NxtDigital reports revenue of Rs 548.9 crore in H1 FY23

The company improves its Ebitda performance to Rs 55.26 crore.


Mumbai: Hinduja Group’s NxtDigital has reported consolidated half-yearly financial results for the fiscal ended 30 September 2022.

In comparison to the previous fiscal's equivalent half-year revenue of Rs 543.2 crore, revenue of Rs 548.9 crore has been generated.

Profits before interest, depreciation, and taxes (Ebitda) increased to Rs 109.3 crore from Rs 102.9 crore in the same period of the previous year.

For the quarter ended 30 September, the company has improved its Ebitda performance to Rs 55.26 crore as against Rs 51.64 crore recorded the previous year and Rs 54.09 crore for the immediately preceding quarter of the current year.

Due to the company's continued focus on new growth drivers, all of its media and communications platforms, including its digital television and broadband verticals, experienced stability in the second quarter.

Last month, it introduced its 100th honourable NXTHUB, giving users seamless access to broadband, digital television, and OTT content.

Based on a legally binding MoU with Thaicom, one of the top satellite operators in the world, and following extensive and fruitful testing, NxtDigital is soon to introduce broadband-over-satellite services. In addition to public WiFi and drones to improve rural digital solutions and space-based data technologies for agriculture and resource management, this will be the first step of providing satellite AI solutions.

The organisation has also concentrated on creating digital solutions based on market dynamics throughout this quarter. It will soon introduce ONEDigital, a one-of-a-kind and cutting-edge all-in-one service that provides consumers with access to the internet, digital television, OTT, public and building WIFI, CCTV systems, and voice over IP/intercom. The company has also created the digital content aggregator app NXTPLAY, which is ready for release and offers over 3,00,000 hours of content from top international and regional OTT networks.

It has started its ambitious project, NXT Sangram, with the goal of training over 10,000 of its last mile owners or franchisees to make the paradigm shift and become digital services partners, capable of meeting all the digital needs of their communities, in line with these initiatives and building out a digital ecosystem on a national scale.

NxtDigital MD & CEO Vynsley Fernandes said, "We have remained committed this fiscal to developing solutions to drive growth, based on the dynamic environment and changing consumer preferences. Those focused efforts and technological innovations will now take centre stage as we look to shortly roll out our broadband-over-satellite services, our digital content aggregator app NXTPLAY and ONEDigital, an integrated all-in-one solution that defines true digital convergence. Our ecosystem too has been upgraded in line with delivering solutions for digital communities."

The draft scheme of arrangement between NxtDigital, Hinduja Global Solutions, and their respective shareholders has been approved, among other things, by the board of directors of the company. Minority shareholders strongly approved the scheme, with 99.99 per cent of them voting in favour of it at the extraordinary general meeting of shareholders held on 2 September  to approve the scheme of arrangement between the company and Hinduja Global Solutions. On 13 October, the NCLT will have its last hearing.

In the second corporate action, the company's board of directors approved the proposed scheme of arrangement between NxtDigital and Hinduja Leyland Finance (HLFL) and their respective shareholders, subject to regulatory and shareholder approvals, for the merger of HLFL with the company. The share exchange ratio for the proposed transfer was also approved by the board. The company is working to get all the required legal, regulatory, and other clearances for the deal.

Latest Reads

Ormax Media launches annual all access plan called ‘Super Subscription’

Ormax Media, a media analytics company, has announced the launch of its annual all-access plan called ‘Super Subscription.’ The plan will allow Ormax Media’s business partners full access to all industry reports, data and trends.

iWorld Over The Top Services
‘Frasier’ reboot starts production with Kelsey Grammar

OTT platform Paramount+ has announced that the series Frasier, starring and executive produced by Kelsey Grammer, starts production this week.

iWorld Over The Top Services
MX Player’s Abhishek Joshi quits

MX Player SVoD (subscription business) & business partnerships SVP & business head Abhishek Joshi has reportedly resigned.

iWorld Over The Top Services
Trai seeks comments on its consultation paper on regulating converged digital technologies and services

Mumbai: The Telecom Regulatory Authority of India (Trai) on Tuesday issued the consultation paper on "regulating converged digital technologies and services -enabling the convergence of carriage of broadcasting and telecommunication services." Over the period of time, various technological...

iWorld Telecom
Potential of WPL to garner a scalable viewership is an uphill task: Elara Capital

Mumbai: The BCCI has raked in Rs 4,669.99 crore from franchise bidders for the Women’s Premier League. Adani Sportsline forked out the most amount at Rs 1,289 crore. Three of the winning bidders also own IPL franchises - Royal Challengers Sports (owners of Royal Challengers Bangalore), JSW GMR...

iWorld Over The Top Services
Natak Pictures brings new web series ‘UNSORTED’ on Disney+Hotstar

Mumbai: Natak Pictures explores the emotional conflicts faced by today’s modern generation that constantly juggles between personal and professional life, with the release of its web show UNSORTED. The leading film studio premiered the web show on Disney+Hotstar on 27 January 2023 and is receiving...

iWorld Over The Top Services
Playflix to showcase Korean shown in regional languages

Mumbai: One Take Media Co’s OTT platform Playflix is on a roll, bringing blockbuster Korean shows back-to-back. OTMC’s Playflix app is now taking it a step further with regionalising its K-dramas. Playflix will now extend Korean dramas dubbed in Hindi, Tamil, Telugu and Kannada.

iWorld Over The Top Services
Black White Orange appointed as exclusive licensing agent for Netflix India and South Asia

Mumbai: Black White Orange, one of India’s brand licensing & consulting agencies, has been chosen as Netflix’s exclusive licensing and merchandising agent in India and South Asia. Under the agreement, Black White Orange will manage brand consulting & licensing for Netflix’s expansive show...

iWorld Over The Top Services
"One key factor that still prevents the sector's progress is a lack of adequate regulation"

Mumbai: Asian Esports fantasy platform FanClash provides a forum for the fans to not just enjoy the game as a viewer but also empowers them to monetise their knowledge of esports. Users can create their fantasy teams from every tournament and earn rewards based on the real-life performance of the...

iWorld Over The Top Services