ENIL records Rs 95.3 crore revenue in Q1
The company said revenue growth was driven mainly by 170.5% growth in radio and 107.8% in solutions as compared to Q1FY22
Entertainment Network India Ltd (ENIL), the operator of FM radio channel Radio Mirchi, has reported a revenue of Rs 95.3 crore in Q1 compared to Rs 38.8 crore in the same quarter of last year. Revenue growth was driven mainly by 170.5% growth in radio and 107.8% in solutions as compared to Q1FY22, which was severely hit by the second wave of the COVID-19 pandemic.
The company launched its digital platform in Q1FY23. The Mirchi Plus app has made a promising beginning with users rating the content as high-quality. The company incurred an expense of Rs. 7.8 crore towards the platform launch. Without this, EBITDA for Q1FY23 stood at Rs. 12.1 crore and loss after tax stood at Rs 5.5 crore.
ENIL's operating profit stood at Rs 5.2 crore compared to an operating loss of Rs 18.7 crore. Net loss narrowed by 59% to Rs 11.3 crore from Rs 27.7 crore.
Though overall revenue for the current quarter was 28% lower than Q1FY20, the company noted that cost economisation initiatives continued to reap benefits as operating cost were lower by 16%. Costs have been pruned in all areas including rentals, electricity, travel, etc.
The balance sheet remains strong with cash reserves of Rs 226.6 crore as of June 30, 2022.
Commenting on the results, ENIL MD & CEO Prashant Panday said, “It’s been a strong quarter for us. Revenues grew sharply, rising 145% over last year and core business EBITDA turned positive at Rs 12 crores compared to a loss of about Rs 19 crores last year. Solutions revenues went ahead of pre-pandemic levels. Radio volume and revenue market shares rose sharply too. But the most exciting development was the launch of the Mirchi Plus app which has got off to a solid start. The worst is behind for sure. And the future looks bright!”
