Entertainment Network (India) narrows net loss of Rs7.9cr in Q2FY22; Stock slips 4%

The company reports 46% revenue growth, achieves EBITDA profit.

Oct 27, 2021 01:10 IST India Infoline News Service

Entertainment Network (India) Ltd, the operator of India’s #1 FM radio channel Radio Mirchi, on Tuesday announced results for the quarter ended Sep 30, 2021.

Overall revenue grew 46.3% on the back of a strong 50% growth in radio and 51% in Solutions; Third-party sales and other operating income grew at a slower pace. As revenues grew, and the cost control initiatives of the past continued, EBITDA turned profitable during the quarter at Rs8.9cr.

As the impact of the second covid wave waned, the company reported a net loss of just Rs7.9cr, compared to Rs27.7cr in the first quarter. The company’s balance sheet remains strong with Cash reserves of Rs205.7cr as on September 30, 2021.

“Thanks to more pragmatic lockdowns during the 2nd covid wave and rapid vaccination across the country, the economic recovery has been faster this time. This has shown up in the strong results of the company. We expect results to remain strong in the 2nd half of the year as well. Our Solutions and digital products are providing us with strong competitive advantage. We see ourselves morphing from Radio Mirchi to Mirchi Platforms rapidly!” Prashant Panday, MD & CEO, ENIL, said.

Ata round 1.20 pm, Entertainment Network (India) Ltd was trading at Rs187 per piece down by Rs7.8 or 4% from its previous closing of Rs194.80 per piece on the BSE.

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