The rating agency Care Ratings said that the ratings assigned to the bank facilities of Hungama Digital Media Entertainment have been placed on credit watch with developing implications following the pending audit report and audited financials on account of the ongoing merger.
As per report, Hungama’s total operating income dipped to Rs 299.64 crore as against Rs 347.84 crore in the year-ago period. In FY15, the company had reported a net loss of Rs 99.67 crore on an income of Rs 326.67 crore.
As a matter of fact, Hungama Digital Services is also in the process of merging its subsidiary Hungama.com. Care has assigned BBB+ ratings to the company for long-term bank facilities of Rs 65 crore.