Highlights of the call

• The consolidated net sales for Q4 decreased by 26% y-o-y to Rs 88.75 crore while net profit was up by 18% to Rs 20.1 crore.

• The standalone net sales for Q4 increased by 31% y-o-y to Rs 80.12 crore while net profit was up by 279% to Rs 18.03 crore. Volumes were up 22% and pricing was up by 9% y-o-y. The ICC Cricket World Cup boosted revenues to the extent of Rs 5 crore during the quarter.

• The legacy 10 radio station revenue was up by 31% to Rs 59.88 crore, with EBIDTA of Rs 25.73 crore and EBIDTA margin of 43% vs 31.9%.

• For Q4, Event management business revenue for Q4 was at Rs 13 crore and EBIDTA was at Rs 2 crore.

• For Q4, the utilization levels for the top 10 stations is about is 96% whereas for new stations is 66%. The blended utilization level stands at 75%.

• For FY11, the consolidated net sales increased by 8% to Rs 454.17 crore while net profit was up by 181% to Rs 17.72 crore.

• For FY11, the standalone net sales increased by 18% to Rs 272.48 crore while net profit was up by 192% to Rs 52.21 crore. Volumes were up 16% and pricing was up by 4% y-o-y.

• The legacy 10 radio station revenue was up by 19% to Rs 201.62 crore, with EBIDTA of Rs 73 crore and EBIDTA margin of 36.2% vs 32.8%.

• For FY11, the utilization levels for the top 10 stations is about is 92% whereas for new stations is 62%. The blended utilization level stands at 82%.

• The management said that at present does not see any impact of rising interest rate and hardening inflation on the ad spend.

• Radio Mirchi's market share is around 35%.

• Presently, share of radio in total ad spend is around 5% which expected to go up to 7% to 8% after phase 3 of radio license and 10% to 11% after phase 4.

• The four metro contributes about 80% of radio ad business.

• The average price for 10 sec ad was Rs 9700 for Q4 and FY11.

• Mirchi Mobile has now been launched on Reliance Communication, Tata DOCOMO and BSNL. It is likely to be extended to Idea and Vodaphone.

• For FY12, tax will be at full rate, but will get benefit of Rs 15 crore of deferred tax liability.

• The cash and cash equivalent as on 31^st March 2010 was Rs 108.8 crore.

• The management has guided that growth would be realized due to volumes in the first two quarters and pricing in the last two quarters of FY12.