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Mirchi revenues fall 7%, Solutions grow 33.9%

Posted On: 2019-11-12 10:21:12


Entertainment Network (India) Ltd, the operator of India's #1 FM radio channel Radio Mirchi, today announced results for the quarter ended September 30, 2019.

The Company posted an operating revenue of Rs.113.9 crores during the quarter as compared to Rs.122.5 crores in Q2FY19, a fall of 7%. Underlying EBITDA fell 30.8% to Rs 18.9 crores but reported EBITDA - post impact of Ind AS 116 - grew by 0.6% to reach Rs.27.5 crores. Profit After Tax at Rs.1.24 crores saw a steep fall from the same quarter last year. The PAT for the quarter is also impacted by Ind AS 116 to the extent of Rs.1.75 crores.

Commenting on the results, Mr. Prashant Panday, MD & CEO, ENIL, said: "This has been a very weak quarter for the media industry. I am disappointed with the results, but I am delighted that our solutions strategy has delivered a strong 33.9% growth, at higher margins. I am also happy that our market share has grown by 1% since last year. As market conditions improve, our revenues, EBITDA and PAT will rebound strongly".

Shares of ENTERTAINMENT NETWORK (INDIA) LTD. was last trading in BSE at Rs.255 as compared to the previous close of Rs. 252. The total number of shares traded during the day was 86 in over 7 trades.

The stock hit an intraday high of Rs. 255 and intraday low of 248. The net turnover during the day was Rs. 21518.


Source: Equity Bulls

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