Indian media stocks may see lacklustre growth in Q4 ad revenue, JM Financial says

Saregama India

18/04/2023 10:17

** Analysts at JM Financial Institutional Securities believe
broadcasters' ad revenue growth could be lacklustre in Q4 
    ** Weak rural demand recovery and sub-par urban
discretionary spend to weigh on ad revenue growth
    ** For Zee Entertainment Enterprises  ZEE.NS , brokerage
expects revenue to decline 12% Y/Y, pulled down by 10 days of
blackout of certain ZEE channels by multi-system operators    
    ** Sustained viewership to help Sun TV  SUTV.NS  maintain
its market share, brokerage says, adding that it expects 4.5%
YoY revenue growth 
    ** Low volume and stable average ticket prices to weigh on
PVR-Inox revenues
    ** On Monday, media conglomerate Network18 Media &
Investments  NEFI.NS  reported a Q4 loss of 367.8 mln rupees  
($4.48 mln) while TV18 Broadcast  TVEB.NS  reported 75.5% Y/Y
fall in its consol net profit 
    ** Media index  .NIFTYMED  down as much as 0.87% on Tuesday,
with seven of 10 constituents clocking in losses 

     ($1 = 82.0120 Indian rupees)
    

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))