ENIL second quarter profit zooms 50.2% to Rs 8.94 crore

Entertainment Network (India) Ltd (ENIL), which operates India’s leading private FM brand Radio Mirchi, has posted a strong 50.2% jump in its net profit for the second quarter of the fiscal.

ENIL’s PAT jumped to Rs 8.94 crore in the quarter ended September 30, 2018, compared to Rs 5.95 crore in the corresponding quarter in the previous year.

ENIL, a Times Group company, which also publishes The Economic Times, posted a total revenue of Rs 122.5 crore, during the quarter as compared to Rs 125.32 crores in Q2FY18.

The slight dip in reported revenues was on account of the shift in the festival season to the third quarter. Reported Ebitda during the quarter stood at Rs 27.3 crore, down 3.9%, but underlying EBITDA is higher, said the company.

“50% increase in PAT, midsingle digit radio growth, higher margins in non-FCT business, rising profitability in Phase-3 stations, successful execution of the Bryan Adams concert all point towards a solid performance in Q2,” said Prashant Panday, MD & CEO, ENIL. Panday said he expected Q3 to be a quarter of “solid growth”.

ENIL scrip closed at Rs 638.2 apiece, down 3.41% from its previous close on BSE on Friday. ENIL operates FM radio broadcasting stations in 52 Indian cities.

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