Televisionpoint.com Correspondent | Mumbai Entertainment Network (India) Ltd (ENIL) has recorded 15% growth in total income to Rs 61.1 crore in July-September quarter, compared to the year-ago period.
The company, popularly known as Radio Mirchi, announced a 3.2% rise in its earnings before interest, tax, depreciation and amortisation (EBITDA) to Rs 8.5 crore, compared to the previous corresponding period. During the quarter, the company has incurred a net loss of Rs 3.3 crore due to amortisation of licence fee and depreciation charges on equipment in 22 new stations.
The consolidated income includes revenues from OOH media and the event management business, in addition to revenues from Radio Mirchi. On a consolidated basis, which includes OOH media and event management business, it has reported a 27.3% growth in total income to Rs 109.9 crore.
AP Parigi, managing director, ENIL, said, "Our strong brands, innovative value propositions and experienced management teams not only drive growth in good times but also build resilience to face a challenging business environment which is anticipated in the coming months."
During the quarter, ENIL's outdoor subsidiary, Times Innovative Media (TIM) has strengthened its position by entering into an exclusive marketing arrangement for OOH media property in Hyderabad.
Sunder Hemrajani, managing director, ENIL, said, "The company achieved a revenue growth rate of 39.4% despite challenging economic environment. This was achieved through significant growth in the customer base."
During Q2 FY09, over 50 new customers across different sectors have been added. In addition, the new inventory created in Mumbai and New Delhi airports has received encouraging response from the customers, domestic as well as global.
The brand Times OOH has made significant impact in the out of home category. It was awarded the Brand Leadership Award at the recently held Asia Brand Congress.
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