Radio City’s parent company Music Broadcast Limited (MBL), has turned profitable in the April-June quarter by delivering rupees one lakh as profit. In Q1 FY21, the company posted a loss of Rs 12.94 crore. In the previous quarter, on the path of recovery, Radio City recorded a loss of Rs 2.66 crore.
The company has reported EBITDA at Rs. 8.8 crore; EBITDA Margin at 19.8% in the quarter ended June 30, 2022.
The company has maintained a strong position with an 18% volume market share. Radio City’s Q1 FY23 top line stood at Rs 44.1 crore; delivering 116% Growth YoY.
Shailesh Gupta, Director, said, “As per industry reports, the advertising volumes have returned in a big way, which when coupled with the opening up of the country, is a major tailwind for our business. We have been resilient as an organisation through the tough times and risen to the challenge by evolving as a company and providing omnichannel offerings to align with changing customer preferences and media consumption patterns.”
He further said, “The recovery in radio adex was seen across all the major sectors, which even if on a low base have risen phenomenally and augur well for the industry. With real estate and electricals growing by over 300% and strong growth in other core sectors such as pharma, auto and FMCG, we are extremely optimistic about the growth trajectory that lies ahead, especially with the festive season upcoming around the corner and multiple sporting events and product launch lined up.”
Gupta said that Radio City’s adoption of the ‘Radigitalization’ strategy i.e., digital integrations with Radio at its core, has paid off well.
“Traditional and OTT mediums are also feeding off this differentiated offering and reach by tapping into our resources and brand solutions, as consumers seeking excellent content on digital platforms, are expected to draw more businesses to take advantage of the convergence of radio and digital,” Gupta.
Gupta further said, “32% of the revenue this quarter coming from new revenue initiatives, they have started to make up a sizeable portion of our total top line and show every promise of being sustainable and continuing to fuel consistent growth going forward. With cash reserves at Rs. 273 crores as of June 30, 2022, the firm has remained loyal to its core values of keeping a solid liquidity position as a war chest to weather any storm and seize new possibilities.”