Music Broadcast Limited (MBL), which owns and operates Radio City, has seen a 47% growth in its third-quarter revenue at Rs 59.9 crore compared to Rs 40.7 crore in Q3 FY21. The company's EBITDA jumped 136% to Rs 21.6 crore as against Rs 9.2 crore. Its net profit came in at Rs 9 crore compared to Rs 0.1 crore.
The company said it had a 22% market share in Q3FY22, as per Aircheck 15 Markets. Further, 44% of the total clients on the radio platform advertised on Radio City while 36% of new clients on the radio platform advertised on Radio City.
The company had cash and cash equivalents of Rs 248 crore as of December 31, 2021.
Commenting on the results, MBL Director Shailesh Gupta said, “The festive season brings with it cheer and positivity and that is exactly what was observed in the company’s performance, with the revenue growing 47% YoY and 42% QoQ, while maintaining a lion’s share of the volume and extending the lead in market share. The groundwork laid over the past few quarters and return of ad spends led to a significant rise in profitability, with EBITDA margins standing at 36.1% and PAT margins at 15.0% for the quarter.
"Ad spends across most sectors saw a bounce back, amidst the opening up of malls, multiple international sporting events, product launches, and resumption of movie screenings, which provided the much-needed boost for the sector. While the traditional lines of business held strongly and recovered lost ground, multiple digital initiatives, complemented the same and witnessed a sharp growth of 219% YoY and 43% QoQ, which is in line with the multi-channel approach the company has embarked upon.
"New revenue opportunities have contributed substantially to our overall performance, accounting for 38% of the revenue this quarter, and are expected to drive steady growth going forward as well leveraging the talent pool and infrastructure in the organization. The company has further cemented its strong liquidity position by increasing its cash reserves, which now stand at Rs. 248 crores, as of 31% December 2021. Regarding the bonus issue of the non-convertible non-cumulative preference shares, SEBI has accorded its approval, and we have filed the scheme with NCLT in February 2021 and are awaiting approval from them.”
MIB is a subsidiary of Jagran Prakashan and currently has 39 stations across 12 states, comprising 62% of the country’s FM population. Radio City reaches out to over 69 million listeners in 34 cities covered by AZ Research 2019.