Zee Entertainment Enterprises Ltd Enhances Performance Targets for Re-Appointment of MD and CEO Punit Goenka

Mumbai, November 15 - The board of Zee Entertainment Enterprises Ltd (ZEEL) has modified the performance targets for its Managing Director and Chief Executive Officer (MD and CEO), Punit Goenka, as part of his re-appointment approval. This comes after the company's shareholders approved Goenka's re-appointment for a five-year term at an AGM held on October 18.

In accordance with the revised targets, ZEEL will track the performance of Goenka based on quarterly consolidation revenue outlook, quarterly consolidated EBITDA outlook, and payouts to shareholders. These updated targets aim to evaluate Goenka's performance over the next four quarters, starting from Q3FY25.

Previously, on October 18, the board had previously approved Goenka's re-appointment for a term that began January 1, 2025, to December 31, 2029. However, his re-appointment is now contingent upon shareholder approval at an upcoming general meeting (AGM) scheduled for November 28.

The AGM will be conducted through video conference and marks the company's second such event this year. Notably, ZEEL held its June quarter board meeting via video conference due to ongoing global health concerns.

Additionally, the company has approved the appointment of Saurav Adhikari as an additional non-executive director. His tenure will commence on November 15, 2024.

ZEE Laid Report Shows Sharply Increased Revenue on Back of Strong Growth in Network Segment

On October 18, ZEEL released its September quarter results, which revealed a surge in the company's revenue and profits compared to the same period last year. This marked a noticeable improvement in overall performance, primarily driven by an increased revenue from network segment operations.

While the total consolidated revenues declined by 18.93% during Q3FY24, net profit reached Rs 209.4 crore - representing a substantial 70.24% increase over previous-year figures.

However, ZEEL has not yet finalized its plans for using the dividends declared in October as part of the latest strategy for network segment and other long-term growth factors. The company will evaluate their strategy for divident payment further during quarter ahead