“The largest part of the rationalisation in terms of people has already happened,” ZEE CEO Punit Goenka said on an earnings call on July 31, after the first-quarter results were announced.
ZEE’s acting chief financial officer Mukund Galgali said the company will focus on maintaining an optimal structure to suit business requirements.
In the June quarter, ZEE’s consolidated employee benefit expenses declined 12% to ₹225 crore. For the fiscal ended March, its employee benefit expense stood at ₹1,018 crore.
As part of its restructuring, ZEE had cut workforce by 15% across functions, impacting 700 of its 4,500 employees. Prior to that, the company had sacked 50% of its staff at the Technology & Innovation Centre in Bengaluru.
The aggressive cost-cutting measures were undertaken following the termination of the company’s merger deal with Sony Pictures Networks India.
