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For the quarter ended Sept. 2013, ENIL reported 12% incline in operating revenues at consolidated level to Rs 86.55 crore. OPM increased by 470 bps to 29.2%. The operating profit has increased by 34% to Rs 25.24 crore. The consolidated net profit was up by 56% to Rs 16.38 crore.
On standalone basis, the company's net revenue was up by 12% to Rs 86.55 crore. Revenue growth was led by higher volumes. OPM inclined by 470 bps to 29.2% due to fall in employee cost by 170 bps to 21.4%, other expenditure by 340 bps to 19.5%, license fees by 20 bps to 5.4% and programming cost by 60 bps to 4.7% of sales. Other expenses include a charge of Rs 1.34 crore towards provision for brand capital. Marketing cost increased by 130 bps to 19.7% of slaes due to MMA South, Kaan Awards and higher revenue contribution from Innovations. The operating profit was up by 34% to Rs 25.28 crore.
Other income stood at Rs 5.5 crore, up 59%. Depreciation and amortization was up by 1% to Rs 7.97 crore. The profit before tax was up by 58% to Rs 22.81 crore.
Tax was up by 54% to Rs 6.4 crore. Tax rate went down from 28.75% to 28%. The net profit was up by 59% to Rs 16.41 crore due to increase in operating margin.
For the half year ended September 2013
It has reported 17% incline in operating revenues at consolidated level to Rs 171.78 crore. OPM was up by 540 bps to 32.1%. As a result, the operating profit was up by 40% to Rs 55.11 crore. The consolidated net profit was up by 52% to Rs 36.44 crore.
On standalone basis, the company's net sales was up by 18% to Rs 171.78 crore. OPM increased by 540 bps to 32.1% due to fall in employee cost by 240 bps to 21.9% and other expenditure by 300 bps to 19.9% of sales. The operating profit was up by 41% to Rs 55.17 crore.
Other income stood at Rs 10.76. crore, up 13%. Depreciation and amortization was almost stagnant at Rs 15.77 crore. The profit before tax was up by 53% to Rs 50.15 crore.
Tax outgo increased by 45% to Rs 13.82 crore. Tax rate was around 27.55%, down from 28.98%. The net profit was up by 56% to Rs 36.33 crore due to increase in operating margin.
Management Comments
Commenting on the performance of the company Mr Prashant Panday, ED and CEO, ENIL said,
The media sector witnessed a consolidation of sorts in Q2. The bigger brands have done well, while the rest languished. FM radio has again done better than all traditional media, growing at between 10-12% over last year, as has Mirchi. The radio industry now looks forward to a quick roll-out of Phase-3, which MIB officials confirm will start off very soon. Mirchi is best placed to take advantage of the opportunities presented by Phase-3.
Other Developments
The company retained market leadership with approximately 33%-35% share of private FM radio industry
As per the latest Indian Readership Survey (IRS), Radio Mirchi is a clear leader with #1 position in 21 out of 32 markets in which it operates.
The company launched 1 new English Internet Radio Station: Mirchi Rockistan on www.radiomirchi.com. With this, Mirchi has 7 online radio stations
4th edition of MMA South was successfully executed.
10th Mirchi KAAN Awards held in July 2013 to honour the best in radio advertising.
Shareholding Pattern
The promoter holding stood at 71.15%.
Valuation
The share is trading at Rs 335.45 on BSE.
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