May 28, 2024: Silly Monks (SILLYMONKS), a small-cap publicly listed (NSE) company, and a leader in digital entertainment and content distribution, has made a remarkable financial turnaround, accomplishing profitability after 4 challenging years. The firm also announced details of its (Employee Stock Ownership Plan) ESOPs plan.
Silly Monks, a Content publishing, distribution, and marketing company cheered its investors with a PBT of 26.83 lacs for Quarter 4 alone (FY 2024 PBT Rs 9.46 lacs) compare 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 optimization efforts.
This financial results 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, 27th of May 2024.
Silly Monks ESOPs declared to instill a sense of ownership
“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, Managing Director of Silly Monks stated.
“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 film Kalki 2898 – A.D. which is slated for release on 27th June 2024.
These partnerships have added strength to the digital entertainment and content distribution firm’s reputation as a premier content marketing and distributor in the entertainment industry.
In this FY 24, the digital entertainment firm also launched a comprehensive ESOP scheme to align employee interests with its growth trajectory to empower its workforce and cultivate a culture of customer centricity. The ESOP will be 5% of the total share capital and out of that the company has allocated 70% for the current employees, to be issued equally over 5 years starting June 2024.
This move is aimed to motivate the firm’s 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.
