Quint Digital Media Q2 revenue up 37% to Rs 19.73 crore
Expenses jumped 17.41% to Rs 23.6 crore from Rs 20.1 crore
Quint Digital Media Limited (QDML) has recorded total operating revenues of Rs 19.73 crore in Q2 FY23, witnessing a growth of 37% over the previous year's consolidated operating revenues stood at Rs 14.39 crore in Q2 FY22.
Operating loss narrowed by 86% to Rs 30 lakh from Rs 2.1 crore while net loss shrank 14.42% to Rs 4.51 crore from Rs 5.27 crore. Expenses jumped 17.41% to Rs 23.6 crore from Rs 20.1 crore.
The transaction for divestment of a 49% stake in BQPRIME is expected to be completed in Q3 FY23, which will lead to a further reduction in the losses attributable to QDML.
The company expects to complete the rights issue in Q3 FY23; the rights issue proceeds and consideration of the divestment of a 49% stake in BQPRIME will provide the Company with significant cash reserves and further boost overall profitability.
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 had filed the Draft Letter of Offer with SEBI. The company expects the Rights Issue to open and be completed in Q3 FY23.
