Radio Mirchi's operator reports 21% YoY increase in revenue for Q3FY24

Entertainment Network (India), the operator of FM radio channel Radio Mirchi, announced its results for the Third Quarter and Nine Months ended December 31, 2023.

During the quarter, total revenue stood at ₹140 crores reporting a growth of 21% YoY.

“This was led by robust demand in FCT driven by high retail activity during the quarter,” the brand’s statement said. Non-FCT revenues also experienced a surge, reporting a revenue growth of 45% YoY.

EBITDA stood at ₹44.3 crores with a 33% margin, a 36.4% YoY increase, driven by top-line growth.

The Company announced a PAT of ₹21.6 crores for the quarter, marking a 108% YOY growth. PAT for Dec’23 YTD reached ₹32.9 crores, a turnaround from the loss of ₹2.5 crores reported in the same period last year.

The digital segment contributed ₹11.4 crores to the revenue, making up 13% of the total radio revenues. Additionally, ENIL invested ₹6.2 crores.

According to the brand’s release, the Gaana deal has been completed and the company is actively engaged in revitalizing the brand and the product to enhance Mirchi's digital offerings to its audience.

The international business continues to remain stable and profitable, reporting an EBITDA of over ₹2.3 Crores during the quarter.

Commenting on the developments, Yatish Mehrishi, CEO, ENIL, said: “I am thrilled to report a strong quarter with increased radio activity and a fantastic festive season. Our revenue growth has outpaced the industry, demonstrating our leadership. Over the past two years, we've seen consistent revenue growth, doubling the industry average and significantly improving profitability. As our current businesses gain momentum, we're dedicated to future investments. The addition of Gaana is a crucial step in our digital journey, aiming to offer high-quality audio content on a unified platform. Looking ahead, the synergy between our brands, Mirchi and Gaana, along with our industry experience, positions ENIL as a key player in India’s audio entertainment space.”

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