Radio Mirchi completes Gaana deal, ad volume up 19% volume YoY
In its Q3 2024 results, Entertainment Network (India) Ltd. posted Rs 140 crore in total revenue, reporting a growth of 21% YoY
Entertainment Network (India) Ltd, the operator of radio channel Radio Mirchi, announced its results for the Third Quarter and Nine Months ended December 31, 2023 recently.
The radio channel registered an ad volume growth YoY of 18.7 per cent due to increased share of Retail/ local advertisers, Mirchi has a market share of 26.2 per cent.
During the quarter, total revenue stood at Rs 140 crore reporting a growth of 21 per cent YoY.
This was led by robust demand in Free Commercial Time (FCT) driven by high retail activity during the quarter. Non-FCT revenues also experienced a notable surge, reporting strong revenue growth of 45 per cent YoY.
EBITDA stood at Rs 44.3 crore boasting a 33 per cent margin and demonstrating a substantial 36.4 percent.
The digital segment contributed Rs 11.4 crore to the revenue, making up 13 per cent of the total radio revenues. Additionally, ENIL invested Rs 6.2 crore, further fortifying its digital presence.
The Gaana deal has been completed and the company is actively engaged in revitalising the brand and the product to enhance Mirchi's digital offerings to its audience. This acquisition is an important step towards turning around ENIL's digital story.
The international business continues to remain stable and profitable, and reported an EBITDA of over Rs 2.3 crore during the quarter.
Maintaining a robust financial position, the balance sheet reflects cash and cash equivalents amounting to Rs 262 crore as of December 31, 2023.
Commenting on the developments, Yatish Mehrishi, CEO, ENIL, said: "I am thrilled to report a strong quarter with increased radio activity and a fantastic festive season. Our revenue growth has outpaced the industry, demonstrating our leadership. Over the past two years, we've seen consistent revenue growth, doubling the industry average and significantly improving profitability. As our current businesses gain momentum, we're dedicated to future investments. The addition of Gaana is a crucial step in our digital journey, aiming to offer high-quality audio content on a unified platform. Looking ahead, the synergy between our brands, Mirchi and Gaana, along with our industry experience, positions ENIL as a key player in India's audio entertainment space."
