Radio Mirchi Parent ENIL Posts 9% Revenue Growth In Q3

Entertainment Network (India) Ltd (ENIL), the operator of India’s leading FM radio channel Radio Mirchi, has announced its financial results for the third quarter and nine months ending December 31, 2024.

Financial Highlights

ENIL reported consolidated revenues of ?159 Crores for Q3FY25, reflecting a 9% year-on-year (YoY) growth. Domestic revenues rose to ?154 Crores, up 9.7% YoY, primarily driven by its digital and experiential business. For the nine-month period, domestic revenues reached ?373 Crores, marking a 12.3% YoY increase.

EBITDA (excluding digital) for Q3FY25 stood at ?38.8 Crores, with EBITDA margins of 28%. Profit Before Tax (PBT) and Profit After Tax (PAT) (excluding digital) were ?22 Crores and ?16 Crores, respectively.

Robust Digital Growth

The company’s digital segment, including Gaana, saw significant growth, with digital revenues reaching ?15.4 Crores in Q3FY25—now accounting for 26% of radio revenues, a sharp increase from 13.4% in Q3FY24. This underscores the strong adoption of the new version of Gaana. Digital spending during the quarter stood at ?10.5 Crores, an 18.4% decline from the previous quarter, reflecting cost optimization efforts.

Other Key Highlights

• International operations remained EBITDA positive, contributing ?2.1 Crores in Q3FY25.
• ENIL’s balance sheet remains strong, with a cash balance of ?344 Crores as of December 31, 2024.
• CRISIL reaffirmed ENIL’s ratings, maintaining a long-term rating of "CRISIL AA+/Stable" and a short-term rating of "CRISIL A1+" on its bank facilities and debt instruments, highlighting the company’s financial stability.

CEO’s Statement

Commenting on the performance, Yatish Mehrishi, CEO of ENIL, said:“Q3FY25 was a challenging quarter for the radio industry, impacting radio ad revenues. However, we are encouraged by the strong response to the new version of Gaana, which has driven a sharp increase in digital revenues.

Additionally, our experiential business grew by 21%, driven by our ability to craft compelling audience experiences and brand solutions.

With Gaana’s enhanced product offering, we are witnessing strong customer adoption, reinforcing our confidence in scaling within the evolving digital landscape. We remain committed to innovation, expansion, and sustained growth, leveraging our strengths in Radio, Digital, and Non-FCT segments to drive long-term value for all stakeholders.”