Diligent Media Corporation Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Diligent Media Corporation reported a steep revenue decline of about 50% year-over-year, falling from Rs 1,319.19 crore to Rs 650.88 crore. The company posted a loss before tax of Rs 236.10 lakhs and loss after tax of Rs 881.50 lakhs, compared to profits of Rs 1,387.16 lakhs and Rs 1,361.88 lakhs respectively in the previous year. The balance sheet shows negative net worth of Rs 2,525.95 crore, and deferred tax assets of Rs 6,514.44 lakhs were reversed during the year. The statutory auditor issued a qualified opinion due to unresolved inter-corporate deposits (ICDs) of Rs 17,340.27 lakhs given to Veena Investments Private Limited (VIPL) and inability to perform impairment assessment. The auditor also highlighted material uncertainty about the company's ability to continue as a going concern.
The company is in severe financial distress with negative equity and a qualified audit opinion. Shareholders face significant risk given the going concern uncertainty, substantial contingent liabilities including GST demands of Rs 6,856.37 lakhs, and pending SEBI settlement proceedings.