Radio City Maintains Leadership Position with a Strong Profit Growth

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Music Broadcast Limited (MBL), India’s 1st Private FM Radio Broadcaster, has reported its Financial Results for the Quarter ended December 31st, 2021.

Key Highlights – Q3 FY22:

Maintained Leadership Position with 22% Volume Market Share

Q3 FY22 Top line of Rs 60.0 Crores; 47% Growth YoY

EBITDA* at Rs. 21.6 Crores; EBIDTA Margin at 36.1%

PAT at Rs. 9.0 Crores

*Includes other income

Key Highlights – 9M FY22:

Maintained Leadership Position with 21% Volume Market Share

9M FY22 Top line of Rs 122.4 Crores; 44% Growth YoY

Positive EBIDTA* at Rs. 21.7 Crores; EBIDTA Margin at 17.7%

*Includes other income

Commenting on the results Mr. Shailesh Gupta, Director, said, “The festive season brings with it cheer and positivity and that is exactly what was observed in the company’s performance, with the revenue growing 47% YoY and 42% QoQ, while maintaining a lion’s share of the volume and extending the lead in market share. The groundwork laid over the past few quarters and return of ad spends led to a significant rise in profitability, with EBIDTA margins standing at 36.1% and PAT margins at 15.0% for the quarter.

Ad spends across most sectors saw a bounce back, amidst the opening up of malls, multiple international sporting events, product launches, and resumption of movie screenings, which provided the much-needed boost for the sector. While the traditional lines of business held strongly and recovered lost ground, multiple digital initiatives, complemented the same and witnessed a sharp growth of 219% YoY and 43% QoQ, which is in line with the multi-channel approach the company has embarked upon.

New revenue opportunities have contributed substantially to our overall performance, accounting for 38% of the revenue this quarter, and are expected to drive steady growth going forward as well leveraging the talent pool and infrastructure in the organization. The company has further cemented its strong liquidity position by increasing its cash reserves, which now stand at Rs. 248 crores, as on 31st December 2021.

Regarding the bonus issue of the non-convertible non-cumulative preference shares, SEBI has accorded its approval and we have filed the scheme with NCLT in February 2021 and are awaiting approval from them.”

About Radio City

Radio City, a part of Music Broadcast Limited (MBL) is a subsidiary of Jagran Prakashan Ltd. Being the first FM radio broadcaster in India and with over 20 years of expertise in the radio industry, Radio City has consistently been the number one radio station in Bengaluru and Mumbai with 14.8% and 24.9% average listenership share respectively. (Source: RAM Data, TG: 12+ Period: Week 1, 2013 to Week 52, 2021). Radio City Delhi ranks #3 with 12.2% average listenership share (Source: RAM Data, TG: 12+ Period: Week 1, 2019 to Week 52, 2021).

Music Broadcast Limited currently has 39 stations across 12 states, comprising 62% of the country’s FM population. Radio City reaches out to over 69 million listeners in 34 cities covered by AZ Research 2019 (Source: AZ Research Report). The network provides terrestrial programming along with 17 other web-stations, through its digital interface, www.radiocity.in.

Radio City has spearheaded the evolution of FM radio by offering content that is unique, path-breaking and invokes city passion amongst listeners with its brand philosophy of “Rag Rag Mein Daude City“. The network introduced humour and the concept of agony aunt on radio with Babber Sher and Love Guru respectively. It also initiated Radio City Freedom Awards, a platform to recognize independent music and provided a launchpad to budding singers with Radio City Super Singer, the first singing talent hunt on radio.

Radio City bagged 85 awards across national and international platforms like Golden Mikes, India Radio Forum, New York awards, ACEF awards, etc. in the recent past. Radio City has consistently featured for the 7th time in ‘India’s Best Companies to Work For‘ study conducted by Great Place to Work Institute. Radio City has also been recognized in ‘India’s Best Workplaces for Women – 2019‘ and has ranked amongst the Top 75 organizations on the list. In 2020, Radio City ranked 4th in ‘Best Large Workplaces in Asia‘, according to the GPTW survey.

Safe Harbor Statement

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.

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