Radio City Delivers 18% Growth In Revenues in FY23
Music Broadcast Limited (MBL) reported its audited financial results for the quarter and year, ended on March 31st, 2023. The report highlights Radio City, an 18 per cent growth year-on-year in revenue for FY23, along with a significant growth of 54 per cent in EBITDA. The Q4 FY23 top line stands at INR 51.4 crore, 12 per cent growth YoY, maintaining a strong position with 20 per cent volume market share.
Shailesh Gupta, Director, Radio City stated, “I am pleased to report that on a year-on-year basis, our company's revenues grew by 18 percent while EBITDA saw a substantial increase of 54 per cent. Our conscious efforts over the past few years to reduce costs have paid off, allowing us to take advantage of better operating leverage, which has led to a faster rise in profitability.” During the quarter ended, our market share increased to 20%, up from 19% in the previous quarter and 18% at the start of the year. We have a strong omni-channel presence, which allows us to leverage our wide networks and provide maximum value to our clients.”
Radio City is expected to witness a sizeable chunk of total revenue through digital sales and will significantly contribute to the growth this year. Commenting on it, Gupta further mentioned, “We have established the right foundations by using our internal expertise to produce high-quality content and boost audience engagement. This is consistent with our 'Radigitalisation' strategy, which focuses on radio-centric digital linkages.”
Moreover, Radio City recently won 19 accolades at the prestigious ‘ACEF Global Customer Engagement Forum & Awards 2023’ as well as 18 distinguished awards at the 'E4M Golden Mikes - Radio & Audio Awards'.
With regards to the bonus issue of the non-convertible non-cumulative redeemable preference shares (NCRPS), the company received trading approvals from NSE & BSE and the same is open for trading w.e.f April 20, 2023.
