Financials
Taj TV sale proceeds more than double Zeel income
BENGALURU: Subhash Chandra’s Zee Entertainment Enterprises Limited (Zeel) reported more than double (2.36 times) consolidated total comprehensive income (TCI)for the year ended 31 March 2017 (FY-17, current year) as compared to the previous year. Zeel’s consolidated TCI of Rs 2,112.28 in FY-17 (as compared to TCI of Rs 892.68 crore in fiscal 2016) was padded up to an extent of Rs 1,223.34 crore by the slump sale/transfer of its sports business along with its entire stake in– Taj Television (India) Pvt. Ltd. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for FY-17 stood at Rs 19,26.9 crore registering a growth of 27.3 percent over FY16. EBITDA margin stood at 29.9 percent.
The company’s revenue (Total Income from operations – TIO) for the current year increased 10.8 percent to Rs 6,658.17 crore as compared to Rs 6007.67 crore in the previous year. Advertisement revenue in FY-17 was Rs 3,673.5 crore, recording a growth of 9.2 percent over FY16.
Subscription revenue for FY17 was Rs 2262.9 crore, growth of 10.0 percent over FY16. Domestic subscription revenue grew by 11.2 percent to Rs 1822.6 crore. On a comparable basis, adjusted for sale of sports, the domestic subscription growth was 13.5 percent. International subscription revenue grew by 3.0 percent to Rs 440.3 crore.
Company speak
Zeel chairman Chandra said, “The Indian economy has exhibited strong resilience with GDP growth of 7 percent in Q3-17 despite demonetization of high value currency. Implementation of Goods and Services Tax (GST) would unify India into one market. This along with other reforms and push on infrastructure would accelerate growth from already healthy levels. A normal monsoon as forecasted by IMD could give a fillip to rural consumption.”
Zeel managing director and CEO Punit Goenka said, “We are happy to deliver yet another quarter of strong financial performance despite the difficult economic environment. Our domestic advertising revenue grew by 8.1 percent despite the impact of demonetization. After a couple of quarters of weakness, advertising growth appears to be back on track. The GST roll-out could boost advertising spends as a part of potential tax savings might be reinvested. While there is uncertainty regarding the implementation of the new tariff regulation due to pending litigations, we have published the prices of our channels and bouquets. We are confident that with the strong competitive position of our channels in every genre, we will be able to drive subscription business.
We have completed the first phase of sale of sports business during the quarter. While this had an impact on revenues, our focus is to strengthen national and regional channel portfolio, along with growing new businesses. We are exploring ways to extinguish preference share liability using the proceeds from the sale of sports business.”
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
