Entertainment Network (India) Ltd. (ENIL) (BSE: 532700; NSE: ENIL), India’s largest private FM Radio operator, popularly known as Radio Mirchi, announced its results for the quarter and year ended March 31, 2008.

For the quarter, total income grew by 47% to Rs. 66.9 crore. The Company’s earnings before interest, tax, depreciation and amortization (EBITDA) and net profit stood at Rs. 22.4 crore, up 68% and Rs. 7.1 crore respectively.

Total income for the full year ended March 31, 2008 amounted to Rs.229.4 crore, up 37% while EBITDA for the year under review stood at Rs 56.5 crore, a 24% increase over the previous year.

During the quarter, Radio Mirchi completed the Phase II of the rollout with the launch of 3 new stations viz. Raipur, Thiruvanathapuram and Jabalpur. With the launch of Jabalpur station in February, Radio Mirchi is today operational in 32 cities.

On a consolidated basis, the Company reported revenues of Rs.126.1 crore for the quarter ended March 31, 2008. Consolidated revenues for the full year ended March 31, 2008 amounted to Rs.416.8 crore.

At the recently announced RAPA awards, Radio Mirchi won 13 awards – the highest number amongst all broadcasters. The awards won by Mirchi include the coveted categories of ‘Best male Radio Jockey’, ‘Best Copywriter’ and ‘Best female Radio Jockey (Tamil)’.

Commenting on the performance of the Company, Mr. A. P. Parigi, Managing Director, ENIL said, “With the completion of the rollout in our radio business this quarter, we have crossed a significant milestone. The early results from the investments in the new stations are very encouraging. We believe our other growth engines viz. outdoor advertising business and event management business are also in an exciting phase.”

Prashant Panday, CEO of Radio Mirchi added: “What is heartening to note is that Mirchi as a brand remains very strong and continues to command close to a 46%-48% share of the private FM market – this is testimony to the strength of the brand”

During the quarter, ENIL’s outdoor subsidiary Times Innovative Media Limited (“TIM”) won several prestigious outdoor advertising contracts viz. pole kiosks & BRT bus shelters at New Delhi, Unipoles at Jaipur and bus shelters at Bangalore, Hyderabad & Chandigarh. Expressing satisfaction at the results of Times OOH, Sunder Hemrajani – Managing Director of TIM stated: “We have quickly emerged as one of the fastest growing OOH media companies, and by market estimates, we are already the largest OOH media company in India”. 

Sourced From: Adfactors Public Relations Pvt Ltd