Radio Mirchi income falls 72%, however 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 complete income of Rs 37 crore for the primary quarter ended June 30. This was almost 72% decrease in comparison with Q1FY20 on account of Covid-induced lockdowns. However, cost-control initiatives resulted in a 27% decrease different working price, at the same time as income market share rose to 33%.
Ebitda loss in the course of the quarter was Rs 26 crore on account of the decline within the high line. Net loss for the quarter was nearly Rs 37 crore as a result of mixed affect of the coronavirus & IND AS 116 accounting commonplace. Non-revenue affect of Covid on the underside line was Rs 1.6 crore. The firm stated its stability sheet stays robust with money reserves of greater than Rs 236 crore as on June 30.
ENIL MD & CEO Prashant Panday stated, “Media firms have all been hit very badly by Covid. Mirchi’s technique of offering options and constructing digital merchandise has protected us and in reality lifted our income market share to 33% in a 30+ participant market. Our management in listenership, our robust place in money, and our rationalisation of working prices give us confidence that when the economic system recovers, we’ll acquire probably the most.”

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