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Radio Mirchi posts Q1 results: Reports revenue of Rs 37 crore as radio industry suffers from Covid-19 blow


India

Radio Mirchi posts Q1 results: Reports revenue of Rs 37 crore as radio industry suffers from Covid-19 blow

Mumbai: Entertainment Network (India) Ltd (ENIL), a Times Group company and operator of India’s leading FM radio channel Radio Mirchi, has posted standalone operating revenues of Rs 37 crore during the quarter ended June 30, 2020, even as the entire industry was hit hard due a crash in advertising spends by cash-choked corporates. ENIL’s total…

Mumbai: Leisure Community (India) Ltd (ENIL), a Situations Neighborhood company and operator of India’s main FM radio channel Radio Mirchi, has posted standalone working revenues of Rs 37 crore all the map in which during the quarter ended June 30, 2020, even because the whole replace was once hit laborious due a shatter in promoting spends by cash-choked corporates.

ENIL’s total profits from operations stood at Rs 131.57 crore in the corresponding quarter of the outdated fiscal.

A search information from contraction which capability that of the circulate restrictions enforced by the authorities ended in a shatter in promoting spends as companies curtailed discretionary spends to tackle cash drift concerns.

ENIL’s payment defend watch over initiatives resulted in a 27% descend in assorted working charges.

As a result of the topline dip, EBIDTA furthermore reflected a Rs 26 crore loss.

The mixed influence of Covid-19 and IND AS116 adjustments ended in a safe lack of Rs 36.6 crore for the quarter.

As per the outcomes, the non-earnings influence of Covid-19 on backside-line was once Rs 1.6 crore.

ENIL said its balance sheet stays solid with cash reserves of Rs 236.4 crore as on June 30, 2020.

“Media companies agree with all been hit very badly by Covid-19. Mirchi’s technique of offering solutions and building digital products has safe us and certainly lifted our earnings market share to 33% in a 30 participant market,” said Prashan Panday, MD & CEO, ENIL.

He added that Mirchi’s leadership in listenership, solid field in cash, and rationalisation of working charges give the company confidence that after the economy recovers, ENIL will stand to carry out basically the most.

ENIL operates FM stations in 63 Indian cities. It is owned by Bennett, Coleman & Co. Restricted (BCCL), which furthermore owns The Financial Situations.

The shares of ENIL ended at Rs 128.55, up 0.04% on BSE on Friday.

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