Music Broadcast revenue grows 43% to Rs 20.5 crore in Q1
Radio City claimed that it had a market-leading share of 21% in Q1FY22
The radio industry saw 67% YoY growth in ad volumes for Q1 FY22. There was a 26% growth in client count for Q1 FY22 as compared to Q1 FY21. 2400 clients advertised on Radio in Q1 of which 1100 clients used the radio platform for the first time.
Commenting on the results, Music Broadcast Director Shailesh Gupta said, “Entering the new financial year, reeling with the 2nd wave of Covid-19 presented a new set of challenges, owing to the localized lockdowns and mixed indicators from the different sectors that form a substantial part of our clientele and move the industry overall. While it did not dent the operations as severely as last year, it certainly halted the momentum of recovery towards normalcy or even the possible capitalization of the growth prospects on offer in the industry.
"Radio City’s multiple initiatives have helped us outperform the industry and maintain our leading market share of 21% in ad volumes. Continuing with various initiatives in Q1 that were planned and implemented throughout the last year have helped us strengthen this leadership position. Keeping up with the times and ramping up our digital solutions, providing our customers end-to-end, omni-channel solutions for their products and services, the company has certainly raised the bar in terms of number and quality of service offerings.
A strong balance sheet with ample reserves for testing times as the ones we have just witnessed, have always been the focus of the company, hence, conscious efforts aimed at a good liquidity position have led to our cash reserves being Rs. 242 crore as on 30th June as compared to Rs. 236 crores as on 31st March 2021. Regarding the bonus issue of the non-convertible non-cumulative preference shares, SEBI has accorded its approval, and we have filed the scheme with NCLT and are awaiting final approval from them.”
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