Quint Digital Media Q1 consolidated revenue up 80%
Quint Digital Media (QDM) has recorded 80% growth in consolidated operating revenues at Rs 16.60 crore for the quarter ended 30th June against 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 zoomed to Rs 24.56 crore compared to Rs 18.95 crore.
The transaction for divestment of a 49% stake in Quintillion Business Media (QBM) is expected to be completed in Q2 FY23, which will lead to a further reduction in 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 media-tech company, witnessed a 150%+ increase in revenues to Rs 4.35 crore compared to Rs 1.71 crore in Q1 FY22. The company said Quintype Technologies is on the path to achieving operational break-even in FY23.
Business news digital platform BQPRIME recorded revenues of Rs 3.61 crore against Rs 1.77 crore in Q1 of FY22.
The Raghav Bahl-promoted company said the closure of divestment of 49% stake in QBM and raising of up to Rs 125 crore via rights issue will provide the company with significant cash reserves and further boost overall profitability.
The company noted that the page views of The Quint plus other digital properties have witnessed a growth of 53%+ over the same period during FY22. Further, the digital properties had nearly 21.6 million subscribers/followers across various platforms at the end of Q1 FY 22.
Pursuant to the approval granted by the Board of Directors at its meeting held on February 7, 2022, to raise up to Rs 125 crore by way of a rights issue, the company has filed the Draft Letter of Offer with SEBI.
As part of the Rights Issue, subject to receiving necessary approvals including from SEBI and the Rights Issue Committee, the company proposes to raise Rs 125 crore from its shareholders. The company expects the Rights Issue to open during the last fortnight of the second quarter, subject to obtaining necessary approvals, as applicable.
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 housing the business and financial news platform viz. www.bqprime.com).
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, the company stated.
