Silly Monks turn profitable after four years

HYDERABAD: Silly Monks (SILLYMONKS), a small-cap publicly listed (NSE) company and a leader in digital entertainment and content distribution, on Tuesday declared a significant financial turnaround, achieving profitability after four challenging years. The company also announced details of its Employee Stock Ownership Plan (ESOP)  plan.

Silly Monks, a content publishing, distribution, and marketing company, reported promising financial results, cheering investors with a PBT of 26.83 lacs for Quarter 4 alone (FY 2024 PBT: Rs 9.46 lacs) compared to a full-year loss of Rs 552.15 lacs in FY 2022–23. Turnaround highlights the success of Silly Monks strategic restructuring and resource optimisation efforts.

This milestone marks a new trajectory of growth and stability for the company, fortifying its position as a key player in the Indian entertainment industry. The results were declared at their board meeting held in Hyderabad on Monday, May 27, 2024.

“Turning profitable after 4 years is a remarkable achievement for Silly Monks. This success is credited to our dedicated team and the strategic initiatives that have been implemented. We have streamlined our operations and focused on key revenue-generating verticals, setting the stage for sustained growth and success.” Sanjay Reddy, co-founder and managing director of Silly Monks, added.

“Our disciplined financial approach and strategic focus have been crucial in reversing our financial fortunes. With robust plans and a talented team, we are poised to continue delivering strong financial performance.” Sanjay added.

Silly Monks has played a pivotal role in the success of some of India's biggest blockbuster films as digital marketing partners, such as KGF, KGF-2, Kantara, Salaar, and the film Kalki 2898: A.D., which is slated for release on June 27, 2024.

These partnerships have added strength to Silly Monks's reputation as a premier content marketer and distributor in the entertainment industry.

In FY24, Silly Monks also launched a comprehensive ESOP scheme to align employee interests with its growth trajectory, empower its workforce, and cultivate a culture of customer centricity. The ESOP will be 5 percent of the total share capital, and out of that, the company has allocated 70 percent for the current employees, to be issued equally over 5 years starting in June 2024.

This move is aimed at motivating the Silly Monks team by making them integral stakeholders in future success.

As Silly Monks continues to grow and innovate, the company remains committed to delivering exceptional value to its stakeholders and pushing the boundaries of digital entertainment.