Entertainment Network Q1 net profit up 22 per cent

NEW DELHI: Entertainment Network India Ltd (ENIL), which operates the FM radio channel Radio Mirchi, has reported a 22 per cent higher net profit for the quarter ended June 30 at Rs 24.3 crore, compared with Rs 19.9 crore a year ago. Revenues grew 9.4 per cent at Rs 93.3 crore and Ebitda was Rs 34.9 crore, up 16.7 per cent.

“While the quarterly results, especially the strong earnings growth are satisfying, what is more satisfying is the imminent commencement of the phase three expansion process, perhaps in the next 3-4 months,” Prashant Panday, managing director and chief executive officer of ENIL said.

Long-delayed decisions, such as approval of the migration policy for phase two licenses as recommended by the Trai, will hasten the pace of growth of FM radio going ahead, Pandey said.

ENIL has made changes in the programming line up of Radio Mirchi in Mumbai with the 'Meera and Suren show' and also launched a new marketing campaign. In Delhi, the company has launched a campaign 'Murga' hosted by RJ Naved.