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Radio City Q1 net up 42%
MUMBAI: Music Broadcast Ltd (MBL), which operates radio stations under the Radio City brand, has posted a 42% jump in net profit to Rs 10.84 crore in the quarter ended 30 June compared to Rs 7.62 crore a year ago.
The company, which runs 39 FM radio stations, posted a revenue of Rs 70.3 crore in the fiscal first quarter, up 12% from the year-ago period.
EBITDA for Q1’18 grew by 16% with a margin of 32% despite the launch of new stations. EBITDA stood at Rs 22.2 crore compared to Rs 19.1 crore in Q1’17.
Radio City’s market share increased by 2% in Q1Fy18 in terms of volume as compared to Q1FY17.
The company stated that its strategy of profitable growth while maintaining lowest cost per million was playing out well.
According to AZ Research Report, Radio city ranked No. 1 in Mumbai, Bengaluru and Delhi in terms of number of listeners and had a total number of 52.5 million listeners across 23 cities.
In terms of advertisement volume, Radio City has seen a six-year CAGR of 12.1% compared to industry CAGR of 9.1%. According to Air Check data acquired from 14 markets, the company had 4634 advertisers in FY17—16% came from government ads, 10% from real estate, 8% from BFSI, 7% from retail, 6% from e-commerce and 53% from others.
This year, the company focused on localisation of the content best suited to each city’s tastes and leading to higher retention of listenership. The stations launched award-winning shows like ‘Love Guru’, ‘Babber Sher’, ‘Rag Rag Mein Daude City’, ‘Lol with Radio City Joke Studio’, ‘Freedom Awards’, ‘Kal Bhi Aaj Bhi Classics’, ‘Gig City’ and ‘Radio City Super Singers’.
The Phase III auction gave Radio City presence in 11 cities like Kanpur, Patna, Madurai, Nasik, Kolhapur, Udaipur, Ajmer, Kota, Bikaner, Jamshedpur and Patiala. With Phase III acquisitions, the network is currently present in a total of 39 cities. The network offers average inventory availability of 15 minutes for 18 hours.