NXTDigital’s media & communications segment reports operating profit of Rs 110.97 cr in Q2
MUMBAI: Hinduja Group-owned NXTDigital’s media & communications segment comprising of digital cable and headend in the sky (HITS) business has witnessed a turnaround.
The segment has seen a huge jump in its operating profit at Rs 110.97 crore compared to Rs 16.24 crore in the trailing quarter. In the corresponding quarter of the previous fiscal, the company posted an operating loss of Rs 73.37 crore.
Revenue from the segment jumped to Rs 382.5 crore compared to Rs 228.6 crore in the trailing quarter. The revenue stood at Rs 152.6 crore in the same period last year.
On a consolidated basis, the company reported a total income of Rs 387.32 crore as against Rs 228.9 crore in Q1 and Rs 170.39 crore in Q2 FY19. The company reported a consolidated net profit after tax of Rs 124.18 crore for the quarter as against a net loss after tax of Rs 57.70 crore for the quarter ended 30th June 2019 and a net loss after tax of Rs 175.20 crore for the quarter ended 30th September 2018.
In keeping with its vision of becoming a large digital services player, Hinduja Ventures Ltd. (HVL), the listed holding company of India’s leading and only integrated digital platform IndusInd Media & Communications Ltd. (IMCL), has been rechristened as NXTDigital with all regulatory approvals.
The move comes about as the organisation completes key steps of the corporate reorganization, 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 reorganisation which involved demerging of the cable television and HITS 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.
OIL has a strong presence in Broadband and Internet services in 14 cities. OIL provides converged services of Video, Data, and Voice to consumers by delivering high-speed internet and services across multiple cities in India. OIL leverages Nokia’s GPON technology to provide 2Gbps broadband and connections to home users. The backbone of the system is a common services delivery and assurance platform.