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Radio Mirchi Q1 net at Rs 43 mn as revenue gains 14%
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Entertainment Network India Ltd (ENIL), which operates the FM station Radio Mirchi, has posted a net profit of Rs 43.07 million for the fiscal first quarter ended 30 June, reversing the net loss of Rs 14.5 million in the same quarter a year earlier.

The profitability came on the back of a 14.2 per cent upward swing in standalone income from operations to Rs 571.24 million for the quarter ended 30 June.

The company also reported Ebitda of Rs 145 million for the quarter, showing a YoY growth of 56.8 per cent.

On a consolidated basis, the company’s revenue stood at Rs 1.15 billion for the quarter, up 31.7 per cent from the year-ago period.

Radio Mirchi CEO Prashant Panday added, “Overall, the advertising markets are looking up. The zing is back! Those brands which have invested in brand building during the down-turn of the last 18 months are likely to gain in the coming quarters. Our strong listenership has made Mirchi a permanent feature of most advertising plans. We look forward to a quick resolution of the music royalty issue and thereafter to Phase III.”

Meanwhile, the board of the company has approved the sale of ENIL’s entire equity
stake of 83.44 per cent in Times Innovative Media Ltd (TIM) to Bennett, Coleman & Company Ltd (BCCL).

Commenting on the deal, ENIL Group CFO N Subramanian stated, “The deal is positive for ENIL as it will release significant cash for the upcoming Phase III investments in the radio business. It will also improve the consolidated profitability of the company going forward.”
itv.com
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