Radio City reports 20% growth in revenue; 45% growth in EBITDA for Q1FY24

The Music Broadcast Limited (MBL) has reported its unaudited financial results for the quarter ended June 30, 2023. The company reported 20% growth YoY in revenue in Q1FY24.

The company also posted Q1FY24 top line of Rs 53.0 crore and EBITDA of Rs 12.7 crore along with 45% growth YoY.

According to the company, MBL maintained a strong position with 19% volume market share.

Shailesh Gupta, Director, said, “I am delighted to report that our revenue has grown by 20% year-over-year and EBIDTA growth is 45%, resulting in an improvement of 420 basis points in operating margins. The expansion in margin was the result of our efforts to reduce costs over the past few years coupled with top-line growth, which led to better operating leverage.”

Furthermore, he went on to say, “We are able to maximise the value we offer to customers by leveraging our omnichannel presence and marketing to tap into the power of our extensive network. The real estate industry experienced a 24% YoY increase in advertising expenditures. The pharmaceutical market expanded by 4%. The education industry made a turnaround and posted the highest growth rate of 87%. The auto industry grew by 58% in comparison to the previous year. The sectors of electronics and appliances and food and soft beverages grew by 10% and 24%, respectively.”

During the quarter, the digital business grew by 33% over Q1FY23. By utilising the in-house knowledge and expertise the company has paved the way for the creation of high-quality content and increased audience engagement, Gupta stated.

“This is consistent with our "Radigitalisation" strategy, which emphasises radio-centric digital connections. We are able to generate 38% of our revenue from created businesses such as properties, proactive pitches, digital, sponsorship and special days, and we have the second highest client count share in the industry with 41% in Q1 FY24,” Gupta said.

“Our liquidity position continues to remain strong. As of June 30, 2023, the cash reserves of the company stood at Rs. 302 crores,” he added.

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