Entertainment Networks (India) Ltd (ENIL), which operates Indias leading private FM brand Radio Mirchi, has posted a standalone net profit of 10.6 crore for the third quarter ended December.
Total revenue from operations was at 145.7 crore while expenses were at 134.9 crore.In the corresponding quarter of the previous fiscal, ENIL had posted a net profit of 15.96 crore on revenue of 200.9 crore.
Total expenses were at 179.4 crore.
ENILs operating profit (earnings before interest, tax, depreciation and amortisation) for the quarter (post impact of Ind AS 116) grew 0.2 per cent to 40.5 crore.In possibly the worst quarter of the last 10 years, our radio revenues fell 19 per cent, in line with the results of all major TV and radio companies, said Prashant Panday, MD and CEO, ENIL.He, however, added that there were also several successes.
Our buzzing solutions business withstood adverse economic conditions and reported only a small revenue drop.
Our revenue market share improved, our solutions margins improved, and our digital revenues soared.
Mirchi is taking advantage of these hard times to toughen up.
We will emerge stronger as the economy improves.Radio Mirchi is part of Bennett, Coleman - Co.
Limited (BCCL), which also publishes The TheIndianSubcontinent.Lately, ENIL has been working towards reducing its dependency on FM business by focusing on fastgrowing business units and revenue streams, including activations, concerts, TV impact properties, online radio, videos, international markets and even third-party events.
Its multimedia solutions combine radio with digital, on-ground and other media.A senior media buyer said that the overall economic slowdown has affected private FM companies as many advertisers have reduced ad spends.ENIL operates 76 stations in 63 cities, including three Ishq FM stations of TV Today Network.
Along with online and international stations, the company boasts of a 112-station network.