On consolidated basis, ENIL reported operating revenues of Rs 69.10 crore with radio business contributing Rs 40.84 crore, Out of home contributing Rs 19 crore, event management contributing Rs 11 crore including inter-segment revenues. At EBITDA level, OOH had loss of Rs 4.63 crore and event management Rs 1.34 crore. The 2 airport contracts contributed revenues of Rs 4 crore. The net loss for the quarter stood at Rs 7.67 crore.

During the quarter, Radio Mirchi completed the launch of seven new stations viz. Patna, Jalandhar, Bhopal, Rajkot, Baroda, Panji and Kanpur. It also launched Nashik, Varanasi and Aurangabad in July 2007. These were among the 22 stations slated to be rolled out in phase II. By end September 2007, the company would have all the 32 stations up and running.

According to data based on Indian Listenership Track (ILT – 2006 Wave 4 conducted by MRUC) for the period February 15, 2007 – April 2007, Radio Mirchi continued to be the radio station of choice across Mumbai, Delhi and Kolkata. In Mumbai, Radio Mirchi leads the other players, capturing 39.4% of listenership, with 2 million out of a total of 5 million daily listeners. It is also the clear leader in Delhi, with the number two Player being close to half its size. In Delhi, Mirchi had captured 3.7 million out of 6.2 million daily listeners. In Kolkata, it has a 50% market share with 2.1 million listeners out of a total of 4.2 million daily listeners.

Quarterly Analysis (Standalone)

For the quarter ended June 2007, ENIL reported 20% growth in operating revenues at Rs 40.84 crore. The number of stations increased to 17 stations from 10 in the corresponding quarter last year. On like-to-like basis, i.e. taking 10 stations, the revenue growth was 15% at Rs 39.4 crore. The first and second quarters are the slower quarters for the radio business. Also with the competition coming in the pricing was impacted. This was the reason for the 15% growth shown like-to-like basis in revenues.

OPM improved 70bps at 16.2% with the 4 metros alongwith Bangalore, Hyderabad and Jaipur clocking OPM of 21%. As a of net sales marketing expenses dipped 20bps at 25.3%, license fees dipped 20bps at 5.3% and other expenditure dipped 240bps at 21.8%. However, employee cost increased 140bps at 26.4% and production expenses up 80bps at 5.1%. The resultant operating profits grew 25% at Rs 6.62 crore. The 10 stations clocked operating profit growth of 45% whereas the 7 new stations reported a loss of Rs 1.60 crore.

Other income for the quarter was down 89% at Rs 4 lakh. Interest cost (net) was at Rs 47 lakh against income of Rs 13 lakh in the corresponding quarter previous year. Depreciation & amortization increased 33% at Rs 5.44 crore on the back of rise in amortization of 17% at Rs 3.47 crore and 74% increase in depreciation at Rs 1.97 crore. The resultant PBT dipped 56% at Rs 75 lakh. Tax provision including FBT and deferred tax was down 19% at Rs 34 lakh. The resultant PAT dipped 69% at Rs 41 lakh.

Yearly Performance (Standalone)

For the year ended March 2007, ENIL reported 42% growth in operating revenues to Rs 307.96 crore. OPM dipped 470bps to 26.6%. As a % of operating revenues, marketing expenses increased 420bps to 23.1% due to launch of new stations, production expenses increased 40bps to 4.3% and employee costs increased 90bps to 21.5%. The resultant operating profit grew 21% to Rs 44.43 crore.

Other Income was up 146% to Rs 3.32 crore and interest cost decreased 22% to Rs 2.03 crore. Depreciation cost increased 45% to Rs 17.94 crore. PBT before EO for the year grew 20% to Rs 27.78 crore. In the previous year, ENIL wrote back license fee provision made for Delhi, Chennai and Kolkata of Rs 9.81 crore resulting in PBT after EO of Rs 27.78 crore down by 16%. Tax provision including FBT and deferred tax was credit of Rs 1.30 crore against tax provision of Rs 3.55 crore. The reported PAT was flat at Rs 29.08 crore down by 1%. However, Net profit before EO grew 48% to Rs 29.08 crore.

Commenting on the performance of the company, Mr. A P Parigi, CEO and Managing Director, ENIL said,

"The quarter witnessed rapid fire roll out of stations. In a period of four months ten stations in different geographies went on air. The initial response in these stations has been good. Radio Mirchi continues to be leader with 49% market share. We believe that we have taken a significant step forward in our Times OOH business by building a portfolio of high quality assets. We believe our planned initiatives in the OOH business will be value accretive."

Valuation

The shares of the company are trading at Rs 462.45 on the bourses.