GECs
Zee Network net rises 2% to Rs 545 million
MUMBAI: Subhash Chandra’s Zee Telefilms Ltd saw net profit for the network as a whole rise 2.4 per cent to Rs 545.50 million for the quarter ended 30 September, 2002, up from Rs 532.90 million in SQ-2001.
Riding on the back of increased subscription revenues, total income increased from Rs 2,478.60 million in SQ-2001 to Rs 2745.50 million in SQ-2002.
However, if we examine the performance of Zee Telefilms alone without its subsidiaries, the results have been extremely disappointing. There has been a 45.5 per cent drop in net profits to Rs 161.30 million from Rs 295.90 million for SQ-2001.
Income from sales & services has decreased from Rs 1046 million in SQ-2001 to Rs 880.30 million in SQ-2002. Other income is at Rs 186.70 million.
On the expenditure side, transmission and programming costs fell to Rs 409.1 million from Rs 502 million in SQ-2001. Staff costs were also down by about a third from Rs 93.1 million in SQ-2001 to Rs 64.2 million, indicating some significant downsizing has taken place. Other expenses however, went up more than two-fold from Rs 88 million to Rs 196.5 million.
The consolidated results presented a better picture though and were are as follows:
Ad revenues went up marginally from Rs 1406.2 million in SQ-2001 to Rs 1423.5 million. Subscription revenues saw the biggest jump from Rs 779.9 million to Rs 1211.2 million. Other sales and services, however saw a drop from Rs 292.5 million to Rs 110.8 million. This reduction in income on the other sales front could well be because 2001 saw the release of the blockbuster hit movie from the Zee stable, Gadar Ek Prem Katha, which added positively to the company’s bottomline.
Zee issues outlook:
“Although advertising spends continue to remain lacklustre, Zee strategic programming initiatives are expected to help in maintain or improve its share of advertising revenues. However subscription revenues form the domestic as well as the international markets continue to grow at a healthy rate, which will provide an increasing broadbasing of revenue stream in the days ahead.”
“We continue to face an extremely challenging environment but are reasonably confident of our ability to deliver value from our multi-pillar business model which we feel is best suited in the diversified Indian environment.”
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.
