Zee Entertainment Q4 Review - Encouraging Revenue Trends; But Margin Guidance Cut: Motilal Oswal

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Motilal Oswal Report

Zee Entertainment Enterprises Ltd.’s revenue stood flat YoY with in line Ebitda versus a loss in Q4 FY20.

Adjusted profit after tax was 18% lower than our estimate due to goodwill impairment and higher effective tax.

We have revised down our FY22E/FY23E Ebitda/profit after tax by ~7%/5% on reduced margin guidance due to increased content investment in both broadcasting and the digital business.

Lower investment guidance towards Sugarbox is a key positive.

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