Mumbai: Reliance Broadcast Network Limited has announced its financial results for the quarter ended June 30, 2013. The Company reported strong performance, achieving operating break even, with consolidated total income of Rs. 61.1 crore and consolidated EBITDA of Rs 0.9 crore.
The Company reported a 31% increase in revenues for radio at Rs. 47.3 crore in Q1 FY14 and stands to gain from the impending phase III auctions, which will see private FM radio service expand to 294 additional cities. This will augment reach and unleash the true potential of 92.7 BIG FM, already India’s largest and leading private FM network.
Television business delivered strong performance clocking 37% Y-o-Y growth with revenues at Rs. 8.4 crore. The Company’s flagship general entertainment channel BIG Magic which emerged a leader in the Hindi heartland, has steadily expanded distribution across the Hindi speaking markets of India, benefiting from phase II of television digitization. TRAI’s mandate to regulate advertisement inventory to 10 minutes per clock hour will translate into more equitable distribution of advertisement inventory across channels, resulting in increased advertisement flow to both radio and emerging channels like BIG Magic, BIG CBS and BIG RTL Thrill.
Commenting on the performance, Tarun Katial, Chief Executive Officer, Reliance Broadcast Network Limited said, “Reliance Broadcast Network has delivered robust performance, breaking even at the operating level. Radio has delivered the highest ever Q1 performance fortifying its position as the leading national network and both key businesses of radio and television are primed to benefit from the impending government reforms.”