Mirchi clocks 37% growth in FY23 revenue at Rs 420 crore
TNNMumbai: Entertainment Network (India) Ltd (ENIL) the operator of Indias No.1 FM radio channel, Mirchi on Thursday reported a total revenue, including digital, of Rs 419.5 crore for the fiscal 2022-23, a growth of 37.3% year on year. The surge was driven by healthy growth in radio of 35.7%. Non-radio revenue grew by 33.5% during the year.For the fourth quarter ended March 31, ENIL said total revenue grew by 5.6% year on year to Rs 104.9 crore. This was on the back of strong growth of 13.2% in radio revenue. ENIL said its investments towards digital platform have started bearing fruit as the segment began contributing to the top line from this quarter onwards. Further, the company invested Rs 7.2 crore towards the digital platform. Without this, ebitda (earnings before interest, taxes, depreciation, and amortisation) for the quarter stood at Rs 23.2 crore and profit before tax was Rs 6.1 crore. For full year, without digital, ebitda stood at Rs 93.3 crore. Ebitda margins have improved to 22.6% in FY23 from 16.2% in FY22. The companys profit before tax and exceptional items is Rs 19.6 crore as compared to loss of Rs 28.9 crore in FY22. ENILs balance sheet remains strong with cash reserves standing at Rs 265 crore as on March 31, as compared to Rs 227 crore as on December 31, 2022.ENIL CEO Yatish Mehrishi said, I am pleased to share that we have registered good growth this financial year, both in terms of top line and improved margins. We have witnessed an increase in radio revenues post-pandemic and a good traction in the non-radio business as well. We have consolidated our industry leadership by gaining volume market share by 300 basis points (100bps = 1 percentage point). Our digital platform Mirchi Plus continues to grow rapidly on key metrics of monthly active users and engagement. Our social media assets have seen massive growth, both in terms of engagement and virality.
Friday, May 5, 2023 at 1:30 am