ENIL Q4 rev down 3.5% due to cut in ad volumes

MUMBAI: Radio Mirchi owner Entertainment Network India Ltd’s (ENIL) revenue for the fiscal fourth quarter due to a cut in ad volumes. The company’s revenue was down 3.5% to Rs. 159.4 crore during the quarter compared to Rs.165.2 crore in the corresponding quarter of the previous fiscal.

The company’s standalone net profit was lower at Rs 11.69 crore as against Rs 13.79 crore in the prior year due to one-off tax items. EBITDA for the quarter remained flat at Rs 35.4 crore compared to Rs 35.2 crore. Expenses narrowed to Rs 140.8 crore compared to Rs 151.4 crore.

ENIL’s net profit for the full fiscal was down at Rs 35.15 crore compared to Rs 54.47 crore in the previous fiscal. Revenue declined to Rs 526.7 crore compared to Rs 548.7 crore in the previous fiscal. Expenses stood at Rs 488.6 crore compared to Rs 497 crore.

Commenting on the results, ENIL MD and CEO Prashant Panday said, “FY18 was a year in which we undertook a bold decision to address the biggest listener feedback – to cut the number of ads we play. Our listeners rewarded us by giving us a huge lead in listenership! We also grew our pricing, improved margins of our non-radio businesses, achieved rapid growth in new-station revenues, turned new stations profitable and turned the company net debt free! We made a small sacrifice in revenues, but as a result of this, we are now poised for strong growth in the years ahead.”

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