Total income during the December quarter was Rs 2,130.44 crore, down from Rs 2,756.93 crore in the corresponding quarter of the previous year.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); 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Zee Entertainment Enterprises’ share price fell 4 percent intraday to Rs 280.15 on February 3 after the company reported a weak set on numbers for the quarter ended December 2021.
Zee Entertainment Enterprises on February 2 reported a consolidated net profit of Rs 298.98 crore for the December quarter, down from Rs 398.01 crore in the year-ago period, the company said in a BSE filing.
Total income during the quarter under review was Rs 2,130.44 crore, lower than Rs 2,756.93 crore in the corresponding quarter of the previous year.
Also Read: Zee sees ad revenue reach 95 percent of pre-Covid levels but uncertainty looms due to pandemic
According to the company, its results for the quarter ended December were not comparable with the year-ago period due to disruptions caused by the coronavirus pandemic.
Its revenue from advertisements was at Rs 1,260.80 crore in the October-December quarter against Rs 1,302.03 crore in the year-ago period.
Subscription revenue was at Rs 790.15 crore in the December quarter. It stood at Rs 841.91 crore in Q3 FY 2020-21.
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Here is what brokerages have to say about the stock and the company after December quarter earnings:
Motilal Oswal
The sluggishness in ad spends by FMCG players and rising RM prices across multiple sectors pose a risk to a recovery in ad growth.
A series of new content launches and investment in OTT should improve its network market share and sustain better ZEE5 KPIs.
We have marginally (3-4 percent) revised down our FY23E/FY24E EBITDA and PAT estimate, factoring in 23 percent PAT CAGR over FY22-24E. We see the risk of a further downward revision, subject to the pace of revenue recovery, as high content spends could accentuate the impact.
We value ZEE at 25x FY24E EPS, with a target price of Rs 410 against Rs 425 earlier. We maintain our “buy” rating.
Prabhudas Lilladher
While optically ZEEL’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 percent YoY was discouraging.
High base, cut-back in FMCG ad spends and a decline in network share led to a fall in ad revenues. However, given continued investment in content, we expect gradual improvement in viewership share.
Our FY23/FY24 EPS estimates are broadly intact and we maintain buy on ZEEL with a target price of Rs 413 (23x FY24 EPS of Rs 18 including the merger synergy benefits accruing from SPNI consolidation).
Near-term pressure on margins and subscription revenues due to implementation of NTO 2.0 are key risks to our call.
Elara Capital
ZEE is trading at 20x FY23E earnings and 17.3x FY24E earnings, which remain inexpensive, in our view. However, rerating would happen only if the merger transition with Sony is synergistic and the outcome of the digital strategy after both firms go to market together.
We reiterate our “buy” rating with a target price of Rs 450 based on 20x one-year forward P/E.
Citi
The research firm has kept a “buy” rating on the stock with a target at Rs 350 on the back of weak operating metrics.
The merger completion with Sony remains the key. Besides NCLT and other approvals, need to monitor how key shareholders vote.
CLSA
The brokerage house has maintained a “buy” call, with the target at Rs 427 as the Q3 revenue was in-line, led by ad revenue.
Zee-Sony merger is seeing steady progress.
The litigation with a large minority shareholder carries associated risk.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
(With inputs from PTI)
