Radio City, Radio Mirchi post fall in Q2 profits
New Delhi: Jagran Prakashan Group’s Music Broadcast Ltd (MBL), which runs the FM brand Radio City, on Wednesday reported a net profit of Rs12.73 crore for the September quarter, a decline of 11% from the year-ago period.
The company, which runs 39 FM radio stations across the country, notched up the profit on revenue of Rs80.8 crore, up from Rs70 crore in the year-ago period.
“Despite strong headwinds, our company has continued its double digit growth performance in second quarter. Revenue has grown in double digits. We are already witnessing an uptick in the industry due to the festive season and improvements compared to the previous quarters,” said Apurva Purohit, director at MBL.
Entertainment Network India Ltd (ENIL), which runs radio brands Radio Mirchi and Mirchi Love, reported a net profit of Rs6 crore during the quarter, down from Rs8 crore in year-ago period. Revenue declined 3.1% to Rs125.7 crore during the quarter.
ENIL is the radio broadcasting unit of Bennett Coleman & Co. Ltd and operates 51 radio stations across the country.
“It’s been a tough quarter with GST (goods and service tax) related disruptions affecting all media businesses...,” said Prashant Panday, managing director and chief executive officer at ENIL, in a statement.
HT Media Ltd, publisher of Mint, operates radio channels under the Fever 104 FM and Radio Nasha brands that compete with MBL and ENIL’s stations in some markets.