Zee Media Corporation , a prominent player in the news publishing and broadcasting sector, has announced key board re-appointments while grappling with financial headwinds in the first quarter.

Board Re-appointments

The company's Board of Directors, in their meeting held on July 29, approved the re-appointment of three key members:

1. Mr. Amitabh Kumar will be re-appointed as a Non-Executive Director, subject to shareholder approval at the upcoming 26th Annual General Meeting.

2. Mr. Susanta Kumar Panda has been recommended for re-appointment as an Independent Director for a second term of five years, from September 1, to August 31.

3. Mr. Dinesh Kumar Garg is set to be re-appointed as Whole Time Director for a three-year term from September 20, to September 19.

All re-appointments were recommended by the Nomination and Remuneration Committee and will be subject to shareholder approval through a postal ballot.

Q1 Financial Performance

The company's unaudited financial results for Q1 reveal ongoing challenges:

Standalone Results:

Consolidated Results:

Financial Outlook and Going Concern

Zee Media Corporation has reported a negative working capital, with losses of Rs. 662.00 lakhs for Q1 and Rs. 10,033.00 lakhs for the previous fiscal year on a standalone basis. The consolidated figures show losses of Rs. 881.00 lakhs for Q1 and Rs. 11,942.00 lakhs for the previous fiscal year.

To address these challenges, the company is implementing several measures:

1. Cost rationalization initiatives
2. Securing extended credit periods for contractual obligations
3. Pursuing capital infusion through convertible warrants and potential Foreign Currency Convertible Bonds (FCCBs)

The management remains confident in the company's ability to continue as a going concern, citing plans to secure higher revenues and improve operational cash flows in the current financial year.

Funding Initiatives

Zee Media has taken steps to bolster its financial position:

1. In November, the company allotted 13,33,33,333 fully convertible warrants to three Foreign Portfolio Investors, with 25% of the warrant issue price received.

2. The Board has approved raising funds through the issuance of 5% coupon, unsecured, unlisted FCCBs up to USD 465,90,000, with a 10-year maturity.

3. The company is awaiting the final order from the Debt Recovery Tribunal regarding 135,000,000 warrants issued to a Promoter Group entity in January.

Despite the current financial challenges, Zee Media Corporation's board expresses confidence in the company's future prospects, emphasizing its healthy net worth and commitment to meeting all debt and interest obligations to lenders, banks, and financial institutions.

Zee Media Corporation Limited , a prominent player in the news broadcasting sector, has announced its financial results for the first quarter, showcasing improved performance despite ongoing challenges.

Revenue and Profit Overview

The company reported consolidated revenue from operations of ₹182.36 crore for Q1, marking a 3.6% increase from ₹175.96 crore in the corresponding quarter of the previous year. This growth in revenue demonstrates the company's resilience in a competitive market environment.

Narrowing Losses

Zee Media Corp has successfully narrowed its consolidated net loss to ₹8.81 crore in Q1, compared to a loss of ₹10.38 crore in the same period last year. This reduction in losses by 15.1% indicates the effectiveness of the company's cost management strategies and operational improvements.

EBITDA Performance

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) showed significant improvement, rising to ₹19.80 crore from ₹14.80 crore year-over-year. The EBITDA margin also saw a notable increase, reaching 10.85% compared to 8.39% in the previous year's Q1.

Financial Position and Future Outlook

Despite the positive developments in revenue and EBITDA, Zee Media Corp faces challenges with its working capital position. The company reported a negative working capital as of June 30. However, management has implemented several measures to address this issue:

1. Cost rationalization initiatives
2. Extended credit periods for certain contractual obligations
3. Timely fulfillment of debt and interest obligations to lenders and financial institutions

The company maintains a healthy net worth as of June 30, which provides a solid foundation for future growth.

Capital Infusion and Fundraising Efforts

To strengthen its financial position, Zee Media Corp has undertaken several capital infusion measures:

1. Allotment of fully convertible warrants to Foreign Portfolio Investors (FPIs) for an amount not exceeding ₹200 crore.
2. Approval for raising funds through the issuance of Foreign Currency Convertible Bonds (FCCBs) up to USD 46.59 million.
3. Potential receipt of balance monies from 135,000,000 share warrants issued to a Promoter Group entity, subject to regulatory approvals.

Business Outlook

The Board of Directors has approved a business plan for the current financial year that focuses on securing higher revenues and improving operational cash flows. With these strategic initiatives and ongoing cost management efforts, Zee Media Corp aims to enhance its market position and financial performance in the coming quarters.

As the media landscape continues to evolve, Zee Media Corporation Limited remains committed to delivering quality content while striving for improved financial results and sustainable growth.