Entertainment Network (India) Ltd (ENIL), promoters of Radio Mirchi, has reported a 30 per cent rise in its revenues at Rs 53.2 crore for the quarter ended September 30, 2007. The company’s net profit has, however, dropped 87 per cent to Rs 64 lakh, while EBITDA stood at Rs 8.2 crore.
During the second quarter, Radio Mirchi completed the launch of seven new stations – Kolhapur, Surat, Lucknow, Aurangabad, Varanasi, Nasik and Madurai. With the launch of Nagpur station earlier this month, Radio Mirchi is today operational in 25 cities.
On a consolidated basis, which includes the results of its subsidiary, Times Innovative Media Ltd (TIM), ENIL reported revenues of Rs 85.8 crore for Q2. The Board of Directors of TIM has approved the transfer of the event management business, which operates under the brand name 360Degrees, to a new company, Alternate Brand Solutions Ltd (ABS), which is being set up as a wholly-owned subsidiary of ENIL.
An official communiqué stated, “Recognising the strong long term potential of the out-of-home media business and the attendant capital requirements, the Board of Directors of TIM approved capital raising of up to Rs 500 crore.”
Commenting on the company’s performance, A P Parigi, MD, ENIL, said, “The rollout of radio stations across the length and breadth of the country and the portfolio ramp up opportunities in Times OOH reaffirms the growth trajectory for the company.”