Quint Digital Limited (QDL), a leading multi-brand digital and media-tech group with digital news properties, published its standalone and consolidated results for the quarter and half year ended September 30, 2023.
Formerly known as Quint Digital Media Limited, it is the only new-age digital media and technology player listed on an Indian stock exchange. Its digital properties include as news portal The Quint, Quintype, an AI-powered digital experience and CMS platform, The News Minute, Youth Ki Awaaz and BQ Prime, the company said.
The Quint’s standalone revenues for Q2FY24 grew by 11% to Rs 13.06 crore; Q2FY23 revenues stood at Rs 11.79 crore. Profit after tax (PAT) in Q2FY24 was Rs 2.28 crore.
Quintype continued as the most lucrative sector for the group — revenues increased by 30%+ to Rs7 crore in Q2FY24 while Q2FY23 revenue stood at Rs 5.35 crore. Quintype is expected to achieve operational break-even in Q3/Q4 FY24, the company said.
Consolidated revenues of Quint Digital Limited for H1FY24 stand at Rs 45.52 crore — a growth of more than 17% over H1FY23, the company said in a filing.
The audience footprint across the websites and digital platforms — including Facebook, Instagram, YouTube, Twitter, Snapchat, etc. — continued its strong momentum in the quarter. The digital properties had nearly 23+ million subscribers/followers across various platforms at the end of Q2FY24.
Quint Digital Limited, Quintillion Media Limited (QML) and Quintillion Business Media Limited (QBML) have entered into a binding share purchase agreement with Gautam Adani’s AMG Media Networks Limited to divest the remaining 51% stake in QBML for a sales consideration of Rs 52+ crore. AMG Media had bought a 49% stake in QBML for Rs 47.84 crore earlier in the year. The transaction is expected to be completed in Q3FY24.
The completion of the disinvestment of QBML will lead to the de-consolidation of related losses, and the group will swing to consolidated profitability, the company said. The operational losses of Quintillion Business Media Limited in Q2FY24 was Rs10.96 crore and in H1FY24 is Rs 21.20 crore.
The company said the transaction with AMG Media is restricted to the divestment of 51% stake in Quintillion Business Media Limited and does not involve any transaction with Quint Digital Media Limited, the owner of The Quint and Quintype.