NXTDIGITAL Limited reports a total income of Rs 387.32 crore in Q2

The company reported a consolidated net profit after tax of Rs 124.18 crore for the quarter ended June 30, 2019

e4m by exchange4media Staff
Updated: Nov 15, 2019 7:28 PM
NXT Digital

The Board of NXTDIGITAL Limited at its meeting held approved un-audited financial results for the quarter and half year ended September 30, 2019.

On a consolidated basis the company reported a total income of ₹ 387.32 crores for the quarter ended September 30, 2019 as against a total income of ₹ 228.91 crore for the quarter ended June 30, 2019 recording a growth of close to 69.20% and as against a total income of ₹ 170.39 crore for the quarter ended September 30, 2018.

For the half-year ended September 30, 2019, the company reported a total income of ₹ 616.23 crore on a consolidated basis as against a total income of ₹ 354.43 crore for the half-year ended September 30, 2018.

The company reported a consolidated net profit after tax of ₹ 124.18 crores for the quarter as against a net loss after tax of ₹ 57.70 crores for the quarter ended June 30, 2019, and a net loss after tax of ₹ 175.20 crores for the quarter ended September 30, 2018.

In keeping with its vision of becoming a large digital services player, Hinduja Ventures Ltd. (“HVL”), the listed holding company of IndusInd Media & Communications Ltd. (“IMCL”) has been rechristened as “NXTDIGITAL Limited” with all regulatory approvals. The move comes about as the organisation completes key steps of the corporate reorganisation, announced a few months ago – helping to consolidate all media businesses whilst unlocking value for shareholders. The rebranding comes close on the heels of the various actions being undertaken as part of the corporate reorganization which involved demerging of the cable television and HITS (“Headend-In-The-Sky”) business from IMCL and merging it with NXTDIGITAL, subject to all statutory approvals.

In another corporate action, OneOTT Intertainment Ltd. (“OIL”) – the broadband arm and its subsidiary IN Entertainment (India) Limited the content arm of the Hinduja Group had become subsidiaries of IMCL in August 2019. A true game-changer in the industry, the HITS platform enables IMCL to function also as a managed service provider to MSOs providing them with an unprecedented choice of channels at the best possible prices. With its state-of-the-art headed-in-the-sky or HITS facility, IMCL is the only company that can offer direct-to-operator services to any corner of the country.

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