Mirchi sees 145% growth in revenue for Apr-Jun – Times of India

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MUMBAI: Entertainment Network (India) Ltd, or ENIL, has reported a revenue of Rs 95.3 crore for the first quarter ended June 2022 — an increase of over 145% compared to the Rs 38.8 crore clocked in the year-ago period. The surge in revenue was driven mainly by a 170.5% growth in radio and 107.8% in solutions as compared to April-June 2021, which was severely hit by the second wave of the pandemic.
The operator of India’s No.1 FM radio channel, Radio Mirchi, had launched its digital platform in Q1FY23 — the quarter under review. The Mirchi Plus app is available on both iOS and Android platforms as well as on mWeb. Positioned as ‘Kahaniyon ka asli adda’, the Mirchi Plus app offers human-curated audio stories that include celebrity-voiced shows such as ‘1000 crore ki laash’ featuring Nawazuddin Siddiqui as well as popular FM radio shows and funnies from the Mirchi archives. The app has made a promising beginning with users rating the content as high-quality, the company said.
ENIL incurred an expense of Rs 7.8 crore towards the platform’s launch. Without this, earnings before interest, taxes, depreciation and amortisation (ebitda) for Q1FY23 stood at Rs 12.1 crore and loss after tax stood at Rs 5.5 crore.
Though overall revenue for the current quarter was 28% lower than Q1FY20, the cost-economisation initiatives continued to reap benefits as operating costs were lower by 16%. Costs have been pruned in all areas including rentals, electricity and travel. ENIL said balance sheet remains strong with cash reserves of Rs 226.6 crore as on June 30, 2022.
ENIL MD & CEO Prashant Panday said, “It’s been a strong quarter for us. Revenues grew sharply, rising 145% over last year and core business ebitda turned positive at Rs 12 crore compared to a loss of about Rs 19 crore last year. Solutions revenues went ahead of pre-pandemic levels. Radio volume and revenue market shares rose sharply too. But the most exciting development was the launch of the Mirchi Plus app which has got off to a solid start. The worst is behind for sure. And the future looks bright.”

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