MUMBAI: Times of India group?s Entertainment Network (India) Ltd, which operates FM radio Radio Mirchi, has seen its net profit rise 14.44 per cent to Rs 103 million in the second quarter ended 30 September from Rs 90 million a year earlier.

ENIL?s revenues for the second quarter stood at Rs 770 million, compared to Rs 691 million in the corresponding period last year. The company?s Ebitda stood at Rs 189 million and the margin was 24.5 per cent.

ENIL said its consolidated profit after tax was Rs 105 million, up 26.2 per cent.

Revenues for the six months ended 30 September grew by 10.3 per cent to Rs 1.46 billion from a year earlier, while net profit rose 24.6 per cent to Rs 233 million from a year earlier.

Commenting on the results, ENIL ED and CEO Prashant Panday said the company?s cash position at Rs 2.69 billion remains strong and is gearing up for phase 3 of roll out.

"The media sector continues to be under pressure due to the poor economic scenario, but within this, the radio sector has reported double digit growth. Mirchi has retained its 35-36 per cent revenue market share reporting a double digit revenue growth this quarter also. Overall, the company?s cash position remains strong with Rs.269 crores (Rs 2.69 billion) in liquid form. We are now eagerly awaiting the imminent roll-out of Phase-3 (of FM radio licences)," Panday said.