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Q3FY23: Radio City’s EBITDA grows 64% QoQ to reach Rs 14.5 crore

The company maintained a strong position with 19% volume market share in Q3FY23

Radio City’s parent company Music Broadcast (MBL) has reported its financial results for the quarter ended December 31, 2022. As per the company, it recorded EBITDA of Rs 14.5 crore, with EBIDTA margin at 26.6% in Q3.

As per the results, in Q3 FY23, the brand has recorded a top line of Rs 54.7 crore, resulting a 12% quarter-on-quarter (QoQ) growth.

The company also stated that it ‘maintained a strong position with 19% volume market share’ in Q3. 

As for the 9 months ending December, 2022, the company has announced a top line of Rs 147.5 crore; resulting in 20% Growth YoY. The company also recorded EBITDA (including other income) at Rs 32.2 crore, while EBIDTA margin stood at 21.8%.

Shailesh Gupta, Director, said, "We are pleased to report healthy growth in EBITDA QoQ, with margins improving to 26.6% in Q3 FY 2023 compared to 18.3% in Q2 FY 2023. As per a recent research report – 8 in 10 are listening to Radio in Tier-II and Tier-III cities, which being our key growth market, gives a reason to be optimistic about the effectiveness and growth of our medium."

"In terms of market share, we stand at 19% as against 18% last quarter and having established a strong omni-channel presence we are in a good spot to leverage our deep networks and relationships and offer maximum value to our customers," he added. 

He also went on to state that in terms of sectoral ad spending, the core sector of real estate continued to show promise, while the auto industry made a strong comeback. Pharma - which makes up a sizable share of the total volumes - also experienced a significant rise.

Finance, along with the sector of food and soft drinks, saw a degrowth that slowed the predicted growth trajectory. The government sector continued to decline and shrank significantly, but he expressed the hope that it will rebound in light of the upcoming elections.

"On the digital front, owing to our strong presence as well as reach across multiple platforms and by leveraging our incredible in-house talent to deliver high quality content and build greater engagement with our audiences, we have set the right foundations. This is in line with our ‘Radigitalization’ strategy i.e. focused on digital integrations with radio at its core. Digital revenues accounted for 8% contribution to the topline and have a large headway for growth going forward," Gupta said. 

"With new revenue efforts making up 31% of revenue this quarter, they have started to account for a significant portion of our overall top line and show every sign of being sustainable going forward. As of December 31, 2022, the company has cash reserves totalling Rs 288 crores, according to its fundamental philosophy of maintaining a strong liquidity position as a war chest to weather any storm and seize new opportunities," he added.

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