Radio Mirchi turnover rises 58 per cent in FY06, net profit at Rs 295 million

MUMBAI: Entertainment Network India Limited (ENIL) has posted a 57.69 per cent rise in gross turnover to Rs 1.2 billion for the fiscal ended 31 March 2006, as against Rs 762.2 million a year ago.

Net profit stood at Rs 294.6 million as compared to a net loss of Rs 179.2 million in FY 2004-05.

The earning before interest, depreciation, tax and amortisation excluding license fee for the year was Rs 445.7 million, a rise of 61.5 per cent over the previous year.

For the last quarter of FY 06 fiscal, net profit was at Rs 54.9 million. ENIL, the company which operates FM broadcasting under the brand name of radio Mirchi, has announced its results for the first time since its initial public offering (IPO) in February 2006. Comparative fourth quarter figures for the previous year are, thus, not available.

ENIL's consolidated net profit stood at Rs 310.5 million for FY 06 while total income was at Rs 1.4 billion. Earning before interest, depreciation, tax and amortisation was Rs 407.6 million.

Under the consolidated results fall the wholly owned subsidiary company Times Innovative Media Private Limited (TIMPL) for a period of five months. TIMPL was incorporated on October 26, 2005 and it acquired Event Management (3600) and Out of Home Media (Times OOH) business from Time Innovative Media Limited (TIML).

ENIL has set its sights on increasing its turnover from the additional radio stations to be set up this year. The company has already launched its radio stations in Hyderabad, Jaipur and Bangalore.

Times OOH won advertising rights of Delhi Metro – Connaught Place and Dwarka (13 stations), Kolkata Metro (80 hoardings spread across the city) amd Delhi-Noida toll bridge for a license fee of Rs.340 million payable over two to five years.

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