Mumbai: FM radio Network Radio Mirchi has posted consolidated operating revenue of Rs 151.84 crore for the quarter ended March 2020. ENIL had posted revenue of Rs 175.77 crore in the final quarter of the previous financial year.
The company posted a net loss of Rs 3.23 crore, as against a net profit of Rs 19.24 crore in the corresponding period last year due to the Covid-19 pandemic that has resulted in a major drop in advertising revenues and profitability of the company during this quarter.
“The pandemic and its consequent adverse effect on the economy also negatively impacted the business operations of ENIL,” said Prashant Panday, MD & CEO, ENIL. “
There have been no significant changes, however, in the controls and processes which are key to our ability to run operations without disruptions in these difficult conditions.” He added.
However, ENIL has reported a consolidated net profit of Rs 10.71 crore for the full fiscal compared to Rs 53.9 crore in FY19. Operating revenue of the company stood at Rs 548.14 crore, as against Rs 620.8 crore in the previous fiscal due to an overall slowdown in the economy and major drop in government advertising.
ENIL witnessed a de-growth of 14.8% compared to Q4FY19 of which 9% was on account of Covid. FY20 revenue was Rs.540.6 crores, a de-growth of 12.9% of which 2.6% was on account of Covid.