MUMBAI: Entertainment Network (India) Ltd reported buoyant results for the quarter ending 31 December, 2010.
On the back of a 22% growth in revenues to Rs 775 million (Rs 77.5 crore) in the quarter, the company’s EBITDA rose by 33% to Rs 282 million (Rs 28.2 crore). With income at Rs 120.3 million (Rs 12.03 crore), the profit after tax of the company stood at Rs 249 million (Rs 24.9 crore) against Rs 107 million (Rs 10.7 crore) reported in Q3 last year. The company’s EBITDA margin improved from 33.2% in Q3FY10 to 36.4% during the current quarter.
Entertainment Network (India) Ltd executive director and CEO Prashant Panday said, "Its been a good quarter for most media companies. ENIL’s results reflect the strength of Mirchi as a brand. Its high listenership numbers give its clients the extra punch, which makes them put more monies on the brand. The results of the quarter are a tribute to the entire team at Mirchi."
Net profit for the nine months ended 31 December, 2010, grew by 161% to Rs 342 million (Rs 34.2 crore) as compared to Rs 131 million (Rs 13.1 crore) in the corresponding period of last fiscal year. The net profit includes profit of Rs 120.3 million (Rs 12.03 crore) arising from the sale of the company’s subsidiary viz. Times Innovative Media Limited. EBITDA for the period was Rs 584 million (Rs 58.4 crore), up 30.2%.