Entertainment Network (India) Ltd (ENIL), which owns the FM radio channel Radio Mirchi and outdoor media agency Times OOH, has announced its results for the quarter ended June 30, 2007. During the quarter Q1FY08, ENIL has reported that the revenues grew by 19.5 per cent to Rs 40.84 crore from Rs 34.17 crore for the quarter ended June 30, 2006 (Q1 FY07).
The company’s earnings before interest, depreciation, tax and amortisation (EBITDA) grew 16.9 per cent to Rs 6.66 crore, and net profit stood at Rs 41.2 lakhs. On a like basis, comparing 10 legacy stations, EBITDA for Q1FY08 stood at Rs 8.27 crore, up 45 per cent YoY. On a consolidated basis, the company reported revenues, EBITDA and net loss of Rs 69.10 crore, Rs 33.48 lakhs and Rs 7.67 crore respectively.
Commenting on the performance of the company, AP Parigi, MD and CEO, ENIL, said, “The quarter witnessed rapid fire roll out of stations. In a period of four months, 10 stations in different geographies went on air. The initial response in these stations has been good. Radio Mirchi continues to be leader with 49 per cent market share. We believe that we have taken a significant step forward in our Times OOH business by building a portfolio of high quality assets. We believe our planned initiatives in the OOH business will be value accretive.”
During the quarter, Radio Mirchi completed the launch of seven new stations -- Patna, Jalandhar, Bhopal, Rajkot, Baroda, Panji and Kanpur. It also launched stations at Nasik, Varanasi and Aurangabad in July 2007. These were among the 22 stations slated to be rolled out in phase II.