MUMBAI: Entertainment Network (India) Ltd, FM radio channel Radio Mirchi, announced results for the quarter ended 30 September 2020.

The company reported 30 per cent sequential revenue growth to Rs 47.0 crores in the second quarter, led by core radio which grew by 132 per cent and digital products which grew by 67 per cent. The company’s solutions business, which includes digital, accounted for 27 per cent of Q2 revenues, with gross margins of 53 per cent. Compared to a year ago however, revenues were down 59 per cent on account of Covid2019.

The company cut costs drastically during the quarter. Direct variable costs (DVC), related toon-ground events and activations, fell by 63 per cent. Overall operating costs, including DVC reduced by 35 per cent over the same quarter last year.

EBITDA loss during the quarter was Rs 6.2 crores, lower than the Rs 26 crores in the June quarter.Net loss for the quarter was Rs 23.7 crores, lower than the Rs 36.6 crores in June quarter. Balance sheet remains strong with cash reserves of Rs 240.8crores as on 30 September 2020.

ENIL MD & CEO Prashant Panday said, “With the lockdowns gradually lifting in the second quarter, we saw a strong sequential growth in overall revenues during the period. The festive  season  of  the  year  has  begun  with  gusto  and  we  see  revenue  performance  improving further in the second half. Smart cost management will see strong positive EBITDA in the second half, with a likelihood of positive growth of last year. We remain confident about all our products –radio, solutions and digital in the months to come”.