Radio Mirchi confirms maiden dividend; 53.6 per cent PAT growth in Q1-2014

BENGALURU: The Bennett, Coleman & Co. Limited promoted Indian private FM player Entertainment Network (India) Limited (ENIL) which operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities announced that its shareholders had approved a dividend of 10 per cent for FY-2013.

ENIL's net profit for the year ended 31 March 2013 was Rs 67.7 crore and total revenue for FY-2013 was Rs 338.4 crore. Considering the consistent good performance of the company year-on-year and the strong cash position in FY-2013, the ENIL board of directors had recommended a maiden dividend of 10 per cent i.e. Rs 1 per equity share of Rs 10.

ENIL reported a 53.6 per cent PAT growth in Q1-2014 as compared to the corresponding quarter of 2013. ENIL's PAT was Rs 19.92 crore for Q1-2014 and Rs 12.97 crore in Q1-2013.

ENIL's PAT for Q1-2014 was however lower by 22.5 per cent than the Rs 25.7 crore in Q4-2013.

Note: Tax expense for the quarter/year ended 31 March 2013 was net of Rs 2.866 crore of excess provision in respect of earlier years and written back pursuant to conclusion of assessment.

Let us look at ENIL's other figures for Q1-2014

ENIL's revenue for Q1-2014 stood at Rs 85.2 crore on a consolidated basis, up 23.8 per cent over the Rs 68.87 crore in Q1-2013, but 18.9 per cent lower than the Rs 105 crore for Q4-2013.

ENIL's EBITDA in Q1-2014 stood at Rs 35.1 crore, up 34.1 per cent as compared to Q1-2013. The company's EBITDA margin improved from 38.1 per cent to 41.2 per cent in Q1-2014.

Expenditure for Q1-2014 at Rs 63.15 crore was 9.8 per cent more than the Rs 57.5 crore for Q1-2013, but 18.8 per cent lower than the Rs 77.85 crore for Q4-2013.

ENIL spent Rs 10.61 crore towards marketing in Q1-2014, 36.7 per cent more than the Rs 7.76 crore in Q1-2013, but just a little more than a third (35.5 per cent) of the Rs 29.91 crore in Q4-2013.

It paid license fees of Rs 4.688 crore in Q1-2014, 27.5 per cent more than the license fees of Rs 3.677 crore in Q1-2013, but lower by 12.8 per cent than the Rs 5.375 crore in Q4-2013. The company had paid license fees of Rs 18.092 crore in FY-13.

ENIL's production expense of Rs 3.82 crore in Q1-2014 was 19.7 per cent lower than the Rs 4.76 crore in Q1-2013, but was 8.7 per cent more than the Rs 3.51 crore for Q4-2013.

Employee benefits at Rs 18.99 crore in Q1-2014 was 6.6 per cent higher than the Rs 17.82 crore in Q1-2013, but 8.7 per cent lower than the Rs 20.80 crore for Q4-2013.

ENIL ED and CEO Prashant Panday said, "It's been a surprisingly strong quarter for media, especially radio broadcasters including Mirchi. It appears advertisers are responding to the slowdown by launching new products, and even more promotional offers. This helps radio. We expect this to continue, even though we expect growth rates to taper off eventually. On Phase III, the radio industry is seeking a rationalisation of reserve fees on the same lines as is happening with 2G reserve fees, as well as an extension of Phase II licenses. We expect policy clarity in the next few months. Lastly, I am happy that the shareholders have approved ENIL's maiden dividend of 10 per cent."

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