GECs
Zee Learn reports PAT for Q1-2014 after 8 consecutive quarterly losses
BENGALURU: The last time that Zee Learn Limited (Zee Learn) reported a profit was for the Q3-2011, the second quarter since it commenced operations. The education player then reported loss for eight quarters and two financial years until Q1-2014 when it showed a PAT of Rs 3.25 crore as compared to a loss of Rs 3.36 crore in Q1-2013 and a loss of Rs 7.35 crore in Q4-2013. For FY 2013, Zee Learn reported a loss of Rs 21.22 crore. Zee Learn saw an improvement in operational EBITDA by Rs 5.69 crore in corresponding Q-o-Q.
Let us look at the other financials of Zee Learn for Q1-2014
Zee Learn reported Rs 33.52 crore as total income from operation for Q1-2014 as compared to Rs 23.34 crore in Q1-2013, registering a growth of 43.6 per cent. However, operating income was lower by eight per cent as compared to Rs 36.43 crore in Q4-2013.
Zee Learn also had ‘Other Income’ of Rs 2.22 crore in Q1-2014, in Q1-2013, this was 0.3931 crore, while ‘Other Income’ was Rs (-0.5607) crore for Q4-2013. Other income includes Rs 1.8561 crore exchange gain on remittance of GDR issue proceeds.
Total expense for Q1-2014 at Rs 30.95 crore was higher by 19 per cent as compared to Rs 26.01 crore for Q1-2013, but lower by 23.3 per cent than the Rs 40.37 crore in Q4-2013.
Expense towards purchase of education goods and television content in Q1-2014 at Rs 12.28 crore was more than double (more by 117.8 per cent) as compared to the Rs 5.37 crore for Q1-2013 and 15.3 per cent lower than the Rs 15.08 crore in Q4-2013.
Other expense for Q1-2014 at Rs 9.51 crore was lower by 8.4 per cent as compared to the Rs 10.38 crore in Q1-2013 and was 28.6 per cent lower than the Rs 13.32 crore in Q4-2013. Other expenses includes marketing, advertisement and publicity expenses of Rs 3.6028 crore and Rs 3.9683 crore for the quarter ended 30 June, 2013 and 30 June, 2012 respectively.
Zee Learn CEO Navneet Anhal said, “The improved financial performance is a result of all brands in the Zee Learn bouquet performing well due to improved efficiencies. Our investments in each of the brands are continuing to payoff. This year Kidzee has registered almost 25 per cent growth in the number of operational centers (192 new centers added) significantly expanding our footprint in the country.”
“Also, we have witnessed growth of 37 per cent in enrolments in our MLZS schools wherein average enrolments has moved up to 292 students in Q1 FY14 vis-?-vis 213 students in Q1FY13 largely on account of better academic content and its delivery model. Zee Learn’s school solution program ‘BrainCafe’ which has undergone business model change last year pre-empting the change in dynamics of school solutions, is also showing signs of acceptance across schools. Our offerings of educational content to ZeeQ are getting amazing responses from parents and industry alike,” added Anhal.
Zee Learn says that the outlook for the Education business remains positive despite overall challenges in the Indian economy. The Company also sees good momentum in MLZS and Kidzee, overwhelming positive response in ZeeQ, India’s First Edutainment Channel for kids wherein Zee Learn provides content to the channel and huge potential in its newly revamped BrainCafe School Solutions.
Zee Learn launched its first Global Depository Receipts (GDR) for value of $9.99 million which were subscribed by overseas investors on 21 May, 2013. The GDR issue was fully subscribed and the company allotted 56,17,977 GDRs at a price of $3.56 per GDR. Each GDR represents 10 (ten) underlying equity shares in the company and the GDRs are listed on the Luxembourg Stock Exchange.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
