Radio City delivers 18% growth in Revenues

Music Broadcast Limited (MBL), India’s 1st Private FM Radio Broadcaster, has reported its Audited Financial Results for the Quarter and Year ended March 31st, 2023.

Commenting on the results Mr. Shailesh Gupta, Director said:

I'm pleased to report that on a year-on-year basis, our company's revenues grew by 18% while EBITDA saw a substantial increase of 54%. Our conscious efforts over the past few years to reduce costs have paid off, allowing us to take advantage of better operating leverage, which has led to faster rise in profitability.

During the quarter ended, our market share increased to 20%, up from 19% in the previous quarter and 18% at the start of the year. We have a strong omni-channel presence, which allows us to leverage our wide networks and provide maximum value to our clients.

This year, I'm happy to report that, as projected previously that Digital will make up a sizeable chunk of total revenue and significantly contribute to growth, the digital sales share increased to 8% in FY23 from 5.8% in FY22 and 1.7% pre-COVID. We have established the right foundations by using our internal expertise to produce high-quality content and boost audience engagement. This is consistent with our 'Radigitalization' strategy, which focuses on radio-centric digital linkages.

In terms of sectoral ad spending, the core sector of real estate witnessed 35% year on year growth. Finance and the pharmaceutical sector both grew by 19% and 32%, respectively. While the auto sector witnessed a nominal growth of 3% over the previous year, the food and soft drinks sectors saw a decline. The government sector expanded by 11% year on year.

In March '23, inventory utilisation reached a record high of 90%. Comparing FY23 to FY22 and pre-covid levels, inventory utilisation increased to 63% from 61% and 56%, respectively. This is a healthy sign and provides a sense of optimism for higher utilization in the times to come.

According to its fundamental philosophy of maintaining a strong liquidity position as a war chest to weather any storm and seize new opportunities, as of March 31, 2023, the cash reserves of the company stood at Rs. 295 crores.

I am delighted to announce that Radio City has won 19 accolades at the prestigious ‘ACEF Global Customer Engagement Forum & Awards 2023’, as well as 18 distinguished awards at the 'E4M Golden Mikes- Radio & Audio Awards'. This is a credit to the originality and innovation we provide, but it also validates the enormous efforts made by our skilled team to make a good difference in the lives of our consumers, who include listeners and advertisers.

With regards to the bonus issue of the non-convertible non-cumulative redeemable preference shares (“NCRPS”), the Company received trading approvals from NSE & BSE and the same is open for trading w.e.f April 20, 2023.”v