Mumbai,28th October 2023 Music Broadcast Limited (MBL), India’s 1st Private FM Radio Broadcaster, has reported its unaudited Financial Results for the Quarter ended September 30th, 2023.

· Key Highlights – Q2FY24:

  • Q2 FY24 Top line of Rs 52.4 Crores; 8% Growth YoY
  • EBITDA* at Rs. 12.1 Crores; 36% Growth YoY
  • EBIDTA Margin at 23.1%
  • Maintained a strong Position with 19% Volume Market Share

· Key Highlights – H1FY24:

  • H1 FY24 Top line of Rs 105.5 Crores; 14% Growth YoY
  • EBITDA* at Rs. 24.8 Crores; 41% Growth YoY
  • EBIDTA Margin at 23.5%
  • Maintained a strong Position with 19% Volume Market Share
  • Liquidity Position as on September 30, 2023 of Rs. 305 Crores

*Includes other income

Commenting on the results Mr. Shailesh Gupta, Director said:

“I’m pleased to report that in Q2 and H1FY24, our profit growth has exceeded our revenue growth. During this period, we achieved EBITDA margins of 23.1% in Q2 and 23.5% in H1, marking a 480 bps and 450 bps increase, respectively. These improved margins are the outcome of our continuous cost reduction initiatives over the past few years, combined with our revenue growth, leading to enhanced operational efficiency.

At Radio City, we have implemented various strategies to enhance our presence in the radio industry. During the quarter ended, our market share increased to 19%, up from 18% in the previous quarter. We have a strong omni-channel presence, allowing us to leverage our extensive networks and deliver maximum value to our clients.

In terms of sectoral growth in advertising, the real estate industry observed a substantial 40% YoY increase in advertising spending. The pharmaceutical market expanded by 30%, while the auto industry grew by an impressive 56% compared to the previous year. Conversely, the finance industry experienced a decline of 6%. The food and beverages sector showed a 21% growth, and government advertising increased by 12% YoY.

We are adapting to the evolving media landscape, one that is agnostic to platforms, with digital at the core of content creation, distribution, consumption, and engagement. To provide a seamless experience across platforms, we are enhancing our capabilities to be at the forefront of the digital technology revolution, delivering top-notch entertainment in line with the evolving preferences and needs of our audience. For first half of the financial year, our digital business grew by 24% compared to H1FY23.

In H1FY24, our inventory utilization stood at 73%, a significant improvement from the 56% recorded in H1FY23.

Radio City continues to be a popular choice for both existing and new clients on the radio advertising platform. Out of the total clients on the Radio platform, 40% advertised on Radio City and amongst the new clients on the Radio platform, 35% chose to advertise on Radio City.

We are proud to generate 36% of our revenue from diversified businesses such as properties, proactive pitches, digital ventures, sponsorships, and special events. Furthermore, we have secured the second-largest client count share in the industry, standing at 39% in Q2 FY24.

Our liquidity position remains robust. As of September 30, 2023, our company held cash reserves amounting to Rs. 305 crores.”