Mirchi reports turnaround in Q3 profit at Rs11cr, revenue rises 17%

Entertainment Network (India) Ltd., (ENIL), the operator of India’s #1 FM radio channel Radio Mirchi announced results for the quarter ended Dec 31, 2021. The company reported 17% standalone revenue growth to Rs98.9cr, driven by 23% growth in core FM radio revenues.

The company said in a filing that tight cost control measures of the past were continued, as a result of which EBITDA grew 70% over last year to Rs35.6cr and Profit After Tax (PAT) grew from a loss of Rs2.7cr last year to a profit of Rs11cr in Q3 this year. Though revenue for the current quarter was 33% lower than the pre-pandemic period of Q3FY20, PAT was higher by 3%, indicative of a more efficient and leaner business, company said.

The company’s balance sheet remains strong with Cash reserves of Rs202cr as on Dec 31, 2021. India Infoline