Entertainment Network India, popularly known as Radio Mirchi, has reported a net profit growth of 59.4 per cent for the second quarter ended September 30, 2013 at Rs 16.4 crore, as compared to Rs 10.3 crore in Q2 FY13. Revenues for Q2 FY14 stood at Rs 86.5 crore, as against Rs 77.1 crore in Q2 FY13, a growth of 12.3 per cent over the previous year.
The company’s EBITDA recorded a 33.6 per cent growth to Rs 25.3 crore, while the EBITDA margin improved from 24.5 per cent in Q2 FY13 to 29.2 per cent during the current quarter.
In a release issued, Prashant Panday, ED & CEO, ENIL commented, “The media sector witnessed a consolidation of sorts in Q2 FY14. The bigger brands have done well, while the rest languished. FM radio has again done better than all traditional media, growing at between 10 per cent and 12 per cent over last year, as has Radio Mirchi. The radio industry now looks forward to a quick rollout of Phase III, which Ministry of Information and Broadcasting officials confirm will start off very soon. Mirchi is best placed to take advantage of the opportunities presented by Phase III.”