Zee Entertainment Q4 Review - Content Investment To Limit Ebitda Margins: ICICI Direct

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ICICI Direct Report

Zee Entertainment Enterprises Ltd.’s Q4 FY21 operating performance was largely in line, albeit profit after tax was lower due to higher-than-expected tax expenses.

Domestic advertisement revenue grew 8.9% YoY to Rs 1,070.4 crore while overall ad revenues grew 8.1% YoY on a depressed base in Q4.

Domestic subscription grew 13.2% YoY (like to like growth of 5.6% YoY).

Ebitda came in at Rs 540.8 crore with margins at 27.5%.

Profit after tax came in lower than expected at Rs 275.7 crore, due to higher-than-expected tax expenses and one-off impairment of digital publishing segment of Rs 26.5 crore.

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