Quint Digital Media Limited published its standalone and consolidated results for the first quarter ended June 30, 2022. The results for the quarter ended June 30, 2022, are the first full three-month consolidated results of the Company post the acquisition of the digital media and media-tech operations inter-alia Quintype and Quintillion Business with effect from January 19, 2022.
According to the company statement, the Quint maintains strong momentum during Q1, the weakest business quarter in the financial year. Business momentum continues to be strong in Q2. Operating revenues for Q1 FY23 (June 22) stood at Rs 10.36 Crs; growth of 60%+ over the operating revenues for Q1 FY22 (June 21). EBIDTA witnesses a growth of 50%+ to Rs 3.62 Crs (Q1 FY22 at Rs 2.36 Crs). PAT increases by 63% over Q1 FY22.
On a consolidated basis, QDML recorded total operating revenues of Rs 16.60 +Crs, witnessing a growth of 80+% over the previous year (consolidated operating revenues stood at Rs 9.22 Crs in Q1 FY 22). The losses on a consolidated basis (attributable to QDML; net of non-controlling interest) witnessed a reduction of more than 35% over the previous year. The transaction for divestment of 49% stake in Quintillion Business Media Limited is expected to be completed in Q2 FY 23, which will lead to a further reduction in QBM’s losses attributable to QDML.
Quintype Technologies India Limited, the SAAS based media-tech company, witnessed a 150%+ increase in revenues to Rs 4.35 Crs (against Rs 1.71 Crs in Q1 of FY22). It’s on the path to achieve operational break-even in FY23. Business news digital platform viz. BQPRIME also continues the growth momentum; recorded revenues of Rs 3.61 Crs (against Rs 1.77 Crs in Q1 of FY22). Closure of divestment of 49% stake in QBM and raising of up to Rs 125 Crs via rights issue will provide the Company with significant cash reserves and further boost overall profitability.
QDML and its wholly owned subsidiary viz. Quintillion Media Limited had entered into definitive agreements with AMG Media Networks Limited for the sale of 49% stake in Quintillion Business Media Limited. The shareholders vide Postal Ballot dated June 22, 2022 have granted necessary approvals to the transaction. The closure of the transaction is subject to customary closing conditions and is expected to close in Q2 FY 23. Quintype Technologies India Limited has entered into a Master Franchise Agreement for Middle East Territory and is in the process of setting up/operationalizing a branch office in Dubai.