Q1FY21: ENIL revenue falls 71% YoY to Rs 38.5 crore
Loss after tax for the quarter stood at Rs 37.9 crore vs profit after tax of Rs 39 crore in Q1FY20
Entertainment Network (India) Ltd (ENIL), the operator of FM radio channel Radio Mirchi, has announced results for the quarter ended June 30, 2020.
The company reported revenue decline of 71% YoY to Rs 38.5 crore. The fall is largely on the back of COVID-19 lockdown and ad spend cuts across all major verticals impacting the radio segment severely, according to media reports.
ENIL recorded loss after tax for the quarter at Rs 37.9 crore vs prrofit after tax of Rs 39 crore in Q1FY20.
Commenting on the results, Prashant Panday, MD & CEO, ENIL, was quoted by media reports as saying that "media companies have all been hit very badly by Covid. Mirchi's strategy of providing solutions and building digital products has protected us and in fact lifted our revenue market share to 33% in a 30+ player market."
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