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Prabhudas Lilladher Report
While optically Zee Entertainment Enterprises Ltd.'s performance witnessed a decline due to accrual of syndication income to the tune of Rs 5,512 million in base quarter, fall in domestic ad-revenues by 3.1% YoY was discouraging.
High base, cut-back in fast moving consumer goods ad-spends and decline in network share led to a fall in ad-revenues.
However, given continued investment in content we expect gradual improvement in viewership share.
On the other hand, Zee Entertainment's digital business showed signs of improvement with global monthly active users crossing 100 million mark for the first time coupled with 11.8% QoQ jump in revenues on the back of 51 new launches.
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