- Zee Entertainment’s revenue declined 6% YoY in Q3 as ad revenues declined 16% YoY. Adjusted PAT declined 26% YoY.

- Dish TV and Siti TV form 31% of total receivables which the management is confident of receiving over the next 12-24 months.

- TRAI has imposed cap on channel prices under bouquet offerings. This could lead to loss of subscription revenue for Zee.

- Zee’s all-India viewership stood at 18.3%. Zee TV has lost share in the prime-time weekend slot but has maintained its share during the weekday.

- Markets like Maharashtra, Tamil Nadu, and West Bengal have witnessed high subscription growth and has leadership in many regional languages.

- Due to losses in the Middle East/UK, Zee will shut its broadcasting business in these markets by FY21. Business is performing well in APAC region.

- Zee faces headwinds in the near future. It is trading at an cheap valuation with P/E of 17x vs industry P/E of 24x.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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