With reference to the subject matter cited above and Pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish ....
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Sea TV Network's board, at its meeting on 28 May 2025, approved the audited standalone and consolidated financial results for Q4 and FY ended 31 March 2025. On a standalone basis, FY25 total income stood at Rs 656.72 lakhs with a net loss of Rs 388.23 lakhs (EPS of Rs -3.43), while consolidated total income was Rs 1,516.88 lakhs with a net loss of Rs 42.56 lakhs. Net worth is deeply negative at Rs (4,038) lakhs standalone and Rs (4,081) lakhs consolidated, showing that shareholder equity has been fully eroded. The board also appointed Mr. Harshit Jain, a Chartered Accountant, as the new CFO and Key Managerial Personnel effective 28 May 2025, on the recommendation of the Nomination and Remuneration Committee. The statutory auditor (Doogar & Associates) issued a qualified opinion because the company reversed Rs 58.15 lakhs of previously accrued interest and did not recognise another Rs 141.59 lakhs of Q4 interest on unsecured borrowings, citing financial constraints — a quantified impact of Rs 199.74 lakhs on finance cost and liabilities.
Negative net worth, qualified audit opinion, and explicitly cited inability to service interest obligations point to severe financial distress and a likely going-concern issue, which is materially negative for shareholders. The new CFO appointment signals management change amid this stress, but until loan restructuring is formalised the risk of further erosion and lender action remains high.