Radio City Posts 64% EBITDA Growth For Q3

The company also maintained a strong position with 19 per cent volume market share

Music Broadcast (MBL)’s Radio City has reported 64 per cent growth in EBITDA for Q3 of FY23. The 9M FY23 top line stood at Rs 147.5 crore, a 20 per cent growth YoY.

The company also maintained a strong position with 19 per cent volume market share.

Commenting on the results Shailesh Gupta, Director said, "We are pleased to report healthy growth in EBITDA QoQ, with margins improving to 26.6 per cent in Q3 FY 2023 compared to 18.3 per cent in Q2 FY 2023.”

He added, “As per a recent research report - 8 in 10 are listening to Radio in Tier-II and Tier-III cities, which being our key growth market, gives a reason to be optimistic about the effectiveness and growth of our medium. In terms of market share, we stand at 19 per cent as against 18 per cent last quarter and having established a strong omnichannel presence we are in a good spot to leverage our deep networks and relationships and offer maximum value to our customers.”

Further he said, “In terms of sectoral ad spending, the core sector of real estate continued to show promise, while the auto industry made a strong comeback. Pharma, which makes up a sizable share of the total volumes, also experienced a significant rise. Finance, along with the sector of food and soft drinks, saw a degrowth that slowed the predicted growth trajectory. The Government sector continues to decline and shrank significantly, but we are optimistic that it will rebound in light of the impending elections.”

Gupta commented, “On the digital front, owing to our strong presence as well as reach across multiple platforms and by leveraging our incredible in-house talent to deliver high quality content and build greater engagement with our audiences, we have set the right foundations. This is in line with our 'Radigitalisation' strategy i.e., focused on digital integrations with Radio at its core. Digital revenues accounted for 8 per cent contribution to the topline and have a large headway for growth going forward.”

With new revenue efforts making up 31 per cent of revenue this quarter, they have started to account for a significant portion of our overall top line and show every sign of being sustainable going forward. As of 31 December 2022, the company has cash reserves totaling Rs 288 crores, according to its fundamental philosophy of maintaining a strong liquidity position as a war chest to weather any storm and seize new opportunities.

(ANI)

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