Visit http://indiaer.blogspot.com/ for complete details ZeeEntertainment Enterprises (Rating – Buy; Target Price – Rs347)
YoY numbers are not comparable since R-GEC was not merged in Q2FY10. Excluding R-GEC, we
expect the ad revenues to grow by 15% for ZEEL. Total revenues are expected to grow by a
mere 2.8% on the back of India-centric cricket revenues during the quarter. DTH subscription
revenues are expected to be at Rs700mn, while international revenues are to be flat.
We expect operating margins to expand sequentially on back of higher advertisement revenues
and offset the higher programming cost for the sports business.
We expect PAT to grow by 13.5% QoQ on the back of lower interest cost and high other income.
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