Quint Digital Media Limited records Rs 19.73 crore revenue for Q2 FY23

It is up 37% from Q2 FY22 and the company expects a divestment of a 49% stake in BQPRIME to be competed by Q3 FY23.

Quint Digital Media Limited (QDML) has, for Q2 FY23, recorded total operating revenues of INR 19.73 crore; a growth of 37% over its consolidated operating revenues that stood at Rs 14.39 crore in Q2 FY22.

Meanwhile the company’s consolidated losses (attributable to QDML; net of non-controlling interest) contracted by more than 25% over the previous year.

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 on divestment of a 49% stake in BQPRIME will provide the Company with significant cash reserves and further boost overall profitability.