Radio Mirchi Q3 net drops to Rs. 10.6 cr
MUMBAI: Entertainment Network India Ltd (ENIL), the operator of FM radio channel Radio Mirchi, has reported a standalone net profit of Rs. 10.6 crore for Q3 FY20 compared to Rs 15.95 crore in the same quarter of the previous fiscal.
Underlying EBITDA de-grew 21.5% to Rs 31.7 crores but reported EBITDA – post impact of Ind AS 116 – grew by 0.2% to reach Rs.40.4 crore.
The company posted total revenue of Rs. 145.7 crore during the quarter, a de-growth of 15% on like basis (without concerts featuring international artists). Total expenses for the quarter stood at Rs 134.9 crore compared to Rs 179.4 crore.
Commenting on the results, ENIL MD & CEO Prashant Panday said, In possibly the worst quarter of the last 10 years, our radio revenues fell 19%, in line with the results of all major TV and radio companies. There were several successes, however. Our buzzing Solutions business withstood adverse economic conditions and reported only a small revenue drop. Our revenue market share improved, our solutions margins improved, and our digital revenues soared. Mirchi is taking advantage of these hard times to toughen up. We will emerge stronger as the economy improves.”