enil: Radio Mirchi Q2 revenue grows by 46%

MUMBAI: Entertainment Network (India) Ltd, or ENIL, has reported a 46.3% growth in revenue for the quarter ended September 30. The surge came on the back of a strong 50% growth in radio and 51% in the solutions business, the operator of India’s No.1 FM radio channel, Radio Mirchi, said on Tuesday while announcing results for the second quarter. While third-party sales and other operating income grew at a slower pace, ENIL said earnings before interest, taxes, depreciation, and amortisation (ebitda) had turned profitable during the quarter at Rs 8.9 crore due to the surge in revenues and continuing cost-control initiatives. The company’s second quarter net loss was Rs 7.9 crore, down from Rs 27.7 crore in the preceding first quarter as the impact of the second Covid wave waned. ENIL said its balance sheet remains strong with cash reserves of Rs 205.7 crore as on September 30. ENIL MD & CEO Prashant Panday said, “We expect results to remain strong in second half of the year as well. Our solutions and digital products are providing us with a strong competitive advantage.”

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