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Tag: Music Broadcast Limited

  • MBL reports resilient Q2FY25, revenue growth despite margins pressure

    MBL reports resilient Q2FY25, revenue growth despite margins pressure

    Mumbai: You are crawling through the typical Mumbai’s infamous Saki Naka traffic, inching your way home after a long day. The only companion during this gridlock is the trusty voice of Radio City, filling the airwaves with your favourite tunes, celebrity gossip, and city updates. But behind the scenes, even as Music Broadcast Limited (MBL) keeps listeners entertained, the company grapples with financial challenges.

    In its second quarter of FY25, MBL operating Radio City, recorded an increase in revenue to Rs 5,482.87 lakh, a noticeable 4.54 per cent improvement compared to the corresponding period last year. As India’s radio landscape evolves with shifting audience preferences and advertising trends, MBL’s ability to maintain revenue growth reflects its adaptability and market positioning. Yet, despite this, the company faced pressures that have impacted its profitability.

    Total income for the quarter stood at Rs 6,131.77 lakh, a rise from Rs 5,815.48 lakh in Q2FY24, bolstered by a combination of operational revenue and other income sources. The operational strength is evident in the half-year results as well, with total income reaching Rs 12,754.13 lakh, marking a 9.15 per cent year-on-year growth. This growth trajectory signals a recovery trend in India’s media and entertainment sectors post-pandemic.

    However, profitability remains an issue. The company registered a net loss of Rs 199.24 lakh this quarter, a swing from the Rs 36.62 lakh profit posted in Q2FY24. This loss has expanded the net profit margin into negative territory at -3.63 per cent, down from 0.70 per cent last year. The adverse movement in margins can be attributed to rising expenses across employee benefits, amortisation, and other operational costs.

    Expenses grew at a faster pace than income, with total expenses reaching Rs 6,329.01 lakh for Q2FY25, compared to Rs 5,682.03 lakh for the same period last year. Employee benefits rose sharply to Rs 1,999.30 lakh, a 15.88 per cent increase over Q2FY24. This reflects Radio City’s efforts to retain talent and maintain operational efficiency amid growing competition from digital and online platforms. Meanwhile, depreciation and amortisation expenses surged 37.34 per cent to Rs 862.80 lakh.

    The sharp rise in these costs, combined with the firm’s legal and financial obligations, is likely to have weighed down overall profitability. Additionally, finance costs climbed to Rs 286.18 lakh, up from Rs 247.44 lakh in the same quarter last year.

    Despite the profitability challenges, the company remains operationally resilient. It reported an operating margin of 17.36 per cent for the quarter, and while this is a decline from 23.05 per cent in Q2FY24, it still reflects sound cost management in the face of rising expenses. MBL has also been involved in an ongoing legal case with Phonographic Performance Limited (PPL), over licensing fees, which continues to pose financial uncertainties. The outcome of this litigation could have further implications on the company’s future cash flows.

    The company has maintained a strong debt-to-equity ratio of 0.23, reflecting a conservative financial strategy. Moreover, MBL’s net worth increased to Rs 53,220.13 lakh from Rs 52,601.41 lakh in the previous year, demonstrating long-term financial stability, even as short-term challenges mount.

    The radio industry, long considered a staple of India’s media consumption, is undergoing significant transformation with competition from digital streaming services and podcasts. MBL’s ability to retain its market share and attract advertisers will be key to its recovery. Despite near-term setbacks, MBL’s revenue growth highlights the continued relevance of radio as a medium in India’s diverse media landscape.

  • Radio City Q3 results: 13 per cent revenue growth and 25 per cent growth in EBITDA

    Radio City Q3 results: 13 per cent revenue growth and 25 per cent growth in EBITDA

    Mumbai: Music Broadcast Limited (MBL), India’s private FM radio broadcaster has reported its un-audited financial results for the quarter ended 31 December 2023.

    Key highlights – Q3FY24:

    ·  Q3FY24 top line of Rs 60.4 Crores; 11 per cent growth YoY
    ·  EBITDA at Rs 15.3 Crores; 5 per cent Growth YoY
    ·  EBITDA margin at 25.3 per cent

    Key Highlights – 9MFY24:

    ·  9MFY24 Top line of Rs 165.9 Crores; 13 per cent growth YoY
    ·  EBITDA at Rs 40.1 Crores; 25 per cent growth YoY
    ·  EBITDA margin at 24.2 per cent
    ·  Maintained a strong Position with 19 per cent volume market share

    Includes other income

    Commenting on the results, Radio City director, Shailesh Gupta said, “I am pleased to share that our revenues experienced an 11 per cent growth in the Q3FY24 with EBITDA margins at 25.3 per cent. Our focus continues towards the digital business which has a significant growth moving forward.

    At Radio City, we’ve executed a range of strategies to expand our positioning in the radio industry. According to Aircheck 15 Markets, in the third quarter, we successfully retained our market share at 19 per cent. Additionally, our comprehensive Omni-channel framework allows us to maximize the extensive reach of our networks, ensuring the delivery of optimal value to our clients.

    About the growth in the advertising sector, the real estate industry experienced a notable 17 per cent year-on-year increase in spending. The pharmaceutical industry expanded by 15 per cent, while the auto industry demonstrated an impressive growth of 26 per cent compared to the previous year. On the finance side, the industry experienced a 9 per cent growth. Meanwhile, on the Jewellery front we witnessed a massive growth of 44 per cent and government advertising also saw a good growth of 22 per cent YoY.

    In Q3FY24, our digital business witnessed a growth of 27 per cent Y-o-Y. We are aligning ourselves with the ever-changing media landscape, one that is indifferent to specific platforms, with a central focus on digital for content creation, distribution, consumption, and engagement. To ensure a smooth experience across diverse platforms, we are strengthening our capabilities to stand at the forefront of the digital technology revolution. This involves delivering top-tier entertainment that resonates with the evolving preferences and needs of our audience.

    Radio City remains a preferred choice for both longstanding and recently acquired clients in the field of radio advertising. For Q3FY24, out of the overall client base utilizing the radio platform, 39 per cent have selected Radio City for their advertising campaigns. Additionally, among the newly acquired clients in the radio domain, 31 per cent have specifically chosen to feature their advertisements on Radio City.

    We take pride in deriving 31 per cent of our income from a variety of offerings that includes, proactive proposals, digital initiatives, sponsorships, and special events.  

  • Radio City reports higher revenue & profits for first quarter

    BENGALURU: India FM Radio company Music Broadcast Limited (MBL) or Radio City reported higher revenue and improved profits for the quarter ended 30 June 2017 (Q1-18, current quarter) as compared to the corresponding quarter of the previous year (Q1-17). The company reported 17.3 per cent higher total income for Q1-18 at Rs 703.1 million as compared to Rs 628.4 million in Q1-17. Total comprehensive income (TCI) for Q1-18 increased 42.3 per cent to Rs 108.4 million (14.5 per cent of Total Income) from Rs 76.2 million ((11.9 per cent of Total Income) in Q1-17.

    MBL’s operating profit (EBIDTA inclusive of other income) in the current quarter increased 13.7 per cent to Rs 217.7 million (29 per cent of Total Income) from Rs 191.5 million (30 per cent of Total Income) in the corresponding quarter of the previous year. Profit after Tax or PAT in Q1-18 also increased 42.3 per cent to Rs 108.4 million (14.5 per cent of Total Income) from Rs 76.2 million (11.9 per cent of Total Income) in Q1-17.

    Total Expenditure for Q1-18 increased 11.7 per cent to Rs 584 million (77.9 per cent of Total Income) from Rs 522.7 million (81.8 per cent of Total Income) in Q1-17. Other expense in Q1-18 increased 9.9 per cent to Rs 258.2 million (34.4 per cent of Total Income) from Rs 234.9 million (39.8 percent of Total Income) in the corresponding year ago qurter.

    MBL paid 10.9 per cent more towards license fees for Q1-18 at Rs 51.9 million (6.9 per cent of Total Income) as compared to Rs 46.8 million (7 per cent of Total Income) in Q1-17. Finance Costs in the current quarter declined 5.6 per cent to Rs 38.6 million (5.1 percent of Total Income) from Rs 40.9 million (6.4 per cent of Total Income) in Q1-17. Employee Costs in the current quarter increased 10.4 per cent to Rs 171.3 million (22.8 per cent of Total Income) from Rs 155.2 million (24.3 per cent of Total Income) in the previous year.

    The company added eleven new stations acquired during Phase III auctions. All the 11 stations were operational for the entire quarter with utilization levels in new stations of 25 to 35 per cent. MBL says that 5 out of the 11 new stations were running at more than 30 per cent utilisation levels.

    Company speak

    Commenting on the results MBL director Apurva Purohit, said, “We have been able to deliver margins of approximately 32 per cent and show growth of 16 per cent despite additional operating cost of the new stations. This is because of rate hike in the legacy stations as well as better than expected utilization in the new markets. Our strategy of profitable growth and not bidding high costs for acquisition in Phase III along with maintaining lowest cost per million is delivery results. Going ahead in the future I see better utilization in our new stations supported by increased
    utilization and price hike in our legacy stations. We are confident on maintaining our current level of EBITDA margins
    and achieve our long term goal of profitable leadership.”

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  • Radio City reports higher numbers

    BENGALURU: India FM Radio company Music Broadcast Limited (MBL) or Radio City reported higher revenue and improved profits for the year ended 31 March 2017 (FY-17, current year and fiscal) as compared to the previous year. The company reported 14.8 percent higher total revenue for the current fiscal at Rs 2,758.6 million as compared to Rs 2,402.3 million in fiscal 2016. Total comprehensive income (TCI) for FY-17 increased 30.3 percent to Rs 355.5 million (13.1 percent of Total Income) from Rs 272.8 million ((11.4 percent of Total Income) in FY-16.

    MBL’s operating profit (EBIDTA inclusive of other income) in the current year increased 3 percent to Rs 956.7 million (35.2 percent of Total Income) from Rs 928.9 million (38.7 percent of Total Income) in the previous year. Profit after Tax or PAT in FY-17 increased 32.7 percent to Rs 366.6 million (13.5 percent of Total Income) from Rs 276.2 million (11.5 percent of Total Income) in FY-16.

    Total Expenditure in fiscal 2017 increased 18.5 percent to R 2,188.8 million (80.6 percent of Total Income) from Rs 1,847.2 million (76.9 percent of Total Income) in fiscal 2016. Other expense in FY-17 increased 21.3 percent to Rs 958.8 million (35.3 percent of Total Income) from Rs 790.6 million (32.9 (35.3 percent of Total Income) in FY-16.

    MBL paid 12 percent more towards license fees for FY-17 at Rs192.2 million (7.1 percent of Total Income) from Rs 171.6 million (7.1 percent of Total Income) in FY-16. Finance Costs in FY-17 declined 8 percent to Rs 190.1 million (7 percent of Total Income) from Rs 206.6 million (8.6 percent of Total Income) in FY-16. Employee Costs in the current year increased 27.3 percent to Rs 650.7 million (24 percent of Total Income) from Rs 511.2 million (21.3 percent of Total Income) in the previous year.

    The company has utilised Rs 1,475 million of its Rs 4,000 million that it received from its initial public offer (IPO) towards the objectives that it had listed in the IPO prospectus. Rs 177.3 million has been utilised for transaction costs of share issuance. The rest of the unutilised funds raised from the IPO to the extent of Rs 2,347.6 million have been placed in bank accounts as well as in bank fixed deposits.

  • Radio City revenue up 12.9 percent, adjusted profit up 19.2 percent in FY-16

    Radio City revenue up 12.9 percent, adjusted profit up 19.2 percent in FY-16

    BENGALURU: Music Broadcast Limited (MBL, Radio City) which runs Radio City reported 12.9 percent growth and 19.2 percent growth in revenue and adjusted profit after tax (PAT) respectively for the fiscal ended 31 March 2016 (FY-16, current year). Radio City reported revenue of Rs 226.76 crore for FY-16 as compared to revenue of Rs 200.84 crore in the previous fiscal. 

    Adjusted PAT in the current year was Rs 55.94 crore (24.7 percent PAT margin of revenue) as compared to Rs 46.92 crore (23.4 percent PAT marginof revenue ) in the previous year. After accounting for exceptional items that represent incentives to management team in respect of their past services in terms of agreement with erstwhile promotes, reported PAT for FY-16 works out to Rs 42.37 crore (18.7 percent PAT marginof revenue ), which means that final PAT in the current year has declined 9.7 percent as compared to FY-15.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:
    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.
    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

    Radio City’s operating profit (EBIDTA) in FY-16 increased 24.7 percent to Rs 77.27 crore (34.1 percent EBIDTA margin) as compared to Rs 62.16 crore (31 percent EBIDTA margin) in FY-15.

    Expenses in FY-16 were 7.8 per cent higher at Rs 149.49 crore (65.9 percent of revenue) as compared to Rs 138.67 (69 percent of revenue).

    The company paid almost three times (2.95 times) the Interest in FY-16 at Rs 18.30 crore (8.1 percent of revenue) as compared to Rs 6.21 crore (3.1 percent of revenue) for FY-15.

    Jagran Prakashan numbers in brief

    MBL’s parent company, Indian publishing company Jagran Prakashan Limited (JPL) reported 19 per cent increase consolidated operating revenue in FY-16 to Rs 2,106.5 crore as compared to Rs 1,769.8 crore in FY-15.

    JPL’s advertising revenue increased 25.2 per cent to Rs 1,560.9 crore from Rs 1,247.1 crore. Circulation revenues in the current year increased 4.7 per cent to Rs 408.5 crore from Rs 390.1 crore s compared to the previous year. JPL’s PAT in FY-16 increased 44.3 per cent to Rs 444.7 crore from Rs 308.1 crore in FY-15. JPL’s PAT in FY-16 after adjusting extraordinary item of Rs 101.8 crore on account of profit on sale of treasury share in Q1-16 and Rs 14.5 crore in Q2-16 and gain arising out of sale of treasury shares in Q4-16 is Rs 328.4 crore in FY16 and Rs 227.8 crore in FY-15.

     

  • Radio City revenue up 12.9 percent, adjusted profit up 19.2 percent in FY-16

    Radio City revenue up 12.9 percent, adjusted profit up 19.2 percent in FY-16

    BENGALURU: Music Broadcast Limited (MBL, Radio City) which runs Radio City reported 12.9 percent growth and 19.2 percent growth in revenue and adjusted profit after tax (PAT) respectively for the fiscal ended 31 March 2016 (FY-16, current year). Radio City reported revenue of Rs 226.76 crore for FY-16 as compared to revenue of Rs 200.84 crore in the previous fiscal. 

    Adjusted PAT in the current year was Rs 55.94 crore (24.7 percent PAT margin of revenue) as compared to Rs 46.92 crore (23.4 percent PAT marginof revenue ) in the previous year. After accounting for exceptional items that represent incentives to management team in respect of their past services in terms of agreement with erstwhile promotes, reported PAT for FY-16 works out to Rs 42.37 crore (18.7 percent PAT marginof revenue ), which means that final PAT in the current year has declined 9.7 percent as compared to FY-15.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:
    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.
    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

    Radio City’s operating profit (EBIDTA) in FY-16 increased 24.7 percent to Rs 77.27 crore (34.1 percent EBIDTA margin) as compared to Rs 62.16 crore (31 percent EBIDTA margin) in FY-15.

    Expenses in FY-16 were 7.8 per cent higher at Rs 149.49 crore (65.9 percent of revenue) as compared to Rs 138.67 (69 percent of revenue).

    The company paid almost three times (2.95 times) the Interest in FY-16 at Rs 18.30 crore (8.1 percent of revenue) as compared to Rs 6.21 crore (3.1 percent of revenue) for FY-15.

    Jagran Prakashan numbers in brief

    MBL’s parent company, Indian publishing company Jagran Prakashan Limited (JPL) reported 19 per cent increase consolidated operating revenue in FY-16 to Rs 2,106.5 crore as compared to Rs 1,769.8 crore in FY-15.

    JPL’s advertising revenue increased 25.2 per cent to Rs 1,560.9 crore from Rs 1,247.1 crore. Circulation revenues in the current year increased 4.7 per cent to Rs 408.5 crore from Rs 390.1 crore s compared to the previous year. JPL’s PAT in FY-16 increased 44.3 per cent to Rs 444.7 crore from Rs 308.1 crore in FY-15. JPL’s PAT in FY-16 after adjusting extraordinary item of Rs 101.8 crore on account of profit on sale of treasury share in Q1-16 and Rs 14.5 crore in Q2-16 and gain arising out of sale of treasury shares in Q4-16 is Rs 328.4 crore in FY16 and Rs 227.8 crore in FY-15.

     

  • Q2-2016: Jagran Prakashan YoY revenue up 19%; Radio City Op revenue up 8.3%

    Q2-2016: Jagran Prakashan YoY revenue up 19%; Radio City Op revenue up 8.3%

    BENGALURU: Indian publishing group Jagran Prakashan Limited (JPL) reported 19.1 per cent growth in consolidated operating revenue in the quarter ended 30 September, 2015 (Q2-2016, current quarter) to Rs 519.5 crore as compared to the Rs 436.3 crore in Q2-2015 and eight per cent more than the Rs 481.15 in Q1-2016

     

    The company’s consolidated profit after tax (PAT) in the current quarter increased 35.5 per cent to Rs 76.7 crore as compared to the Rs 56.6 crore in Q2-2015 and 1.9 per cent lower than the Rs 78.21 crore in Q1-2016.

     

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

     

    Radio Business

     

    JPL’s radio business that includes subsidiary Music Broadcast Limited (MBL) has 31 (including 11 radio stations acquired in phase 3 auctions) under the brand Radio City and eight other stations acquired under the brand Radio Mantra. The company’s radio business reported 8.3 per cent growth to Rs 55.54 crore in Q2-2016 as compared to the Rs 51.29 crore in Q2-2015 and 17.2 per cent more than the Rs 47.38 crore in the immediate trailing quarter.

     

    JPL’s radio business reported 6.4 per cent drop in profit at Rs at Rs 12.05 crore in Q3-2016 as compared to Rs 12.88 crore in Q2-2015 and a loss of Rs 2.23 crore in the immediate trailing quarter. 

     

    Advertising and Circulation numbers

     

    Consolidated advertisement revenue was up by 26.8 per cent to Rs 389 crore in the current quarter as compared to the Rs 306.9 crore in Q2-2015 and was 12.6 per cent more than the Rs.345.54 crore in Q1-2016. Standalone Advertisement Revenues were at Rs 312.74 crore, up by 9.1 per cent from Rs 286.58 crore.

     

    Consolidated Circulation revenue in the current quarter increased 3.1 per cent to Rs 99.8 crore from Rs 96.5 crore in Q2-2015, but was 0.7 per cent lower than the Rs 100.51 crore in Q1-2016. Standalone circulation revenue increased 5.4 per cent to Rs 94.48 crore in Q1-2016 as compared to the Rs 89.64 crore in the corresponding year ago quarter. Standalone Circulation Revenues were at Rs 93.87 crore, up by 3.4 per cent from Rs 90.75 crore.

     

    Total Expense in Q2-2016 at Rs 401.31 crore was 21.8 per cent more than the Rs 329.5 crore in Q2-2015 and was 8.6 per cent more than the Rs 369.45 crore in the immediate trailing quarter.

     

    Cost of Raw materials consumed in Q2-2016 at Rs 154.5 crore was 3.6 per cent less than the Rs 160.3 crore in Q2-2015 and 0.9 per cent lower than the Rs 155.89 crore in Q1-2016.

     

    Company speak

     

    JPL chairman and managing director Mahendra Mohan Gupta said, “It gives me immense pleasure to report that the company has for the first time crossed the mark of Rs 500 crore in turnover in a quarter. Chasing unprofitable growth has never been our philosophy and this is where the team has done an incredible job by delivering still healthier growth in profits.”

     

    “We are happy with acquisition of one of the two strongest FM radio networks of the country; Radio City which continues to perform on the expected lines. Phase-III auction has witnessed unrealistic bidding for metro as well as non-metro stations and I do not see the frequencies, taken at exorbitant prices, giving the return on investment. As far as we are concerned, we remained disciplined but could still manage to get what we had planned. We do not subscribe to the strategy of multiple frequency as opposed to expansion to newer markets and therefore biding for multiple frequency was never part of our plan. Besides publication and radio businesses, digital business too continues to record steep growth in revenues and occupy a prominent market position,” he said.

     

    “With strong franchise across various media platforms, market position and operating performance duly backed by financial prudence, the company is very well poised to next level of growth and enhancing the wealth of shareholders,” added Gupta.

  • Q1-2016: Jagran Prakashan y-o-y revenue up 9.3%; Radio City op profit up 40%

    Q1-2016: Jagran Prakashan y-o-y revenue up 9.3%; Radio City op profit up 40%

    BENGALURU: Indian publishing group Jagran Prakashan Limited (JPL) reported 9.3 per cent growth in consolidated operating revenue in the quarter ended 30 June, 2015 (Q1-2016) to Rs 481.15 crore as compared to the Rs 440.29 crore in Q1-2015.  Q-o-Q, JPL’s revenue grew 13.8 per cent as compared to the Rs 422.74 crore in Q4-2015. 

     

    The company’s consolidated profit after tax (PAT) in the current quarter increased 18.5 per cent to Rs 66.36 crore as compared to the Rs 55.99 crore in Q1-2015. However, q-o-q PAT was 39.7 per cent lower than the Rs 129.67 crore in Q4-2015. Adjusted PAT after extraordinary items in Q1-2016 at Rs 179.94 crore was however higher than Q1-2015 and Q2-2015 PAT.

     

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

     

    JPL’s radio subsidiary Music Broadcast Limited (MBL), which has 20 radio stations under the brand ‘Radio City’ reported 40 per cent higher operating profit at Rs 14.5 crore in Q1-2016 as compared to Rs 10.4 crore in the corresponding year ago quarter. The company reported a loss of Rs 2.2 crore in Q1-2016 on account of Rs 13.6 crore (exceptional items) incentives to the management team in respect of their past services in terms of agreement with the erstwhile promoters. If the exceptional items are not considered, then MBL’s PAT would be 74 per cent higher in Q1-2015 at Rs 11.3 crore as compared to the Rs 6.5 crore in the corresponding year ago quarter. In the immediate trailing quarter Radio City’s PAT was Rs 8.47 crore.

     

    Advertising and Circulation numbers

     

    Consolidated advertisement revenue was up by 11.9 per cent to Rs 345.54 crore in Q1-2016 as compared to the Rs 308.89 crore in Q1-2015, while standalone advertisement revenue up by 8.4 per cent to Rs 312.23 crore as compared to the Rs 288.01 crore in Q1-2015. Radio City reported advertising revenue of Rs 13.08 crore in Q1-2016.

     

    Consolidated Circulation revenue in the current quarter increased 5.1 per cent to Rs 100.51 crore as compared to the Rs 95.66 crore in Q1-2015. Standalone circulation revenue increased 5.4 per cent to Rs 94.48 crore in Q1-2016 as compared to the Rs 89.64 crore in the corresponding year ago quarter.

     

    Let us look at the other numbers reported by Jagran Prakashan

     

    Total Expense in Q1-2015 at Rs 369.45 crore was 12.2 per cent more than the Rs 329.35 crore Q1-2015 and 6.6 per cent more than the Rs 346.61 crore in the immediate trailing quarter.

     

    Cost of Raw materials consumed in Q1-2016 at Rs 155.89 crore was 4.2 per cent less than the Rs 162.7 crore in Q1-2015, but 8.3 per cent more than the Rs 346.61 crore in Q4-2015.

     

    The company’s radio segment results have been mentioned above. The segment reported 10.3 per cent growth in operating revenue to Rs 47.4 crore as compared to the Rs 43 crore in Q1-2015. For Q4-2015, MBL reported revenue of Rs 53.93 crore.

     

    MBL’s interest costs have been increasing with time. In Q1-2016, the company paid more than six times the interest it paid at Rs 5.10 crore as compared to the Rs 0.80 crore in Q1-2015 and 26.2 per cent more than the Rs 4.04 crore in Q4-2015.

     

    Company speak

     

    JPL chairman and managing director Mahendra Mohan Gupta said, “Q1-2016 was eventful for more than one reason. The company not only completed the long awaited acquisition of Radio City but it also delivered the highest ever profit and probably the highest growth in advertisement revenue in the industry. This robust performance in an economically difficult time could be possible due to the company’s ability to timely sense the inordinate delay in economic recovery and act accordingly.”

     

    “From the first quarter itself, Radio City has started contributing to the company’s profits and I am confident that this acquisition is going to be hugely value accretive. Finally, even though the economy is not yet supporting the growth, the first quarter’s performance gives me the confidence that we will continue to grow and meet your expectations,” added Gupta.