Mirchi reports 46% revenue growth, achieves EBITDA profit

Entertainment Network (India) Ltd, the operator of India's #1 FM radio channel Radio Mirchi, today announced results for the quarter ended Sep 30, 2021.

Overall revenue grew 46.3% on the back of a strong 50% growth in radio and 51% in Solutions; Third party sales and other operating income grew at a slower pace. As revenues grew, and the cost control initiatives of the past continued, EBITDA turned profitable during the quarter at Rs.8.9 crores.

As the impact of the 2nd covid wave waned, the company reported a net loss of just Rs.7.9 crores, compared to Rs 27.7 crores in the 1st quarter. The company's balance sheet remains strong with Cash reserves of Rs.205.7 crores as on Sep 30, 2021.

Commenting on the results, Mr. Prashant Panday, MD & CEO, ENIL, said: "Thanks to more pragmatic lockdowns during the 2nd covid wave and rapid vaccination across the country, the economic recovery has been faster this time. This has shown up in the strong results of the company. We expect results to remain strong in the 2nd half of the year as well. Our Solutions and digital products are providing us with strong competitive advantage. We see ourselves morphing from Radio Mirchi to Mirchi Platforms rapidly!".

Shares of Entertainment Network (India) Limited was last trading in BSE at Rs. 194.80 as compared to the previous close of Rs. 178.10. The total number of shares traded during the day was 8911 in over 395 trades.

The stock hit an intraday high of Rs. 195.80 and intraday low of 179.25. The net turnover during the day was Rs. 1681283.00.

Source : Equity Bulls

Keywords

EntertainmentNetworkIndia INE265F01028 ENIL Q2FY22 H1FY22 ResultUpdate