MUMBAI: Entertainment Network (India) Ltd. (ENIL), which houses the Radio Mirchi brand, has posted a net profit of Rs 70 million for the quarter ended 30 June 2008.

For the quarter, total income grew by 41.7 per cent to Rs 581 million (Rs 58.1 crores). The company’s earnings before interest, tax, depreciation and amortization (EBITDA) stood at
Rs 113 million (Rs 11.3 crores), up 69.8 per cent.

On a consolidated basis, the company reported total income of Rs 1.08 billion (Rs 108.4 crores), a growth of 56.7 per cent compared to the quarter ended 30 June, 2007.

ENIL managing director A. P. Parigi said, “With the completion of the current phase of investment activity in the radio business, our endeavor would be to fully realize the inherent profitability in the business. In view of the ongoing large investments in the OOH media business, our current focus is on non-financial parameters which drive sustainable long term profitability.”

Radio Mirchi CEO Prashant Panday added, “It has been a good quarter. Our business has grown satisfactorily. Our market-share remains strong. We are more than double the next player in revenues. More importantly, we are excited by the opportunities that are headed towards the radio industry – especially now that the economic situation is putting pressure on advertiser budgets. It is a known fact that in economic down-turns, radio is the most effective medium.”

During the quarter, ENIL’s outdoor subsidiary Times Innovative Media Limited (TIM) strengthened its position by entering into exclusive marketing arrangements for OOH media properties in Delhi and Bangalore. Times OOH also won advertising rights contract for eight unipoles at Jaipur.

Commenting on the Times OOH growth plans, TIM managing director Sunder Hemrajani said, “As the leading player in an industry segment that is at the cusp of the infrastructure and media sector, the immense potential for our growth is intrinsically linked to our investment capability and momentum of the Indian economy.”