PL First Cut - Zee Entertainment | 2QFY24

PL First Cut – Zee Entertainment | 2QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd

Zee Entertainment | 2QFY24 First Cut | Results above estimates | BUY | TP – 314 |

> Revenues increased by 20.2% YoY to Rs24,378mn (PLe Rs21,422mn) vs Rs20,284mn/Rs19,838mn in 2QFY23/1QFY24 respectively.

> EBITDA increased 11.9% YoY to Rs3,328mn (PLe Rs2,378mn) with a margin 13.7% (PLe 11.1%) as against a margin of 14.7%/7.8% in 2QFY23/1QFY24 respectively.

> PAT declined 15.1% YoY to Rs1,299mn (PLe Rs1,080mn) with a margin of 5.3% (PLe 5.0%).

> We currently have a BUY on ZEEL with a TP of Rs314.