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Radio Mirchi first quarter turnover up 69.2 per cent

28-July-2006
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Radio Mirchi first quarter turnover up 69.2 per cent

Entertainment Network India Ltd. (ENIL), popularly known as Radio Mirchi, saw its total income growing by 69.2 per cent to Rs 35.49 crore in Q1FY07 as compared to Rs 20.97 crore in Q1FY06.

Earnings before interest, depreciation, tax and amortisation (EBITDA) for the quarter stood at Rs 5.97 crore as compared to Rs 6.01 crore in Q1FY06. On comparing the YoY performance of the existing seven FM stations, the topline has grown by 47.3 per cent, while EBITDA has grown by 55 per cent.

During the quarter, ENIL launched three new FM stations under the Phase II expansion policy in Bangalore, Hyderabad and Jaipur. The financial result captures the costs for the full quarter, whereas the revenue reported is only for part of the quarter.

Commenting on the performance of the company, A P Parigi, CEO and Managing Director, ENIL, said, “As a company we continue to focus on expanding the FM Radio category and sustaining the leadership of Radio Mirchi in the existing and new markets. Research findings of an IMRB survey, commissioned by us, indicate Radio Mirchi is the No. 1 radio station in terms listenership in Bangalore, Hyderabad and Jaipur.”

The company recently entered the capital market with an issue of 13.2 million equity shares (including green shoe option of 1.2 million shares) of Rs 10 each. The net issue constituted 27.75 per cent of the fully-diluted post-issue paid-up capital of the company. The issue was oversubscribed 40.77 times and ENIL debuted on the bourses on February 15, 2006, opening at Rs 242 on the BSE, attracting a 49.4 per cent premium over the IPO price.

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