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Zee Entertainment Q1 Review – Decadal Low Earnings; Merger Key Trigger: Dolat Capital


BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Zee Entertainment Enterprises Ltd.’s Q1 FY23 was in-line but on muted expectations. Adjusted earnings were at decadal lows viz. even lower than Covid quarter.

Revenue/ Ebitda/adjusted profit after tax were down 10/down 66/down 76% YoY.

Free cash flow generation continues to be a challenge with persistent rise in investments across linear, digital and movie business with no improvement in market share or financials.

Post the impending Sony-Zee merger the legacy issues of Zee shall subside and growth, traction in digital etc. shall follow as the new board takes over. But, combined go-to-market strategy and merged company financials disclosure would be only post the closure of the transaction which itself shall take six-nine months in our view.

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