Radio City delivers 20% growth in Revenues and 45% growth in EBITDA for Q1FY24 over Q1FY23

Radio City delivers 20% growth in Revenues and 45% growth in EBITDA for Q1FY24 over Q1FY23

Radio City

Mumbai,29th July 2023 Music Broadcast Limited (MBL), India’s 1st Private FM Radio Broadcaster, has reported its unaudited Financial Results for the Quarter ended June 30th, 2023.

  • Key Highlights – Q1FY24:
    • Q1 FY24 Top line of Rs 53.0 Crores; 20% Growth YoY
    • Maintained a strong Position with 19% Volume Market Share
    • EBITDA* at Rs. 12.7 Crores; 45% Growth YoY
    • EBIDTA Margin at 24.0%

*Includes other income

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

“I am delighted to report that our revenue has grown by 20% year-over-year and EBIDTA growth is 45%, resulting in an improvement of 420 basis points in operating margins. The expansion in margin was the result of our efforts to reduce costs over the past few years coupled with topline growth, which led to better operating leverage.

We are able to maximize the value we offer to customers by leveraging our omnichannel presence and marketing to tap into the power of our extensive network. The real estate industry experienced a 24% year-over-year increase in advertising expenditures. The pharmaceutical market expanded by 4%. The education industry made a turnaround and posted the highest growth rate of 87%. The auto industry grew by 58% in comparison to the previous year. The sectors of electronics and appliances and food and soft beverages grew by 10% and 24%, respectively.

During the quarter, the digital business grew by 33% over Q1FY23. By utilizing our in-house knowledge and expertise, we have paved the way for the creation of high-quality content and increased audience engagement. This is consistent with our “Radigitalization” strategy, which emphasizes radio-centric digital connections.

We are able to generate 38% of our revenue from created businesses such as properties, proactive pitches, digital, sponsorship and special days, and we have the second-highest client count share in the industry with 41% in Q1 FY24.

Our liquidity position continues to remain strong. As of June 30, 2023, the cash reserves of the company stood at Rs. 302 crores.”