Mirchi parent ENIL swings to black in Q1

economictimes.indiatimes.com:

Entertainment Network India Ltd (ENIL), the operator of India's top FM radio channel Mirchi, reported a net profit of ₹4.4 crore for the fiscal first quarter, rebounding from a loss a year earlier. For the quarter ended June 30, the company reported revenue of ₹91.7 crore, a decline of 3.7% YoY. Notably, the radio segment revenue was up by 7.6% year-on-year, led by volume growth.

Mumbai-headquartered ENIL operates FM radio broadcasting stations in 63 Indian cities. The company reported Ebitda of ₹19.2 crore, a 59.1% increase from a year earlier. Profit before tax, excluding exceptional items, was ₹5.4 crore.

«Capitalising on the inherent efficient cost structure of the segment, higher volumes helped Mirchi to translate into improved operating leverage,» the company said in a statement Friday. The company said the «digital platform's consistent contribution to the top line underscores its unwavering belief in its potential». The Mirchi Plus platform and other digital assets have been demonstrating rapid growth, as evident through increased engagement and viewership metrics.

Due to recent efforts by the management, international business has now stabilised and turned positive in Q1 FY24, with Ebitda of ₹1.8 crore, it said. Chief executive Yatish Mehrishi said three key levers contributed to the growth in operating profitability. «One, our radio business continued its recovery momentum, driven by additional ad spends by clients.