Radio City reports strong growth in Q2 FY24 with 8% revenue increase

Radio City, a subsidiary of Music Broadcast Limited (MBL), one of India’s leading private FM radio broadcasters, has revealed its unaudited financial results for the second quarter of fiscal year 2024, concluding on September 30, 2023.

This reporting period marks several significant achievements for MBL, including a Q2 FY24 revenue of Rs 52.4 Crores, representing an impressive 8% year-on-year growth.

The company has demonstrated remarkable financial performance with an EBITDA of Rs. 12.1 Crores, showcasing an impressive 36% YoY growth, and an EBIDTA Margin of 23.1%. Moreover, MBL has maintained a strong foothold in the market, holding a substantial 19% volume market share.

In the first half of fiscal year 2024 (H1FY24), Music Broadcast Limited continued to make significant strides. It reported a robust top-line revenue of Rs 105.5 Crores, indicating a substantial 14% year-on-year growth.

The company’s financial strength is evident, with an EBITDA of Rs. 24.8 Crores, reflecting an impressive 41% YoY growth, and an EBIDTA Margin of 23.5%. MBL has retained its substantial presence in the market, boasting a 19% volume market share. As of September 30, 2023, the company maintains a robust liquidity position, with reserves amounting to Rs. 305 Crores.

Shailesh Gupta, Director, expressed his satisfaction with these results, stating, “Our profit growth has exceeded our revenue growth in Q2 and H1FY24. We achieved EBITDA margins of 23.1% in Q2 and 23.5% in H1, marking substantial increases. These improved margins are the outcome of our continuous cost reduction initiatives and revenue growth, leading to enhanced operational efficiency.”

Gupta highlighted the company’s strategies to strengthen its presence in the radio industry, leading to an increased market share. The company’s omni-channel presence allows them to leverage their extensive networks and provide maximum value to clients.

In terms of sectoral growth in advertising, Gupta noted substantial increases in the real estate industry, pharmaceutical market, and auto industry. However, the finance sector experienced a decline, while the food and beverages sector and government advertising grew.

He emphasized MBL’s adaptability to the evolving media landscape, with a focus on digital content creation and distribution. The digital business grew by 24% compared to H1FY23.

“In H1FY24, our inventory utilization reached 73%, a significant improvement. Radio City remains a preferred choice for both existing and new clients in the radio advertising domain.”

Gupta concluded by highlighting their diversified revenue sources, contributing to 36% of total revenue, and their robust liquidity position, with cash reserves amounting to Rs. 305 crores as of September 30, 2023.

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