News Broadcasting
ZEEL records revenues of Rs 1,845.7 crore for Q1FY23
Mumbai: Zee Entertainment Enterprises (Zeel) reported a four per cent increase in Q1 FY23 revenue to Rs 1,845.7 crore, compared to Rs 1,775 crore in Q1 FY2022. Ebitda for the first quarter of FY23 was Rs 235.7 crore, with a margin of 12.8 per cent. Profit after taxes fell by 50.01 per cent for the same period to Rs 106.6 crore, compared to Rs 213.8 crore in Q1 FY22.
Domestic ad revenue was recorded at Rs 9,257 crore, up 5.8 per cent year on year but down 14 per cent quarter on quarter. Ad revenue growth for the same quarter was impacted by FTA withdrawal (Zee Anmol) and lower advertising spending by brands due to weak macroeconomic conditions.
Subscription revenue fell 5.1 per cent year on year and 10 per cent quarter on quarter as a result of the pricing embargo, which slowed linear revenue growth. Q1 FY23 is also impacted by the timing of some of the company’s B2B deals and renewals.
Other sales and services revenue (YoY) increased by 62.4 crore; QoQ revenue decreased by 250.5 crore; “The Kashmir Files,” “Valimai,” and “Bangar Raju” contributed to higher theatrical revenue in Q4 FY22.
Programming and technology costs were higher (YoY0 in Q1 FY23 and were driven by higher theatrical releases, investment in Zee5, and new launches in the linear business.
There was an increase in marketing costs on a YoY basis on account of new launches in linear business and continued investments in ZEE5.
International advertising revenue for Q1 FY23 stood at Rs. 50.6 crore, subscription revenue was at Rs 107.4 crore, and other sales & service was at Rs 23.9 crore.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
