Zee Entertainment Enterprises (ZEEL) Q4 23/24 earnings summary

Executive summary

• FY24 operating revenue grew 6.8% to Rs 86,372 Mn; EBITDA margin was 10.5%, down from 13.6% in FY23, amid investments in content and technology.

• FY24 profit for the year was Rs 1,414 Mn, including a Rs 578 Mn loss from discontinued operations; the Board announced a Rs 1.0 per-share dividend.

Financial highlights

• FY24 EBITDA was Rs 9,071 Mn, down 17.6% YoY; continuing-operations PBT was Rs 3,811 Mn and PAT was Rs 1,993 Mn, down 18.6% and 20.7%, respectively.

• Q4 FY24 operating revenue was Rs 21,699 Mn, up 6.1% YoY and 2.7% QoQ; EBITDA was Rs 2,103 Mn, up 38.6% YoY, with a 9.7% margin.

• Q4 continuing-operations PAT was Rs 122 Mn versus a Rs 729 Mn loss in Q4 FY23; total quarterly profit was Rs 134 Mn versus a Rs 1,960 Mn loss.

Outlook and guidance

• Q1 FY25 margins expected to soften as one-time implementation costs offset underlying operating improvements; gradual margin improvement is expected from Q2 FY25.

• FY25 margins are expected to be meaningfully better than FY24; FY26 ambition is an industry-leading 18–20% EBITDA margin.