 "December quarter results: Analysts expect tepid numbers")
Quint Digital Media Limited (QDML) recorded total operating revenues of Rs 18.47+ crore for Q3 of FY23, witnessing a growth of 26%+ over the previous year (consolidated operating revenues stood at Rs 14.65 crore in Q3 FY22). Quintype, the SAAS-based media-tech company, witnessed a 100%+ increase in revenues to Rs 5.41 crore (against Rs 2.70 crore in Q3 FY22).
Nine-month revenues (ended 31 December 2022) stand at Rs 14.98 crore, an increase of about 135% over the nine months. The losses on a consolidated basis (attributable to QDML; net of non-controlling interest) witnessed a reduction of 23% for the nine-month period ended 31 December 2022 (over the same period in FY22).
The transaction for divestment of a 49% stake in BQPRIME is expected to be completed in Q4 FY23, which will lead to a further reduction in the losses attributable to QDML.
The Company has successfully completed the Rights Issue and raised Rs 125 crore from shareholders. The Rights Issue received 1.21X bids demonstrating the trust reposed by shareholders in the Company and its management. Divestment of a 49% stake in BQPRIME is expected to be completed in Q4 FY23; will further bolster the cash reserves and boost overall profitability.
The audience footprint across the websites and digital platforms including Facebook, Instagram, YouTube, Twitter, Snapchat etc. continued its strong momentum in the quarter. Page views have witnessed a growth of 14%+ over the same period during FY22. Further, the digital properties had nearly 21.94 million subscribers/followers across various platforms at the end of Q3 FY23.
The Quint won six awards at the World Association of Newspapers and News Publishers (WAN-IFRA) South Asian Digital Media Awards 2022, including Gold for the Best News Website.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
