Radio Mirchi Q1 FY17 total revenue rises 9%; core radio up 24%
Entertainment Network (India) Ltd, the operator of Radio Mirchi, has posted a growth of 9.0 per cent in total income at Rs 110.8 crore for the first quarter ended June 30, 2016, compared to Rs 101.5 crore in Q1 FY16. Within this, the core radio business, the bulk of the business saw a growth in revenues of 24 per cent.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) stood at Rs 29.4 crore, down 16.8 per cent over last year. The company reported profit after tax (PAT) of Rs 16.5 crore for the quarter ended June 30, 2016, down 42 per cent over last year.
Commenting on the results, Prashant Panday, MD & CEO, ENIL, said, “Our highly profitable radio business reported a strong 24 per cent growth this quarter, ahead of industry numbers. Our non-radio business suffered a temporary de-growth, but we expect a full recovery in Q2. Our EBITDA and PAT numbers are as per plan, with heavy up-front expenses incurred in the new stations of Kochi, Guwahati and the second channels in Bangalore and Hyderabad. We expect to launch three more stations in August, and 10 more by December this year. These are truly exciting times for us.”
The company won 17 stations in Phase 3 auctions and has launched Bengaluru, Hyderabad, Guwahati and Kochi stations. Bengaluru and Hyderabad are first in Mirchi’s second frequencies network.