Mumbai: Entertainment Network (India) Ltd., India’s leading Private FM Radio operator,popularly known as Radio Mirchi, today reported a net profit of `5.0 crore for the quarter ended September 30, 2010, a growth of 31.2% over the corresponding quarter of the previous year. Revenues for Q2FY11 stood at `62.8 crores, a growth of 12.3% over the previous year. On a sequential basis, the company reported a revenue growth of 9.1%. The Company’s EBITDA margin stood at 25.1% during the current quarter.
Net Profit for the six months ended September 30, 2010, grew nearly 4 times to 9.3 crores as compared to `2.4 crores in the first half of last year. EBITDA for the period was ` 30.2 crores, up 27.3% over the previous year.
Expressing satisfaction over the results, Prashant Panday, Executive Director & CEO, ENIL, said “July-September is the weakest quarter of the year for media companies. Its very satisfying that we have delivered strong profitability. The 2 nd half of the year is bound to be stronger. I would like to compliment my team in Mirchi who have consistently delivered strong listenership and revenue numbers as well as to our listeners who have stood by us throughout”.
Radio Mirchi’s financial strength comes from the strong listenership the brand commands across the country. As per the latest Indian Readership Survey (IRS), Mirchi occupies the top spot in FM radio with a listenership of over 42 million weekly listeners – double the listenership of the next radio brand. Mirchi’s daily listenership is bigger than the Average Issue Readership (AIR) of the biggest newspaper in India.
The quarter saw Mirchi do some exciting things. The South editions of the Mirchi Music Awards were launched during the quarter and were well received by the entire music fraternity there. The company also launched Mirchi Mobile the first streaming radio channel on the mobile phone. It also picked up Silver at the recent New York Advertising festival as well as 5 awards at a recent media awards show.
Entertainment Network (India) Limited is a leading city-centric media Company and is listed on the BSE and NSE. Incorporated in June 1999, ENIL operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities and is headquartered in Mumbai. ENIL has two subsidiaries namely, Times Innovative Media Limited, through which it operates its out-of-home media brand Times OOH, and Alternate Brand Solutions (India) Limited, through which it operates its experiential marketing brand 360 0 Experience. Its promoter, Bennett, Coleman & Co. Limited, is the flagship company of The Times Group, which has a heritage of over 150 years and is one of India’s leading media groups.