Radio Mirchi Q3FY24 revenue surges by 21%; profits soar 108%

Entertainment Network (India) Ltd, the operator of FM radio channel Radio Mirchi, has announced its results for the Third Quarter and Nine Months ended December 31, 2023. During the quarter, total revenue stood at Rs 140 crore, reporting a strong growth of 21% YoY. This was led by robust demand in FCT driven by high retail activity during the quarter. Non-FCT revenues also experienced a notable surge, reporting a strong revenue growth of 45% YoY.

EBITDA stood at Rs 44.3 crore, boasting a 33% margin and demonstrating a substantial 36.4% YoY improvement, primarily driven by robust top-line growth.

The company announced a PAT of Rs 21.6 crore for the quarter, marking an impressive 108% YOY growth. PAT for Dec’23 YTD reached Rs 32.9 crore, a significant turnaround from the loss of Rs 2.5 crore reported in the same period last year.

The digital segment contributed Rs 11.4 crore to the revenue, making up 13% of the total radio revenues. Additionally, ENIL invested Rs 6.2 crore, further fortifying its digital presence.

The Gaana deal has been completed and the company is actively engaged in revitalising the brand and the product to enhance Mirchi’s digital offerings to its audience. This acquisition is an important step towards turning around ENIL’s digital story.

The international business continues to remain stable and profitable, reported an EBITDA of over Rs 2.3 crore during the quarter.

Maintaining a robust financial position, balance sheet reflects cash and cash equivalents amounting to Rs 262 crore as of December 31, 2023.

Commenting on the developments, Yatish Mehrishi, CEO, ENIL, said, “I am thrilled to report a strong quarter with increased radio activity and a fantastic festive season. Our revenue growth has outpaced the industry, demonstrating our leadership. Over the past two years, we’ve seen consistent revenue growth, doubling the industry average and significantly improving profitability. As our current businesses gain momentum, we’re dedicated to future investments. The addition of Gaana is a crucial step in our digital journey, aiming to offer high-quality audio content on a unified platform. Looking ahead, the synergy between our brands, Mirchi and Gaana, along with our industry experience, positions ENIL as a key player in India’s audio entertainment space.”