Entertainment Network (India) Ltd, the operator of India’s #1 FM radio channel Radio Mirchi, today announced results for the quarter ended December 31, 2019.
The Company posted a total revenue of Rs. 145.7 crores during the quarter, a de-growth of 15% on like basis (without concerts featuring international artists). 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 crores. Profit After Tax at Rs. 10.6 crores improved from last quarter but was lower compared to last year.
Commenting on the results, Mr. Prashant Panday, MD & CEO, ENIL, 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”.―Equity Bulls