While the radio business recorded 7.6% growth during the quarter, Omicron-induced restrictions on ground operations impacted the solutions business.
ENIL incurred an expense of ₹ 6.3 crore for its strategic initiative on digital platforms. Without that, its EBITDA for the quarter would have been ₹ 23 crore and net profit of ₹ 2.4 crore.
“Despite a terrible start to the quarter due to Omicron, I am delighted to have achieved excellent results, with radio up nearly 8%. We expect our solutions business to grow rapidly now that field operations will resume later. Covid, “Chief Executive Officer and CEO Prashant Panday said. “What’s very exciting is also our upcoming launch of the digital platform that will transform Mirchi into a digital-first brand,” he added.
ENIL said it continued its strict cost control measures in the last quarter. The company’s balance sheet remained solid, with cash reserves of ₹ 211 crore as of March 31, 2022.
For the fiscal year, revenue increased to ₹ 305.9 crore from ₹ 266.8 crore in fiscal year 2021, resulting in an operating profit (Ebitda) of ₹ 50 crore excluding spending on the digital platform.
ENIL’s board of directors has recommended a dividend of ₹ 1 per share, for a total of ₹ 4.77 crore, for the year ending March 31st.
Mirchi operates FM stations in 63 Indian cities. It is owned by Bennett, Coleman & Co Ltd, which also owns The Economic Times.
ENIL has abandoned “Radio” from its brand to become simply “Mirchi”, in line with the company’s strategic shift towards digital and solutions. ENIL shares closed on Friday 1.99% lower at ₹ 204 on BSE.