NXT Digital on Friday announced the financial results for the quarter ending June 30, 2020. The company continued its revenue growth with revenues for Q1 FY 21 standing at Rs 234.82 crores, which grew on a 3.4% over the previous quarter. NXT posted an EBIDTA of Rs 50.36 crores for the quarter, seeing a growth of 99% compared to the previous quarter.
NXT has not been able to maintain it subscriber base but continued to ensure collection efficiency of 99.5% under its prepaid collection model. NXT has also appointed Mr. Amar Chintopanth who is Chief Financial Officer of the Company as Whole Time Director and Chief Financial Officer and Key Managerial Person of the Company with immediate effect pursuant to provisions of Section 203 of the Companies Act, 2013.
NXT is also developing innovative products to leverage the onset of the festival with ‘NXTGO’ solution is a dongle-type device that can be plugged into an OTT Set Top Box (OTT) or an Android based television with immediate access to live television channels. The ‘NXTCONNECT’ STB is a next generation solution that will allow customers to access live televisions, OTT content, social and other apps, games and much more.
Commenting on the Q1 performance, Vynsley Fernandes, Chief Executive Officer, NXTDIGITAL Ltd. reiterated that “As an essential service providing critical video and data connectivity, it was and is imperative to step up and deliver uninterrupted services to customers whilst ensuring, without exception, the safety of our personnel, our partners and ecosystem. 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.”
NXT is also continuing to work with its partners to launch a Cloud-based mobile app to allow customers to access local services in their community which will build a strong ecosystem of local merchants around the LCO.
NXT Digital is focused on consolidating and growing its service subscriber base over 10 million with onboarding of over more than 5 million managed customers. The significant portion of customers are in semi-urban, semi-rural, and rural markets.