GECs
ZEEL’s consolidated revenue stands at Rs 2048.7 crore in Q3 FY20
MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) and its subsidiaries for the quarter ended 31 December 2019 on Tuesday. For the third quarter of FY20, ZEEL reported consolidated revenue of Rs.20,48.7 crore. EBITDA was Rs.5,65.8 crore with an EBITDA margin of27.6 per cent.
During the third quarter, ZEEL's consolidated advertising revenue declined by 15.8 per cent YoY to Rs. 12,30.8 crore. Domestic advertising revenues declined by 15.7 per cent YoY to Rs. 11,57 crore. Domestic advertising revenue was impacted by the continued slow-down in key consumer sectors.
“As the volume growth for most consumer companies did not see any uptick during the quarter, they cut advertising spends to protect their margins. While the festive month of October saw a pick-up in advertising spends, the growth slumped post that. The growth was also impacted due to a higher base and the effect of conversion of two channels from FTA to pay in March. We believe that the worst phase is behind us and the growth should revert to normal trajectory from next fiscal,” ZEEL stated in a press statement.
ZEEL's consolidated subscription revenue grew by 15.4 per cent to Rs. 7,13.7 crore during the quarter. Domestic subscription revenue grew by 21.7 per cent Yo Y while the International subscription revenue declined by 17.4 per cent Yo Y.
During the quarter, the television network had an all-India viewership share of 18.2 per cent. While its regional portfolio increased its viewership share, share in the Hindi speaking markets declined.
Zee TV maintained its weekday prime time leadership, but lost weekend prime time share and was the number 3 channel in the pay Hindi GEC segment during the quarter.
The network’s regional portfolio had mixed performance during the quarter. Moreover, its maintained leadership position in the Marathi, Bangia and Kannada markets, with Zee Kannada further strengthening its leadership position, widening the gap over the nearest competitor.
Viewership shares in Marathi and. BangIa markets declined during the quarter ehile Zee Tamil improved its viewership share, Zee Telugu witnessed a marginal decline. Zee Keralam, continued to gain share in the Malayalam market establishing itself as a strong contender for the number two position. Zee Sarthak regained leadership in the Odiya market towards the end of the quarter.
During the quarter, ZEEL's International business revenue was Rs. 1,66.5 crore. The advertising and subscription revenues declined by 18.6 per cent YoY and 17.4 per cent YoY, respectively.
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.
