Financial Performance - The company reported a total income of $23,003,342 for the fiscal year ended March 31, 2024, representing an increase of $3,610,013 or 19% compared to $19,393,329 in the previous year[302][303]. - Revenue from contracts with customers increased by $2,355,591 or 12%, driven primarily by a rise in carriage and placement fees by $2,004,044 or 59% and subscription income by $1,024,310 or 7%[304]. - The Company reported an increase in other income by $1,254,422 or 326%, primarily due to a provision for warrants liabilities no longer required, which increased by $1,274,773 or 353%[307]. - For the fiscal year ended March 31, 2024, total revenue was $23,003,342, an increase of $3,610,013 or 19% from $19,393,329 in the previous year[328]. - Revenue from contracts with customers was $21,363,775, up $2,355,591 or 12% compared to $19,008,184 for the fiscal year ended March 31, 2023[329]. - Net income for the year ended March 31, 2024, was $1,439,610, a 33% increase from $1,078,491 in the previous year[328]. - The company reported a basic income per common share of $0.68 for the fiscal year ended March 31, 2024, compared to a loss of $2.67 in the previous year[328]. Expenses and Costs - Cost of revenue for the year ended March 31, 2024, was $16,762,580, an increase of $2,878,289 or 21% from $13,884,291 in the previous year, mainly driven by a $2,739,623 or 22% increase in the cost of materials consumed[308]. - Staffing expenses rose to $844,098 for the fiscal year ended March 31, 2024, reflecting an increase of $210,119 or 33% from $633,979 in the prior year, attributed to higher salaries due to the deployment of device boxes[309]. - Amortization and depreciation costs increased to $926,484, representing a rise of $230,260 or 33% from $696,224 in the previous fiscal year, primarily due to additions in property, plant, and equipment[311]. - Finance and other costs decreased significantly to $638,957 for the fiscal year ended March 31, 2024, down by $1,571,447 or 71% from $2,210,404 in the previous year, due to repayment of borrowings and no claims on warrants liability[312]. - The Company incurred Broadcaster/Subscription Fees of $1,225,922, an increase of $134,222 or 12% from $1,091,700 in the previous year[308]. - Legal and professional expenses decreased to $386,622, down by $446,457 or 54% from $833,079 in the prior year, as last year's expenses were elevated due to listing and related professional fees[309]. - Other operating expenses increased to $2,643,948, reflecting a rise of $376,683 or 17% from $2,267,265 in the previous year, with the increase being marginally related to the Sri Sai business[311]. Cash Flow and Financing - Net cash provided by operating activities for the year ended March 31, 2024, was $886,034, a decrease from $1,153,335 in the previous year[343]. - Net cash used in investing activities was $3,651,681 for the year ended March 31, 2024, compared to $12,920,014 for the year ended March 31, 2023[346]. - Net cash provided by financing activities was $2,705,230 for the year ended March 31, 2024, down from $11,655,402 in the previous year[347]. - The principal amount of current debt as of March 31, 2024, was $13,975,499, a decrease from $15,258,547 as of March 31, 2023[348]. - The company expects to utilize free cash flow and cash on hand for business growth, strategic opportunities, and potential mergers and acquisitions[349]. Strategic Initiatives - The company is beta testing remote patient monitoring devices in Telangana, with a subscription-based service expected to launch in the second half of 2024[284]. - Plans to set up local health centers and diagnostic centers in India are being developed, with a rollout expected to commence in the second half of 2024 and take approximately 24 months to complete[284]. - The company aims to leverage India's e-commerce boom and telemedicine regulations through acquisitions, enhancing its business model with experienced management teams[288]. - Lytus Studios is in discussions to create curated content for its platform, with initial deployment expected for its customer base in India[284]. - The company has obtained an Internet Service Provider License to offer Broadband/Internet services alongside traditional cable services, aiming to enhance Revenue Per User[356]. - The company incurred approximately INR 250,000 ($3,150) to apply for a trademark registration, indicating a shift towards investing in research and development[351]. - The company is actively reviewing potential acquisitions to improve operational efficiency and achieve appropriate return targets[350]. Market Risks and Financial Policies - The company is exposed to market risks including foreign currency fluctuations and interest rate changes, primarily operating in India and the United States[338]. - The company is exposed to foreign currency exchange rate risk due to operations primarily in India and the United States, affecting revenue presented in U.S. dollars[339]. - The company continues to monitor inflation impacts and may not fully offset higher costs through price increases, which could harm financial results[342]. - The Company did not have any off-balance sheet arrangements that required disclosure, and it has not entered into any financial guarantees or derivative contracts related to its shares[316][317]. - The Company’s cost recognition policy states that costs and expenses are recognized when incurred, classified according to their primary functions[308]. - The company recognizes impairment losses and reversals in accordance with IFRS, ensuring that the carrying amount does not exceed the amount that would have been determined without prior impairment losses[362]. - Upon loss of control over a subsidiary, the assets and liabilities, including goodwill, are derecognized, and any retained equity interest is remeasured at fair value[363]. - Share warrants are classified as either equity instruments or derivative liabilities based on specific terms, with those requiring "net cash settlement" classified as financial liabilities[364]. - Outstanding warrants are recognized as a warrant liability on the balance sheet and measured at fair value at inception, with subsequent re-measurements recognized in profit or loss[365].
Lytus Technologies PTV. .(LYT) - 2024 Q4 - Annual Report