ENIL operated Mirchi reports turnaround in Q3 profit at Rs11cr, revenue rises 17% yoy on robust growth in FM radio biz; Stock shoots up 8%

10 Feb 2022 , 11:15 AM

Entertainment Network (India) Ltd., (ENIL), the operator of India’s #1 FM radio channel Radio Mirchi announced results for the quarter ended Dec 31, 2021. The company reported 17% standalone revenue growth to Rs98.9cr, driven by 23% growth in core FM radio revenues.

The company said in a filing that tight cost control measures of the past were continued, as a result of which EBITDA grew 70% over last year to Rs35.6cr and Profit After Tax (PAT) grew from a loss of Rs2.7cr last year to a profit of Rs11cr in Q3 this year. Though revenue for the current quarter was 33% lower than the pre-pandemic period of Q3FY20, PAT was higher by 3%, indicative of a more efficient and leaner business, company said.

The company’s balance sheet remains strong with Cash reserves of Rs202cr as on Dec 31, 2021.

Entertainment Network (India) Ltd was bullish on Thursday and at around 11.18 am, the company stock was trading at Rs193 per share up by Rs14.7 or 8.24% from its previous closing of Rs178.30 per share on the BSE. The scrip opened at Rs186 and has touched a high and low of Rs205.80 and Rs186 respectively.

Prashant Panday, MD & CEO, ENIL, said: “Q3 has been a strong quarter with core radio reporting strong results. Radio ad volumes grew by 20% and revenues by 23%. With Covid receding, we expect our Solutions business also to grow rapidly in the coming quarters. Mirchi also launched its digital app platform in international markets. The app will soon be extended to India”.