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Radio City reports profit of Rs 17.2 cr for Q1'18, up 42% YoY

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Radio City reports profit of Rs 17.2 cr for Q1'18, up 42% YoY

Music Broadcast Limited (MBL), which operates private FM stations under the brand name Radio City, has reported its unaudited financial results for the quarter ended June 30, 2017. Cash Profit after Tax (PAT) stood at Rs 17.2 crore, up 42% YoY.

Revenue for Q1’18 stood at Rs 70.3 crore as opposed to revenue of Rs 62.8 crore in Q1’17; a growth of 12% YoY. EBITDA for Q1’18 stood at Rs 22.2 crore as compared to Rs 19.1 crore in Q1’17; an increase of 16%.

The company also said that it increased its market share by around 2% in Q1’18 in terms of volume compared to Q1’17.

Commenting on the results, Apurva Purohit, Director said, “I am pleased to inform you that the performance of the company for the quarter has been better than expectations. We have been able to deliver margins of ~32% and show growth of 16% despite additional operating cost of the new stations. This is because of the rate hike in the legacy stations as well as better than expected utilization in the new markets. Our strategy of profitable growth and not bidding high costs for acquisition in Phase III along with maintaining lowest cost per million is delivering results. Going ahead in the future, I see better utilization in our new stations supported by increased utilization and price hike in our legacy stations. We are confident on maintaining our current level of EBITDA Margins and achieve our long-term goal of Profitable Leadership.”

Music Broadcast Limited (MBL) was acquired by Jagran Prakashan Limited in December 2014. The company announced its IPO in November 2016 with an intention to raise Rs 400 crore.

In comparison, competitor ENIL, which runs Radio Mirchi had reported Q4 (Jan-March’17) revenues of Rs 162.3 crore and PAT of Rs 13.8 crore. Fever FM, run by HT Media, reported FY’17 revenue (For year ended March’17) at Rs 158.7 crore, a rise of 35.7%.

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