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Aptech to buy animation, education biz of MAAC
In an interview with CNBC-TV18, Ninad Karpe, Chief Executive Officer and Managing Director of Aptech, spoke about its acquisition with Maya Entertainment Limited, which is branded as Maya Academy of Advanced Cinematics (MAAC).
Q: Should the cash payout for the deal be in the vicinity of Rs 30 crore?
A: It's much less. We are negotiating the final number. Whatever the number the cash will be through internal accrual.
Q: I believe that your Chinese JV listing has been put on hold is it indefinitely on hold. What are the delays which are leading this deferment?
A: Chinese JV we hold presently 22%. In October 31, the Board of Directors of that JV has made an announcement saying that they will reconsider the IPO at a future point in time. So the position stands today in the same breath that they will relook at listing at a future point of time.
Q: Numbers are quite sluggish for the fourth quarter as well. What kind of revenue guidance can you hold out for this calendar year?
A: We have now changed our accounting year to March. We declared the last quarter numbers. We have been focusing on exiting businesses which are not profitable. So we are not focusing on topline as much as ensuring that we are profitable. We have exited businesses which were not making money, ensuring that we squeeze out maximum money from profitability basis. We have done serious cost management ensuring that we become profitable again.
