Hyderabad, 17th August 2023: Brightcom Group (NSE: BCG | BSE: 532368), the AdTech major, has put forward strong first-quarter results for the quarter ending June 30, 2023. The Board of Brightcom Group met on 14th August, 2023, to take stock of the first quarter earnings of the company.
- The company reported a strong quarter ended June 30, 2023 with consolidated revenues of Rs. 1690.32 crores (Rs. 1,480.61 crores for QE June 30, 2022) and PAT of Rs. 321.47 crores for Q1 FY23-24 (Rs.277.24 crores for Q1 FY 22-23).
- Consolidated revenues for Q1 rose by 14.16%Y-o-Y and PAT for Q1 rose by 15.96% Y-o-Y. Notably, EBITDA for Q1 also rose by 14.49% Y-o-Y (Rs.518.19 crores for Q1 FY 2023-24 compared to Rs.452.65 crores for FY 2022-23).
- The EPS is 1.59 for Q1 2023-24 compared to1.37 in Q1 2022-23, about 16% increase.
- The company’s Return on Equity(ROE), calculated on an annualised basis, is approximately around 17.6%.
- The company’s consolidated tax rate across all geographies in this quarter was 27.89%.
- We have achieved operating cash flow of approximately Rs.148.48 crores in the last quarter.
The Main Drivers of Revenue were:
- Continuing to build Client Reach across Geographies.
- The introduction of new products such as ‘Audio Ads’.
- On the demand side, this quarter, the company added:-
3 New Ad agencies, 12 new direct advertisers, 4 new newspaper relationships: for ‘Blocal’ exchange – our news platform.
- Adapting to new trends and embracing the ongoing changes in the mix of Performance vs CPM Ads.
- The company announced the successful partnership with ‘LoopMe’ (https://loopme.com/), putting Brightcom Group in a position to increase its reach and expertise in the field of digital advertising and once again fortify its position in the industry.
- In order to accelerate business growth synergistically and drive APAC as an epicenter of future business growth, we have begun efforts to establish a significant office presence in key Asia Pacific hubs, such as Kuala Lumpur or Hong Kong, and to look for strategic partnerships with compatible associates in the region.
- Etai Eitany and Roni Gelman to attend DMEXCO2023 (https://dmexco.com/) in Cologne, in September.
- We are attending the DIGIDAY Publishing Summit (https://digiday.com/digiday-publishing-summit-september-2023- in event/) in Miami this September with Ezequiel Moschcovich, VP Business Development, and Assaf Sassoon, Head of Sales.
- Introducing our newest senior additions, David Ben-Dov and Inbar Levy in Ad Operations in Israel.
- Ms. Neha Pamnani, a practicing company secretary, was appointed as the Secretarial Auditor of the Company for the financial year 2022–23.
- Introduction of the planning process of SLRP(strategic long-range planning) at intervals of 6 or 12 months. Peshwa Acharya, President -Group Strategy, and Narayana Raju, CFO to set this process in motion.
CONFERENCE CALL DETAILS
Brightcom Group will host a conference call on August 20th, 2023, Sunday at 4.00PM Indian Standard Time to discuss the financial results. Call-in details will be available from the Investor Relations page of the company’s website at: http://brightcomgroup.com/investors/