Entertainment Network India revenue up 37.3%

The Entertainment Network India, Radio Mirchi, has reported an increase of 37.3% in total revenues, driven by healthy growth in radio of 35.7 % and non-radio grew by 33.5% during the year. According to the Q4 financial results of Entertainment Network India Limited, 2023, the total revenues grew by 5.6 % to Rs 104.9 crore with radio witnessing a growth of 13.2 % in revenue.

Detailing more about the growth coming from the digital, the company shared that investments towards digital platform have started bearing fruit as the segment began contributing to the top line from quarter four onwards. The company saw an upsurge in the revenue after investing Rs 7.2 crore in the digital platform and without which the EBITDA for the quarter stood at Rs 23.2 crores and profit before tax was Rs 6.1 crore.

Barring digital, the company shared the figures for the entire year which tells that EBITDA stands at Rs 93.3 crore and its margins have improved to 22.6% in FY23 from 16.2% in FY22. The company’s profit before tax and exceptional items is Rs 19.6 crore as compared to the loss of Rs 28.9 crore in FY22.

Commenting on the results, Yatish Mehrishi, CEO, ENIL, said: “I am pleased to share that we have registered good growth this financial year both in terms of top line and improved margins. We have witnessed an increase in radio revenues post pandemic and a good traction in the Non radio business as well. We have consolidated our industry leadership by gaining volume market share by 300 bps. Our digital platform Mirchi Plus continues to grow rapidly on key metrics of Monthly Active Users and engagement. Our social media assets have seen massive growth both in terms of engagement and virality.”

Looking into the company’s balance sheet, we found that ENIL’s Balance Sheet remains strong with cash reserves standing at ₹ 265.0 crores as on March 31, 2023, as compared to ₹ 227.0 crores as on December 31, 2022.