Mirchi EBITDA grows 120% in Q4, revenues up 34%

The company has garnered the top spot in FM radio with a listenership of more than 41 million listeners – nearly double the listenership of the next radio brand

BestMediaInfo Bureau | Delhi | May 30, 2012

Entertainment Network (India) Ltd., India's No. 1 private FM radio operator, popularly known as Radio Mirchi, has reported strong results for the quarter ending March 31, 2011. On the back of a 34 per cent growth in revenues to Rs 82.2 crore in the quarter, the company's EBITDA rose by 120 per cent to Rs 32.6 crore. The EBITDA margin improved significantly from 24 per cent in Q4FY10 to 40 per cent during the current quarter.

Commenting on the results, Prashant Panday, ED & CEO, ENIL, said, “It's been an outstanding quarter. Revenue growth has been buoyant, lifted by the ICC ODI World Cup. EBITDA has grown strongly on the back of better cost management. Our listenership numbers are looking strong. We are on the cusp of a major expansion in the radio business with the announcement of the Phase III of Private FM Radio policy expected soon. We look forward to this expansion and we are prepared for it.”

Net profit for the year ended March 31, 2011, grew by 192 per cent to Rs 52.2 crore compared with Rs 17.9 crore in the previous fiscal year. The net profit includes profit of Rs 12.3 crore arising from the sale of the company's subsidiary, Times Innovative Media Limited. EBITDA for the year was Rs 91 crore, up 53 per cent.

On a consolidated basis, the company reported revenues of Rs 92.7 crore and PAT of Rs 20.3 crore during Q4FY11. For FY 2011, consolidated revenues were Rs 461.6 crore. Net profit for the year stood at Rs 17.2 crore compared to a net loss of Rs15.3 crore in FY2010.

As per Indian Readership Survey (IRS) Q4 2010, Radio Mirchi has maintained its leadership position. Radio Mirchi has garnered the top spot in FM radio with a listenership of more than 41 million listeners – nearly double the listenership of the next radio brand. Mirchi has consistently been the leader by far across all the survey results – Q1, Q2, Q3 and Q4 of 2010. Mirchi's current listenership is bigger than the Average Issue Readership (AIR) readership of the Top 3 newspapers put together.

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