Radio Mirchi’s PAT grows 513% to Rs 17.9 crores in FY10

Mumbai :Entertainment Network (India) Ltd., India’s leading Private FM Radio operator,popularly known as Radio Mirchi, today reported a net profit of Rs. 4.8 crore for the quarter ended March 31, 2010, against a profit of Rs. 1.3 crore reported in Q4FY09. Revenues for Q4FY10 stood at Rs. 61.2 crore, compared to Rs. 50.3 crore in the corresponding period last year. The company’s earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs. 14.8 crore, up 10%. The Company’s EBITDA margin stood at 24.2%.

Net Profit for the fiscal year ended March 31, 2010, grew by 513% to Rs. 17.9 crore as compared to Rs. 2.9 crore in the previous fiscal year. EBITDA for the
year was Rs. 59.6 crore, up 17.6%.

On a consolidated basis, ENIL reported revenues of Rs. 120.3 crore during Q4FY10, up 20.6% YoY. The EBITDA for the quarter stood at Rs. 34.2 crore compared to a EBITDA loss of Rs. 23.4 crore in the corresponding period of previous year. PAT stood at Rs. 15.4 crore. For the fiscal year ended March 31, 2010, consolidated revenues were Rs. 422.8 crore.

As per the recently published Indian Readership Survey (IRS) 2010 Q1, Radio Mirchi has emerged as a clear leader with over 41.2 million listeners across the country. Radio Mirchi tops the charts with the largest cumulative listenership of 15.1 million in the eight key cities of Mumbai, Delhi, Kolkata, Hyderabad,Bangalore, Pune and Ahmedabad.

Commenting on the results, Mr. Prashant Panday, CEO, ENIL, said “There is clearly a recovery in the media markets, but I would wait for another 2 quarters before saying it with certainty. The media industry needs to focus on increasing yields, even while we add value to our advertisers. Our cost focus has helped in
improving the margins. We plan to continue that focus in the coming year. We are particularly excited about the strength of the Mirchi brand as reflected in repeated listenership studies. The brand has also won several accolades during the year”.

On the Out-of-Home media front, the Company has implemented many cost management initiatives. Adding on, Mr. Sunder Hemrajani, Managing Director, Times OOH, said “The revival of the OOH industry continued into Q4FY10. The Company recorded a revenue growth of 51.4% during the quarter and 5.2% in
the financial year under review. There was significant improvement in the profitability of the business due to aggressive customer acquisition and the positive impact of the cost and productivity initiatives undertaken during the year.”

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