All Rights Reserved Finance News 2020.
Radio Mirchi posts Q1 outcomes: Reports revenue of Rs 37 crore as radio industry suffers from Covid-19 blow
Mumbai: Leisure Community (India) Ltd (ENIL), a Occasions Group firm and operator of India’s main FM radio channel Radio Mirchi, has posted standalone working revenues of Rs 37 crore in the course of the quarter ended June 30, 2020, even as the whole industry was hit onerous due a crash in promoting spends by cash-choked corporates.
ENIL’s whole revenue from operations stood at Rs 131.57 crore within the corresponding quarter of the earlier fiscal.
A requirement contraction as a result of motion restrictions enforced by the federal government led to a crash in promoting spends as corporations curtailed discretionary spends to take care of money circulation issues.
ENIL’s value management initiatives resulted in a 27% drop in different working prices.
Because of the topline dip, EBIDTA additionally mirrored a Rs 26 crore loss.
The mixed influence of Covid-19 and IND AS116 changes led to a internet loss of Rs 36.6 crore for the quarter.
As per the outcomes, the non-revenue influence of Covid-19 on bottom-line was Rs 1.6 crore.
ENIL stated its steadiness sheet stays sturdy with money reserves of Rs 236.4 crore as on June 30, 2020.
“Media corporations have all been hit very badly by Covid-19. Mirchi’s technique of offering options and constructing digital merchandise has protected us and in reality lifted our revenue market share to 33% in a 30+ participant market,” stated Prashan Panday, MD & CEO, ENIL.
He added that Mirchi’s management in listenership, sturdy place in money, and rationalisation of working prices give the corporate confidence that when the financial system recovers, ENIL will stand to realize essentially the most.
ENIL operates FM stations in 63 Indian cities. It’s owned by Bennett, Coleman & Co. Restricted (BCCL), which additionally owns The Financial Occasions.
The shares of ENIL ended at Rs 128.55, up 0.04% on BSE on Friday.