Zee Entertainment Enterprises Ltd

Zee Entertainment Enterprises will hold a meeting of the Board of Directors of the Company on 17 May 2024

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Zee Entertainment Enterprises Ltd dropped for a fifth straight session today. The stock is quoting at Rs 133.95, down 1.8% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.81% on the day, quoting at 22260.05. The Sensex is at 73429.98, down 0.63%.Zee Entertainment Enterprises Ltd has eased around 10.52% in last one month.Meanwhile, Nifty Media index of which Zee Entertainment Enterprises Ltd is a constituent, has eased around 6.32% in last one month and is currently quoting at 1811.15, down 1.65% on the day. The volume in the stock stood at 194.65 lakh shares today, compared to the daily average of 127.2 lakh shares in last one month.

The benchmark May futures contract for the stock is quoting at Rs 135.2, down 1.35% on the day. Zee Entertainment Enterprises Ltd tumbled 30.02% in last one year as compared to a 21.88% rally in NIFTY and a 4.94% spurt in the Nifty Media index.

The PE of the stock is 35.49 based on TTM earnings ending December 23.

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Zee Entertainment Enterprises Ltd is up for a third straight session in a row. The stock is quoting at Rs 148.8, up 1.99% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.65% on the day, quoting at 22566.8. The Sensex is at 74419.45, up 0.93%. Zee Entertainment Enterprises Ltd has risen around 1.16% in last one month.

Meanwhile, Nifty Media index of which Zee Entertainment Enterprises Ltd is a constituent, has risen around 1.85% in last one month and is currently quoting at 1910.95, up 0.2% on the day. The volume in the stock stood at 157.09 lakh shares today, compared to the daily average of 139.25 lakh shares in last one month.

The benchmark May futures contract for the stock is quoting at Rs 150.05, up 1.87% on the day. Zee Entertainment Enterprises Ltd is down 24.22% in last one year as compared to a 24.35% spurt in NIFTY and a 11.12% spurt in the Nifty Media index.

The PE of the stock is 37.91 based on TTM earnings ending December 23.

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ZEE Entertainment Enterprises' MD & CEO, Punit Goenka, has proposed the implementation of a lean and streamlined management structure to the Board, in line with his strategic plan focused towards achieving the targeted goals for the Company.

In line with his overall strategic approach, the MD & CEO has initiated the process of rationalization of the workforce by 15%, that will prune the staff strength across the Company to arrive at a streamlined team that is sharply focused on the set goals for the future.

The proposed structure is aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus. It will further enable the Company to chart higher growth by maintaining a keen eye on Performance and Profitability, thereby seamlessly executing its strategic priorities as required for a content creation company.

The proposed team structure will foster a more collaborative performance-oriented culture. In order to nurture and encourage the entrepreneurial spirit, which is an intrinsic part of ZEE's DNA, every team member of the lean structure will function as a partner and a co-owner of the Company.

In the lateral structure, the MD & CEO has also proposed the elevation of certain team members across businesses, in order to provide them higher level of responsibilities; besides him assuming direct charge of the critical business verticals leading to cross functional collaboration, quick decision making and higher productivity levels.

As the leading entertainment powerhouse with a strong pulse on the audiences' diverse entertainment needs, the core strength of the Company lies in content creation. In order to further strengthen the content creation capabilities, the lateral structure will focus on a more collaborative environment across the core business segments to leverage synergies in terms of creativity, technology and revenue generating opportunities.

The core business units of the proposed structure will include: Broadcast, Digital, Movies and Music.

Punit Goenka, MD & CEO, ZEE added, “Building a simplified, lateral structure for the Company, will ensure that we maintain a sharp focus on Performance and Profitability as the key growth drivers, and the structure proposed to the Board is in line with this core thought. The streamlined team at ZEE will maintain a sharper focus on targeting higher levels of productivity to drive growth in order to generate value for all our stakeholders going forward. I look forward to the Board's guidance on this approach, enabling us to pursue our goals more effectively and take advantage of the opportunities before us.

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Zee Entertainment Enterprises Ltd gained for a third straight session today. The stock is quoting at Rs 155.4, up 1.34% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.24% on the day, quoting at 22507.2. The Sensex is at 74136.28, up 0.31%. Zee Entertainment Enterprises Ltd has gained around 0.32% in last one month.

Meanwhile, Nifty Media index of which Zee Entertainment Enterprises Ltd is a constituent, has gained around 3.91% in last one month and is currently quoting at 1914.9, up 1.22% on the day. The volume in the stock stood at 164.06 lakh shares today, compared to the daily average of 214.6 lakh shares in last one month.

The benchmark April futures contract for the stock is quoting at Rs 155.6, up 0.58% on the day. Zee Entertainment Enterprises Ltd is down 27.4% in last one year as compared to a 28.19% jump in NIFTY and a 12.48% jump in the Nifty Media index.

The PE of the stock is 36.03 based on TTM earnings ending December 23.

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The Board of ZEE Entertainment Enterprises (ZEE) has institutionalized a structured Monthly Management Mentorship (3M) Program. The objective of the 3M Program is to guide and enable the management team to achieve key performance metrics, including the targeted 20% EBITDA margin, proposed by the MD & CEO.

The 3M Program Special Committee has also identified business verticals that require a critical assessment. The same include - 1) Margo Networks (Sugarbox) 2) Teleplay & Zindagi 3) Hipi 4) Weyyak and 5) English Cluster of Linear TV Business. The Special Committee has advised that the identified business verticals will need to substantially reduce losses and enhance their performance levels.

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Welspun Enterprises Ltd, Dish TV India Ltd, Force Motors Ltd and Mangalore Refinery And Petrochemicals Ltd are among the other losers in the BSE's 'A' group today, 21 February 2024.

Zee Entertainment Enterprises Ltd tumbled 13.99% to Rs 166 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 111.91 lakh shares were traded on the counter so far as against the average daily volumes of 27.35 lakh shares in the past one month.

Welspun Enterprises Ltd lost 8.40% to Rs 318. The stock was the second biggest loser in 'A' group.On the BSE, 1.43 lakh shares were traded on the counter so far as against the average daily volumes of 72885 shares in the past one month.

Dish TV India Ltd crashed 6.94% to Rs 23.05. The stock was the third biggest loser in 'A' group.On the BSE, 174.29 lakh shares were traded on the counter so far as against the average daily volumes of 129.98 lakh shares in the past one month.

Force Motors Ltd dropped 6.78% to Rs 5640.05. The stock was the fourth biggest loser in 'A' group.On the BSE, 25303 shares were traded on the counter so far as against the average daily volumes of 53311 shares in the past one month.

Mangalore Refinery And Petrochemicals Ltd fell 6.35% to Rs 255.75. The stock was the fifth biggest loser in 'A' group.On the BSE, 6.42 lakh shares were traded on the counter so far as against the average daily volumes of 10.67 lakh shares in the past one month.

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Revenue from operations in Q3 FY24 was at Rs 2,045.7 crore, down 3% from Rs 2,108.8 crore posted in the same period a year ago.

The company's revenue from advertisement was at Rs 1,027.4 crore (down 3.38% YoY) while income from subscription stood at Rs 921.3 crore (up 3% YoY) and revenue from other sales and services came in at Rs 97 crore (down 35.76% YoY) during the period under review.

Domestic Ad revenues were at Rs 986.7 crore, up 4.9% QoQ and down 2.7% YoY. It was impacted by Cricket during Q3. While Q3 saw some seasonal festive uptick, overall pace of Ad environment recovery continues to be slow, said the company.

Meanwhile, subscription revenue growth driven by pick up in linear subscription revenue post NTO 3.0 & ZEE5. During the quarter, normalised subscription revenue grew 10% YoY, aided by recognition of Rs 59 crore amount from Siti Network.

In Q3 FY24, other sales and services revenue tumbled due to fewer movie releases.

Profit before tax from continuing operations slipped 32% YoY to Rs 82.2 crore in Q3 FY24.

EBITDA in Q3 FY24 was at Rs 209.20 crore, down 42.9% as against Rs 366 crore reported in Q3 FY23. EBITDA margin reduced to 10.2% in Q3 FY24 as compared to 17.4% registered in the corresponding quarter previous year.

ZEEL is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.

The scrip shed 0.34% to Rs 187.95 on the BSE.

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Net profit of Zee Entertainment Enterprises rose 140.71% to Rs 58.54 crore in the quarter ended December 2023 as against Rs 24.32 crore during the previous quarter ended December 2022. Sales declined 2.99% to Rs 2045.77 crore in the quarter ended December 2023 as against Rs 2108.75 crore during the previous quarter ended December 2022.

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Net profit of Zee Entertainment Enterprises declined 14.70% to Rs 76.31 crore in the quarter ended December 2023 as against Rs 89.46 crore during the previous quarter ended December 2022. Sales declined 0.88% to Rs 1914.20 crore in the quarter ended December 2023 as against Rs 1931.21 crore during the previous quarter ended December 2022.

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