zee entertainment enterprises ltd Management discussions

Indias macroeconomic review

In FY 2022-23, India became the fifth-largest economy in the world despite the rising global inflation and the recent financial sector turmoil.

According to the IMF, Indias real GDP growth is estimated to grow at 6.3% for the next two years and is expected to contribute approximately 15% to global growth in FY

2022- 23. This forecast is based on the nations digitalisation efforts and a robust policy framework. In particular, the FY

2023- 24 Union Budget has signalled a resumption of fiscal consolidation while boosting capital expenditures and an increasing emphasis on transitioning to a green economy. These measures will create a strong foundation for robust medium-term growth.

Indias M&E industry

The Indian Media and Entertainment (M&E) industry has a high correlation to GDP. In times of growth, the industry outperforms Indias nominal GDP. However, being a discretionary spend, the industry fell dramatically (-23% in 2020) when Indias nominal GDP fell in 2020 (-1.2% for FY 2020-21). When GDP recovered 19% in FY 2021-22, the industry recovered 16%, while advertising recovered 25%, outpacing GDP growth. This trend continued in FY 2022-23, when the sector grew 20%, and nominal GDP grew 15%.

Source: EYFICCI, MOSPI

Note: While advertising and M&E sector revenues are estimated for a calendar year, GDP estimates are for a fiscal year (April to March)

The Indian M&E industry displayed impressive growth in 2022, expanding by 20% and reaching a value of Rs.2.1 trillion (US$26.2 billion). This sectors growth represents a significant increase of Rs.348 billion (19.9%) compared to the previous year, exceeding the pre-pandemic levels by 10%. While television remained the leading segment, digital media solidified its position as the second-strongest segment, closely followed by a resurgent print media. Furthermore, the filmed entertainment segment experienced a remarkable recovery, with a doubling of theatrical releases, allowing it to reclaim the fourth position and surpass online gaming. The share of traditional media, including television, print, filmed entertainment, out-of-home advertising, music, and radio accounted for 58% of the revenues In 2022, down from 71% In 2019. The Industry will continue to grow steadily, expanding by 11.5% in 2023 to reach Rs.2.34 trillion (US$29.2 billion). Moreover, it should maintain a CAGR of 10%, culminating in a value of Rs.2.83 trillion (US$35.4 billion) by 2025.

M&E SECTOR: KEY TRENDS
Maximising growth across segments
	CY19	CY20	CY21	CY22	CY23E	CY25E	CAGR CY22-CY25E (%)
Television	787	685	720	709	727	796	3.9%
Digital media	308	326	439	571	671	862	14.7%
Print	296	190	227	250	262	279	3.7%
Filmed entertainment	191	72	93	172	194	228	9.8%
Online gaming	65	79	101	135	167	231	19.5%
Animation and VFX	95	53	83	107	133	190	21.1%
Live events	83	27	32	73	95	134	22.2%
Out-of-Flome media	39	16	20	37	41	53	12.8%
Music	15	15	19	22	25	33	14.7%
Radio	31	14	16	21	22	26	7.5%
Total	1,910	1,476	1,750	2,098	2,339	2,832	10.5%
YoY Growth		-23.2%	19.3	19.9%	11.5%

The M&E sector will grow Rs.734 billion to reach Rs.2.83 trillion in 2025. The key contributors to this will be digital, online gaming and television (together contributing to 65% of the growth), followed by animation and VFX (11%), live events (8%) and films (8%).

ZEES delivers its content to a wide audience base through various entertainment platforms:

Broadcast (Television)

Domestic and International, with several popular channels across languages

Digital

ZEE5 and ZEE5 Global

Movies

Zee Studios

Music

Zee Music Company

Sports

BROADCAST (TELEVISION)

Television (TV) remains the largest media platform in the country based on the parameters of reach as well as consumer engagement in terms of time spent. As per EY:FICCI, the TV segment revenue saw a decline of 2% YoY in revenue because of global economic headwinds. Advertising revenue grew by 2% YoY to Rs.318 billion, almost reaching pre-pandemic levels. Subscription revenues declined for the third consecutive year to Rs.392 billion owing to an increase in Free Dish and ARPU remaining flat.

Number of TV households in India set to rise

According to BARC, the number of households in India with a TV set remained flat in CY22, reaching over 210 million households. The TV penetration rate in Indian households stands at a relatively low 70%, compared to 90-95% in many developed and developing countries.

The growth of the TV industry in India is expected to be fuelled by the expansion of the Free Dish ecosystem, which offers a wide range of free-to-air channels, making television more accessible to a larger audience. Additionally, the rising disposable income of the population, supported by the overall GDP growth of the country, is expected to drive the increased adoption of televisions and boost penetration.

TELEVISION: KEY TRENDS

NTO 3.0

Following the consultation paper on ‘Issues related to New Regulatory Framework for Broadcasting and Cable Services, TRAI published the amendments to the tariff order in November 2022. As per the new order, NTO 3.0, broadcasters were asked to file new MRPs by 16^th December 2022, and customers were to be migrated to new pricing effective 1^st February 2023.

This move was legally challenged by many distribution platform operators (DPOs) and DPO associations, including the All-India Digital Cable Federation (AIDCF), in the Kerala High Court. Flowever, with the dismissal of the petition, all broadcasters announced their respective NTO 3.0 MRPs on the prescribed date.

The industry is moving towards migrating customers to the NTO 3.0 pricing and regulation frameworks. The growth prospects remain bright on the back of these price revisions.

0

HD

FID TV in India has recorded consistent growth at a dominating scale for brands targeting premium consumers and continues to increase exponentially. As per BARC, the current 80+ million households with FID TV access are likely to grow to 125 million by 2025 (at a CAGR of 22% during 2021-23). There has been a 1,000 bps increase in penetration over the last year. A better viewing experience for the affluent consumer, low ad avoidance and a platform suited for long-format advertising and innovation with measurability makes FID lucrative for advertisers.

Connected TVs

As per EY: FICCI, the number of connected TVs (CTVs) is projected to hit 40 million DAUs (Daily Active Users) by 2025, given the imminent large-scale rollout of 5G services in India and the continued growth of wired broadband. On average, 25 million smart TVs are connected to the internet monthly. Flowever, only 8-10 million are connected to the internet

daily. Nevertheless, the critical point is that the combined cost of subscriptions to leading OTT platforms and a fixed broadband connection is 3.0-4.0x of watching similar content on Pay TV. This lack of price arbitrage is a structural factor that will likely ensure linear TV retains its pole position for the foreseeable future.

Industry outlook

The EY:FICCI report indicates that the overall number of TV connections and penetration will continue to grow steadily.

This growth can be attributed to several factors. Firstly, there has been an improvement in access to TV sets due to the governments emphasis on household electrification and favourable policies supporting manufacturing. Secondly, TV affordability has increased thanks to lower entry prices for PayTV and DD Free Dish. A more robust performance by regional channels and the rising interest in sports consumption across the country have also contributed to the rise in TV households. Moreover, there has been an increase in disposable incomes among individuals in rural and urban households, further driving TV penetration.

TV advertising is anticipated to experience a 5.3% CAGR growth until CY25, reaching Rs.371 billion. Additionally, subscription revenues are expected to grow at a CAGR of 2.7% until CY25, amounting to Rs.425 billion. This growth is driven by various factors, such as resolving the Russia-Ukraine conflict, which would stabilise the global economy and boost consumption.

The countrys upcoming state and national elections will also contribute to this growth. Furthermore, the expanding Indian economy, rising per capita income, and increased consumption play a significant role. Implementing NTO 3.0 further fuels this growth and the potential for increased penetration in the country.

Given the above, total TV segment revenues are expected to grow at a CAGR of 4% to reach Rs.796 billion by 2025.

Domestic broadcast business

ZEE continued to be amongst Indias robust and leading TV entertainment networks. The decrease in network share from 17.0% in FY 2021-22 to 16.8% this year is due to ZEE Anmols exit from Free Dish, a strategic decision across key broadcasters to fuel Pay TV growth. The rest of the ZEE network has gained share.

With a bouquet of 50 channels in 11 languages-the highest for any network-ZEE is the preferred choice of entertainment for viewers across the country. In FY 2022-23, the ZEE network had leadership in Hindi movies, Kannada GEC, Odia GEC, Bangla GEC (Q4 FY 2022-23 onwards), Bhojpuri, Marathi movies, and lifestyle genres. ZEE Punjabi, the only Punjabi GEC from top national broadcasters, took the lead in monetisable GRPs in the genre.

Our strong presence in regional markets has been a significant driver for its network share. In FY 2022-23, 61% of ZEEs viewership came from other language markets, up from 56% in FY 2021-22. These channels also aided in the growth of other language markets due to the higher availability of quality content in different languages.

New channel launches

Since FY19, we have added nine new channels. These include Zee Keralam (Malayalam GEC), Zee Punjabi (Punjabi GEC),

Zee Picchar (Kannada Movies), Zee Picchar FID, Zee Thirai (Tamil Movies), Zee Thirai, Zee Biskope (Bhojpuri Movies),

Zee Chitramandir (Marathi Movies), Zee Zest (Lifestyle).

Except for ZEE Zest, all the other launches are in regional language markets. Of these channels, ZEE Zest and ZEE Punjabi are category leaders, while ZEE Chitramandir and ZEE Biskope have helped ZEEs Marathi and Bhojpuri movie clusters become the biggest network clusters in their respective genres. The other three channels are strong challengers in their respective genres, with ZEE Keralam climbing from the fourth position to third in Q4 FY 2022-23.

With the continued success of farsighted design and deployment strategies, these new channels contributed a 10 bps increase in the networks share.

Change in viewership based on language

Bhojpuri and Punjabi are the two fastest

languages in FY 2022-23 in terms of HBHh:

Average Minute Audience (AMAs). ZEE

is not only the market leader but also HBHh:

the only major network to cater to the

two languages. 1&SH:

Growth in the southern markets has been stupendous this year, with a 140 bps growth, to reach a weekly average share of 16.7 in South 2+. ZEE emerged to be the fastest-growing network in these markets on the back of all four GECs (ZEE Kannada, ZEE Telugu, ZEE Tamil and ZEE Keralam).

A leader across movie genres

In FY 2022-23, ZEES movie channels constituted 20% of the total movie channel viewership. This outperformance was a result of ZEEs expansive portfolio of multilingual movie channels - 24 channels in eight languages - built gradually through the acquisition of latest blockbusters and evergreen hit movies.

ZEE holds the leadership position in Hindi and Marathi movies, and is the second-largest network in Bangla and Bhojpuri movies.

ZEE TV made significant progress in the paid Hindi GEC genre, advancing from the fifth position in FY 2021-22 to claim the fourth rank in FY 2022-23. This resulted from successful launches, such as Pyaar Ka Pehla Naam: Radha Mohan, and evergreen shows, such as Bhagya Lakshmi, Kumkum Bhagya and KundaliBhagya. These shows helped the channel maintain its position as the second-biggest paid Hindi GEC channel in the weekday primetime segment since March 2023.

?tv

&TV continued to engage viewers of the Hindi heartland with content like BhabiJi Ghar Par Hai! and Happu Ki Ultan Paltan, specifically curated for the audience in these markets.

ZEE Anmol was removed from DD Free Dish platform on 1st April 2022 to support the growth of Pay TV subscriptions.

rvioqic

Big Magic, an FTA channel, saw a viewership increase in the FTA Hindi GEC genre.

HINDI MOVIE CLUSTER

The Hindi movie cluster of the Company comprises of nine channels. With the countrys most comprehensive bouquet of Hindi movie channels, ZEE covers numerous genres across its different channels. ZEELs Hindi movie portfolio has consistently been the market leader, further strengthening its position during the year.

This year has seen ZEE Cinema premiere several blockbuster titles. It featured the highest-rated premiere in Hindi movies in FY 2022-23, the Oscar-winning RRR, on 14^th August 2022

. Additionally, ZEE Cinema had successful premieres like Bachchan Pandey and Raksha Bandhan, as well as critically acclaimed films like The Kashmir Files and Gangubai Kathiawadi.

ZEE Marathi remains the second-biggest channel in the Marathi GEC genre. This year, the channel refreshed its content slat< with over 20 launches, including shows like Tu Chaal Pudha and Nava Gadi Nava Rajya. ZEE Marathi is a strong challenger and is continuously evolving, with an assortment of content in fiction and nonfiction categories.

ZEE Bangla has grown within the year to become the #1 channel in the Bangla GEC genre in Q4 FY 2022-23 thanks to successfi launches like Jagadhatri and Neem Phooler Madhu becoming slot leaders.

ZEE Sarthak strengthened its position as the dominant market leader in Odia GEC in FY 2022-23. Despite the launch of new channels in the genre, the channel increased its market share to almost 50% in Q4 FY 2022-23. The channel grew on the back of successful fiction launches like SunaJhia and Khushi Ra Chhunka and unscripted shows like Dance Odisha Dance

w^-

ZEE Punjabi emerged to be the number one channel in the Punjab/Chandigarh market across all TV channels in FY 2022-23 in terms of monetisable viewership. It plays an active role in shaping the Punjabi language market by offering relevant and engaging content. The channels further growth this year resultec from successful launches like Dheeyan Meriya and Saanjha Sufna.

ZEE Ganga was rebranded in 2021 with a whole line of fresh content. Furthermore, with the exit of four key free-to-air channels from the DD Free Dish platform in 2022, ZEE Ganga gained higher viewership among Free Dish viewers in the key Bhojpuri markets of Bihar and Uttar Pradesh.

This year saw the launch of two successful shows, Accharva ChhathiMaiKe and Tikuli - Suhagin Ya Abhagin.

ZEE Kannada also consolidated its position as the dominant #1 channel in the Kannada GEC genre. The channel continues to win viewers hearts with engaging scripted and unscripted shows. Its content slate includes evergreen shows like Gattimela and Puttakana Makkalu, and new scripted launches like Srirasthu Shubhamasthu and unscripted shows like Dance Karnataka Dance.

? fleiKU

ZEE Telugu increased its share and cemented its position as the #2 channel in the Telugu GEC genre, with Q4 FY 2022-23 seeing the channel have the highest-ever share in the genre in its history. This has been on the back of evergreen shows such as Trinayani and Prema Entha Madhuram and new launches like Padamati Sandhyaragam. ZEE Telugu continues to maintain leadership in the key Hyderabad market.

ZEE Tamil has witnessed a strong recovery in share in Q4 FY 2022-23 and has continued the growth on the back of several successful scripted show launches. Q4 FY 2022-23 has seen the channel have the highest share in the last two years. This growth resulted from several successful new scripted show launches, such as Maori, MeenatchiPonnunga and Amudhavum Annalakshmiyum. ZEE Tamil remains a strong challenger in the Tamil GEC market.

ZEE Keralam improved its rank to become the #3 channel in the Malayalam GEC genre in Q4 FY 2022-23, with the highest- ever quarterly share in the channels history. By May 2023, the channel grew further to become the #2 channel in

the Malayalam GEC genre. Successful launches like Kudumbashree Sharada, Shyamabharam and Mizhi Randilum led to this stellar performance.

REGIONAL MOVIES CHANNELS ZEE Marathi Movies cluster continues to dominate the Marathi Movie genre despite the launch of other channels. The cluster has a 60% share in the genre.

^hsra-

ZEE Bangla Cinema remained a capable challenger in the West Bengal urban market.

ZEE Picchar slipped to #3 in the Kannada movies genre in FY 2022-23 from #2 in FY 2021-22. However, it regained its #2 position in Q4 FY 2022-23.

?

ZEE Cinemalu is one of the top three Telugu movie channels in the Andhra Pradesh/Telangana urban market.

.5 sr-1

ZEE Thirai is one of the top three channels in the Tamil market. It is building a stronger library to compete with the older and more dominant players in the genre.

^ ^ ?flix

?priue-n

NICHE CLUSTER

ZEE Cafe, &flix and &prive continued to bring the best of English language content to the audience with movies and shows from across the world. ZEE Zest, which was launched in 2020, has grown to become the No. 1 channel in the lifestyle genre in urban India with its innovative mix of culinary and travel shows.

International broadcast business

ZEE was the pioneer in broadcasting Indian content for diaspora across the world. Since then, ZEE has further grown its international portfolio by tailoring Indian content for global audiences. With a broadcast portfolio of 40+ dedicated channels and 70+ passthrough channels that reach over 120+ countries and 460 million viewers, ZEEs international business is the largest among Indian broadcasters. Our CAT1 channels (catering to the South Asian diaspora) reach over 100 million South Asian diaspora and has a viewership share of 19.1% in FY 2022-23, up from 18.8% in FY 2021-22.

In addition, ZEEs international business has identified two key levers: ‘Local for Local and ‘Identifying New Growth Verticals

With 10+ non-Indian language channels, catering to local viewers, ZEE reaches out to 350+ million global viewers in Africa, MENA and APAC. Africa has been the key focus of ‘Local for Local and the business has doubled over the last couple of years on the back of significant portfolio expansion as we go wider across geographies and deeper across languages. Equally, the focus is on local partnerships for distribution, advertiser-funded shows as well as local talent development. ZEE Network is now present in almost all the 50+ countries of Sub-Saharan Africa.

Within that, Nigeria is a standout success story for ZEE. Our English-dubbed channel ZEE World is No. 1 in the country across 500+ channels, driven by engaging fiction shows from ZEE Library and non-fiction shows, like Dance Naija Dance, a localised production of the popular Dance India Dance format. ZEE World is among the Top 3 channels in many other countries, including Zambia and Kenya, among others.

ZEE has also emerged as the preferred media partner for marquee brands, with a foray into innovative branding solutions like customised format shows viz. Kelloggs Super Stars Quiz, in-show integration with Whisper Media, to name a few. Further, ZEE is committed to developing the talent ecosystem in Africa and building an association with MultiChoice Talent Factory in partnership with Multichoice, the largest distribution company in Africa.

Co-production is a new revenue vertical developed in MENA, where we develop and empower multiple small to mid-sized partners in building a new content ecosystem. ZEE has taken a very measured approach to developing this revenue stream, focusing on the successful delivery of projects and accelerating the learning curve. With this experience, we are now scaling up this revenue stream with 7 new projects in the pipeline and foraying into other markets. Our first coproduction movie in Arabic, Ramsis Paris, saw a successful theatrical release, paving the way for more such projects.

We continue to grow the Syndication business, expanding the client base for our library across the world. We are expanding the team, investing in technology and developing a process- based approach to building this vertical. Moreover, our foray into sports is an impetus in this direction.

DIGITAL

Indias digital media grew at 30% YoY to Rs.571 billion in 2022, increasing its contribution to the Indian M&E sector from 16% in 2019 to 27% in 2022. The digital media industry is expected to grow at a CAGR of 15%, reaching Rs. 862 billion by 2025.

The growth of digital media in India is fuelled by several factors firstly, internet penetration witnessed a 4% increase YoY, reaching a total of 866 million subscriptions by December 2022. Additionally, the number of smartphone users in the country reached an impressive milestone of 538 million users in 2022. This widespread adoption of smartphones further facilitated access to digital content and contributed to the expansion of the digital media sector. Moreover, 32 million Indian households were equipped with wired broadband connections, enabling faster and more reliable internet access. Furthermore, the popularity of CTVs soared, with over 25 million devices in use. The increasing trend of consuming content on digital is further fuelled by the availability of free sports content and direct-to-digital movie releases, which enhanced consumption in the country.

Internet penetration increased by 4%

Internet subscriptions (Mn)	Dec 2020	Dec 2021	Dec 2022E
Narrow band (a)	48	37	34
Broadband (b)	747	792	832
Urban (a)	482	496	516
Rural (b)	313	333	350
Total (a + b)	795	829	866

Video viewers increased by 6% (30 million) in 2022 to reach 527 million, which is around 98% of smartphone owners and wired broadband subscribers. Video viewers, as per EY:FICCI, are estimated to cross 620 million by 2025. This is also because of the increased and consistent supply of content on digital media.

Total online video content investment in India stood at Rs.82 billion in 2022. In 2020, 30% of OTT originals were in regional languages; this increased to 50% in 2022. In 2022, almost 3,000 hours of fresh, original content was produced for streaming platforms, which is 19% higher than in 2021. Even though theatres are now open and fully accessible, 80+ films have been released on streaming platforms directly, without a theatrical release.

All of the above stands as a testament to the fact that online video consumption will only grow, and the ecosystem is only getting stronger supported by 5G, smartphones and CTV penetration.

Digital remains the second-largest in the total advertising market

	CY21	CY22	CY23E	CY25E
Advertising	383	499	594	765
Subscription	56	72	77	97
Total	439	571	671	862

Digital advertising grew 30% to reach Rs.499 billion in 2022, almost half of the total advertising market in 2022. The share will further grow to 54% in 2025. FMCG and e-commerce contributed to 58% of total spends on digital media.

Subscription revenues maintain growth momentum

Digital subscription revenue grew by 27%, reaching Rs.72 billion in 2022. Digital platforms are an alternate medium for consuming content of choice and their unique feature of anytime, anywhere entertainment, the time spent on digital medium has increased to 4.9 hours per day, a 32% growth since 2019. Paid video subscriptions reached 99 million in 2022 across almost 45 million households in India, with a total viewership of around 135-180 million users.

M&E sector is medium agnostic (Rs.Bn)

	CY21	CY22 :	CY23E	CY25E
Video	53.9	68.5	73.0	91.2
Audio	1.6	2.2	2.8	3.6
News	0.9	1.2	1.6	2.4
Total	56.4	71.9	77.4	97.2

SVOD (Subscription Video On Demand) benefitted from digital payment changes. As UPI payments continued to gain scale in 2022, M&E benefitted from the same; with some platforms claiming to receive 75% of their payments via the digital channel. Permitting the auto-renewal of subscriptions up to Rs.2,000 is also expected to help manage churn, though tokenisation of credit cards did have some negative impact.

Syndication opportunities will increase across telcos as well as D2C platforms and other modes of subscription, like TVOD, could generate over Rs.10 billion by 2025. E-commerce apps will provide a significant opportunity to license news, library and interactive content on their platforms to increase reach and visitations.

Half the original content produced was in Hindi, down from 70% of content in 2022, showing a clear shift towards regional language audiences; platforms claimed their content was viewed across 99% of Indian pincodes.

Films released directly on OTT were watched across over 4,000 towns and cities in India, which compare favourably against the erstwhile ‘mega movie releases, which peaked at 3,000 cinema screens.

Most large platforms adopted a strategy of eight languages (Hindi, four southern languages, Bengali, Marathi, and English). Dubbing and subtitling of movies and original content across Indian languages became the norm for most marquee releases.

The share of vernacular content will increase to over 62% of total content produced as regional OTTs flourish and achieve scale on the back of dubbing and subtitling by CY25E. This could also lead to increased costs for regional content production. As production costs keep increasing, we expect to see a mix of High, Medium, Low budget content getting skewed towards medium and low-cost production, as well as more IP co-ownership and sharing deals.

ZEE5 - All-round growth

ZEE5 has grown exponentially with enthusiastic investments in creativity and innovation, strategically strengthening our presence across India, offering enhanced viewing experiences anc delivering increased value to our viewers. As a result, ZEE5 is one among the top-rated OTT platform apps, both on iOS and Android Play Store. Having clocked over 100 billion streaming minutes in FY 2022-23, which is an increase of 30% YoY, along with continued engagement with the viewers through its content throughout the year.

ZEE5s brand recall has seen strong growth over the past two years, which has outperformed our initial goal of penetrating beyond Metro and Tier 1 cities. ZEE5 currently has a paying subscriber from every city in the country.

Being one of the most affordable and engaging OTT platforms, we continue to see growth in ARPU owing to changes in pack mix. Through continued expansion in partnerships with multiple players across the entire digital ecosystem, we are actively widening our reach. ZEE5 has tie-ups with telecom operators, ISPs, smart TV OEMs, e-commerce players, BFSI, travel and hospitality majors, and payment wallets. In addition to a higher reach and improved convenience, these partnerships also help in joint marketing campaigns.

Strong content offering

ZEE5 is Indias youngest OTT platform and a multilingual storyteller for millions of entertainment seekers. ZEE5 stems from the stable ZEEL, a global content powerhouse. An undisputed video streaming platform of choice for consumers; it offers an expansive and diverse library of content comprising over 3,500 films; 1,750 TV shows, 230+ originals, and 5 lakh+ hours of on-demand content. The content offering, spread across 12 languages (English, Hindi, Bengali, Malayalam, Tamil, Telugu, Kannada, Marathi, Oriya, Bhojpuri, Gujarati, and Punjabi), includes the best of Originals, Indian and International Movies, TV Shows, Music, Kids shows, Edtech, Cineplays, News, Live TV, and Health and Lifestyle. A strong deep-tech stack, stemming from partnerships with global tech disruptors has enabled us to offer a seamless and hyper-personalised content viewing experience in 12 navigational languages across multiple devices, ecosystems, and operating systems.

With such depth and breadth in content, ZEE5 is now one of the largest producers of Indian language content. During FY 2022-23, 32 originals were released across different genres and languages. The platform has been experimenting with unique storylines that are relevant and can resonate with the audience, and is innovating in terms of content formats. ZEE5 has also been creating content IPs with the option of bringing out successive seasons for successful shows. We also launched the season of our franchise series Rangbaaz: Darr Ki Rajneeti which received rare reviews. Other Hindi series like Duranga, Broken News, and Mukhbir received critical acclaim. Ayali, a Tamil original that focuses on a very relevant social topic of girl child education, not only got us great reviews but also surpassed our expectations. Through our Direct-to-Digital releases like Lost, Chhatriwali and India Lockdown, we aim to deliver real and relatable content that is both entertaining and socially relevant.

ZEE5s partnerships with leading production houses like TVF have also helped in creating a strong library of content with iconic shows like Triplings S3 and Pitchers 2.

ZEEPlex, the TVOD (Transactional Video on Demand) platform, which was launched on ZEE5 in CY20, gives viewers the flexibility to pay for the content they choose to watch. ZEE5 is the first OTT platform in the country to launch the TVOD option for the consumer. In FY 2022-23, ZEE5 released several movies on TVOD, of which <i>Spiderman: No Way Home witnessed an unprecedented response.

ZEE5 Global

ZEE5 Global closed FY 2022-23 as the #1 South Asian platform across all international markets, with a decisive lead in major markets like the US, Europe, Middle East and key APAC markets.

Constantly delivering strong revenue growth year on year, ZEE5 Global has seen remarkable success this year.

Catering to South Asian diaspora audiences in 190+ countries with an unrivalled content offering across 12 Indian and 6 international languages, the business has continued to calibrate its focus in specific countries basis the addressable market and subscriber growth potential. It has further strengthened its presence in priority markets through building community connects at scale, improved user engagement and retention and a richer language content offering.

In the U.S., which is the largest market, the platform has seen the highest growth in FY 2022-23, on the back of multiple initiatives to scale consumer reach through local partnerships, on-ground marketing and a richer content slate including ‘must-watch titles like RRR, The Kashmir Files, The Broken News, Valimai, etc.

At a unique vantage point today with its leadership position and deep insights into the consumption patterns of South Asian audiences, the business is now taking significant steps toward further building out a strong growth business for sustained success.

190+

Countries

Strategic investments in our Technology &

Innovation Centre

ZEES Technology & Innovation Centre in Bengaluru has delivered a significant impact in its first year of operation. Our team of domain experts across product management, design, engineering, data science, and information security have worked together to build complex solutions and capabilities in a span of 9-12 months.

Our consumer-centric approach has been pivotal in shaping delightful experiences for our ZEE5 audience and making it the top-rated OTT app on Android Play Store and iOS App Store. The app provides a best-in-class streaming experience for premium users, compared to industry-wide streaming metrics, and offers new engagement experiences aimed at fulfilling every spare moment of the consumer.

MOVIES

In FY 2022-23, Movies recovered to 90% of its pre-pandemic levels, with gross box office revenue crossing Rs.100 billion, only for the second time in Indias history. Domestic movie releases were over 1,600 across languages and around 200% more than in 2021. The highest number of films were released in Telugu (278), Kannada (233), followed by Tamil (288) and Malayalam (199). Only 194 films were released in Hindi. Hindi cinema ceded 17% market share since 2019; South Indian films now command over 50% of box office revenues and some South Indian films were released nationally. There were 22 such films in 2022, compared to five each in 2020 and 2021.

ZEE has become one of the most secure media companies with the best-in-class tools and certifications like ISO 2700I Compliant, GDPR Compliant for Data Privacy. Our efforts to curb content piracy has shown a significant reduction in both online piracy and offline piracy.

Our data science team has built sophisticated data products that are leveraged by various parts of the business to aid revenue growth, cost efficiency, and improve customer experience. We are also exploring and piloting various Generative Al use cases and are building bespoke products with our key technology partners.

We will continue to invest in building deep capabilities in technology and data, as we aim to become the most trusted D2C entertainment platform of choice.

Broadcast rights were impacted by lower ratings

Movie channel	CY20	CY22	Change
Hindi	332	327	-2%
Telugu	289	265	-8%
Tamil	269	230	-14%
Kannada	168	179	+6%
Bhojpuri	153	145	-5%
Marathi	135	113	-16%
Bengali	112	91	-19%
Malayalam	131	83	-37%
Gujarati	89	59	-34%
Punjabi	82	44	-46%
English	11	7	-38%
Total	1,772	1,542	-13%

A decline in movie channel viewership, particularly for large film premieres kept satellite rates subdued. In certain cases, films were released on television after their theatrical and digital releases, often after a month or so, which could have impacted their television performance.

Future outlook

	CY22	CY23E	CY25E
Domestic theatricals	105	118	136
Overseas theatricals	16	20	26
Broadcast rights	10	11	12
Digital/OTT rights	36	39	45
In-cinema advertising	5	7	9
Total	172	194	228

As per EY:FICCI, the film segment is expected to continue to grow, driven by theatrical revenues as Hindi movies go mass in their storytelling, incorporate more VFX to enhance the moviegoing experience and expand into Tier-2 and 3 cities.

Broadcast rights will remain muted as they have become a distant third window after theatrical and digital releases. Further, movie viewership will be determined by content type and will not grow until movie content is created for the masses as against the classes. In effect, content that appeals to multiplex and OTT audiences will be different than content tha appeals to single-screen and television audiences.

As per EY:FICCI, the evolution of a shared risk model, where talent shares to a great extent in the risk of the films performance. This will also ensure that all monetisation windows are optimally utilised.

ZEES movie production, marketing, and distribution business has released over 30 movies and web series in FY 2022-23, in theatres and on streaming platforms, making it the largest number of content pieces released by a single company in India in the said fiscal. The releases included various commercial successes across different language categories, such as Mrs. Chatterjee vs Norway (Hindi), Qismat II (Punjabi), Thunivu (Tamil), Dharmaveer (Marathi), Vedha (Kannada), Dharavi Bank (Hindi series, streaming on MX Player), Lost (Hindi, streaming on ZEE5). Some of our recent successes are The Kashmir Files (Hindi), which was the third highest-grossing film in 2022, having collected Rs.3,409.2 million worldwide, and Valimai (Tamil). In FY 2022-23, ZEE Studios continued its successful streak, with major releases including Thunivu on 11^th January 2022, which went on to become a box-office hit, grossing over Rs.1000 million. ZEE Studios films are delivering higher ‘Lifetime Value through

its marketing across subsequent landings of the film on streaming and satellite. Of the all-time top 10 subscription drivers on ZEE5,

5 are ZEE Studios titles (Radhe, The Kashmir Files, Antim, Raksha Bandhan, Khuda Flaafiz Chapter 2). Of the top 5 Punjabi titles on ZEE5, four are from ZEE Studios (Qismat 2, Puaada, Jinne Jamme Saare Nikamme, Fuffadji). The top 3 subscription drivers on ZEE5 in the Marathi film category are from ZEE Studios (Dharmaveer, Pandu, Timepass 3).

With an eye on expanding its global footprint, we are actively building a content line-up that qualifies as ‘world cinema and is appreciated at major film festivals across the world. Some examples of this are Joram (Hindi) premiering at the Rotterdam Film Festival (Jan 2023); Aatmapamphlet (Marathi), premiering at the Berlin Film Festival (Feb 2023), and Kennedy (Hindi), premiering at the Cannes Film Festival (May 2023).

MUSIC

The Indian music segment witnessed robust growth in 2022, as stated in the EY:FICCI report. With a 19% increase, it reached a value of Rs.22 billion. A significant contributor to this growth was the digital realm, which accounted for 87% of the total music segment revenues. The popularity of music streaming platforms was evident, as the audience for music streaming reached approximately 208 million individuals. Furthermore, music publishing revenues crossed Rs.8 billion in the same year, further underscoring the strength of the music industry in India.

The music segment is projected to maintain a steady growth trajectory going forward. It is expected to achieve a CAGR of 15%, reaching Rs.33 billion by 2025. This will primarily be driven by the increase in digital revenues, with the pay subscriber base projected to surpass 8 million. Moreover, as events and activations continue to scale up, the recovery of performance rights will contribute to the sectors expansion. Based on these indicators, the Indian music industrys future is positive, with a strong potential for sustained growth and development in the coming years.

ZEE Music Company (ZMC), ZEES music publishing label, is one of the fastest-growing music labels in the country.

Flaving acquired an expansive catalogue of music rights across languages, it earned the status of‘second-most listened to

Indian music label in a short period of time. ZMC has been acquiring music rights at a rapid pace in 22 languages, making it truly a pan-India music label.

Its catalogue now consists of over 12,000+ songs across Hindi and regional languages. ZMC has also emerged as a partner of choice for producers in the country. Partnerships with small- to-mid and large movies allow them to leverage ZMCs vast distribution network.

ZMC also supports new talent by way of its production of non-film music under the ‘ZEE Music Originals brand name.

A strong understanding of listeners preferences has enabled the label to identify music that will resonate well with customers.

With over 135 million subscribers, ZMC is the second-largest music label in the country to have the most subscribers on YouTube. It generates over 10 billion views every month.

In India, film music dominates consumption. One of the biggest hits of the year "Apna Bana Le" from the movie Bhediya is with ZMC. The channel continues to lead the market with acquisitions of new Hindi film music, regional music and non-film music and added 2,400+ songs to its catalogue during the year.

SPORTS

Sports is one of the most engaging verticals for Indias massive 890 million TV audience (as per BARC). With viewership transcending all socio-economic, language and age boundaries, sports impacts the growth of the entire ecosystem including TV broadcasters, digital platforms, advertisers and distributors. Among sports, cricket dominates the Indian viewership, with an almost 75% share and a solid audience reach across India.

To leverage the strength of sports, particularly cricket, ZEEL has acquired the global media rights of the UAE-based International League T20 (ILT20), held under the aegis of the Emirates Cricket Board for ten seasons, starting January 2023.

ILT20 is a professional franchise-based T20 format cricket event with six franchise teams comprising the finest international ICC member countries and UAE players competing in a 34-match world-class event. The six franchises are owned and managed by some of the leading corporate and sports entities from around

the world, including Gulf Giants (Adani Sportsline), Ml Emirates (Reliance Industries), Abu Dhabi Knight Riders (Knight Riders Group), Desert Vipers (Lancer Capital), Dubai Capitals (GMR) and Sharjah Warriors (Capri Global).

Season 1 of ILT20 was held from 13th January 2023 to 12^th February 2023 in the UAE, and was broadcast live in three languages, English, Hindi and Tamil, on 10 of ZEES linear TV channels, including ZEE Cinema SD & HD, ZEE Anmol Cinema, ZEE Bangla Cinema, &Pictures HD, &FlixSD & HD, ZEE Thirai and ZEE ZestSD and HD, and streamed on ZEE5 in India. Besides India, the event was presented in over 100 countries on ZEES international television network, ZEE5 Global, and through strategic partnerships with leading TV and digital platforms such as BT Sport, Willow TV, STARZ Play, Rush, ATN, Singtel, T-Sports, Du, CricLife, Supreme TV, PTV Sports, Geo Super, meWatch, and Viu.

FINANCIAL REVIEW

Consolidated financials

	FY23	FY22	Growth
Operating Revenue	80,879	81,857	(1%)
Expenditure	(69,868)	(64,054)	9%
EBITDA	11,011	17,803	(38%)
Add: Other income	797	1,201	(34%)
Less: Depreciation	(3,127)	(2,213)	41%
Less: Lina nee cost	(702)	(438)	60%
Less: Lair value through P&L	58	(37)
Exceptional items	(3,355)	(1,333)
Add: Share of Profit of Associates	(D	1
Profit Before Tax (PBT) from continuing operations	4,681	14,985	(69%)
Less: Provision for Tax	(2,167)	(4,447)	(51%)
Profit after Tax (PAT) from continuing operations	2,514	10,538	(76%)
Loss from discontinuing operations	(2,036)	(980)
Less: Minority interest		88
Profit after Tax (PAT)	478	9,646

ZEE consolidated revenues for the year ended 31^st March 2023 stood at Rs.80,879 million, compared to Rs.81,857 million in the previous year-a decline of 1.2% on account of weak Ad spending environment, prolonged delay in NTO implementation putting pressure on linear TV subscription revenues, and relatively subpar movie content performance. This operating environment has adversely impacted ZEE Entertainments performance for the year. In FY 2022-23 we also withdrew ZEE Anmol from FTA, sacrificing revenues and viewership towards our long-term objective of strengthening the Pay TV ecosystem.

Advertising revenues for the year ended 31st March 2023 declined by 7.7% to Rs.40,579 million. This decline was led by Zee Anmol FTA withdrawal and weak Ad spending by brands in an inflationary environment caused by challenging macroeconomic factors like high input costs, geopolitical risk and disrupted global supply chain. Subscription revenues increased by 2.7% YoY to Rs.33,355 million due to growth in ZEE5 and Music, partially offset by a decline in linear TV subscriptions.

ZEES operating expenses increased by 9.1% to Rs.69,868 million, from Rs.64,054 million in the previous year. This increase was primarily due to sustained investment in content, marketing and technology in ZEE5, and higher content costs in movies, and Sports. The programming-related costs increased by 10.6% led by a higher number of hours on the linear TV side, the ILT20 inaugural edition and the expanding digital library in ZEE5.

During the year, ZEE5 released 32 original shows and movies. Advertising, publicity, and other expenses for the year increased by 10.2% YoY to Rs.16,944 million on account of new launches In linear and originals in digital business during the year. EBITDA for the year stood at 711,011 million, a decline of 38% on a normalised basis vs FY 2021-22 EBITDA, excluding one-offs. The

decline is largely on account of stepped-up investments in tech, platform, content, and higher marketing. EBITDA margins for the year ended 31st March 2023 stood at 13.6%, compared to 21.7% for the year ended 31st March 2022.

Depreciation and amortisation expenses increased by 41% YoY to Rs.3,127 million. The exceptional expenses incurred during the year primarily included Rs.1,762 million for expenses pertaining to proposed Scheme of Arrangement (merger), Rs.594 million for provision of subscription revenues from Siti Networks Ltd. (SNL) as a matter of abundant caution due to legal proceedings and, Rs.474 million in relation to DSRA liabilities. Further, the company is also in the process of discontinuing certain business or operations including Margo Network (Sugarbox) as part of our portfolio rationalisation and conditions of impending merger. These have been accounted as discontinuing operations in FY 2022-23 financial statements. Consolidated income tax expense of Rs.2,167 million witnessed a decrease of 51.3% over the previous year. Consolidated profits after taxes from continuing operations stood at Rs.2,514 million and consolidated profit after tax stood at Rs.478 million.

Liquidity and funding

As on 31st March 2023, ZEE had cash and bank balance of Rs.8,040 million. Consolidated long-term debt stood at Rs.40 million. Consolidated cash flow from operations stood at Rs.1,290 million for the year ended 31st March 2023, compared to Rs.2,799 million in the previous year. The decrease in cashflow from operations was largely due to lower profitability and investments in operations.

RISK FACTORS

Industry risks

Competing for limited consumer time in a cluttered landscape

With over 900 players in broadcast, as per the Ministry of Information & Broadcasting, and over two dozen in the digital/

OTT space vying for the consumers attention, the media and entertainment landscape is increasingly becoming saturated with good-quality content, thereby increasing consumer expectations, which can potentially impact the networks viewership share and consequently revenues.

Alternate forms of entertainment

Entertainment trends such as Virtual Reality, augmented reality, the rise of social media and short video platforms, gaming, metaverse, etc. are redefining the industry by offering more personalised and immersive experiences for audiences, shaping their expectations. Secondly, some of these platforms offer a special value proposition to the advertisers. While this presents a multitude of opportunities for the hybrid entertainment business, it would also imply that the linear business reimagines the way it delivers its content experiena

Cancel culture

In a world that is now increasingly aware, sensitive, and politically/ ideologically fragmented as a media brand it impacts our ability to depict/represent contemporary realities. Navigating these challenges while upholding the freedom of expression can be a delicate balance.

Intellectual property infringement

Al technologies can enable the creation of highly realistic deepfakes,

i.e. manipulated media content that can be difficult to distinguish from genuine content. This poses a risk to media businesses, as it becomes harder to identify and combat intellectual property infringement, unauthorised use of copyrighted material or misrepresentation of individuals or brands.

FTA/Free Dish

Market saturation and the cost-of-living crisis have led to budget-conscious consumers re-evaluating their subscription choices, helping the popularity of FTA. Aided with original content offerings, the FTA universe has seen accelerated growth potentially impacting the subscription revenue of the Pay TV ecosystem.

Macroeconomic headwinds

With marketing budgets being slashed across sectors amidst the sluggish and weak macro demand environment, advertising spends are likely to be impacted, affecting the ad revenue stream.

Content and selling costs

Content costs have increased from pre-pandemic levels and are expected to increase even further, as per the findings of an EY- Producers Guild of India Survey in December 2022.

External risks Macroeconomic environment

Advertising revenue is linked to the economic growth of the country. A poor macro-economic environment can adversely impact advertising revenue, which is the largest component of revenue for ZEE.

Global/Local pandemic

COVID-19 caused an extremely volatile macro-economic environment and disrupted business operations. It affected content production to a great extent, and the impact of this trickled into every other area. Any future pandemic breakout could affect ZEES ability to produce content and monetise it.

Exchange rate fluctuations

ZEE has operations outside India, and with a portion of revenues and expenses in foreign currencies, we are directly impacted by any fluctuation in exchange rates. Any extreme fluctuation will reflect on the revenues and expenses.

IT security threats

COVID-19 has forced organisations to embrace remote working and new technologies. It, however, also provided opportunities for cybercriminals to attack IT infrastructure and applications, leading to an increase in user data hacking and cyberattacks. A security breach could lead to disruption in services, loss of sensitive data, legal and regulatory non-compliance, and reputational risk.

Regulatory risk

Uncertainties in rules and regulations

The M&E industry is governed by the rules and regulations issued by the authorities and regulatory bodies of the different countries it operates in, and therefore, any changes in rules and regulations could have a material impact on its revenues and cost of doing business.

Internal risks

Increase in content costs

ZEE spends a significant amount on the creation and acquisition of rights to movies, shows and music across its broadcast, digital and international businesses. With increasing competition, content creation and content acquisition costs could reach a level that is not commensurate with the monetisation potential and estimated cost recovery. Increased inflation will likely also have an impact on the cost of content.

Commercial success of creative content is unpredictable

ZEE is continuing to expand its content catalogue, including original shows, TV series, films, music and other new formats across genres. While ZEE believes that original and exclusive content helps differentiate its service from other offerings and attracts and retain subscribers, it is difficult to predict the commercial success of any creative efforts with certainty. If content investments do not meet its intended objectives, in particular, in terms of costs, viewership and popularity, ZEES operating performance and brand perception may be impacted.

HUMAN RESOURCE DEVELOPMENT

The past few years have marked a significant journey of change and growth for both ZEE and the industry. ZEE kicked off its digital pivot - ZEE 4.0, with a focus on shaping the next lifecycle of the organisation and preparing it to achieve success in an increasingly digital world. However, the journey coincided with an unprecedented disruption caused by the COVID-19 pandemic, which had far-reaching effects on the talent dynamics in India and around the globe. ZEE remained focused on ensuring business continuity, safeguarding employee well-being, and driving the Companys transformation. The Company identified key areas such as Culture and Capability, Leadership, Employee Experience, Diversity, and Employer Brand as the foundation of its transformational journey.

As a part of this pivot, ZEES investment in building the Technology and Innovation Centre in Bengaluru has not only helped the Company build its IP but has also ensured a much better speed

to market across all our digital platforms. The centre has over 650 engineers who give us an unparalleled edge in the race to win the digital ecosystem.

ZEE believes that true change starts from within, which is why it has focused on shaping the organisations culture around the four pillars of Exponential Thinking, Execution Excellence, Hunger for Impact, and Seamless Collaboration.

To ensure the integration of these core principles into our operations, it has incorporated these drivers of organisational performance, along with the ZEE 4.0 Digital Transformation, into its revamped performance and rewards framework. Additionally, the introduction of recognition platforms such as ZEELOMPICS, Cheers4Peers and ZEEcademy has encouraged the adoption of these new behaviours in the organisation.

At ZEE, achieving the highest standards of employee experience is notjust critical to engage and retain employees but is central to deliver the highest standards of customer experience. Over the year, the Company rolled out several initiatives to significantly enhance our employee experience through initiatives that reduce friction in employee transactions; building an enabling policy framework; increasing employee listening and engagement and overall improving the quality of internal service. We are an interesting amalgam of diverse mindsets, cross-functional talent, and boundless energy. Therefore, the value of diversity, equity and inclusion is a cornerstone of our success, and we have substantially increased our

ZEELOMPICS is a quarterly recognition platform which integrates our competency framework and rewards individuals for their extraordinary performance while demonstrating behaviour aligned with the competencies. ZEELOMPICS, as the name exhibits, is inspired by the Olympics and consists of 5 rings, each signifying an organisational competency. These competencies Include Shaping Change, Collaboration, Execution Excellence, Hunger for Impact, and Customer Centricity. The programme is designed keeping in mind the spirit of a sportsperson to play and win as a team or as an individual. ZEELOMPICS rewards employees across all business units, functions, and geographies, for demonstrating competency-led behaviours and encourages learning and development through the reinforcement of right behaviours. ZEELOMPICS continues to raise the bar for excellence by driving behavioural change and enabling individual growth which paves the way for improved performances.

Cheers4Peers is a peer recognition programme that aims to create a culture of instant recognition and strengthen peer- to-peer relationships within a fun, social format. Through this initiative, employees across all levels can recognise their peers for demonstrating desired competencies, using different badges (Go-Getter, Dependable Ally, Driven Exceller, Trailblazer, Customer/Consumer Champion).

Equipped as a self-managed wallet system accessible on ZEEConnect (ZEES internal portal), each employee can reward up to 10 badges to their peers in a financial year. In the FY 2022-23 the engagement on the platform has been around 80% across the organisation.

Technology has played an undeniable key role in making these programmes sustainable, fair, and transparent. Both these initiatives strike a balance between being structured and self- driven, hyper-personalised recognition programmes for the employees. At their core, ZEELOMPICS and Cheers4Peers aim to drive key business outcomes while recognising and reinforcing desired competency-led behaviours. These flagship programmes have also been the mainstay of several industry recognitions ZEE has received during the year.

ZEE was awarded Gold in the ‘Best Rewards and Recognition Strategy category at the TITAN Business Awards 2022.

The TITAN Business Awards is a globally dominant award programme that recognises exceptional work across the entirety of business-incorporated industries. ZEE won Bronze under the ‘Excellence in Reward & Recognition Strategy at the ET Human Capital Awards. The Economic Times Human Capital Awards recognise outstanding initiatives that organisations have undertaken to ensure the well-being of their employees while also leading their businesses to grow faster than ever before.

ZEEcademy is ZEES Al-powered learning platform which has transformed the learners experience and empowered them to pave their own path of progress. This digital learning hub was meticulously crafted after extensive research into business goals, an in-depth understanding of learners needs, and a strategic examination of prevailing industry-level skill gaps/challenges. This platform has been awarded and celebrated by the most coveted Asian and Global awarding bodies in the Human Capital. ZEEcademy features personalised learning pathways, world-class user interface and experience (UI/UX), content aggregation, assessments and certifications, real-time tracking mechanism and on-the-go availability. This is further complemented by crowdsourcing of ideas on courses and engaging monthly campaigns to achieve higher participation of employees.

Additionally, to encourage and incentivise the learner, we initiated the ‘Souls of ZEEcademy Learning Reward and Recognition programme, fostering a powerful culture of learning throughout our organisation.

ZEEcademy has helped ensure that the learning journey of our employees is not compromised. By the end of FY 2022-23, we have delivered exceptional learning outcomes through this platform which have not only exceeded our expectations but also exceeded most global benchmarks on adoption, repeat users, number of learners and social expressions.

In 2019, only a fraction (3%) of learners were engaged with ZEEcademy. Today, our platform is engaging an overwhelming 99.5% of learners with the remaining 0.5% being newjoinees. Over 57% of these learners are actively involved month- on-month, highlighting a marked growth in learning and engagement, thereby bridging the pressing skill gaps. With a course completion rate exceeding 92%, an impressive Net Promoter Score (NPS) of 63, and a content rating of 4.6 out of 5, ZEEcademy underscores the value and impact of its content.

ZEEcademy has consistently surpassed global benchmarks on all the platform KPIs. The recognition we have received affirms our unwavering commitment to creating an enriching, personalised learning experience that propels professional growth.

Internal controls

ZEES internal control systems are in line with its business and the size and complexity of the operations. ZEE have adequate controls, procedures, and policies in place to ensure a seamless conduct of its business, and this includes adherence to policies, safeguarding assets, prevention and detection of frauds, and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information. These are routinely tested and certified by Statutory and Internal Auditors. Significant observations and follow-up actions are reported

ZEEcademy Awards

Forum	Award(s) Won
Brandon Hall	Gold - Best Advance in Emerging Learning Technology
People First	Champion of "Leading Practices in L&D"
ETHR (Economic Times)	Gold - Excellence in Learning Experience
	Silver - Best Learning Culture in the Organisation
	Bronze - Best Learning Team
Transformance Forum
	Winner of L&D Innovation in Skill Development
Business World HR	Excellence in Learning Technology
TISS CLO Awards
	Gold - Digital Learning Transformation
	Silver - Best Induction Programme
TITAN Business Awards	Gold - Best Rewards and Recognition Strategy
ET Human Capital Awards	Bronze - Excellence in Reward &
	Recognition Strategy

to the Audit Committee. The Audit Committee reviews the adequacy and effectiveness of the internal control processes and monitors the implementation of audit recommendations, including those related to the strengthening of risk management policies and systems.