ENIL drops after weak Q2 results

Entertainment Network (India) fell 1.25% to Rs 791.50 at 12:00 IST on BSE after consolidated net profit fell 24.34% to Rs 6.09 crore on 5.1% decline in total income to Rs 128.01 crore in Q2 September 2017 over Q2 September 2016.

The result was announced after market hours yesterday, 1 November 2017.

Meanwhile, the S&P BSE Sensex was down 36.08 points or 0.11% at 33,564.19.

On the BSE, 186 shares were traded on the counter so far as against average daily volumes of 482 shares in the past two weeks. The stock had hit a high of Rs 799 and a low of Rs 770.55 so far during the day.

Commenting on the results, Prashant Panday, MD & CEO, Entertainment Network (India), said that It has been a tough quarter with GST related disruptions affecting all media businesses. July and August were severely affected. September saw a smart, albeit temporary, recovery on the back of an early festive season. He expects the conditions to improve in Q4 March 2018. The company remains focused on increasing its listenership, improving its non-radio business profitability and strengthening its second brand, Mirchi Love.

Entertainment Network (India) is a leading city-centric media company. It operates FM radio broadcasting stations through the brand Radio Mirchi in 41 Indian cities and is headquartered in Mumbai.

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