Zee Ent Q1 PAT seen up 1.5% at Rs 162 cr

Its PAT is seen up 1.5% at Rs 162 crore versus Rs 160 crore, QoQ.

Its EBITDA is seen up 26% at Rs 202 crore versus Rs 160 crore, QoQ.

Its OPM at 24.5% versus 18.4%, QoQ.

Q1FY13 Consolidated (YoY)

Total Income from operations seen up 18% at Rs 826 crore versus Rs 698 crore.

Its PAT is seen up 28% at Rs 162 crore versus Rs 127 crore.

Its EBITDA is seen up 30% at Rs 202 crore versus Rs 156 crore.

Its OPM at 24.5% versus 22.3%.

Expectations

Subscription Rev on QoQ basis seen lower due to cumulative one-off impact of Media Pro revenue booked in 4QFY12

Q1 Revenue expected to grow better compared to YoY on back of increase in Ad Revenue led by increase in  market share & rating for flagship Zee TV

Lack of heavy sporting events during the quarter will reduce sporting event led losses

Zee better placed to gain from Digitization through better pay TV Revenues but main impact of the same can be seen in quarters further

Digitization a long term positive theme since co is not needed to have capex for Digitization

Lack of Fresh content can play negative on cos performance