India's Zee Entertainment touches near 8-month low on Q3 profit slump

TV Today Network

14/02/2023 04:15

** Shares of Indian broadcaster Zee Entertainment Ltd  ZEE.NS 
fall as much as 3.7% to 210.35 rupees - lowest level since June
22
    ** Co reported a 92% slump in Q3 consolidated net profit to
2.4 mln rupees ($29,071.53) from 2.99 bln rupees ($36.22
million) a year earlier
    ** Advertising revenue, which comprises half the total
income, fell 16% to 10.64 bln rupees while expenses rose 10% to
18.72 bln rupees
    ** Brokerage Emkay Global says it expects near-term ad
spends to remain muted with heightened inflation; has "buy"
rating on stock with PT of 260 rupees
    ** Of 21 analysts covering the stock, 17 rate it "buy" or
higher, 2 "hold", and 2 "sell" or lower; median PT is 300 rupees
    ** Stock fell 25.2% last year, compared to the 17.4% and
42.2% falls in rivals TV18 Broadcast Ltd  TVEB.NS  and TV Today
Network Ltd  TVTO.NS , respectively
($1 = 82.5550 Indian rupees)
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))