Radio Mirchi Q2 net up 80% to Rs 90.3 mn

MUMBAI: India?s leading FM radio company, Entertainment Network (India) Ltd (ENIL), has reported a whopping 80 per cent jump in its net profit for quarter ended 30 September.

ENIL, which runs private FM radio brand Radio Mirchi, has posted a standalone net profit of Rs 90.3 million for the second quarter, up from Rs 50.10 million in the earlier year.

ENIL ED and CEO Prashant Panday said, "The market remained tough during the quarter, but our sustained focus on cost control and innovative selling helped us post a strong profit growth. That helped generate Rs 230 million of cash during the quarter. We expect the market to remain tough in the next quarter and have made plans to counter the slowdown in advertising growth. We also eagerly await the Phase-3 bidding to commence."

Revenue during the quarter under review rose to Rs 691.64 million, compared with Rs 627.84 million in the earlier year.

The company?s Ebitda (earnings before interest, tax, depreciation and amortization) stood at Rs 208 million, up 26.7 per cent. The Ebitda margin improved to 30.1 per cent from 26.2 per cent in the year-ago period.

On a consolidated basis, ENIL reported a net profit of Rs 83 million at a revenue of Rs 701 million.