NxtDigital clocks Q1 revenue of Rs 235 crore, to raise Rs 500 crore for expansion

NxtDigital (earlier known as Hinduja Ventures Ltd) has reported 3.4 per cent growth in its consolidated revenues to Rs 235 crore in the quarter ended June on a sequential basis over the previous quarter and 2.7 per cent over the same quarter of the previous year.

The company posted earnings before interest, taxes, depreciation and amortisation (EBIDTA) of Rs 50 crore in Q1 FY21, posting a growth of 99 per cent on a sequential basis and 2.6 per cent on a year-on-year basis.

NxtDigital said it has not only been able to maintain its subscriber base but even grow its video and data businesses in spite of serious negative sentiments of Covid-19 pandemic. The company maintained its collection efficiency of over 99.5 per cent under its pre-paid collection model.

"The performance in Q1 against the challenging backdrop is a reflection of those carefully thought out and implemented strategies, consistent innovation and the singular commitment to our customer base," said Chief Executive Officer Vynsley Fernandes.

Besides, the board of directors has considered a capital raising exercise and constituted a committee of directors to analyse and explore various options, including preferential allotment, rights issue or such other means for an amount up to Rs 500 crore.

NxtDigital is a leading digital media and communications company. It is the only integrated digital delivery platform in the country covering satellite, digital cable and broadband catering to millions of subscribers across the country in more than 1,500 cities and towns through over 9,000 cable operators.

( With inputs from ANI )