Music Broadcast Limited (MBL) has reported its un-audited Financial Results for the Quarter ended September 30th, 2023. The company has reported Net Profit of Rs. 36.62 lakhs posting 254 pc growth YoY. The EBITDA including other income stood at Rs. 12.1 Crores which a 36 pc Growth YoY while the EBITDA Margin in Q2FY24 went up to 23.1 pc, surging 480 bps YoY.
The company stated that it has maintained a strong position with 19 pc volume market share. In Q2 FY24 Radio City reported a top line of Rs 52.4 Crores posting 8 pc growth YoY.
During the H1 FY24 the company’s top line stood at Rs 105.5 Crores registering 14 pc growth YoY. EBITDA at Rs. 24.8 Crores with 41 pc growth YoY and its EBIDTA Margin stood at 23.5 pc.. The company also reported its liquidity position as on September 30, 2023 with Rs. 305 Crores.
Commenting on the results Shailesh Gupta, Director said, “I’m pleased to report that in Q2 and H1FY24, our profit growth has exceeded our revenue growth. During this period, we achieved EBITDA margins of 23.1 pc in Q2 and 23.5 pc in H1, marking a 480 bps and 450 bps increase, respectively. These improved margins are the outcome of our continuous cost reduction initiatives over the past few years, combined with our revenue growth, leading to enhanced operational efficiency.
At Radio City, we have implemented various strategies to enhance our presence in the radio industry. During the quarter ended, our market share increased to 19 pc, up from 18 pc in the previous quarter. We have a strong omni-channel presence, allowing us to leverage our extensive networks and deliver maximum value to our clients.
In terms of sectoral growth in advertising, the real estate industry observed a substantial 40 pc YoY increase in advertising spending. The pharmaceutical market expanded by 30 pc., while the auto industry grew by an impressive 56 pc compared to the previous year. Conversely, the finance industry experienced a decline of 6 pc. The food and beverages sector showed a 21pc growth, and government advertising increased by 12 pc YoY.
We are adapting to the evolving media landscape, one that is agnostic to platforms, with digital at the core of content creation, distribution, consumption, and engagement. To provide a seamless experience across platforms, we are enhancing our capabilities to be at the forefront of the digital technology revolution, delivering top-notch entertainment in line with the evolving preferences and needs of our audience. For first half of the financial year, our digital business grew by 24 pc compared to H1FY23.
In H1FY24, our inventory utilization stood at 73 pc, a significant improvement from the 56 pc recorded in H1FY23.
Radio City continues to be a popular choice for both existing and new clients on the radio advertising platform. Out of the total clients on the Radio platform, 40 pc advertised on Radio City and amongst the new clients on the Radio platform, 35 pc chose to advertise on Radio City.
We are proud to generate 36 pc of our revenue from diversified businesses such as properties, proactive pitches, digital ventures, sponsorships, and special events. Furthermore, we have secured the second-largest client count share in the industry, standing at 39 pc in Q2 FY24.
Our liquidity position remains robust. As of September 30, 2023, our company held cash reserves amounting to Rs. 305 crores.”
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