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On standalone basis, the company's net revenue for December 2013 quarter was up by 13% to Rs 98.52 crore driven by volume and multiple income streams. OPM inclined by 430 bps to 38.8%. The net profit was up by 38% to Rs 25.88 crore due to increase in operating margin.
Quarterly Performance
For the quarter ended Dec. 2013, ENIL reported 13% incline in operating revenues at consolidated level to Rs 98.52 crore. OPM increased by 430 bps to 38.8%. The operating profit has increased by 27% to Rs 38.2 crore. The consolidated net profit was up by 38% to Rs 25.88 crore.
On standalone basis, the company's net revenue was up by 13% to Rs 98.52 crore driven by volume and multiple income streams. OPM inclined by 430 bps to 38.8% mainly due to fall in employee cost by 110 bps to 18.8%, marketing expenses by 200 bps to 14.1% and other expenditure by 70 bps to 18.6% of sales. Other expenses include brand capital provision of Rs 1.06 crore for the quarter. The operating profit was up by 27% to Rs 38.22 crore.
Other income stood at Rs 5.64 crore, up 51%. Depreciation and amortization stood at Rs 8.09 crore. The profit before tax was up by 39% to Rs 35.77 crore.
Tax was up by 40% to Rs 9.89 crore (net of deferred tax credit of Rs 3.98 crore). Tax rate went down from 27.38% to 27.65%. The net profit was up by 38% to Rs 25.88 crore due to increase in operating margin.
For the nine months ended December 2013
It has reported 15% incline in operating revenues at consolidated level to Rs 270.3 crore. OPM was up by 490 bps to 34.5%. As a result, the operating profit was up by 34% to Rs 93.31 crore. The consolidated net profit was up by 46% to Rs 62.33 crore.
On standalone basis, the company's net sales was up by 16% to Rs 270.3 crore. OPM increased by 490 bps to 34.6% mainly due to fall in employee cost by 190 bps to 20.7% and other expenditure by 210 bps to 19.4% of sales. The operating profit was up by 35% to Rs 93.39 crore.
Other income stood at Rs 16.4 crore, up 24%. Depreciation and amortization was almost stagnant at Rs 23.86 crore. The profit before tax was up by 47% to Rs 85.92 crore.
Tax outgo increased by 43% to Rs 23.71 crore. Tax rate was around 27.59%, down from 28.28%. The net profit was up by 48% to Rs 62.21 crore due to increase in operating margin.
Management Comments
Commenting on the performance of the company Mr Prashant Panday, ED and CEO, ENIL said,
Given the tough macroeconomic environment, our results should be seen as strong. Our EBITDA and PAT numbers are the highest ever since inception. Our revenues are the highest ever for Q3 since inception. While the going will remain tough in the months to come, we expect a gradual turnaround resulting in improving medium to long term growth prospects. There is good news on the regulatory front as well with TRAI expected to offer a formula for renewal of current Phase-2 licenses, and with MIB finally expected to go ahead with Phase-3 auctions.
Other Developments
As per the latest Indian Readership Survey (IRS), Radio Mirchi is a clear leader with #1 position in 22 out of 32 markets in which it operates.
1st edition of Mirchi Top 20 was successfully executed and telecast on Colors.
The Company is being transformed from a pure radio company to a "media agnostic solutions" company which will develop multi-media solutions to clients.
Mirchi won 10 Golden Mike awards, and Special Commendation at Golden Peacock awards for CSR.
Mirchi won the Masala Awards for the ‘Best Radio Station' 2nd year in a row.
Shareholding Pattern
The promoter holding stood at 71.15%.
Valuation
The share is trading at Rs 363 on BSE
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