QDML Rebrands Itself as Quint Digital Ltd, Revenues See Growth of Over 15 per cent
Aug 16, 2023
NewsVoir
Uttar Pradesh [India], August 16: Quint Digital Media Limited (QUINT, BSE 539515), India's leading multi-brand digital media and media-tech group — being the only new-age digital media and technology player listed on an Indian stock exchange — published its standalone and consolidated results for Q1 FY24 on 14 August 2023.
Quint Digital Media Limited (QDML) rebranded itself as a pure-play digital company — to be renamed Quint Digital Limited, in order to resonate better with the vision, strategy, and digital focus of the Group. In line with the digital vision, the Company entered into a joint venture to foray into the area of artificial intelligence.
The Group entered into a binding MoU with AMG Media to divest the remaining 51% stake in Quintillion Business Media Limited. The transaction with AMG Media is restricted only to Quintillion Business Media Limited and does not involve any transaction with QDML, that is, there is no investment in The Quint or Quintype (owned by QDML) by AMG Media.
The Company approved raising up to INR 250 crores through a QIP — fund will be deployed on the inorganic growth strategy of the digital and media tech operations of the group.
The Quint’s standalone revenues for Q1 FY24 grew by a healthy 23% to INR 13.20 crores; Q1 FY23 revenues stood at INR 10.72 crores. Quintype continued its growth momentum; revenues increased by 48% to INR 6.45 crores in Q1 FY24; Q1 FY23 revenues stood at INR 4.73 crores.
Consolidated revenues for Q1 FY24 stood at INR 21.82 crores — a growth of 15%+ over Q1 FY23. The Group's net cash and cash equivalents stood at INR 157+ crores as on 30 June 2023.
Quintillion Media, a wholly owned subsidiary, to merge with QDML to rationalize the group structure.
The audience footprint across the websites and digital platforms — including Facebook, Instagram, YouTube, Twitter, Snapchat etc. — continued its strong momentum; the digital properties had nearly 23+ million subscribers/followers across various platforms at the end of Q1 FY24.
The Quint won fifteen awards across categories at the prestigious afaqs! Digipub Awards 2023, and its multimedia immersive 'Islamophobia 365: Lynchings and Beyond’ was a finalist at the 25th edition of the Society of Publishers in Asia (SOPA) Awards 2023.
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