parameters was positive. Continuity of this trajectory is key.
In H1 FY22, free cash flow was negative Rs 0.2 billion (operating cash flow up Rs 6.6 billion, working capital Rs down 5.5 billion, capex Rs down 1.3 billion) – a persistent issue.
Revenue/Ebitda/adjusted profit after tax were up 14.9/up 4.4/down 1.2% YoY but a sharp decline of down 6.7/down 40.5/down 51.1% versus pre-Covid-19.
But with impending Zee-Sony deal, result has limited relevance.
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