ENIL posts 36 per cent revenue growth

The FM channel (Radio Mirchi) operator reported December quarter results with a total revenue of Rs. 200.89 crore as against revenue of Rs. 147.86 crore in the same period year ago.

For Q3FY19, the company reported EBITDA of Rs. 40.4 crores, higher by 13.5 YoY. The company's net profit for Q3FY19 was Rs. 16.13 crore as against Rs. 13.15 crore in Q3FY18.

ENIL launched four radio stations at Puducherry, Palanpur, Mehsana and Jamnagar, in the quarter.

Earlier, in January, the company expanded its operation into the US market. ENIL entered into a brand and content licensing arrangement with a US-based radio broadcaster to target South Asian community in the US. The broadcaster is operational in eight US markets. The company has also set up a wholly-owned subsidiary, Entertainment Network, Inc in the US which entered in an agreement to broadcast radio programmes and content for the South Asian community in New York and New Jersey.

Entertainment Network (India) Limited operates FM radio stations in 56 cities. The company is part of the Indian media gaint Bennett, Coleman & Co. Limited (BCCL), which also owns The Times of India brand.

Reacting to the positive results announcement, the stock of ENIL opened at Rs. 563.80 per share, up by 4.21 per cent. At 9:45 hours, the stock slipped from its opening highs and was trading at Rs. 550.00 per share, up by 1.66 per cent on BSE.