Radio Mirchi Q2 net jumps 80% to Rs 9 crore

MUMBAI: Entertainment Network (India) Ltd, which operates the country’s leading private FM radio channel, Radio Mirchi, has reported a net profit of Rs 9 crore for the quarter ended September 30, 2011, against a profit of Rs 5 crore reported in the corresponding quarter last year.

Revenues for the second quarter of the fiscal year was Rs 69.2 crore as compared to Rs 62.8 crore reported in the corresponding period last year. The company said that its earnings before interest, tax, depreciation and amortisation (EBITDA) was 26.7% higher at Rs 20.8 crore.

Net profit for the six months ended September 30, 2011, grew 101% to Rs 18.7 crore, compared to Rs 9.3 crore reported in the corresponding period of the last fiscal year. EBITDA for the period was Rs 42.6 crore, up 36.1%. On a consolidated basis, ENIL reported revenues of Rs 70.1 crore during the quarter. Profit after tax stood at Rs 8.3 crore. For the six months ended September 30, 2011, revenues were Rs 138.8 crore.

Prashant Panday, executive director and CEO of ENIL, said: “The market remained tough during the quarter, but our sustained focus on cost control and innovative selling helped us post a strong profit growth. That helped generate Rs 23 crore of cash during the quarter.”