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Zee reported another quarter of subpar advertising growth, down another 8% YoY in Q3FY25. Ad revenue has now declined (YoY) in nine of the last ten quarters.

Zee reported a mixed operating performance in Q2FY25. Advertising revenue growth remained underwhelming, declining by another 7.9% YoY.

In the aftermath of Zee’s merger breakoff with Sony, the Management and
Board of the company have embarked on a comprehensive plan to help regain
its lost glory, and announced multiple initiatives.

Quarterly Update Q3FY24

Zee Entertainment Enterprises Ltd is India's largest vertically integrated media & Entertainment Company. The company started as content supplier for Zee TV now has portfolio that includes India's leading entertainment channels. The company's portfolio consists of brands like Zee TV, Zee Cinema, Zee Music, Zee Caf, Zee Smile, Zee Action, Zee Premiere, ETC, ETC Punjabi, TEN Sports, Zee Studio, Zee...

Zee Entertainment overall operating performance was weak given the muted domestic ad growth. Revenues came in at | 2122 crore, up 7.3% driven by 26.8% YoY growth in domestic subscription to |646 crore which was driven by better monetization on account of implementation of New Tariff order. Domestic advertisement was muted at | 1225 crore (up 1.4% YoY), owing to dual impact of conversion of FTA channels into paid and overall weakness in ad environment due to macroeconomic challenges. EBITDA came in at | 692.9 crore, up 2.9% YoY, while consequent margins came in at 32.7%...

Topline netted for the content cost as pass through expense Dish TV posted Q1FY20 revenue of Rs. 926cr (vs. Rs. 1,656cr in Q1FY19). This quarter onwards, company started netting off the content cost from revenue to better reflect the new tariff regime. On comparable basis, revenue declined 7.7% YoY to Rs. 1,528cr. Subscriber revenue accounted for 89.2% of total revenue (-44.5% YoY to Rs. 826cr). Company continued to add subscribers with 209k net additions during the quarter with more than half of the net additions being HD subscribers (total subscriber base reaching 23.9mn). Management expects the subscriber revenue to pick up in the...

ZEE delivered a robust performance in Q3, outperforming on the advertisement revenue front (+21.7% yoy) as well as in domestic subscription revenue (+29% yoy). The solid 27% yoy increase in EBITDA was largely in line with our ahead-of-consensus estimate. While maintaining our ahead-of-the-street estimates, we are incorporating 20%/15% ad growth for FY19/20E. With 31 originals, content launches on ZEE5 is behind management...

Revenue during the quarter declined 3% YoY to ` 1,257mn (DCMe: ` 1,322mn) on back of decline in advertisement spend by all advertisers post implementation of GST till August 2017. EBITDA margin improved 474bps YoY to 22.6% (DCMe: 20.8%) on back of lower marketing cost and better profitability in non-radio business. PAT during the quarter declined 24.3% to ` 61mn (DCMe: ` 96mn) on back of higher tax rate (55%). Current tax includes ` 27.81mn pertaining to earlier years, excluding the same PAT grew...

ICICI Securities Ltd | Retail Equity Research Hathway Cable reported revenues of | 339.9 crore slightly higher than our expectations of | 332.0 crore on the back of superior...

ICICI Securities Ltd | Retail Equity Research Hathway Cable reported revenue of | 298.8 crore ahead of our expectation of | 286 crore on the back of superior activation...