On 14th August 2023, India’s leading multi-brand digital media, Quint Digital Media Limited (QUINT) published its standalone and consolidated results for Q1 FY24 . In line with its digital vision, the Company launched a joint venture to invest in the field of artificial intelligence. The group signed a binding MoU with AMG Media to divest the remaining 51% stake in Quintillion Business Media Limited.
The transaction with AMG Media is limited to Quintillion Business Media Limited and does not involve any transaction with QDML, which is to say, there is no investment in The Quint or Quintype by AMG Media. The company has agreed to raise up to INR 250 crore through a QIP fund for the inorganic growth strategy of the group’s digital and media technology operations.
Quint’s Q1 FY24 standalone revenue grew a healthy 23% to INR 13.20 crore; Revenue for Q1 FY23 was INR 10.72 crore. Quintype continued its growth; revenues increased by 48% in the Q1 FY24, up to Rs 6.45 million Cr; Revenues for the Q1 FY23 were INR 4.73 crore.
The consolidated revenue for Q1 FY24 was INR 21.82 crores, a 15 % increase over Q1 FY23. As on 30 June 2023, the group’s net cash and cash equivalents were INR 157 billion. In order to rationalize the group structure, Quintillion Media, a wholly owned subsidiary, will merge with QDML.
