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Radio Mirchi books Rs 5.49 crore net profit in Q4

24-April-2006
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Radio Mirchi books Rs 5.49 crore net profit in Q4

Entertainment Network (India) Ltd (ENIL) has recorded a net profit of Rs.5.49 crore for the fourth quarter ended March 2006. Since the company is publishing results for the first time after its IPO in February 2006, the fourth quarter numbers for the previous year are not available.

The company has made a PAT (profit after tax) of Rs 29.46 crore in the year ending March 31, 2006, as compared a net loss of Rs 17.92 crore in FY’05. EBIDTA (Earning before interest, depreciation, tax and amortisation) of the company, excluding license fee, for the year was Rs 44.57 crore, a rise of 61.5 per cent over the previous year.

The company has paid Rs 130.1 crore to acquire the 25 new frequencies under the FM Phase II. With effect from April 1, 2005, the company has exercised the option to migrate all its existing seven licenses from Phase I of fixed licenses regime to Phase II of revenue sharing regime by payment of migration fees aggregating Rs 8.15 crore.

The company reported consolidated net profit of Rs 31.05 crore, while consolidated total income was Rs 140.64 crore and EBIDTA was Rs.40.76 crore.

Consolidated results include results of Times Innovative Media Pct Ltd (TIMPL), a wholly owned subsidiary, for a period of five months. TIMPL, which was incorporated on October 26, 2005, has acquired Event Management (3600) and Out of Home Media (Times OOH) business from Time Innovative Media Ltd (TIML).

ENIL has set its sights on increasing its turnover from the additional radio stations to be set up this year. In fact, the company has already launched its radio stations in Hyderabad, Jaipur and Bangalore, making it the first private FM radio player to launch radio stations ahead of the competition, under the brand name of Radio Mirchi.

Times OOH won advertising rights of Delhi Metro – Connaught Place and Dwarka (13 stations), Kolkata Metro and Delhi-Noida toll bridge for a total license fee of Rs 34 crore payable over a license tenure of two to five years.

Sharing his views on the company’s performance, A P Parigi, CEO and MD, ENIL, said, “ENIL is committed to improving its performance every fiscal, and the first year’s results after the IPO reflect our commitment to continuously enhancing shareholder value. We will continue to make marked augmentation in our efforts and deliver the very best to our listeners.”

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