The heaviest cricket season in latest reminiscence and the just lately concluded Lok Sabha elections are more likely to affect June quarter outcomes of listed GEC broadcasters and corporations into film exhibition enterprise. Promoting revenues are more likely to stay tender for GEC broadcasters on account of strongest cricket season in 1 / 4 in latest reminiscence; and Lok Sabha elections serving to information channels taking away extra pockets share, stated ICICI Securities.
The home brokearge, nevertheless, famous that the general promoting spends continued to extend sequentially.
“We predict that GEC broadcasters are more likely to profit from this pattern from Q2FY25E. The film exhibition enterprise was additionally impacted by cricket and elections, which resulted within the extension of the content material drought. Notably, within the absence of huge finances releases, smaller motion pictures comparable to Munjya, Srikant and Mr&Mrs Mahi did effectively, which ought to consolation buyers anxious about over-dependence on huge finances content material. Additionally, robust efficiency by Kalki 2898 AD and bettering content material visibility ought to profit PVR Inox,” ICICI Securities stated.
ZEEL Q1 outcomes preview | Goal value: Rs 195
Zee Leisure Enterprises Ltd: ICICI Securities stated ZEE’s profitability enchancment may shock positively, because it estimates ZEE’s consolidated income to rise 10.6 per cent YoY to Rs 2,190 crore in Q1, led by 63 per cent improve in manufacturing revenues, 9.8 per cent YoY progress in subscription income at Rs 990 crore and broadly flattish YoY commercial income at Rs 977 crore.
It estimates ZEE’s Ebitda to develop 47 per cent YoY to Rs 227 crore in Q1FY25.
“We envisage a pointy sequential enchancment in web revenue to Rs 77.30 crore (vs Rs 12.1 crore in Q4FY24). We keep our goal value of Rs 195 (22.5 instances one-year ahead P/E a number of). Preserve BUY,” ICICI Securities stated.
Solar TV Q1 outcomes preview | Goal value: Rs 1,000
Maintaining with a excessive base in a difficult quarter, ICICI Securities expects Solar TV’s standalone income to stay flattish YoY at Rs 1,330 crore. Solar TV’s advert income will doubtless decline 2.7 per cent YoY to Rs 330 crore and subscription income may develop 3.2 per cent YoY to Rs 448 crore, the broking agency stated.
“We reckon, IPL income may develop 2 per cent YoY to Rs 523 crore regardless of greater apportionment in Q4FY24 on account of yearly escalation and higher crew efficiency. We envisage Solar TV’s standalone Ebitda to stay flattish YoY at Rs 772 crore and marginal web revenue enchancment (3 per cent YoY) to Rs 599 crore in Q1FY25. We keep our goal value at Rs 1,000 (17.8x one-year ahead PE). Preserve BUY,” ICICI Securities stated.
PVR Inox Q1 outcomes preview | Goal value: Rs 2,000
Within the case of PVR Inox, ICICI Secuirties sees a cloth enchancment in content material visibility, however from H2. It believes PVR-Inox’s consolidated gross sales might dip 7.6 per cent sequentially or 11 per cent YoY to Rs 1,160 crore. Ticket gross sales income might slip 10 per cent QoQ or 18 per cent YoY to Rs 568 crore, the brokerage stated whereas pegging F&B income at Rs 392 crore, down 5 per cent QoQ or 8 per cent YoY .
“We estimate, total occupancy in Q1FY25 could also be as little as 20.5 per cent owing to underwhelming efficiency of huge finances Hindi motion pictures comparable to ‘Maidan’ and ‘Chandu Champion’. We ATP and SPH to stay broadly in the identical vary as Q4FY24. We estimate money (pre-INDAS) adjusted Ebitda lack of Rs 52.3 crore and PAT lack of Rs 150 crore in Q1FY25. Nonetheless, given the considerably bettering visibility of the content material pipeline, we keep our goal value of Rs 2,000,” it stated.
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