Mumbai: Entertainment Network (India) Ltd (ENIL), a Times Group company and the operator of India’s leading FM radio channel Radio Mirchi, has posted consolidated operating revenue of Rs 151.84 crore for the quarter ended March 2020. ENIL had posted revenue of Rs 175.77 crore in the final quarter of the previous financial year.

However, the Covid-19 pandemic has resulted in a major drop in advertising revenues and profitability during the quarter. The company posted a net loss of Rs 3.23 crore, as against a net profit of Rs 19.24 crore in the corresponding period last year. “The pandemic and its consequent adverse effect on the economy also negatively impacted the business operations of ENIL,” said Prashant Panday, MD & CEO, ENIL. “There have been no significant changes, however, in the controls and processes which are key to our ability to run operations without disruptions in these difficult conditions.”

For the full fiscal, ENIL has reported a consolidated net profit of Rs 10.71 crore compared to Rs 53.9 crore in FY19. Operating revenue stood at Rs 548.14 crore, as against Rs 620.8 crore in the previous fiscal due to an overall slowdown in the economy and major drop in government advertising.

However, radio listenership in the top cities has grown by 55% and the time spent on it by 109% during the lockdown. “While it has been a disappointing quarter for all media companies and for Mirchi as well, I am delighted that we have grown stronger in so many ways. Our revenue market share has grown by nearly 650 basis points over the last two years. We remain the leader in listenership. Our solutions business has seen improvement in profitability. While FY21 will remain challenging, strong brands like ours will gain when the market bounces back,” said Panday.

Source link