Mirchi reports 128% PAT growth despite Omicron

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Entertainment Network (India) Ltd, the operator of India’s #1 FM radio channel Radio Mirchi, has announced results for the 4th quarter & year ended Mar 31, 2022.

The company has declared revenue of Rs. 99.4 crore in Q4. Revenue growth was driven mainly by 7.6% growth in radio. Solutions revenues struggled during the quarter on account of severe Omicron induced restrictions on on-ground activities.

The Company has incurred expense of Rs. 6.3 crore towards its strategic initiative in Digital platforms. Without this, EBIDTA for Q4 stood at Rs. 23 crores and PAT at Rs 2.4 crores.

FY22 revenue stood at Rs. 305.9 crore as compared to Rs. 266.8 crore in FY21 with EBITDA of Rs. 50 crore without spends on the digital platform.

The Company’s cost cutting initiatives continue to yield huge savings. After saving almost Rs 93 crores in other operating costs in FY21, the company retained almost 90% of those in FY22. Costs have been pruned in all areas including rentals, people costs, electricity etc.

Balance sheet remains strong with Cash reserves of Rs.211 crores as on March 31, 2022.