Financials
Zee Telefilms net down 8 % in Q2
Zee Telefilms Ltd today announced its second quarter results (ended September 30, 2001). It comes as no great surprise that even though the income from sales and services has gone up by 15 per cent from Rs 910 million in Q2 FY2000 to Rs 1046 million and other income has gone up from Rs 139 million to Rs 185 million, net profit has taken a hit.
The reason attributed to the downturn is the increase in the cost of programming from Rs 396 million to Rs 502 million (up 27 per cent) in the same period. When contacted Rajesh Jain, president, corporate finance & strategy, Zee Telefilms, had this to say: “The cost of programming includes the production cost of (Zee’s superhit blockbuster movie) Gadar as well as new programming that went into the relaunch of Zee TV. So the cumulative cost was higher.”
Staff costs also went up from Rs 50 million to Rs 93 million and interest costs from Rs 57 million in Q1 FY 2000 to Rs 144 million. When asked how far the Ketan Parekh factor worked towards increasing the interest burden, Jain admitted it was a factor but added that the major cost increase was because of capital costs incurred for purchasing set top boxes and other equipment for the company’s DTO project. The amount was between Rs 700 to Rs 800 million, Jain said.
The Zee Network’s consolidated results also are not too attractive. Even though the total income has gone up by 17 per cent to Rs 2667 million from Rs 2274 million in the last corresponding quarter, it is largely because of the healthy growth in subscription revenues (Zee TV went pay in June). Revenues went up 52 per cent from Rs 536 million to Rs 814 million along with an increase in sales and services (up by 46 per cent from Rs 200 million to Rs 292 million). “There has been close to an 180 per cent increase in domestic subscription revenues which form the major chunk of the total subscriptions,” says Jain.
Ad revenues are the most worrisome part of the results though. There has been virtually no increase over last year which as far as market sentiment went was thought to be Zee’s “Annus Horribilis”. “Considering the shape the market is in post 11 September, that we could manage to maintain the same level is not so bad,” Jain counters. “We are cautiously optimistic about the future,” Jain said when queried as to what were the forecasts for the next quarter.
On the expenses front the increases are at a rather disproportionate 21 per cent (considering that total revenue increases stood at 17 per cent). Add to this the increased interest burden of 52 per cent from Rs 134 million to Rs 208 million worked to further erode profits. The end result was that profit after tax went down by 2 per cent from Rs 543 million to Rs 532 million.
For the cumulative period of six months, Zee Network has registered a revenue growth of 15 per cent from Rs 4,512 million to Rs 5,208 million.
In today’s trading on the Bombay Stock Exchange, the Zee Telefilms scrip was steady with lower volumes of 200,000 shares against the huge trading usually witnessed on the eve of any Zee results announcement. Whether this indicates the lack of attractiveness in the stock is the question. The share opened at Rs 86 and moved between a narrow band of Rs 84 and Rs 88.45 and closed at Rs 85. It should be noted that the market was also dull today. The BSE’s Sensitive index was down by 14 points at the end of the day’s trading.
The rather unspectacular revamping campaign which blew up a declared Rs 150 million, the hold on a search for a strategic partner, as well as the monies still to be received from other group companies have really taken a toll on the Zee price. It remains to be seen when the long awaited upswing in the company’s fortunes takes place
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.
