Hinduja Ventures Q1 profit up marginally at Rs 24.21 cr

Hinduja Ventures Ltd, the holding company of IndusInd Media and Communication (IMCL), today reported marginal rise in net profit at Rs 24.21 crore for the first quarter ended on June 30, 2016.
It had posted a standalone net profit of Rs 23.92 crore in the corresponding quarter last fiscal, Hinduja Ventures Ltd (HVL) said in a statement.
HVL's total income rose to Rs 60.94 crore during the April-June quarter as against Rs 26.63 crore of the same quarter last fiscal.
Meanwhile, the board noted the scheme of arrangement between Grant Investrade Limited (GIL), the wholly owned subsidiary of the Company and IndusInd Media and Communications Limited (IMCL), a subsidiary of the company, wherein GIL will de-merge its Headend-in-the-Sky (HITS) business undertaking to IMCL.

The company also envisages that this will further enhance shareholders value by consolidating the Digital Media distribution businesses and will help to rationalise the group structure by optimizing the resources and integrating operational synergies both in revenue and costs.
The combined entity will also be able to venture and grow in the newer areas and many upcoming linked digital technology values adds that would be relevant for this business and same set of customers.

The broadband business has been also restructured for a direct focus and is planned for a manifold technology based growth, it said.
The said scheme was approved by the Board of Directors of GIL and IMCL at their meetings held on July 21 and noted in the HVL board on July 22.

It further said conversion of preference shares held in GIL into equity shares.
The Board also approved the conversion of 10 lakh Participatory Redeemable Non-Cumulative Preference Shares of Rs 10 each held in GIL in to shares.