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  • FY-2015: ENIL PAT up 27% at Rs 105.97 crore

    FY-2015: ENIL PAT up 27% at Rs 105.97 crore

    BENGALURU: Indian private FM player Entertainment Network (India) Limited (ENIL) reported 27 per cent increase in profit after tax (PAT) at Rs 105.97 crore (24.2 per cent of Total Income from Operations or TIO) in FY-2015 (year ended 31 March, 2015, current year) as compared to the Rs 83.45 crore (21.7 per cent of TIO) in the previous year. The company has entered the Rs 100 crore PAT club this year.

     

    PAT in Q4-2014 increased by 20.1 per cent to Rs 25.52 crore (20.5 per cent of TIO) as compared to the Rs 21.24 crore (18.6 per cent of TIO) in the corresponding year ago quarter, but was 22.3 per cent lower than the Rs 32.86 crore (28.1 per cent of TIO) in the immediate trailing quarter.

     

    Notes: (1) 100,00,000 = 100 lakh = 10 million = 1 crore

    (2) The numbers in this report are standalone unless stated other wise.

     

    ENIL’s TIO in FY-2015 increased 14 per cent to Rs 438.48 crore as compared to the Rs 384.49 crore in FY-2014. TIO in Q4-2015 increased 8.8 per cent to Rs 124.43 crore as compared to the Rs 114.42 crore in Q4-2014 and was 6.5 per cent more than the Rs 116.79 crore in Q3-2015.

     

    Let us look at some of the other numbers reported by ENIL:

     

    ENIL total expense (TE) in FY-2015 at Rs 326.02 crore (74.4 per cent of TIO) was 11.8 per cent lower than the Rs 291.64 crore (75.9 per cent of TIO) in FY-2014. TE in Q4-2015 at Rs 98.06 crore (78.8 per cent of TIO) was 7.9 per cent more than the Rs 90.87 crore (79.4 per cent of TIO) and was 21.8 per cent more than the Rs 80.53 crore (69 per cent of TIO) in the trailing quarter.

     

    ENIL paid 7.7 per cent higher license fee in FY-2015 at Rs 21.79 crore (five per cent of TIO) as compared to the Rs 20.24 crore (5.3 per cent of TIO) in the previous year. License Fee in Q4-2015 increased 5.1 per cent to Rs 4.23 crore (3.4 per cent of TIO) as compared to the Rs 4.03 crore (3.5 per cent of TIO) in the corresponding year ago quarter and was seven per cent more than the Rs 3.96 crore (3.4 per cent of TIO) in Q3-2015.

     

    The company’s marketing expense in FY-2015 at Rs 75.76 crore (17.3 per cent of TIO) was 24.6 per cent more than the Rs 60.82 crore (15.8 per cent of TIO) in FY-2015. Q4-2015 marketing expense at Rs 31.57 crore (25.4 per cent of TIO) was 4.1 per cent lower than the Rs 32.91 crore (28.8 per cent of TIO), but was 54.2 per cent higher than the Rs 20.47 crore (17.5 per cent of TIO) in Q3-2015.

     

    Employee Benefit Expense (EBE) in FY-2015 at Rs 82.76 crore (18.9 per cent of TIO) was 10 per cent more than the Rs 75.22 crore (19.6 per cent of TIO) in the previous year. EBE in Q4-2015 at Rs 20.98 crore (16.9 per cent of TIO) was 9.4 per cent more than the Rs 19.17 crore (16.8 per cent of TIO) in Q4-2014, but 1.1 per cent lower than the Rs 21.21 crore (18.2 per cent of TIO) in the immediate trailing quarter.

     

    ENIL managing director and CEO Prashant Panday said, “It’s a very happy feeling for all Mirchi folks that the company they created has entered the Rs 100 crore PAT club! Our sustained focus on cost management as well as better sales in our radio, TV properties, and activations businesses has helped reach this milestone. We see the future even brighter with Phase-3 auctions coming up next month. This opportunity to expand is coming after nearly 10 years and we plan to make the most of it. Overall, Mirchi remains the strongest brand in radio with a 33-35 per cent share of the revenue market in its cities and a listenership lead across most of its 32 cities.”

  • TV Today, ENIL to challenge MIB’s decision on Oye FM sale

    TV Today, ENIL to challenge MIB’s decision on Oye FM sale

    MUMBAI: TV Today Network (TVTN) and Entertainment Network (India) Limited (ENIL) have decided to appeal against the recent decision of the Information & Broadcasting (I&B) Ministry barring TVTN to sell its radio FM business to ENIL.  

     

    On 8 May, 2015, the Information and Broadcasting Ministry refused to green light TVTN’s proposal of selling its radio FM business – Oye FM – to ENIL on the grounds that the proposal sale did not conform with the FM Radio Guidelines.

     

    In its notice to the Bombay Stock Exchange (BSE), ENIL said, “With reference to the earlier announcement dated 13 February, 2015 regarding the non-binding memorandum of understanding with TV Today Network Limited (TVTN) for the proposed purchase of seven radio stations from TVTN. The proposed purchase was subject to relevant regulatory approval(s), Entertainment Network (India) Ltd has now informed BSE that the Ministry of Information and Broadcasting (MIB), Government of India, vide their letter dated 1 May, 2015, which was received by the Company on 8 May, 2015, has declined its approval on the grounds that the proposed sale by TVTN and proposed purchase by the Company is not in conformity with the FM Radio Guidelines. However, both the Company and TVTN have decided to appeal against the MIB decision.”

     

    It now remains to be seen whether Oye FM, which operates in seven cities across India, continues to stay under TVTN’s umbrella or moves to ENIL.

  • MIB denies sale of TV Today’s radio biz to ENIL

    MIB denies sale of TV Today’s radio biz to ENIL

    MUMBAI: The wait for TV Today Network, which has been looking at selling its radio FM business to Entertainment Network (India) Limited (ENIL) is finally over, but not with the result that the network was expecting.

     

    In a recent development, the Ministry of Information and Broadcasting (MIB) has declined its approval to TV Today Network to sell its radio FM business – Oye FM – to ENIL. The approval has been denied on the grounds that the proposed sale did not conform with the FM Radio Guidelines.

     

    TV Today today said that the “application made to Ministry of Information and Broadcasting (MIB), Government of India seeking its approval regarding the sale of Radio FM Business [Seven Radio Stations] to Entertainment Network (India) Limited, MIB by their order dated 1 May, 2015, received on 8 May, 2015, has declined its approval on the grounds that the proposal sale is not in conformity with the FM Radio Guidelines.”

     

    However, the company has reserved its right to seek appropriate legal remedy, as and when required.

     

    Further, a committee meeting of senior officials was held on 8 May to take note of the said order. “Keeping in view the said order, the committee has considered and approved the amendment letter to the Non binding Memorandum of Understanding to be signed between the Company and Entertainment Network (India) Limited,” a statement from the company read.

     

    It can be recalled that earlier in April, TV Today had approached the High Court with regards to the delay in MIB’s approval to sell the company’s FM radio business to ENIL.

     

    The network had then said, “In relation to the proposed sale of seven radio stations to Entertainment Network (India) Limited, since time is of essence and with approval of the MIB getting delayed, hence in order to expedite the matter, an urgent writ petition in the High Court is listed for hearing, to seek necessary relief.”

  • TV Today Network approaches High Court for speedy decision on Oye FM

    TV Today Network approaches High Court for speedy decision on Oye FM

    MUMBAI: TV Today Network Ltd informed the BSE that it has approached the High Court with regards to the delay by the Ministry of Information and Broadcasting’s (MIB) approval to sell the company’s FM radio business-Oye FM (seven radio stations) to Entertainment Network (India) Limited (ENIL).

     

    According to the note published on BSE, TV Today Network Ltd stated that the Board noted “that in relation to the proposed sale of seven radio stations to Entertainment Network (India) Limited, since time is of essence and with approval of the MIB getting delayed, hence in order to expedite the matter, an urgent writ petition in the High Court is listed for hearing, to seek necessary relief.”

     

    TV Today CEO Ashish Bagga, refused to comment on this decision taken by the company.

     

    The application was filed by the company to MIB on 16 February, 2015.

     

    Click here to read full report

  • Q3-2015: Radio companies y-o-y operating results up 49.7%; YTD up 61.9%

    Q3-2015: Radio companies y-o-y operating results up 49.7%; YTD up 61.9%

    BENGALURU: Q3-2015 has been a great quarter and 9M-2015 even better for the radio industry as is evident from the PAT /Operating results posted for six radio groups representing 90 radio stations or 36.7 per cent of the 245 private FM radio stations universe under phases I and II in India. 

     

    This report considers PAT posted by two radio companies (ENIL – Radio Mirchi, 33 radio stations; Jagran Prakashan – Radio City – 20 radio stations) that equals 53 radio stations or 21.6 per cent of the current total universe in the country and 58.9 per cent of the radio stations considered here. If one were to consider only the operating results of these companies, the operating profitability numbers would be even higher. Also, figures for Radio City are not exact and have been rounded off, as is evident from the figures mentioned by Jagran Prakashan in its various filings with the bourses and investor presentations.

     

    Operating results for radio segments of three of the four other companies – DB Corp (My FM-17 stations), B.A.G Films (Radio Dhamaal, 10 stations) and HT Media (Fever FM, four stations) have shown improvement, with TV Today’s Oye FM (six stations) being only one that has shown income de-growth but has reported a reduction of operating loss from Rs 2.90 crore in Q3-2014 to a lower loss of Rs 1.94 crore in the current quarter.

     

    There is a deviation in this report from normal practise – PAT numbers of the two companies that have indicated them separately have been combined with the operating results of the other four companies here to arrive at the total numbers considered here, which makes this not completely an apples to apples story. 

     

    Note: 100,00,000 = 100 lakh = 10 million = 1 crore

     

    Total income reported by the six radio groups for Q3-2015 at Rs 233.60 crore was 18.7 per cent more y-o-y as compared to the Rs 196.76 crore. Operating Profit/PAT for Q3-2015 at Rs 67.83 crore was 49.7 per cent more as compared to the Rs 45.30 crore reported for Q3-2014. 

     

    For 9M-2015, income reported by the six groups for radio operations was Rs 631.05 crore, which was 19.2 per cent more than the Rs 529.44 crore in 9M-2014, while Operating Profit/PAT in 9M-2015 at Rs 151.73 crore was 61.9 per cent more than the Rs 93.72 crore reported for last year’s corresponding nine month period.

     

    Q3-2015 and 9M-2015 growth rates of revenue and PAT/results reported by these companies are also definitely better than those reported for FY-2014 (year ended 31 March, 2014) when compared to FY-2013 (year ended 31 March, 2013). For FY-2014, combined revenue reported by the six radio groups was Rs 739.64 crore, which was 12.2 per cent higher than the Rs 659.23 crore in FY-2013. PAT/Operating result for FY-2014 was Rs 154.22 crore, which was 46.3 per cent more than the Rs 105.45 crore in FY-2013. 

     

    It must be pointed out here that the biggest player in terms of revenues as well as performance in this list of six radio players is ENIL or Radio Mirchi. In Q3-2015, ENIL’s revenue of Rs 116.98 crore formed 50.1 per cent of the total revenue of Rs 233.60 reported by all the six listed players in that quarter and its PAT of Rs 32.84 crore is 48.4 per cent of the performance (PAT/Operating profit reported) by the six players.

     

    ENIL’s income and PAT in Q3-2015 were 18.7 per cent higher and 40.9 per cent more than the income and PAT respectively reported by the company for the corresponding year ago quarter, albeit equal to and lower when compared to the six companies revenue and PAT that grew 18.7 per cent  and 49.7 per cent respectively.

     

    For Q3-2015, Radio Dhamaal showed the largest y-o-y revenue growth of 173.8 per cent to Rs 2.43 crore from Rs 0.89 crore in the corresponding year ago quarter while Radio City reported the largest growth in PAT of 147.8 per cent to Rs 17.10 crore in Q3-2015 from Rs 6.90 crore reported in the corresponding year ago quarter. As a matter of fact, Radio Dhamaal has shown a good a turnaround during 9M-2015 with an operating profit of Rs 1.12 crore as compared to a loss of Rs 2.08 crore in 9M-2014. 

     

    The lowest y-o-y growth in revenue was actually de-growth or fall in revenue of 8.5 per cent by Oye FM in Q3-2015 at Rs 4 crore as compared to the Rs 4.37 crore in Q3-2014. 

  • ENIL to acquire TV Today’s Oye FM

    ENIL to acquire TV Today’s Oye FM

    MUMBAI: Last week, TV Today’s board approved the sale of its Radio segment-Oye FM. On 13 February, TV Today Network Ltd informed BSE that the Company had entered into a non-binding memorandum of understanding with ENIL (Entertainment Network India Limited).

     

    Commenting on the M&A, ENIL managing director and CEO Prashant Panday told Radioandmusic.com, “It fits into ENIL’s expansion plans under Phase III.”

     

    He also confirmed that ENIL will participate in the Phase III auctions. Panday said, “The acquisition is only a piece of the overall expansion strategy. We will continue to participate in Phase III auctions. The maximum limit imposed under Phase III is 56 frequencies.”

     

    After the committee meeting, TV Today Network Ltd had informed BSE that the Committee of senior officials at a meeting held on February 13, 2015, noted that the Company had entered into a non-binding memorandum of understanding with Entertainment Network (India) Limited, in relation to the proposed sale of seven radio stations to Entertainment Network (India) Limited subject to fulfilment of the contractual obligations (which may be agreed between the parties) and receipt of all necessary regulatory approvals including permissions from the Ministry of Information and Broadcasting, Government of India.

     

    Click here to read full report 

  • ENIL reports 42 per cent higher PAT for Q2-2015

    ENIL reports 42 per cent higher PAT for Q2-2015

    BENGALURU:  Indian private FM player Entertainment Network (India) Limited (ENIL) reported 42 per cent higher y-o-y PAT for Q2-2015 at Rs 23.30 crore (22.4 per cent of Total Income from Operations or TIO) as compared to the Rs 16.41 crore (19 per cent of TIO). PAT in Q2-2015 was 4.3 per cent lower than the Rs 24.35 crore (26.1 per cent of TIO) in Q1-2015. For HY-2015, ENIL reported 32.2 per cent growth in PAT to Rs 47.65 crore (24.1 per cent of TIO) from Rs 36.33 crore (21.15 per cent of TIO) in HY-2014.

     

    Notes:  (1) 100,00,000 = 100 lakh = 10 million = 1 crore

     

    ENIL Total Income from Operations (TIO) in Q2-2015 at Rs 104.03 crore was 11.6 per cent more than the Rs 93.26 crore in Q1-2015 and 20.2 per cent more than the Rs 86.55 crore in Q2-2014. For HY-2015, TIO at Rs 197.63 crore was 15 per cent more than the Rs 171.78 crore in HY-2014.

     

    Let us look at the other numbers reported by ENIL

     

    ENIL total expense (TE) in Q2-2015 at Rs 80.89 crore (77.8 per cent of TIO) was 21.5 per cent more than the Rs 66.58 crore (71.4 per cent of TIO) in Q1-2015 and 16.8 per cent more than the Rs 69.24 crore (80 per cent of TIO) in Q2-2014. For HY-2015, TE at Rs 147.47 crore (74.6 per cent of TIO) was 11.4 per cent more than the Rs 132.38 crore (77.1 per cent of TIO) in HY-2014.

     

    The company’s production expense in Q2-2015 at Rs 4.52 crore (4.3 per cent of TIO) was 9.5 per cent more than the Rs 4.13 crore (4.4 per cent of TIO) in Q1-2015 and 11.2 per cent more than the Rs 4.06 crore (4.7 per cent of TIO) in Q2-2014. In HY-2015, production expense at Rs 8.64 crore (4.4 per cent of TIO) was 9.6 per cent more than the Rs 7.88 crore (4.6 per cent of TIO) in HY-2014.

     

    The company paid 13.3 per cent higher license fee in Q2-2015 at Rs 5.27 crore (5.1 per cent of TIO) as compared to the Rs 4.65 crore (5 per cent of TIO) in Q1-2015 and 13.2 per cent more than the Rs 465.1 crore (5.4 per cent of TIO) in Q2-2014. For HY-2015, ENIL paid license fee of Rs 9.91 crore (5 per cent of TIO), which was 6.2 per cent more than the Rs 9.34 crore (5.4 per cent of TIO) in HY-2014.

     

    The company almost doubled (up 1.97 times) its marketing expense in Q2-2015 to Rs 23.73 crore (22.8 per cent of TIO) from Rs 12.03 crore (12.9 per cent of TIO) in Q1-2015 and increased it by 38.9 per cent from Rs 17.09 crore (19.7 per cent of TIO) in Q2-2014. Marketing expense for HY-2015 at Rs 35.77 crore (18.1 per cent of TIO) was 29.1 per cent higher than Rs 27.69 crore (16.1 per cent of TIO) in HY-2014.

     

    Employee Benefit Expense (EBE) in Q2-2015 at Rs 20.17 crore (19.4 per cent of TIO) was 1.2 per cent lower than the Rs 20.41 crore (21.9 per cent of TIO) in Q1-2015 and 8.7 per cent more than the Rs 18.55 crore (21.4 per cent of TIO) in Q2-2014. HY-2015 EBE was higher by 8.1 per cent at Rs 40.57 crore (20.5 per cent of TIO) than the Rs 37.55 crore (21.9 per cent of TIO) in HY-2014.4

     

    Other expense in Q2-2015 rose 11 per cent to Rs 19.05 crore (18.3 per cent of TIO) from Rs 17.17 crore (18.4 per cent of TIO) in Q1-2015 and was 12.4 per cent more than the Rs 16.95 crore (19.6 per cent of TIO) in Q2-2014. Other expense in HY-2015 rose 5.9 per cent to Rs 36.22 crore (18.3 per cent of TIO) from Rs 34.21 crore (19.9 per cent of TIO) in HY-2014.

     

    “The radio sector has again turned out an impressive performance, not surprising considering that it accounts for more than 30 per cent of media consumption time, but gets only 5-6 per cent of advertising revenues. We believe radio will continue to grow faster than other media in the future as well. We are excited that the PM himself believes so strongly in radio, and hope that the Ministry of I&B under Mr. Arun Jaitley will quickly complete the auctions process commenced by Mr. Prakash Javadekar. Overall, we remain buoyant about radio’s prospects in the years to come,” said ENIL CEO Prashant Panday.

  • ENIL announces Q2-2014 middling results as compared to Q1-2014

    ENIL announces Q2-2014 middling results as compared to Q1-2014

    BENGALURU: The Bennett, Coleman & Co. Limited promoted Indian private FM player Entertainment Network (India) Limited (ENIL) which operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities announced PAT of Rs 16.41 crore for Q2-2014, 17.6 per cent lower than the Rs 19.91 crore for Q1-2014, but a steep 59.3 per cent higher than the Rs 10.30 crore for the corresponding quarter of last year (Q2-2013).

     

    Standalone total revenue for ENIL for Q2-2014 was Rs 86.55 crore, about 1.5 per cent higher than the Rs 85.24 crore for Q1-2014 and 12.3 per cent higher than the Rs 77.09 crore y-o-y (Q2-2013).

     

    Last quarter (Q1-2014), ENIL announced that its shareholders had approved a dividend of 10 per cent for FY-2013.

  • Radio Mirchi confirms maiden dividend; 53.6 per cent PAT growth in Q1-2014

    Radio Mirchi confirms maiden dividend; 53.6 per cent PAT growth in Q1-2014

    BENGALURU: The Bennett, Coleman & Co. Limited promoted Indian private FM player Entertainment Network (India) Limited (ENIL) which operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities announced that its shareholders had approved a dividend of 10 per cent for FY-2013.

     

    ENIL’s net profit for the year ended 31 March 2013 was Rs 67.7 crore and total revenue for FY-2013 was Rs 338.4 crore. Considering the consistent good performance of the company year-on-year and the strong cash position in FY-2013, the ENIL board of directors had recommended a maiden dividend of 10 per cent i.e. Rs 1 per equity share of Rs 10.

     

    ENIL reported a 53.6 per cent PAT growth in Q1-2014 as compared to the corresponding quarter of 2013. ENIL’s PAT was Rs 19.92 crore for Q1-2014 and Rs 12.97 crore in Q1-2013.

    ENIL’s PAT for Q1-2014 was however lower by 22.5 per cent than the Rs 25.7 crore in Q4-2013.

     

    Note: Tax expense for the quarter/year ended 31 March 2013 was net of Rs 2.866 crore of excess provision in respect of earlier years and written back pursuant to conclusion of assessment.

     

    Let us look at ENIL’s other figures for Q1-2014

     

    ENIL’s revenue for Q1-2014 stood at Rs 85.2 crore on a consolidated basis, up 23.8 per cent over the Rs 68.87 crore in Q1-2013, but 18.9 per cent lower than the Rs 105 crore for Q4-2013.

     

    ENIL’s EBITDA in Q1-2014 stood at Rs 35.1 crore, up 34.1 per cent as compared to Q1-2013. The company’s EBITDA margin improved from 38.1 per cent to 41.2 per cent in Q1-2014.

     

    Expenditure for Q1-2014 at Rs 63.15 crore was 9.8 per cent more than the Rs 57.5 crore for Q1-2013, but 18.8 per cent lower than the Rs 77.85 crore for Q4-2013.

     

    ENIL spent Rs 10.61 crore towards marketing in Q1-2014, 36.7 per cent more than the Rs 7.76 crore in Q1-2013, but just a little more than a third (35.5 per cent) of the Rs 29.91 crore in Q4-2013.

     

    It paid license fees of Rs 4.688 crore in Q1-2014, 27.5 per cent more than the license fees of Rs 3.677 crore in Q1-2013, but lower by 12.8 per cent than the Rs 5.375 crore in Q4-2013. The company had paid license fees of Rs 18.092 crore in FY-13.

     

    ENIL’s production expense of Rs 3.82 crore in Q1-2014 was 19.7 per cent lower than the Rs 4.76 crore in Q1-2013, but was 8.7 per cent more than the Rs 3.51 crore for Q4-2013.

     

    Employee benefits at Rs 18.99 crore in Q1-2014 was 6.6 per cent higher than the Rs 17.82 crore in Q1-2013, but 8.7 per cent lower than the Rs 20.80 crore for Q4-2013.

     

    ENIL ED and CEO Prashant Panday said, “It’s been a surprisingly strong quarter for media, especially radio broadcasters including Mirchi. It appears advertisers are responding to the slowdown by launching new products, and even more promotional offers. This helps radio. We expect this to continue, even though we expect growth rates to taper off eventually. On Phase III, the radio industry is seeking a rationalisation of reserve fees on the same lines as is happening with 2G reserve fees, as well as an extension of Phase II licenses. We expect policy clarity in the next few months. Lastly, I am happy that the shareholders have approved ENIL’s maiden dividend of 10 per cent.”

  • Sriram Kilambi to head BloombergUTV

    Sriram Kilambi to head BloombergUTV

    MUMBAI: BloombergUTV has appointed former Radio Mirchi marketing head Sriram Kilambi to head the channel.

    Kilambi joined today, replacing Deepak Lamba who put in his papers recently.

    Kilambi had quit Radio Mirchi in March this year. He had joined Entertainment Network India (ENIL) as vice-president and cluster head- east and was promoted as marketing head in May 2011.

    Kilambi has spent over 12 years across FMCG and media sectors in various roles like sales, marketing, and customer management. Prior to joining ENIL, he had worked with Coca-Cola India