Radio City Hits the Airwaves with a Roaring Beat: Reports 13% YoY growth in Revenue

Mumbai, January 25, 2024: Music Broadcast Limited (MBL), India’s 1st Private FM Radio Broadcaster, has reported its unaudited Financial Results for the Quarter ended December 31 st, 2023.

  Key Highlights – Q3FY24:

  • ­ Q3FY24 Top line of Rs 60.4 Crores; 11% Growth YoY
  •  ­ EBITDA* at Rs. 15.3 Crores; 5% Growth YoY
  •  ­ EBIDTA Margin at 25.3%

 Key Highlights – 9MFY24:

  • ­ 9MFY24 Top line of Rs 165.9 Crores; 13% Growth YoY
  •  ­ EBITDA* at Rs. 40.1 Crores; 25% Growth YoY
  •  ­ EBIDTA Margin at 24.2%
  •  ­ Maintained a strong Position with 19% Volume Market Share

*Includes other income

 Commenting on the results Mr. Shailesh Gupta, Director said:
“I am pleased to share that our revenues experienced an 11% growth in the Q3FY24 with EBITDA margins at 25.3%. Our focus continues towards the digital business which has a significant growth moving forward.

 At Radio City, we’ve executed a range of strategies to expand our positioning in the radio industry. According to Aircheck 15 Markets, in the third quarter, we successfully retained our market share at 19%. Additionally, our comprehensive omni-channel framework allows us to maximize the extensive reach of our networks, ensuring the delivery of optimal value to our clients.

 About the growth in the advertising sector, the real estate industry experienced a notable 17% year-on-year increase in spending. The pharmaceutical industry expanded by 15%, while the auto industry demonstrated an impressive growth of 26% compared to the previous year. On the finance side, the industry experienced a 9% growth. Meanwhile, on the Jewellery front, we witnessed a massive growth of 44%, and government advertising also saw a good growth of 22% YoY.

 In Q3FY24, our digital business witnessed a growth of 27% Y-o-Y. We are aligning ourselves with the ever-changing
media landscape, one that is indifferent to specific platforms, with a central focus on digital for content creation, distribution, consumption, and engagement. To ensure a smooth experience across diverse platforms, we are strengthening our capabilities to stand at the forefront of the digital technology revolution. This involves delivering top-tier entertainment that resonates with the evolving preferences and needs of our audience.

 Radio City remains a preferred choice for both longstanding and recently acquired clients in the field of radio advertising. For Q3FY24, out of the overall client base utilizing the radio platform, 39% have selected Radio City for their advertising campaigns. Additionally, among the newly acquired clients in the radio domain, 31% have specifically chosen to feature their advertisements on Radio City.

 We take pride in deriving 31% of our income from a variety of offerings, that includes, proactive proposals, digital initiatives, sponsorships, and special events.”