| Total income jumped 23% to Rs 13.19 crore in Q1 FY24 as compared with Rs 10.72 crore posted in Q1 FY23. Adjusted EBITDA stood at Rs 7.93 crore during the quarter, registering the growth of 49% as compared with Rs 5.33 crore posted in corresponding quarter last year.
On consolidated basis, the company reported net loss of 3.70 crore in Q1 FY24 as compared with net loss of Rs 5.24 crore in Q1 FY23. Total revenue jumped 15.9% year on year to Rs 21.82 crore in Q1 FY24.
Quintype, the SAAS based media-tech company, witnessed a 48% increase in revenues to Rs 6.45 crore for Q1FY24 (against Rs 4.35 crore in Q1FY23). Quintype further reduces its operational losses by 45% on a quarter-on-quarter basis.
In Q1 FY24, The digital properties had more than 23 million subscribers/followers across various platforms.
Meanwhile, the board has approved the binding memorandum of understanding (MOU) amongst Quintillion Media (QML), a wholly owned subsidiary of the company and AMG Media Networks (AMG media) a wholly owned subsidiary of Adani Enterprises, for the sale of remaining 51% stake held by QML in Quintillion Business Media to AMG Media.
The transaction with AMG Media is restricted only with respect to the divestment of 51% stake in Quintillion Business Media and does not involve any transaction with Quint Digital Media (owner of the Quint' and/ or Quintype).
The transaction is expected to be completed in the third quarter of FY24.
Further, the board has approved the merger of the company with its wholly owned subsidiary, Quintillion Media. The merger will be undertaken with an appointed date of 1 April 2023.
In separate filing, the board has also approved the formation of a joint venture company with Singularity Ventures (SVPL) which proposed to be engaged in the field of artificial intelligence and related fields.
QDML and SVPL have agreed to invest an initial amount of Rs 5 crore in the JV; each party will own 50% shareholding in the JV. The key area of operations of the JV would be developing a digital platform with an intelligent system designed to generate research reports for specific queries by leveraging the capabilities of advanced language models to provide users with detailed insights, analysis, and recommendations.
Further, the board has approved the binding memorandum of understanding (MOU) amongst Quintillion Media (QML), a wholly owned subsidiary of the company and AMG Media Networks (AMG media) a wholly owned subsidiary of Adani Enterprises, for the sale of remaining 51% stake held by QML in Quintillion Business Media to AMG Media.
The transaction with AMG Media is restricted only with respect to the divestment of 51% stake in Quintillion Business Media and does not involve any transaction with Quint Digital Media (owner of the Quint' and/ or Quintype).
The transaction is expected to be completed in the third quarter of FY24.
Furthermore, In line with the vision, strategy and the digital focus of the group, the company will be renamed as 'Quint Digital'.
Lastly, the company's board has approved raising of capital by way of issuance of equity shares by way of qualified institutions placement for an aggregate amount not exceeding Rs 250 crore in one or more tranches.
Quint Digital Media is primarily engaged in the business of running websites through web, digital or mobile media and which may include various information including current affairs, lifestyle, entertainment etc. |