Stock Report

Radio City Ad-volumes grow by 9% in Q3 FY21 as compared to same period previous year

Posted On : 2021-01-21 18:51:28( TIMEZONE : IST )

Radio City Ad-volumes grow by 9% in Q3 FY21 as compared to same period previous year

Music Broadcast Limited (MBL), India's 1st Private FM Radio Broadcaster, has reported its Financial Results for the Quarter and Nine Months ended December 31st, 2020.

Key Highlights - Q3 FY21:

- Top line of Rs 40.7 Crores compared to Rs 30.1 Crores in Q2 FY21
- EBITDA turned positive to Rs. 4.2 Crores
- Reached break-even at PAT level

9M FY21

- Revenue was at Rs 85.1 Crores
- EBITDA was Rs. (14.1) Crores
- PAT was Rs. (20.3) Crores

Commenting on the results Ms. Apurva Purohit, Director said: "I am very pleased with the resurgence of Radio City's ad volumes which showed a growth of 9% over the previous year. The economy has continued to see sustained recovery since the opening up of lockdown and with the commencement of the vaccination programme, we expect the growth momentum to accelerate going into next year. The media and entertainment sector echoed the same momentum and has been seeing continuous improvement in operational parameters.

Radio City has been able to continue its growth trajectory from the last quarter in terms of both revenue and volumes. Our continued cost saving initiatives have helped us to report a Positive EBITDA of Rs 4.2 Crores and reached break-even at PAT level. We also continued to work on improving our collection efficiency and have collected Rs. 33 crores in Q3.

The radio industry has witnessed healthy growth in new client addition at more than 2,200 clients in Q3 and we continue to be a major beneficiary with a market share of 34% of these clients.

Towards the end of the quarter, the IPAB released its order with regards to royalty payment by FM broadcasters and based on the same, we do not anticipate any major impact on our royalty payments.

The bonus issue of the non-convertible non-cumulative preference shares is going through various regulatory approvals and is currently being reviewed by SEBI."

Shares of Music Broadcast Ltd was last trading in BSE at Rs.23.15 as compared to the previous close of Rs. 23.3. The total number of shares traded during the day was 15919 in over 93 trades.

The stock hit an intraday high of Rs. 24.15 and intraday low of 23. The net turnover during the day was Rs. 371901.

Source : Equity Bulls