Integrated Filing — IndAS

General information about company
Scrip Code	533287
NSE Symbol	ZEELEARN
MSEI Symbol	NOTLISTED
ISIN	INE565L01011
Name of company	Zee Learn Limited
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	15-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	09-May-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Consolidated
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Geographical
Description of single segment
Start date and time of board meeting	15-May-2025   17:45:00
End date and time of board meeting	15-May-2025   22:10:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Statement on impact of audit qualification

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	1586801000	3719375000
	Other income	35808000	205973000
	Total income	1622609000	3925348000
2	Expenses
(a)	Cost of materials consumed	0	0
(b)	Purchases of stock-in-trade	319011000	663641000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	-27025000	12008000
(d)	Employee benefit expense	405886000	1328974000
(e)	Finance costs	100106000	386924000
(f)	Depreciation, depletion and amortisation expense	104786000	364016000
(f)	Other Expenses
1	Selling and marketing expenses	95727000	247081000
2	Other Expenses	148130000	434266000
	Total other expenses	243857000	681347000
	Total expenses	1146621000	3436910000
3	Total profit before exceptional items and tax	475988000	488438000
4	Exceptional items	-159665000	-159665000
5	Total profit before tax	316323000	328773000
6	Tax expense
7	Current tax	146665000	213204000
8	Deferred tax	930000	-11665000
9	Total tax expenses	147595000	201539000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	168728000	127234000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	168728000	127234000
17	Other comprehensive income net of taxes	3835000	209000
18	Total Comprehensive Income for the period	172563000	127443000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	168728000	127234000
	Total profit or loss, attributable to non-controlling interests	0	0
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	172563000	127443000
	Total comprehensive income for the period attributable to owners of parent non-controlling interests	0	0
21	Details of equity share capital
	Paid-up equity share capital	327062000	327062000
	Face value of equity share capital	1	1
27	Details of debt securities
22	Reserves excluding revaluation reserve		0
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	0.52	0.39
	Diluted earnings (loss) per share from continuing operations	0.51	0.39
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	0.52	0.39
	Diluted earnings (loss) per share from continuing and discontinued operations	0.51	0.39
24	Debt equity ratio	0	0
25	Debt service coverage ratio	0	0
26	Interest service coverage ratio	0	0
27	Disclosure of notes on financial results

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	32688000
	Capital work-in-progress	0
	Investment property	4554750000
	Goodwill	0
	Other intangible assets	869349000
	Intangible assets under development	4337000
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	0
	Non-current financial assets
	Non-current investments	55000000
	Trade receivables, non-current	0
	Loans, non-current	542145000
	Other non-current financial assets	11068000
	Total non-current financial assets	608213000
	Deferred tax assets (net)	92521000
	Other non-current assets	945165000
	Total non-current assets	7107023000
2	Current assets
	Inventories	260468000
	Current financial asset
	Current investments	0
	Trade receivables, current	405118000
	Cash and cash equivalents	260386000
	Bank balance other than cash and cash equivalents	36785000
	Loans, current	0
	Other current financial assets	6952231000
	Total current financial assets	7654520000
	Current tax assets (net)	0
	Other current assets	71065000
	Total current assets	7986053000
3	Non-current assets classified as held for sale	0
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	15093076000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	327062000
	Other equity	1633904000
	Total equity attributable to owners of parent	1960966000
	Non controlling interest	0
	Total equity	1960966000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	2512050000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0
	Total Trade payable	0
	Other non-current financial liabilities	576454000
	Total non-current financial liabilities	3088504000
	Provisions, non-current	34730000
	Deferred tax liabilities (net)	0
	Deferred government grants, Non-current	0
	Other non-current liabilities	1234144000
	Total non-current liabilities	4357378000
	Current liabilities
	Current financial liabilities
	Borrowings, current	1039473000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	70466000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	76921000
	Total Trade payable	147387000
	Other current financial liabilities	6737754000
	Total current financial liabilities	7924614000
	Other current liabilities	841396000
	Provisions, current	8722000
	Current tax liabilities (Net)	0
	Deferred government grants, Current	0
	Total current liabilities	8774732000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	13132110000
	Total equity and liabilites	15093076000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Educational Services and related activities	1281974000	2738404000
2	Construction and leasing (for education)	29936000	120372000
3	Training, manpower and related activities	279823000	880857000
	Total Segment Revenue	1591733000	3739633000
	Less: Inter segment revenue	4932000	4932000
	Revenue from operations	1586801000	3719375000
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Educational Services and related activities	600692000	902088000
2	Construction and leasing (for education)	-47844000	-201262000
3	Training, manpower and related activities	-12562000	-31437000
	Total Profit before tax	540286000	669389000
	i. Finance cost	100106000	100106000
	ii. Other Unallocable Expenditure net off Unallocable income	123857000	123857000
	Profit before tax	316323000	328773000
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Educational Services and related activities	8099117000	8099117000
2	Construction and leasing (for education)	6455170000	6455170000
3	Training, manpower and related activities	255247000	255247000
	Total Segment Asset	14809534000	14809534000
	Un-allocable Assets	283542000	283542000
	Net Segment Asset	15093076000	15093076000
4	Segment Liabilities
	Segment Liabilities
1	Educational Services and related activities	8007924000	8007924000
2	Construction and leasing (for education)	1351346000	1351346000
3	Training, manpower and related activities	137151000	137151000
	Total Segment Liabilities	9496421000	9496421000
	Un-allocable Liabilities	3635689000	3635689000
	Net Segment Liabilities	13132110000	13132110000
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Items that will not be reclassified to statements of profit and loss	3835000	209000
	Total Amount of items that will not be reclassified to profit and loss	3835000	209000
2	Income tax relating to items that will not be reclassified to profit or loss	0	0
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss	0	0
5	Total Other comprehensive income	3835000	209000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Consolidated
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			328773000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			386924000
	Adjustments for decrease (increase) in inventories			12008000
	Adjustments for decrease (increase) in trade receivables, current			-145630000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			0
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			0
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			111536000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			0
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			364016000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			0
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			0
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			0
	Adjustments for dividend income			0
	Adjustments for interest income			119665000
	Adjustments for share-based payments			3182000
	Adjustments for fair value losses (gains)			0
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			0
	Other adjustments to reconcile profit (loss)			145638000
	Other adjustments for non-cash items			0
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			758009000
	Net cash flows from (used in) operations			1086782000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			257879000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			828903000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			0
	Other cash payments to acquire equity or debt instruments of other entities			0
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			0
	Purchase of property, plant and equipment			110697000
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			52193000
	Cash receipts from repayment of advances and loans made to other parties			71387000
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			0
	Interest received			15398000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-49530000
	Net cash flows from (used in) investing activities	-125635000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			3769000
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			0
	Repayments of borrowings			189043000
	Payments of lease liabilities			54711000
	Dividends paid			0
	Interest paid			23512000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-370000000
	Net cash flows from (used in) financing activities			-633497000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			69771000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			0
	Net increase (decrease) in cash and cash equivalents			69771000
	Cash and cash equivalents cash flow statement at beginning of period			190615000
	Cash and cash equivalents cash flow statement at end of period			260386000

Audit qualification
Sr.	Details of Audit Qualification	Type of Audit Qualification	Frequency of qualification	For Audit Qualification(s) where the impact is quantified by the auditor	For Audit Qualification(s) where the impact is not quantified by the auditor
				Management's Views	(i) Management's estimation on the impact of audit qualification	(ii) If management is unable to estimate the impact, reasons for the same	Auditors' Comments on (i) or (ii) above
1	Textual Information(1)	Qualified opinion	Repetitive	Textual Information(2)	Textual Information(3)	Textual Information(4)	Textual Information(5)

Text Block
Textual Information(1)	Yes Bank Limited YBL had invoked the Corporate Guarantee issued by the Holding Company and its subsidiary i.e. Digital Ventures Private Limited DVPL upon nonrepayment of credit facilities during COVID19 pandemic availed by Four Trusts entity and called upon the Holding Company and DVPL to make payment of an amount of Rs. 44962.56 lakhs including interest and other charges upto 31 July 2021 . As further stated in the said note the Holding Company and DVPL had received notices from YBL regarding filing of petitions under Section 7 of the Insolvency and Bankruptcy Code 2016 IBC to initiate Corporate Insolvency Resolution Process CIRP of the Holding Company and DVPL as corporate guarantors before the Honble National Company Law Tribunal NCLT Mumbai. Also as stated in the said note YBL vide its letters dated 30 December 2022 had informed the Holding Company and DVPL that it had assigned and transferred the above credit facilities to J.C. Flowers Asset Reconstructions Private Limited J.C. Flowers and the amount outstanding therein as at 30 November 2022 was Rs. 52254.63 lakhs including interest and penal charges . As further explained in the said note on 10 February 2023 the Honble NCLT Mumbai admitted the application filed by YBL against the Holding Company and ordered the commencement of the CIRP under the IBC. However an appeal was filed before the Honble National Company Law Appellate Tribunal NCLAT by the Holding Company and the Honble NCLAT vide its order dated 16 February 2023 set aside the impugned order dated 10 February 2023 passed by the Honble NCLT and disposed off the appeal in accordance with law. As further explained in the said note subsequently J.C. Flowers filed Special Leave Petition SLP in the Honble Supreme Court for setting aside of the final order dated 16 February 2023 passed by the Honble NCLAT. On 29 March 2023 the Honble Supreme Court allowed the SLP and stayed the further proceedings of the Honble NCLT and the matter is currently pending for hearing before the Honble Supreme Court. However in respect of petition filed by J.C. Flowers under Section 7 of the IBC to initiate CIRP proceedings against DVPL the same was dismissed as withdrawn by the Honble NCLT. As further stated in the said note on 7 August 2023 the Holding Company DVPL along with four trusts entity entered into settlement agreement with J.C. Flowers to settle the above corporate guarantee obligation with respect to loans borrowed by the said four trusts entity. As per the terms of the settlement agreement Holding Company DVPL along with four trusts entity had agreed to settle the above Corporate Guarantee obligation for Rs. 28500 lakhs to be paid jointly and severally by Holding Company DVPL along with four trusts entity pursuant to which the Corporate Guarantee obligation and other securities created by Holding Company and DVPL will be released by J.C. Flowers on receipt of the said settlement amount. The said settlement agreement became effective during the quarter ended 31 March 2024 and accordingly during the quarter ended 31 March 2024 the Holding Company had provided Rs. 28573.12 lakhs including interest net of Rs. 400 lakhs paid by said trusts entity towards Corporate Guarantee obligation as per the said settlement agreement and the same was shown as recoverable from four trusts entity as at 31 March 2024 under other current financial assets . The timelines for payment of the said settlement amount had time to time been extended by J.C. Flowers alongwith payment of applicable interest till 30 May 2024 and the Holding Company DVPL along with four trusts entity further requested J.C. Flowers for extension of time till 30 June 2024 and 15 August 2024 for which confirmation from J.C. Flowers was awaited. However the Holding Company received letter dated 11 October 2024 from J.C. Flowers intimating termination of the said settlement agreement and further informing that all terms set out in the Financing document shall continue in full force and effect and all amounts paid under settlement agreement shall be adjusted towards repayment of the outstanding credit facilities of four trusts entity as if the settlement agreement had never been executed. Further J.C. Flowers and Assets Care and Reconstruction Enterprise Limited ACRE vide their respective communications dated 31 October 2024 informed the Holding Company that such outstanding credit facilities of four trusts entity of Rs. 62481.28 lakhs as on 11 October 2024 have been assigned and transferred by J.C. Flowers to ACRE. In view of above during the quarter half year ended 30 September 2024 the Holding Company had provided further liability of Rs. 36712.34 lakhs in addition to liability already provided till 30 June 2024 of Rs. 25768.94 lakhs and the corresponding amount was recoverable from four trusts entity and the total amount recoverable from four trusts entity was Rs. 66303.83 lakhs including amount recoverable of Rs. 29591.49 lakhs as at 30 June 2024 as at 30 September 2024. Further vide Supplemental Facilities Agreement dated 15 November 2024 the Holding Company DVPL along with four trusts entity and other entities forming part of the promoter and promoter group have agreed upon certain additional conditions with ACRE in respect of the outstanding credit facilities availed by four trusts entity the outstanding amount including interest of which is Rs. 63436.19 lakhs net of Rs. 2550 lakhs paid during the year by the Holding Company and four trusts entity as at 31 March 2025 and the total amount recoverable including interest from four trusts entity is Rs. 69458.74 lakhs including amounts paid by the Holding Company till 31 March 2025 as at 31 March 2025 and the same is disclosed under other current financial assets . In furtherance to the said Supplemental Facilities Agreement a few entities forming part of the promoter and promoter group have also created and extended security on their assets in addition to their security arrangement for their existing indebtedness with ACRE and existing security provided by the Holding Company DVPL along with four trusts entity to the satisfaction of ACRE for abovementioned outstanding credit facilities. Pursuant to the execution of the said Supplemental Facilities Agreement the management strongly believes that the above outstanding credit facilities of four trusts entity will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts entity and other security providers. In view of above management is of the opinion that the amount of Rs. 69458.74 lakhs receivable from four trusts entity as at 31 March 2025 is good and recoverable.
Textual Information(2)	N.A
Textual Information(3)	During the year the Supplemental Facilities Agreement dated 15 November 2024 the Holding Company DVPL along with four trusts entity and other entities forming part of the promoter and promoter group have agreed upon certain additional conditions with ACRE in respect of the outstanding credit facilities availed by four trusts entity the outstanding amounts including interest of which is Rs. 63436.19 lakhs net of Rs. 2550 lakhs paid during the year by the Holding Company and four trusts entity as at 31 March 2025 and the total amount recoverable including interest from four trusts entity is Rs. 69458.74 lakhs including amounts paid by the Holding Company till 31 March 2025 as at 31 March 2025 and the same is disclosed under other current financial assets. In furtherance to the said Supplemental Facilities Agreement a few entities forming part of the promoter and promoter group have also created and extended security on their assets in addition to their security arrangement for their existing indebtedness with ACRE and existing security provided by the Holding Company DVPL along with four trusts entity to the satisfaction of ACRE for abovementioned outstanding credit facilities. Pursuant to the execution of the said Supplemental Facilities Agreement the management strongly believes that the above outstanding credit facilities of four trusts entity will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts entity and other security providers. In view of above management is of the opinion that amount of Rs. 69458.74 lakhs receivable from four trusts entity as at 31 March 2025 is good and recoverable.
Textual Information(4)	N.A.
Textual Information(5)	N.A