Music Broadcast Limited (MBL), which owns Radio City, has reported its financial results for the quarter ended June 30th, 2022.
The company said that it maintained a strong position with an 18% volume market share.
The company’s revenue increased by 116 percent year on year in Q1 FY23, totaling Rs 44.1 crores. The company’s EBITDA (which includes other income) stood at Rs. 8.8 crores.
Commenting on the results Shailesh Gupta, Director said, “As per industry reports, the advertising volumes have returned in a big way, which when coupled with the opening up of the country, is a major tailwind for our business. We have been resilient as an organization through the tough times and risen to the challenge by evolving as a company and providing omni-channel offerings to align with changing customer preferences and media consumption patterns.”
He further said, “The recovery in Radio Adex, was seen across all the major sectors, which even if on a low base have risen phenomenally and augur well for the industry. With Real Estate and Electricals growing by over 300% and strong growth in other core sectors such as Pharma, Auto and FMCG, we are extremely optimistic of the growth trajectory that lies ahead, especially with the festive season upcoming around the corner and multiple sporting events and product launches lined up”
The company statement said that adoption of the ‘Radigitalization’ strategy i.e., digital integrations with Radio at its core, has paid off well for the company and have seen the benefits accruing further and sustaining over time. Traditional and OTT mediums are also feeding off this differentiated offering and reach by tapping into our resources and brand solutions, as consumers seeking excellent content on digital platforms are expected to draw more businesses to take advantage of the convergence of radio and digital.
“With 32 percent of the revenue this quarter coming from new revenue initiatives, they have started to make up a sizeable portion of our total top line and show every promise of being sustainable and continuing to fuel consistent growth going forward. With cash reserves at Rs. 273 crores as of June 30, 2022, the firm has remained loyal to its core values of keeping a solid liquidity position as a war chest to weather any storm and seize new possibilities,” Gupta added.
“Regarding the bonus issue of the non-convertible non-cumulative redeemable preference shares, the meeting of the Equity Shareholders and Unsecured Creditors of the Company was held on Thursday, June 23, 2022, wherein the Shareholders and Unsecured Creditors have approved the scheme and thereafter the Company has filed the petition with NCLT for further course of action. We will keep you posted on the developments as they unfold,” Gupta concluded.