Zee Entertainment Enterprises Ltd Boosts Performance Targets in Punit Goenka's Re-Appointment

Mumbai, November 16 - The board of Zee Entertainment Enterprises Ltd (ZEEL) has revised performance targets for its MD and CEO Punit Goenka as part of his re appointment bid.

The company announced in a regulatory filing that the board "considered and approved higher targets to evaluate the performance of Punit Goenka" which includes Quarterly Consolidated Revenue Outlook for next 4 quarters (commencing Q3FY25), Quarterly Consolidated EBITDA Outlook for next 4 quarters (commencing Q3FY25) and payout of 25% of consolidated net profits as dividend to shareholders.

The new targets are designed to track Goenka's performance over the next four quarters, with a focus on revenue growth and profitability. This move aims to motivate the CEO to drive business expansion and enhance shareholder value.

Earlier this month, the board approved Punit Goenka's re-appointment for a five-year term, effective from January 1, 2025, to December 31, 2029. However, his re appointment is subject to shareholder approval, as per company norms.

The company has also announced the appointment of Saurav Adhikari as an additional Non-Executive Director with effect from November 15, 2024.

In a related development, ZEEL's AGM will be held on November 28 through video conference as per Ministry of Corporate Affairs and SEBI guidelines.

During its September quarter result announcement dated October 18, the company reported a remarkable turnaround in net profit, jumping by an impressive 70.24% to Rs 209.4 crore, while its total income declined 18.93% to Rs 2,034.4 crore during the same period.