Mumbai : Entertainment Network (India) Ltd. (ENIL) India’s leading private FM Radio operator, popularly known as Radio Mirchi, today reported EBITDA of Rs.14.5 crores for the quarter ended June 30, 2010, YoY growth of 56.8%. For the quarter, revenues grew by 14.5% to Rs.57.5 crores. The Company’s net profit stood at Rs. 4.3 crores against a net loss of Rs.1.4 crores in the Q1FY10.
On a consolidated basis, the Company reported total income of Rs.115.0 crores, a growth of 31.7% compared to the same quarter of previous year. Consolidated EBITDA for the quarter stood at Rs.14.7 crores.
Commenting on the performance of the Company, Prashant Panday, ED & CEO, ENIL said, “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.”
On July 8, 2010, the Board of Directors of the Company in-principle 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, N. Subramanian, Group CFO, ENIL 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.”