Shares of Entertainment Network soared 14% on BSE

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Shares of Entertainment Network soared 14% on BSE
11 Mar 2022
5 min read

News Synopsis

Entertainment Network (India) shares rose 14% in BSE to Rs 214.75 in a daytime transaction on Thursday. The company, which operates the Indian FM radio station Radio Mirchi, traded near the 52-week high of Rs.226.95, which hit on August 2, 2021.

Entertainment Network has reported a 70% year on year jump in its EBITDA to Rs 35.6 crore on tight cost control measures. The company reported a profit after tax (PAT) of Rs 11 crore against a loss of Rs 2.7 crore in the third quarter of the financial year. Revenue of ENIP grew 17% YoY to Rs 98.9 crore, driven by 23% growth in FM radio revenues.

The rating continues to reflect ENIL's market leadership in the FM broadcast industry, a comfortable financial risk profile backed by strong liquidity, and the support of its parent company, Bennett Coleman and Company Ltd (BCCL). These strengths are partially offset by heavy reliance on advertising revenue and fierce competition.

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