Quint Digital Media turns profitable in Q2
The Raghav Bahl-owned media company has posted a net profit of Rs 1.08 crore for the quarter ended 30th September
Quint Digital Media (formerly Gaurav Mercantiles Ltd) has reported a net profit of Rs 1.08 crore for the quarter ended 30th September compared to a net loss of Rs 6.26 crore in the same quarter of the previous fiscal. In the trailing quarter, the company had reported a net loss of Rs 3.5 crore.
The company runs and operates three digital platforms thequint.com. hindi.thequint.com, and fit.thequint.com. The digital platforms offer media and journalism across five platforms - live, articles, videos, quint lab, and audio podcasts - across various categories.
The company recorded a big jump in its revenue at Rs 5.2 crore compared to Rs 3.4 crore a year ago and Rs 3.1 crore in the trailing quarter. Total expenses witnessed a steep fall as the company implemented aggressive cost-cutting measures by laying off employees. In April, it had sent 45 employees on indefinite leave without pay.
Total expenses fell from Rs 10 crore in Q2 FY20 to Rs 4.5 crore in the quarter under review. In the trailing quarter, the company's expenses stood at Rs 6.99 crore. Employee benefits expense witnessed a drastic fall from Rs 5.6 crore in Q2 FY20 to Rs 1.8 crore in the second quarter of the fiscal. In Q1, the employee benefit expense stood at Rs 4 crore.
Quint Digital Media got listed on BSE after media veteran Raghav Bahl acquired a controlling stake in a little-known stock listed company called Gaurav Mercantiles and transferred Quintillion Media's digital news business to the newly acquired company. Gaurav Mercantile's name was subsequently changed to Quint Digital Media. The company's stock price closed at Rs 300 per share today.
Apart from Raghav Bahl and Ritu Kapur, Quint Digital also boasts of investors like the Agarwal family, the promoter group of Haldiram's, and Mauritius-based foreign portfolio investor Vespera Fund.
Meanwhile, the company has received approval from BSE on 26th November for reclassification of the following outgoing promoter shareholders namely Gulab Devi Bohra, Nikhil Bohra, Pratap Singh Bohra, Tarun Bohra, Vivek Bohra, and Bohra Exports.
Promoters Raghav Bahl and Ritu Kapur own 66.41% stake in the company while the public holding is 33.59%.
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