ENIL FY22 revenue up 15% to Rs 305.9 crore
Operating expenditure rose 5% to Rs 262.7 crore while EBITDA jumped 165.6% to Rs 43 crore
Entertainment Network (India) Ltd, the operator of India’s leading FM radio channel Radio Mirchi, has reported a 15% jump in revenue at Rs 305.9 crore for the fiscal ended 31st March 2022 as compared to Rs 266.8 crore in FY21.
Operating Expenditure rose 5% to Rs 262.7 crore compared to Rs 250.5 crore. EBITDA jumped 165.6% to Rs 43 crore from Rs 16.2 crore. Net loss narrowed by 75% to Rs 27.4 crore compared to Rs 109.2 crore.
The company has declared a revenue of Rs. 99.4 crore in Q4 compared to Rs 98.6 crore in the same quarter last year. Revenue growth was driven mainly by a 7.6% growth in radio.
Operating Expenditure increased 9.4% to Rs 82 crore from Rs 75 crore. EBITDA declined 28% to Rs 17.3 crore. Net profit narrowed by 96% to Rs 2.76 crore.
Solutions revenues struggled during the quarter on account of severe Omicron-induced restrictions on on-ground activities, ENIL said.
The company has incurred expenses of Rs. 6.3 crore towards its strategic initiative in Digital platforms. Without this, EBIDTA for Q4 stood at Rs. 23 crore and PAT at Rs 2.4 crore.
The company’s cost-cutting initiatives continue to yield huge savings. After saving almost Rs 93 crores in other operating costs in FY21, the company retained almost 90% of those in FY22. Costs have been pruned in all areas including rentals, people costs, electricity, etc.
The balance sheet remains strong with cash reserves of Rs 211 crore as of March 31, 2022.
Commenting on the results, ENIL MD & CEO Prashant Panday said, “Despite a terrible start to the quarter because of Omicron, I am happy that we delivered strong results, with radio growing nearly 8%. We expect our Solutions business to grow rapidly now as on-ground activities re-start post-Covid. What is very exciting also is our imminent digital platform launch which will pivot Mirchi into a digital-first brand!”
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