Digicontent sees a 2.73% dip in FY21 consolidated revenue at Rs 253.85 crore
Total income jumped 13.25% to Rs 71.16 crore from Rs 61.73 crore in the year-ago period
Digicontent has posted consolidated revenue of Rs 253.85 crore in FY21, which is a 2.73% dip from Rs 260.8 crore in the previous fiscal. The company's expenses decreased 4.49% at Rs 286.8 crore from Rs 300.3 crore in FY20.
The company, which owns and operates news websites hindustantimes.com, livemint.com, and livehindustan.com, has widened its net loss by 24.24% to Rs 43.59 crore from Rs 33.02 crore. The consolidated results include the financials of the company's wholly-owned subsidiary HT Digital Streams.
For the fourth quarter ended 31st March, the company's consolidated net loss has widened 28% to Rs 17.99 crore from Rs 12.95 crore in the same quarter of the previous fiscal. Total income jumped 13.25% to Rs 71.16 crore from Rs 61.73 crore in the year ago period. Expenses fell 5.7% to Rs 73.69 crore from Rs 77.9 crore.
The company said that its management has been continuously evaluating the possible effects that may result from the pandemic relating to COVID-19 on the operations and financial results of the Group for the quarter and year ended March 31, 2021.
The Group has considered and taken into account internal and external information and has performed sensitivity analysis based on current estimates in assessing the recoverability of financial and non-financial assets. Given the uncertainties associated with the nature, condition and duration of COVID-19, the impact assessment on the Group’s financial information will be continuously made and provided for as required.
The company carries on the operating business of Entertainment and Digital Innovation and has regular revenue from this business. As at 31 March 2020, the company holds not less than 90% of its net assets in the form of investments in equity shares and loans in/to a subsidiary company. Investments in equity shares in 100% subsidiary company constitute not less than 60% of its net assets.
Till 31 March 2020, the company did not trade in investments in shares, bonds, debentures, debt or loans in group companies, and it did not carry on any other financial activity referred to in Section 45I(c) and 45I (f) of the Reserve Bank of India Act, 1934.
The company also mentioned that a Composite Scheme of Amalgamation u/s 230-232 of the Companies Act, 2013, which provides for merger of Next Mediaworks Limited (NMWL), Digicontent Limited (DCL) and HT Mobile Solutions Limited (HTMSL) with HT Media Limited (HTML) has been approved by the Board of Directors of these companies at their respective meetings held on February 11, 2021, which is subject to requisite approvals.
Digicontent operates in the realm of Entertainment & Digital Innovation business. It provides content sourcing services and is engaged in the dissemination of news, knowledge, information, entertainment and content general interest through various digital and electronic media, and management of advertising time and space on news websites hindustantimes.com, livemint.com and livehindustan.com. It also operates movie entertainment and review website desimartini.com, runs Fever Audio Tools, maintains a repository of copyright images and carries out brand promotion activities.
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