Next Mediaworks Limited has informed the Exchange regarding Outcome of Board Meeting held on May 15, 2025.
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The board approved audited consolidated and standalone financial results for Q4 and FY25, with the auditor (S.R. Batliboi & Associates LLP) issuing an unmodified opinion. Consolidated revenue from operations fell to INR 3,033 lakhs in FY25 from INR 3,837 lakhs in FY24, a decline of about 21%. The company swung to a reported profit after tax of INR 5,385 lakhs versus a loss of INR 3,872 lakhs in FY24, but this was entirely due to an exceptional gain of INR 7,879 lakhs from the de-recognition of subsidiary Next Radio Limited. Underlying operations remain loss-making, with a pre-exceptional loss of INR 2,494 lakhs and EBITDA compressing from INR 222 lakhs to INR 124 lakhs. Next Radio ceased to be a subsidiary on February 7, 2025, after HT Media converted a loan into equity, reducing Next Mediaworks' stake from 51.40% to 13.53%.
The headline return to profit is a one-time accounting gain from losing control of its main operating subsidiary, not an operational turnaround — the core radio business continues to shrink and lose money. Loss of control over Next Radio fundamentally alters the company's future profile, while dependence on a letter of support from parent HT Media (after net worth erosion and current liabilities exceeding current assets) is a key risk factor for shareholders.