The heaviest cricket season in recent memory and the recently concluded Lok Sabha elections are likely to impact June quarter results of listed GEC broadcasters and companies into movie exhibition business. Advertising revenues are likely to remain soft for GEC broadcasters due to strongest cricket season in a quarter in recent memory; and Lok Sabha elections helping news channels taking away additional wallet share, said ICICI Securities.

The domestic brokearge, however, noted that the overall advertising spends continued to increase sequentially.

"We think that GEC broadcasters are likely to benefit from this trend from Q2FY25E. The movie exhibition business was also impacted by cricket and elections, which resulted in the extension of the content drought. Notably, in the absence of big budget releases, smaller movies such as Munjya, Srikant and Mr&Mrs Mahi did well, which should comfort investors worried about over-dependence on big budget content. Also, strong performance by Kalki 2898 AD and improving content visibility should benefit PVR Inox," ICICI Securities said.

ZEEL Q1 results preview | Target price: Rs 195
Zee Entertainment Enterprises Ltd: ICICI Securities said ZEE's profitability improvement could surprise positively, as it estimates ZEE’s consolidated revenue to rise 10.6 per cent YoY to Rs 2,190 crore in Q1, led by 63 per cent increase in production revenues, 9.8 per cent YoY growth in subscription revenue at Rs 990 crore and broadly flattish YoY advertisement revenue at Rs 977 crore.

It estimates ZEE's Ebitda to grow 47 per cent YoY to Rs 227 crore in Q1FY25.

"We envisage a sharp sequential improvement in net profit to Rs 77.30 crore (vs Rs 12.1 crore in Q4FY24). We maintain our target price of Rs 195 (22.5 times one-year forward P/E multiple). Maintain BUY," ICICI Securities said.

Sun TV Q1 results preview | Target price: Rs 1,000

Keeping up with a high base in a challenging quarter, ICICI Securities expects Sun TV’s standalone revenue to remain flattish YoY at Rs 1,330 crore. Sun TV’s ad revenue will likely decline 2.7 per cent YoY to Rs 330 crore and subscription revenue could grow 3.2 per cent YoY to Rs 448 crore, the broking firm said.

"We reckon, IPL revenue could grow 2 per cent YoY to Rs 523 crore despite higher apportionment in Q4FY24 due to yearly escalation and better team performance. We envisage Sun TV’s standalone Ebitda to remain flattish YoY at Rs 772 crore and marginal net profit improvement (3 per cent YoY) to Rs 599 crore in Q1FY25. We maintain our target price at Rs 1,000 (17.8x one-year forward PE). Maintain BUY," ICICI Securities said.

PVR Inox Q1 results preview | Target price: Rs 2,000
In the case of PVR Inox, ICICI Secuirties sees a material improvement in content visibility, but from H2. It believes PVR-Inox’s consolidated sales may dip 7.6 per cent sequentially or 11 per cent YoY to Rs 1,160 crore. Ticket sales revenue may slip 10 per cent QoQ or 18 per cent YoY to Rs 568 crore, the brokerage said while pegging F&B revenue at Rs 392 crore, down 5 per cent QoQ or 8 per cent YoY .

"We estimate, overall occupancy in Q1FY25 may be as low as 20.5 per cent owing to underwhelming performance of big budget Hindi movies such as ‘Maidan’ and ‘Chandu Champion’. We ATP and SPH to remain broadly in the same range as Q4FY24. We estimate cash (pre-INDAS) adjusted Ebitda loss of Rs 52.3 crore and PAT loss of Rs 150 crore in Q1FY25. However, given the significantly improving visibility of the content pipeline, we maintain our target price of Rs 2,000," it said.