Business
Radio Mirchi revenue falls 72%, but market share expands
Mumbai: Entertainment Network (India) Ltd, or ENIL, the operator of India’s No.1 FM radio channel Radio Mirchi, on Friday posted a total revenue of Rs 37 crore for the first quarter ended June 30. This was nearly 72% lower compared to Q1FY20 on account of Covid-induced lockdowns. However, cost-control initiatives resulted in a 27% lower other operating cost, even as revenue market share rose to 33%.
Ebitda loss during the quarter was Rs 26 crore on account of the decline in the top line. Net loss for the quarter was almost Rs 37 crore due to the combined impact of the coronavirus & IND AS 116 accounting standard. Non-revenue impact of Covid on the bottom line was Rs 1.6 crore. The company said its balance sheet remains strong with cash reserves of more than Rs 236 crore as on June 30.
ENIL MD & CEO Prashant Panday 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 rationalisation of operating costs give us confidence that when the economy recovers, we will gain the most.”
Ebitda loss during the quarter was Rs 26 crore on account of the decline in the top line. Net loss for the quarter was almost Rs 37 crore due to the combined impact of the coronavirus & IND AS 116 accounting standard. Non-revenue impact of Covid on the bottom line was Rs 1.6 crore. The company said its balance sheet remains strong with cash reserves of more than Rs 236 crore as on June 30.
ENIL MD & CEO Prashant Panday 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 rationalisation of operating costs give us confidence that when the economy recovers, we will gain the most.”
Source link
