Radio Mirchi operator ENIL posts 50% jump in revenues

Leisure Community (India) Ltd (ENIL), which operates India’s main non-public FM model Radio Mirchi, on Thursday posted a 50% soar in second-quarter working income at ₹103.1 crore, as in opposition to ₹68.81 crore in Q2 FY22.

Whereas the radio enterprise recorded a robust 45.7% development, the options enterprise witnessed 57.7% soar in comparison with the yr in the past quarter.

With continued price economisation initiatives, the working price (excluding digital enterprise and direct variable prices) have been decrease than Q2FY20, the corporate mentioned.

Throughout the quarter, the corporate invested ₹5.8 crore within the digital platform. With out this, EBIDTA for Q2FY23 stood at ₹18.1 crore and revenue earlier than tax (earlier than distinctive gadgets) stood at ₹6.2 crore.

EBITDA is simply 7% in need of the pre-pandemic Q2FY20 quantity.

“After two consecutive Covid-impacted years, we had an excellent Covid-free Q2 this yr,” mentioned Prashant Panday, MD, ENIL. “Mirchi’s enterprise rebounded strongly with strong development of fifty% in revenues and 186.3% in EBITDA over final yr.”

Panday mentioned that Mirchi’s market share has grown by practically 4% since Q2FY20. “It’s heartening to notice that core EBITDA is now simply 7% in need of the pre-pandemic yr FY20. We count on sturdy development from right here on. Our Options enterprise and the brand new digital platforms – the Mirchi Plus app and the MPing audio advert community – have acquired a heat welcome and can drive Mirchi’s development within the coming years,” he mentioned.

ENIL made an impairment provision of ₹15.15 crore in its Mirchi US and Bahrain companies on account of Covid, the weak international financial state of affairs and the enterprise atmosphere in most nations. The corporate clarified that this impairment has no impression on ENIL consolidated outcomes as losses have been already booked in earlier years.

Additional, the corporate has made a provision of ₹2.63 crore for the related onerous contracts in worldwide markets which it intends to discontinue from its operations. Because of the impairment provision, loss for the quarter got here in at ₹12.6 crore, in comparison with a internet lack of ₹7.9 crore within the corresponding quarter final yr.

Stability sheet remained sturdy with money reserves of ₹227.1 crore.