Music Broadcast Limited’s (MBL) Radio City has announced its audited financial results for the quarter and year that ended on March 31, 2017.
Operating revenues stood at Rs 271.4 crore, a growth of 20 per cent from last year's Rs 225.5 crore. EBITDA stood at Rs 91.3 crore, a 17 per cent y-o-y growth (last year Rs 78.1 crore). PAT stood at Rs 36.7 crore, a 33 per cent y-o-y growth from last year's Rs 27.6 crore.
Key highlights for FY2017:
*The company witnessed a successful listing of Music Broadcast Limited with the issue subscribed 40 times and a primary issuance of Rs 400 crore.
*Radio City reaches over 52.5 million listeners in 23 cities covered by AZ Research.
*Advertisement volume increased at CAGR of 12.1 per cent compared to Industry CAGR of 9.1 per cent in past six years in case of legacy stations as per AirCheck Data (14 markets).
Commenting on the results, Apurva Purohit, Director, Music Broadcast Limited, said, “I would like to thank everyone for being a part of our IPO and the continued support and confidence which you have demonstrated in us. We assure you that we will always endeavour to live up to, and maintain the legacy of our parent Jagran Prakashan and work tirelessly in the interest of all of our stake holders.”
Purohit added, “I am happy to report that we not only did sustain our EBITDA margins at 34 per cent despite investments in the 11 new stations but we did better than what we had envisaged. All our newly acquired stations became operational by Q4 and we expect them to break even earlier than we expected. Our legacy stations are also continuing to perform incredibly well registering revenue growth superior to the industry in line with our past trend on the back of our leadership position in most of our markets including Mumbai, Bengaluru and Delhi.”
She said, “I would also like to stress on our policy of prudence and profitable growth in line with our group’s policy which is evident in all our actions. Accordingly, our bidding strategy for Phase III stations centred around continuing our emphasis on being an efficient and relevant network for our advertisers and on delivering return on capital. I am happy that the team has delivered higher than targeted profits and also a higher growth rate than the industry; despite demonetisation which derailed the momentum built in the first half of the year and which flattened revenues in Q4. However, growth has started coming back and we expect a far better year ahead.”