Regulators

Q2-17: Radio Mirchi revenue up 11.5 per cent

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BENGALURU: Indian private FM player Entertainment Network (India) Limited (ENIL), which runs the Mirchi brand radio network in India,  reported 11.5 per cent increase in total Income from operations (TIO) for the quarter ended 30 September 2016 (Q2-17, current quarter). The company reported consolidated revenue of Rs 129.65 crore for the current quarter as compared to Rs 116.27 crore in the corresponding quarter of the previous fiscal. Quarter-on-quarter (q-o-q), revenue in Q2-17 also increased 17.1 per cent from Rs 110.76 crore in Q1-17.

The company’s consolidated profit after tax (PAT) in Q2-17 declined by 70.3 per cent year-over-year (y-o-y) to Rs 8.05 crore (16.2 per cent margin) as compared to Rs 27.14 crore (23.3 per cent margin) and declined 51.7 per cent q-o-q from Rs 16.66 crore (15 per cent margin).

Company Speak

Commenting on the results, ENIL managing director and chief executive officer, Prashant Panday said, “It’s been a busy quarter for us! We are in the midst of many exciting launches; of core brand Mirchi in cities like Chandigarh, Guwahati and Kochi and our second brand, Mirchi Love in Ahmedabad, Surat, Jaipur and Lucknow. We are offering new innovative content and recruiting existing and new listeners. We have stepped up marketing spends and early research indicates that we have made a strong start and in fact have become leaders in key markets. I am confident this will translate into a stronger business in the years ahead!”

A look at the other numbers reported by Radio Mirchi

ENIL’s consolidated Earnings before Interest, Depreciation, Taxes and Amortisation (EBIDTA, operating profit) for Q2-17 declined 39 per cent y-o-y to Rs 23.13 crore (17.8 per cent margin)  from Rs 37.94 crore (32.6 per cent margin) and declined 21.4 per cent q-o-q from Q1-17 at Rs 29.44 crore (26.6 per cent margin).

ENIL total expense (TE) in Q2-17 increased 36.1 per cent y-o-y to Rs 120.50 crore (92.9 per cent of TIO) from Rs 88.57 crore (76.2 per cent of TIO), and increased 34.2 per cent q-o-q from Rs 89.79 crore (81.1 per cent of TIO).

Programming and royalty expenses in the current quarter increased 42.9 per cent y-o-y to Rs 6.03 crore (4.6 per cent of TIO) from Rs 34.22 crore (3.6 per cent of TIO and increased 14.6 perc ent q-o-q from Rs 5.26 crore (4.7 per cent of TIO).

License fee in Q2-17 increased 6.1 per cent y-o-y to Rs 8.31 crore (6.4 per cent of TIO) from Rs 7.83 crore (6.7 per cent of TIO) and increased 20.9 per cent q-o-q from Rs 6.87 crore (6.2 per cent of TIO).

Employee Benefit Expense (EBE) in Q2-17 at Rs 26.86 crore (20.7 per cent of TIO) increased 21.7 per cent y-o-y from Rs 22.08 crore (19.0 per cent of TIO) and increased 6.6 per cent q-o-q from Rs 25.20 crore (22.8 per cent of TIO).

Marketing expense in Q2-17 at Rs 32.58 crore (25.1 per cent of TIO) more than doubled (2.1 times) y-o-y and q-o-q from Rs 15.47 crore (13.3 per cent of TIO) and from Rs 11.29 crore (11.1  per cent of TIO) respectively.

Other expenses in Q2-17 at Rs 32.73 crore (25.3 per cent of TIO) increased 13.9 per cent y-o-y from Rs 28.73 crore (24.7 per cent of TIO), and increased 14 per cent q-o-q from Rs 28.71 crore (25.9 per cent of TIO).

ENIL won 17 stations in Phase 3 auctions and has launched four new stations in the current quarter – at Chandigarh, Ahmedabad, Surat and Jaipur. Earlier the company had launched Bengaluru, Guwahati, Hyderabad and Kochi stations. Bengaluru was Radio Mirchi’s first launch in the second frequencies network.

Note: The unit of currency in this report is the Indian rupee - Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

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