Zee Entertainment Enterprises reported a 187 per cent increase in consolidated profit to ₹270 crore in the second quarter ended September 30, from ₹94 crore in the corresponding quarter last year.

The company’s total income increased 14 per cent to ₹2,010 crore from ₹1,760 crore during the same period last year.

Zee also increased its liabilities by an additional ₹17.70 crore for the half-year ended September 30, in addition to the nearly ₹100 crore liability that the company aggregated during the 2021 fiscal year. This is because Zee had provided commitments for funding shortfalls in Debt Service Reserve Accounts in relation to certain financial facilities availed by Siti Networks, another Essel Group entity.

The loan outstanding by Siti is in the order of ₹201 lakh on which Siti has defaulted on payments during 2021 fiscal. Zee has received demand notices and communications from the banks and representatives to meet their obligations under the DSRA guarantee. Siti Networks was also dragged to the National Company Law Tribunal by its operational creditors in October.

comment COMMENT NOW