ZEEL aims to deliver higher profitability through enhanced performance: MD

ZEE Entertainment Enterprises Ltd (ZEEL) aims to deliver higher profitability through enhanced performance across its businesses and generate better value for all stakeholders, the company's Managing Director & CEO, Punit Goenka said on Tuesday.

Addressing employees at a town hall on the company's 32nd anniversary, Goenka said in the next 32 years he envisioned ZEE to "emerge as a beacon of hope and change for the society".

"I envisage our purpose should be to enrich the lives of people around the world, by creating such extraordinary moments, that celebrate the power of optimism and togetherness," he said.

During the session, Goenka reiterated ZEEL's "aspirations to deliver higher profitability through enhanced performance across the business and generate higher value for all stakeholders".

The company said it continues to take the necessary action-oriented steps across the business to enhance the performance and deliver stronger returns, in line with the strategic plan laid out by Goenka, which is centered around frugality, optimisation and a sharp focus on quality content.

The structured steps implemented across the business are displaying positive results as the company remains firmly focused towards its targeted aspirations for future growth, it added.

In April this year, Goenka proposed a lean organisation structure to the board with a lateral structure while identifying broadcast, digital, movies and music as core business units. It involved rationalisation of the workforce by 15 per cent to prune staff strength across the company.

He had also announced taking a 20 per cent cut in his remuneration in line with the larger strategic and frugal approach implemented across the organisation.

In August this year, ZEEL and Sony Pictures Networks India had settled their dispute related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other.