Entertainment Network (India) Limited : Mirchi’s revenues grow 24%, PAT 54%

Mirchi's revenues grow 24%, PAT 54%

Mumbai, August 08, 2013:
Entertainment Network (India) Ltd., India's leading Private FM Radio operator, popularly known as Radio Mirchi, today reported a net profit growth of 53.6%. Profit after tax (PAT) of the Company for the quarter ended June 30, 2013 stood at Rs. 19.9 crores compared to Rs. 13.0 crores in Q1FY13. Revenues for Q1FY14 stood at Rs. 85.2 crores, up 23.8% over the previous year. The Company's Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stood at Rs. 35.1 crores, up 34.1%. The Company's EBITDA margin improved from 38.1% in Q1FY13 to 41.2% during the current quarter.

On a consolidated basis, Company reported revenues of Rs. 85.2 crores. The EBITDA for the quarter stood at Rs. 35.3 crores compared to Rs. 26.6 crores in the corresponding period of previous year. PAT stood at Rs. 20.0 crores, up 49.6%.

Commenting on the results, Mr. Prashant Panday, ED & CEO, ENIL, said

"It's been a surprisingly strong quarter for media, especially radio broadcasters including Mirchi. It appears advertisers are responding to the slowdown by launching new products, and even more promotional offers. This helps radio. We expect this to continue, even though we expect growth rates to taper off eventually. On Phase 3, the radio industry is seeking a rationalization of reserve fees on the same lines as is happening with 2G reserve fees, as well as an extension of Phase 2 licenses. We expect policy clarity in the next few months. Lastly, I am happy that the shareholders have approved ENIL's maiden dividend of 10%!"

About ENIL: (BSE Code: 532700) (NSE Code: ENIL)
Entertainment Network (India) Limited (ENIL) is a leading city-centric media company and is listed on the BSE and NSE. Incorporated in June 1999, ENIL operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities and is headquartered in Mumbai. ENIL has one subsidiary namely, Alternate Brand Solutions Limited (ABSIL), through which it operated its experiential marketing brand 3600 Experience in the past. All the Intellectual Property Rights business of ABSIL has been acquired by ENIL through a Business Transfer Agreement (BTA) with effect from July 1, 2012. The promoter of ENIL, Bennett, Coleman & Co. Limited, is the flagship company of The Times Group, which has a heritage of 175 years and is one of India's leading media groups.

For More Information Please Contact:
Dhiraj Rajpal - [phone] [e-mail] Adfactors PR Pvt. Ltd.
Dalpat Jain - + 91 22 6753 6919 [e-mail] Entertainment Network (India) Ltd.