Consolidated Quint Digital Media revenue up 80% in the first quarter
Quint Digital Media (QDM) reported an 80% growth in consolidated operating revenue to Rs 16.60 crore for the quarter ended June 30 from Rs 9.22 crore in Q1 FY22.
While the company’s net loss narrowed to Rs 6.35 crore from Rs 9.35 crore, total expenses soared to Rs 24.56 crore from Rs 18.95 crore.
The transaction to sell a 49% stake in Quintillion Business Media (QBM) is expected to close in the second quarter of FY23, which will further reduce QBM’s losses attributable to QDML.
Gautam Adani’s AMG Media Networks has acquired a 49% stake in Raghav Bahl’s Quintillion Business Media.
Quintype Technologies India Limited, the SAAS-based multimedia technology company, recorded an increase of more than 150% in revenue to Rs 4.35 crore from Rs 1.71 crore in the first quarter of FY22. company said Quintype Technologies is on track to achieve operating breakeven in FY23.
Digital business news platform BQPRIME recorded revenue of Rs 3.61 crore compared to Rs 1.77 crore in the first quarter of FY22.
The Raghav Bahl-promoted company said the closing of the sale of the 49% stake in QBM and raising up to Rs 125 crore via the rights issue will provide the company with significant cash reserves and further increase the overall profitability.
The company noted that page views of The Quint along with other digital properties grew over 53% over the same period in FY22. Additionally, digital properties had nearly 21.6 million subscribers/followers across various platforms at the end of the first quarter of FY22.
In line with the approval granted by the Board of Directors at its meeting on February 7, 2022, to raise up to Rs 125 crore through a rights issue, the company has filed the draft offer letter from SEBI.
As part of the rights issue, subject to receiving the necessary approvals, including from SEBI and the Rights Issuance Committee, the company proposes to raise Rs 125 crore from its shareholders. The company expects the rights issue to open in the last half of the second quarter, subject to obtaining the necessary approvals, if any.
QDML and its wholly owned subsidiary, viz. Quintillion Media Limited had entered into definitive agreements with AMG Media Networks Limited for the sale of a 49% stake in Quintillion Business Media Limited (entity hosting the economic and financial information platform www.bqprime.com).
Shareholders via postal ballot dated June 22, 2022 granted the necessary approvals for the transaction. The closing of the transaction is subject to customary closing conditions and is expected to be completed in the second quarter of FY23.
Quintype Technologies India Limited has entered into a master franchise agreement for the Middle East territory and is in the process of setting up/operationalizing a branch office in Dubai, the company said.
Read more news on (Internet Advertising India, Internet Advertising, Advertising India, Digital Advertising India, Media Advertising India)
For more updates, be social connected with us on
TwitterFacebook & Youtube