Mumbai: NXTDIGITAL today announced its results for the second quarter and the first half of the current financial year – a period that continued to see significant impact of the COVID pandemic on the media and entertainment industry.
On a consolidated basis, while revenues remained stable despite the impact of the pandemic, the Company posted a year-on-year EBITDA growth of 15.8% at Rs. 50.7 crores for the quarter; which is also a 2.7% growth over the previous quarter. For the half year, the Company posted an EBIDTA of Rs. 102.1 crores, a growth of 8.7% over the corresponding period of the previous year.
Despite the impact of the pandemic, the company, by laying greater focus on operational efficiency rather than pure revenue growth at the cost of profitability; was able to improve EBIDTA margins to 21.7% for the half year, compared to 19.2% in the corresponding period of the previous year.
The Company today stated that the company has not only been able to maintain its subscriber base but grow its video and data businesses, in spite of the serious negative sentiments of the pandemic. The Company has maintained its collection efficiency of over 99.5% under its prepaid collection model.
The Board at its meeting today has designated Mr. Vynsley Fernandes as “Media Group Chief Executive Officer” of NXTDIGITAL Limited with oversight of all the media businesses of the group encompassing Cable TV, HITS and Broadband. He will be responsible for leading the overall business and operations of the group as it continues to expand across the media spectrum.
Commenting on the Q2 performance, Vynsley Fernandes, Chief Executive Officer, NXTDIGITAL Ltd. said “The focus in Q2 was to lay greater emphasis on operational efficiency, rather than pure revenue growth at the cost of profitability. Our strategy was to continue enhancing customer engagement whilst rolling out innovative solutions and driving cross-selling relentlessly. The result is manifested in our key performance indices – where not only has our EBIDTA grown both year- on-year and quarter-on-quarter; but has also seen growth in margins.”