NXTDIGITAL LIMITED announces Q1FY22 results

NXTDIGITAL LIMITED, the media vertical of the global Hinduja Group and India's premier integrated digital distribution platform, delivering services through digital cable television, HITS (Headend-In-The-Sky) and Broadband; continued to leverage innovation and strategy to combat the challenges of the second wave - posting strong results for the quarter ending 30th June 2021.

- On a consolidated basis, the Company's revenues grew by 13.5% in the first quarter of the current financial year 2021-22 to Rs 266.6 crores against revenues of Rs 234.8 crores during the same period in the previous year.

- The Earnings Before Interest, Depreciation & Taxes (EBIDTA) was at Rs 51.3 crores in the first quarter of the current financial year as against Rs 50.4 crores for the same period in the previous year.

- Despite the first quarter of every year being a stabilizing quarter and despite the pandemic effect, the Profit/(Loss) after tax during the first quarter of the current year improved to Rs (28.9) Crores from Rs (30.0) Crores during the same period in the previous year.

- The Company has signed up several prestigious contracts in both, the video and broadband segments of its business, which projects got delayed due to the second wave. These are temporary blips which the Company expects to overcome once the above projects and its infrastructure sharing business start going on-stream in the second and third quarters.

- The broadband business continued to grow, touching 677,000 subscribers - registering a 93% growth over Q1 of FY21.

- With respect to the proposed Rights Issue, the Company has filed the Draft Letter of Offer with SEBI and the Stock exchanges on 2nd August 2021.

Vynsley Fernandes, MD & CEO at NXTDIGITAL Limited said "The Q1 performance exhibits the company's agility and reflexes - being able to innovate and maintain its momentum through a quarter impacted by the second wave. With the situation easing up, we are confident that implementation of our PaaS platform and the roll-out of our 100 NXTHUB project will see traction. Whilst we look to commence our infra sharing model with Siti Networks and then extend it to other MSOs, our 100 NXTHUB launch later this month from Ranchi and then on to other geographies, will continue to keep us well on the growth track".

Shares of NXTDIGITAL LIMITED was last trading in BSE at Rs. 482.4 as compared to the previous close of Rs. 477.05. The total number of shares traded during the day was 143 in over 39 trades.

The stock hit an intraday high of Rs. 482.4 and intraday low of 473.5. The net turnover during the day was Rs. 67914.

Source : Equity Bulls

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