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Ybrant Digital Q2 net falls 3%; to raise funds for expansion

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MUMBAI: Global digital marketing company Ybrant Digital Limited reported a 3.11 per cent fall in its net profit in the second quarter ended 30 September on increase in expenses.

The company‘s net profit for the second quarter was Rs 502.1 million, down from Rs 518.2 million a year earlier.

The fall in profit margin has been attributed to a 36.3 per cent rise in expenditure in the second quarter to Rs 3.45 billion from Rs 2.52 billion a year earlier, largely contributed by increase in employee benefit cost, software purchase expenses and general administrative expenses to Rs 1.84 billion from Rs 1.25 billion a year earlier.

Ybrant‘s revenue in the second quarter was Rs 4.25 billion, 37.86 per cent more than Rs 3.08 billion a year earlier.

The company‘s revenue for the first six months of the year was Rs 8.06 billion, up 38.84 per cent from Rs 5.80 billion a year earlier. Its net profit in the first half of the year was Rs 1.1 billion, up 15.07 per cent from Rs 954.5 a year earlier.

The company said, "The Board has discussed and considered the proposal to raise funds via QIP/FCCB/PIPE to meet the expansion plans of the company. We have constituted a sub-committee to facilitate the process including appointment of bankers, legal counsels and other advisors."

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