Mirchi revenues fall 72%, but market share rises to 33%

Entertainment Network (India) Ltd, the operator of India's #1 FM radio channel Radio Mirchi, today announced results for the quarter ended June 30, 2020.

The Company posted a total revenue of Rs. 37.0 crores during the quarter, a de-growth of 71.9% compared to Q1FY20 on account of Covid induced lockdowns. Cost control initiatives resulted in 27% lower other operating cost.

EBITDA loss during the quarter was Rs.26.0 crores on account of the topline decline. Net loss for the quarter was Rs.36.6 crores due to the combined impact of Covid & IND AS 116. Nonrevenue impact of Covid on bottom-line was Rs.1.6 crores.

Balance sheet remains strong with Cash reserves of Rs.236.4 crores as on June 30, 2020.

Commenting on the results, Mr. Prashant Panday, MD & CEO, ENIL, said: Media companies have all been hit very badly by Covid. Mirchi's strategy of providing solutions and building digital products has protected us and in fact lifted our revenue market share to 33% in a 30+ player market. Our leadership in listenership, our strong position in cash, and our rationalization of operating costs give us confidence that when the economy recovers, we will gain the most".

Shares of ENTERTAINMENT NETWORK (INDIA) LTD. was last trading in BSE at Rs.128.55 as compared to the previous close of Rs. 128.5. The total number of shares traded during the day was 408 in over 41 trades.

The stock hit an intraday high of Rs. 135 and intraday low of 124.95. The net turnover during the day was Rs. 53446.

Source : Equity Bulls

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