Media Sector Q4 Earnings Preview – Still In Pain: ICICI Securities

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We do not expect Q4 FY21 ad revenue growth to be encouraging for broadcasters due to weakness in viewership shares.

Besides, programming costs may be higher thereby putting pressure on margins.

Multiplexes are suffering from fewer movie releases. Admits and revenues during the quarter are likely to show only slight improvement, but we appreciate multiplexes maintaining average ticket price and SHP, which would help faster recovery going forward.

Covid-19 cases are again on the rise, hence key to watch would be commentary on near-term outlook.

Multiplexes received rental waivers and concessions in FY21 and we need to see if they can negotiate the same for the second lockdown as well.

Click on the attachment to read the full report:

ICICI Securities Q4FY21 Media Preview.pdf


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