Entertainment Network India Limited (ENIL), the operator of FM radio channel Mirchi, has reported a 17% revenue growth to Rs 98.9 crore, driven by a 23% increase in core FM radio revenues.
The company said its FCT revenue grew by 23.1% while the Non-FCT solutions revenue degrew by 0.7%. Revenue from migrated stations (35) was up by 17.5% Rs 83.3 crore while EBITDA came in at Rs 30.6 crore
Batch 1 revenues during the quarter were up by 18.8% to Rs 10.5 crore while EBITDA stood at Rs 2.8 crore. Batch 2 revenues during the quarter grew 8% to Rs 4.97 crore with an EBITDA of Rs 2.1 crore.
The company's digital revenue during the quarter stood at Rs 7.4 crore which is 7.5% of the overall revenue.
The company's EBITDA grew 70% over last year to Rs 35.6 crore and PAT grew from a loss of Rs 2.7 crores last year to a profit of Rs 11 crore in Q3 this year. Though revenue for the current quarter was 33% lower than the pre-pandemic period of Q3 FY20, PAT was higher by 3%, indicative of a more efficient and leaner business.
The company’s balance sheet remains strong with cash reserves of Rs 202 crore as of 31st December 2021.
Commenting on the results, ENIL MD & CEO Prashant Panday said, “Q3 has been a strong quarter with core radio reporting strong results. Radio ad volumes grew by 20% and revenues by 23%. With Covid receding, we expect our Solutions business also to grow rapidly in the coming quarters. Mirchi also launched its digital app platform in international markets. The app will soon be extended to India."
During the quarter, Mirchi launched its digital app platform in international markets recently. The app will soon be extended to India too. Mirchi Play has 17 online stations in the landing page of the Gaana app. Mirchi’s YouTube Network crossed 13 million subscribers during the quarter.
Incorporated in June 1999, ENIL operates FM radio broadcasting stations in 63 Indian cities and is headquartered in Mumbai. The promoter of ENIL, Bennett, Coleman & Co. Limited (BCCL), is the flagship company of The Times of India Group, which has a heritage of 175 years and is one of India’s leading media groups.
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