Hyderabad: Silly Monks (SILLYMONKS), a small-cap NSE company in digital entertainment, has achieved profitability after 4 tough years and disclosed its Employee Stock Ownership Plan (ESOPs) details.
Silly Monks, a content company, delighted investors with a large quarterly profit of 26.83 lacs in Q4 (FY 2024), in stark contrast to a substantial loss in FY 2022-23. This success showcases their strategic restructuring and optimization efforts and sets a path for continued growth and stability in the Indian entertainment industry. The results were announced at a board meeting in Hyderabad on May 27, 2024.
Sanjay Reddy, Co-founder, Managing Director of Silly Monks stated, “Turning profitable after 4 years is a remarkable achievement for Silly Monks. This success is credited to our dedicated team and the strategic initiatives that have been implemented. We have streamlined our operations and focused on key revenue-generating verticals, setting the stage for sustained growth and success.”
“Our disciplined financial approach and strategic focus have been crucial in reversing our financial fortunes. With robust plans and a talented team, we are poised to continue delivering strong financial performance.” Sanjay added.
Silly Monks has played a pivotal role in the success of some of India’s biggest blockbuster films as digital marketing partners, such as KGF, KGF – 2, Kantara, Salaar, and film Kalki 2898 – A.D. which is slated for release on 27th June 2024.
These partnerships have added strength to Silly Monks’s reputation as a premier content marketing and distributor in the entertainment industry.
In FY 24, Silly Monks introduced an ESOP scheme to align employee interests with its growth and promote a customer-focused culture. This ESOP will account for 5% of the total share capital, with 70% allocated to current employees to be distributed equally over 5 years beginning June 2024.
This move is aimed to motivate the Silly Monks team by making them integral stakeholders in future success. It strives to grow, innovate, deliver value to stakeholders, and push boundaries in digital entertainment.
