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Entertainment Network (India) Ltd — Earnings Release 2024
May 3, 2024
60835_rns_2024-05-03_9dca5aea-1446-450b-a9cd-3d4518659e00.pdf
Earnings Release
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entertainment network (India) limited
Corporate Office : 14[th] Floor, Trade World, D-Wing, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, India. Tel: 022 6753 6983.
May 3, 2024
| BSE Limited,Rotunda Building, P. J. Towers,Dalal Street, Fort, Mumbai- 400001 | National Stock Exchange of IndiaLimited,Exchange Plaza, Bandra Kurla Complex,Bandra(East), Mumbai – 400051 |
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BSE Scrip Code: 532700/ Symbol: ENIL
Sub: Press Release –FY2024
Dear Sir/ Madam,
Please find attached herewith the Press Release relating to FY2024 financial results. Kindly place the same on records.
For Entertainment Network (India) Limited
Mehul Digitally signed by Mehul Rasiklal Rasiklal Shah Date: 2024.05.03 Shah 21:42:21 +05'30'
Mehul Shah EVP - Compliance & Company Secretary (FCS no- F5839)
Registered Office : ‘A’ Wing, 4[th] Floor, Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, India. Tel: 022 6662 0600. Fax: 022 6661 5030. E-mail: [email protected] www.enil.co.in Corporate Identity Number: L92140MH1999PLC120516
Press Release
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Records improved profitability, continues sustained growth,
ENIL’s FY24 Consolidated Revenues stood at ₹ 500 Crores, with 34.5% EBITDA growth fueled by Radio & Digital Expansion
Mumbai, May 03, 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 ₹149.3 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 ₹500 Crores, reporting a solid 13.6% year-on-year growth.
EBITDA (excluding digital) for FY24 reached ₹125.4 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 ₹36 Crores, up from ₹23 Crores in Q4FY23.
Operational efficiency improvements have resulted in a significant boost in PAT, rising from ₹2.34 crores in FY23 to ₹50.6 crores in FY24 for our existing business.
Digital segment revenues for Q4FY24 reached ₹20.3 Crores, constituting 24.4% of radio revenue, while FY24 digital segment revenues amounted to ₹47 Crores, constituting 15.3% of radio revenue.
In FY24, our international market performance turned positive, with EBITDA reaching ₹3.3 Crores.
The Board of Directors has recommended a dividend of ₹ 1.50/- (Previous year ₹ 1/-) per equity share of ₹ 10/- each, aggregating ₹ 715.06 lakhs (Previous year ₹ 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. "
About ENIL: (BSE Code: 532700) (NSE Code: ENIL)
Entertainment Network (India) Limited (ENIL) is a leading city-centric media company and is listed on the BSE and NSE. Incorporated in June 1999, ENIL operates FM radio broadcasting stations in 63 Indian cities and is headquartered in Mumbai. Promoter of ENIL, Bennett, Coleman & Co. Limited (BCCL), is the flagship company of The Times of India Group, which has a heritage of 175 years and is one of India’s leading media groups.
For More Information Please Contact:
Sanjay Ballabh [email protected] m Entertainment Network (India) Ltd.
Runjhun Jain/Arwa Numberdar Ernst & Young LLP M: 98207 20993 / 99678 65150 E: [email protected] / [email protected]
Disclaimer
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in our business segments, changes in governmental policies, political instability, legal restrictions on raising capital, and unauthorized use of our intellectual property and general economic conditions affecting our industry. ENIL may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.