India's Shemaroo Entertainment slips on June-quarter loss

Shemaroo Entertainment

20/07/2023 05:12

** Shares of Shemaroo Entertainment  SHEM.NS  fall as much
as 5% to 150.9 rupees, their steepest intraday pct decline since
June 23
    ** Co on Wednesday reported June-quarter consolidated net
loss of 13.2 mln rupees ($161,000), versus a profit of 2.5 mln
rupees a year earlier
    ** A 62.2% surge in total expenses to 1.56 bln rupees
outweighed 60% revenue growth to 1.54 bln rupees
    ** "The company anticipates margins to continue to remain
under pressure due to tepid advertising outlook coupled with
continued investment in B2C initiatives," SHEM said in its
investor presentation
    ** Stock down almost 6% YTD, as of last close
    
     ($1 = 82.0300 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))