MUMBAI: Entertainment Network (India) Ltd, the operator of the country’s No.1 FM radio channel Radio Mirchi, on Wednesday reported 30% sequential (quarter-on-quarter) revenue growth to Rs 47 crore for July-September, 2020. The growth was led by core radio, which grew by 132%, and digital products which grew by 67%.
The company’s solutions business, which includes digital, accounted for 27% of Q2 revenues, with gross margins of 53%. Compared to the year-ago period, however, revenues were down 59% on account of Covid.
The company cut costs during the quarter ended September. Direct variable costs (DVC), related to on-ground events and activations, fell by 63%.
Overall operating costs, including DVC, reduced by 35% over the same quarter of the previous year. Ebitda loss during the quarter was Rs 6.2 crore — lower than Rs 26 crore in June quarter.