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Analyst Meet / AGM
21-May-13
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Conference Call
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Entertainment Network (India) ENIL
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Expects FY'14 to be a good year on the back of higher spending by Government due to elections
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The company held its conference call on 20th May'13 and was addressed by key management
Key highlights
- During Q4 FY'13, the company retained its market leadership with about 36% share of private FM radio industry. The growth of about 12% during the quarter was primarily driven by higher volumes. As per the IRS survey, Radio Mirchi is clear leader in 21 out of 32 markets in which it operates.
- Employee costs during the quarter include, higher variable performance incentive, which resulted in lower Ebidta margin during the quarter.
- There was a tax credit of Rs 2.86 crore, for prior period excess tax provisions, thus resulting in lower overall tax for the quarter.
- Company has cash and cash equivalent of around Rs 321.45 crore as on Mar'13.
- According to the management, the cabinet has approved the Phase 3 auction process and the auction for 839 new radio stations will begin soon.
- Going forward, management intends to expand margin in the existing stations, by combination of higher inventory and higher rate. Also the new licenses in new cities will result in new revenues for the company. ENIL is also exploring new revenue opportunities on digital and other platforms and has plans to expand the radio mirchi brand globally.
- The coming election season, normally favors the radio industry in general. Management expects the state elections together with general election in May'14, will result in higher volumes for the company in FY'14 and hence FY'14 should be a good year.
- The Retail segment contribution to overall Radio business keeps on increasing and has already crossed 50%.
- Average utilization of inventory during the quarter was more than 85% and average rate stood around Rs 950.
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