MUMBAI: Entertainment Network (India) that owns FM radio channel Radio Mirchi, today announced its results for the Third Quarter and Nine Months ended 31 December, 2023.
During the quarter, total revenue stood at Rs. 140 crores reporting a strong growth of 21% YoY. This was led by demand in FCT driven by high retail activity during the quarter. Non-FCT revenues saw revenue growth of 45% YoY. EBITDA stood at Rs. 44.3 crores boasting a 33% margin and demonstrating a substantial 36.4% YoY improvement, primarily driven by top-line growth.
The company announced a PAT of Rs. 21.6 crores for the quarter, marking a 108% YOY growth. PAT for December 2023 YTD reached Rs. 32.9 crores. This marks a turnaround from the loss of Rs. 2.5 crores reported in the same period last year.
The digital segment contributed Rs. 11.4 crores to the revenue, making up 13% of the total radio revenues. Additionally, ENIL invested Rs. 6.2 crores, to strengthen its digital presence.
The Gaana deal has been completed and the company is revitalising the brand and the product to enhance Mirchi’s digital offerings to its audience. This acquisition is an important step towards turning around ENIL’s digital story.
The international business it added continues to remain stable and profitable, reported an EBITDA of over ₹2.3 Crores during the quarter. The Balance sheet reflects Cash and cash equivalents amounting to ₹262 Crores as of December 31, 2023.
Yatish Mehrishi, CEO, ENIL, said, “I am thrilled to report a strong quarter with increased radio activity and a fantastic festive season. Our revenue growth has outpaced the industry, demonstrating our leadership. Over the past two years, we’ve seen consistent revenue growth, doubling the industry average and significantly improving profitability. As our current businesses gain momentum, we’re dedicated to future investments. The addition of Gaana is a crucial step in our digital journey, aiming to offer high-quality audio content on a unified platform. Looking ahead, the synergy between our brands, Mirchi and Gaana, along with our industry experience, positions ENIL as a key player in India’s audio entertainment space.”
