ENIL Q1 revenue up 44% at Rs 38.9 crore

The jump was driven by both Radio: 57% and Solutions business: 27.9% compared to the same quarter last year

by exchange4media Staff
Published: Aug 16, 2021 12:17 PM | 2 min read

Entertainment Network India Limited (ENIL), the operator of FM radio channel Radio Mirchi, has reported 43.9% revenue growth to Rs. 38.9 crore in Q1 (excluding one-time revenue from ADMC) compared to the same quarter last year. The jump was driven by both Radio: 57% and Solutions business: 27.9% compared to same quarter last year.

Growth however was on the low base of last year. Compared to two years ago, the company’s revenues were still 70.5% down. This was a direct result of the 2nd wave of Covid-19.

The company's focus on cost control continues as overall costs reduced by 7% to Rs 81.1 crore over Rs 90.4 crore in the same quarter last year. During the quarter, EBITDA loss was Rs. 18.7 crore and net loss was Rs. 27.7 crore. Balance sheet remains strong with Cash reserves of Rs. 213 crore as on June 30, 2021.

Commenting on the results, Prashant Panday, MD & CEO, ENIL, said: “Just when we were cruising towards a full recovery, the 2nd Covid-19 wave hit the country. A strong recovery however is being seen now. What is giving our recovery strength is the growing strength of our digital products, which have contributed 12.6% to our revenues. We see both solutions and digital growing rapidly in the remaining months of the year.”

During the quarter ended June 30, 2021, the Company incorporated a wholly owned subsidiary, Mirchi Bahrain W.L.L in the Kingdom of Bahrain, to commence radio broadcasting and related business targeting the South Asian community markets.