Radio Mirchi Q3 FY16 revenues up 23% on strong festive quarter

Entertainment Network (India) Ltd, the operator of FM radio channel Radio Mirchi, has reported strong results for the third quarter ended December 31, 2015.

Revenues grew 22.9 per cent to Rs 143.6 crore. The company’s reported EBITDA grew by 11.6 per cent to Rs 49.7 crore, though underlying EBITDA growth was 17.4 per cent. Net profit stood at Rs 27.0 crore in Q3 FY16.

Revenues for the nine months ended December 31, 2015, grew by 15.1 per cent to Rs 361.40 crore, while EBITDA stood at Rs 120.8 crore, up 9.1 per cent.

Commenting on the results, Prashant Panday, MD & CEO, ENIL, said, “The festive quarter has been a terrific one for us. We have grown by 23 per cent in Q3 this year after having grown at 19 per cent in the same quarter last year. With the roll-outs of Phase 3 stations well underway, we hope to see rapid growth in the years to come. The next five years belong to radio.”

It may be recalled that Radio Mirchi, in collaboration with Delhi International Airport (DIAL), recently launched ‘Mirchi T3’ radio at Terminal 3 of the Indira Gandhi International Airport. With Mirchi T3, Radio Mirchi looks to cater to the niche group of premium listeners who frequent India’s premier airport.

Punita Lal inducted as Independent Director

Meanwhile, in an official letter to the BSE, Panday informed that the Ministry of Information & Broadcasting (MIB), vide its letter dated February 5, 2016, had conveyed its approval for Punita Lal’s appointment as an Independent Director.

The Company has initiated the process to seek approval from the shareholders for Lal’s appointment through Postal Ballot Voting Process.

The Board of Directors, at a meeting held on May 19, 2015, had proposed to appoint Lal as an Independent Director of the company, following which the company completed all the regulatory procedures for her appointment by applying to the MIB on June 1, 2015. Lal’s appointment was subject to the approval from MIB.