Radio Mirchi Q3 revenue up 4.9%

MUMBAI: Beating demonetisation woes, Entertainment Network India Ltd, which operates FM brand Radio Mirchi, posted a 4.9% increase in its third quarter revenue.

Total revenue for the quarter increased to Rs 150.6 crore from Rs 143.6 crore a year earlier. It posted a net profit of Rs 16.36 crore, compared with Rs 29.22 crore in the same period last year.

Operating profit was Rs 38.1 crore, against Rs 49.7 crore the year-earlier period. “We are poised on the cusp of a strong growth curve with Love Network – 8 ‘Mirchi Love’ channels of our own and 3 ‘Ishq FM’ channels of TV Today – now fully operational,” managing director and chief executive Prashant Panday said. “This network along with the original ‘Mirchi’ network – now comprising 42 channels – offer advertisers widest coverage across the country.

With the government soon to announce the results of the 2nd batch of (airwave) auctions held recently, we will grow even bigger. These are exciting times,” he said. The company is part of the Times Group, which publishes The Economic Times.