Entertainment Network (India) Ltd., the operator of leading FM radio channel Radio Mirchi, announced results for the 4th quarter and year ended Mar 31, 2022.
FY22 revenue stood at Rs. 305.9 crore as compared to Rs. 266.8 crore in FY21 with EBITDA of Rs. 50 crore without spends on the digital platform.
The company has declared a revenue of Rs. 99.4 crore in Q4. Revenue growth was driven mainly by a 7.6% growth in radio. Solutions revenues struggled during the quarter on account of severe Omicron-induced restrictions on on-ground activities, ENIL said.
The company has incurred expenses of Rs. 6.3 crore towards its strategic initiative in Digital platforms. Without this, EBIDTA for Q4 stood at Rs. 23 crore and PAT at Rs. 2.4 crore.
The company’s cost-cutting initiatives continue to yield huge savings. After saving almost Rs. 93 crores in other operating costs in FY21, the company retained almost 90% of those in FY22. Costs have been pruned in all areas including rentals, people costs, electricity, etc.
Balance sheet remains strong with Cash reserves of Rs. 211 crores as on March 31, 2022.
ENIL MD & CEO, Prashant Panday, said “Despite a terrible start to the quarter because of Omicron, I am happy that we delivered strong results, with radio growing nearly 8%. We expect our Solutions business to grow rapidly now as on-ground activities re-start post-Covid. What is very exciting also is our imminent digital platform launch which will pivot Mirchi into a digital-first brand!”