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Radio Mirchi Q2 net jumps 15.8% to Rs 27 cr

MUMBAI: Entertainment Network (India) Ltd, which owns and operates private FM brand Radio Mirchi, has posted a 15.8 per cent jump in its net profit for the second quarter of the fiscal.

ENIL’s Q2FY16 net profit stood at Rs 26.97 crore (Rs 269.7 million), as against Rs 23.3 crore (Rs 233 million) in the corresponding quarter of the previous fiscal.

In the quarter ended 30 September 2015, the company has posted an 11.6 per cent jump in its revenue to Rs 116.3 crore (Rs 1.16 billion), as against Rs 104.14 crore (Rs 1.04 billion) a year ago.

EBITDA grew 13.6 per cent to Rs 35.7 crore (Rs 357 million) over the earlier-year period.

Expenses saw 12.3 per cent increase to Rs 90.86 crore (Rs 908.55 million), up from Rs 80.89 crore (Rs 808.93 million) a year ago.

ENIL MD & CEO Prashant Panday said, “We are extremely happy with our results. Despite a sluggish economy, we have grown our revenues and profits substantially.”

On the recently concluded Phase III auctions , he said, “With Phase III auctions over, we are gearing up to launch brand Mirchi into exciting new towns like Kochi and Chandigarh, as well as launch our second brand of radio in most of the major markets of the country. Radio is going to boom in the next five years, and Mirchi will surely be at the forefront.”

ENIL’s participation in the first batch of Phase III auctions has resulted in a substantial expansion of footprints into seven new towns, namely Chandigarh, Kochi, Kozhikode, Jammu, Srinagar, Guwahati and Shillong. This, in turn, is expected to bolster its strength with a deeper network presence in the coming months.

In addition, the company has received the Ministry of Information & Broadcasting’s (MIB) permission to acquire four TV Today Network stations, namely Amritsar, Patiala, Shimla and Jodhpur, which will be re-branded and re-launched shortly as Mirchi.

ENIL said that with these 11 stations, the core Mirchi brand will now be available in 43 cities from currently 32.

“In Phase III bidding, the company focused its efforts on building a strong ‘second frequency’ network in the biggest A+ and A category towns. ENIL has won a second frequency in Bengaluru, Hyderabad, Ahmedabad, Pune, Kanpur, Lucknow, Jaipur, Nagpur and Surat. It also hopes to get the MIB’s approval for TV Today’s three metro stations in Delhi, Mumbai and Kolkata. ENIL has also acquired a third frequency in Hyderabad. This makes ENIL the only company to have three frequencies in any city. With this, Mirchi will cement its position of being the leader in the radio space,” the company said.