- Strong 6.9 magnitude earthquake hits Tibet near India-China border
- Navy Says Genitalia Air Display 'Absolutely Unacceptable'
- Moody's Withdraws RCom's Corporate Family Rating On 'Default'
- Sushil Kumar strolls to national gold with three walkovers
- Madras High Court confirms two-year jail term of Natarajan in 1994 car import case
Radio Mirchi FY14 net up 23% on back of strong revenue growth
MUMBAI: Entertainment Network (India) Ltd (ENIL), the operator of Radio Mirchi, clocked a 23.3 per cent increase in net profit to Rs 83.4 crore (Rs 834 million) in the fiscal ended 31 March 2014.
The strong growth in the fiscal bottom line is courtesy of a 13.7 per cent increase in revenues to Rs 384.8 crore (Rs 3.85 billion) compared to Rs 338.4 crore (Rs 3.38 billion) recorded in FY13.
ENIL witnessed a 23 per cent rise in marketing costs at Rs 81.1 crore (Rs 81 million). The company continues to promote its flagship property Mirchi & Innovations.
Higher spending on production, employees and other expenses affected operating profit (EBITDA).
Production expenses grew to Rs 17.11 crore (Rs 171.1 million), up 3.2 per cent, while licence fee stood at Rs 20.24 crore (Rs 202.4 crore), up 11.9 per cent. Other expenses grew 9.2 per cent to Rs 66.2 crore (Rs 662 million), while employee costs edged up to Rs 75.2 crore (Rs 752 million).
EBITDA stood at Rs 93.04 crore (Rs 930.4 million), showing an increase of 28 per cent.
ENIL continues to thrill market observers by reporting better than industry-average growth.
Commenting on the results, ENIL ED & CEO Prashant Panday said: “It’s been a very satisfactory year. During the year, we strengthened our revenue market share, did exciting things with our brand and launched a new property, the Mirchi Top 20.”
ENIL’s free cash position as on 31 March 2014 stands at Rs 440 crore (Rs 4.4 billion). “The really good news is that the Phase III auction process has already started in April this year. We now believe auctions will happen before the calendar year is out,” Panday said.
For the fourth quarter ended 31 March 2014, ENIL reported a 9 per cent growth in revenue to Rs 114.5 crore (Rs 1.15 billion), underlying an EBITDA growth of 11.1 per cent at Rs 31.6 crore (Rs 316 million) and PAT growth of 15.7 per cent at Rs 21.2 crore (Rs 212 million).
The board of directors recommended a dividend of 10 per cent, i.e. Rs 1.00 per equity share of Rs 10, aggregating to Rs 55.77 million.