MUMBAI: Entertainment Network (India) Ltd (Radio Mirchi) reported a net profit of Rs 50 million (Rs 5 crore) for the quarter ended September 30, 2010, a growth of 31.2 per cent over the corresponding quarter of the previous year.
Revenues for Q2FY11 stood at Rs 628 million (Rs 62.8 crore), a growth of 12.3 per cent over the previous year. On a sequential basis, the company reported a revenue growth of 9.1 per cent. The company’s EBITDA margin stood at 25.1 per cent during the current quarter.
Net profit for the six months ended September 30, 2010, grew nearly four times to Rs 93 million (Rs 9.3 crore) as compared to Rs 24 million (Rs 2.4 crores) in the first half of last year. EBITDA for the period was Rs 302 million (Rs 30.2 crore), up 27.3 per cent over the previous year.
ENIL executive director and CEO Prashant Panday said, "July-September is the weakest quarter of the year for media companies. It’s very satisfying that we have delivered strong profitability. The second half of the year is bound to be stronger. I would like to compliment my team in Mirchi who have consistently delivered strong listenership and revenue numbers as well as to our listeners who have stood by us throughout."
The quarter the South editions of the Mirchi Music Awards were launched during the quarter. The company also launched Mirchi Mobile – the first streaming radio channel on the mobile phone. It also picked up Silver at the recent New York Advertising festival as well as 5 awards at a recent media awards show.