Digital Expansion Drives Radio Mirchi’s Operator ENIL’s EBITDA Growth

ENIL’s FY24 Consolidated Revenues stood at Rs5 Bn

Yatish Mehrishi, CEO, ENIL

FinTech BizNews Service

Mumbai, May 4, 2024: Entertainment Network (India) Ltd, the operator of India’s #1 FM radio channel Radio Mirchi, today announced its results for the Fourth Quarter and Full Year ended March 31, 2024.  

During the quarter, Overall revenue stood at Rs149.3 Crores, marking a significant 42.4% increase compared to Q4FY23. This growth was broad-based, driven by both our Radio and Non-FCT segments. In Q4FY24, Radio revenue saw a growth of 26.4%, while Non-FCT revenue surged by 48.1%.

Throughout FY24, Radio experienced a growth of 10.8%, whereas Non-FCT grew by 8%. Consolidated revenues for FY24 reached Rs500 Crores, reporting a solid 13.6% year-on-year growth.

EBITDA (excluding digital) for FY24 reached Rs125.4 Crores, showing a strong 34.5% year-on-year increase, mainly fueled by robust top-line growth and operational efficiencies. In Q4FY24, our EBITDA (excluding digital) stood at Rs36 Crores, up from Rs23 Crores in Q4FY23.

Operational efficiency improvements have resulted in a significant boost in PAT, rising from Rs2.34 crores in FY23 to Rs50.6 crores in FY24 for our existing business.

Digital segment revenues for Q4FY24 reached Rs20.3 Crores, constituting 24.4% of radio revenue, while FY24 digital segment revenues amounted to Rs47 Crores, constituting 15.3% of radio revenue.

In FY24, our international market performance turned positive, with EBITDA reaching Rs3.3 Crores.

The Board of Directors has recommended a dividend of Rs 1.50/- (Previous year Rs 1/-) per equity share of Rs 10/- each, aggregating Rs 715.06 lakhs (Previous year Rs 476.70 lakhs) for the year ended March 31, 2024. The payment is subject to approval of the shareholders at the ensuing annual general meeting.

Commenting on the developments, Mr. Yatish Mehrishi, CEO, ENIL, said: “I am delighted with our FY24 performance, both in terms of revenue and profitability. Our strategic emphasis on radio and digital expansion has resulted in significant market share gains, reaching approximately 26% in the current quarter. The integration of Gaana into our digital portfolio signifies a significant milestone, further reinforcing our leadership in India's audio entertainment sector. We remain steadfast in driving profitable growth and creating sustainable value for both shareholders and customers."



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