ZOO’s FY24 performance reflects the industry disruption due to the recent double strike (actors and writers), and the hiatus in orders and production that followed. FY24 is in line with guidance from the May update, however there has been a sequential month-on-month improvement in demand, with management expecting ‘an extended period of recovery to late 2025’. Although orders remain at historically low levels, market trends, which we discuss within the note, suggest that spend on content will return to pre-strike levels in 2025, although visibility for ZOO in H2 FY25 remains limited at this stage. ZOO has completed a cost-cutting exercise while maintaining headroom in capacity, taking advantage of its new facility in Chennai, which should lead to margin enhancement. Throughout the disruption, ZOO has retained its customers and added new ones, with significant revenue potential as orders increase and scope to gain market share as an E2E vendor, capitalising on vendor consolidation.