Entertainment Network nudges lower after reporting dismal Q2 results

Entertainment Network (India) dropped 1% to Rs 754.80 at 10:35 IST on BSE after consolidated net profit plunged 70.32% to Rs 8.05 crore on 11.5% rise in net total income from operations to Rs 129.64 crore in Q2 September 2016 over Q2 September 2015.

The results was announced after market hours yesterday, 8 November 2016.

Meanwhile, the BSE Sensex was down 1,033.24 points, or 3.74%, to 26,556.21.

On BSE, so far 270 shares were traded in the counter, compared with average daily volume of 1,710 shares in the past one quarter. The stock hit a high of Rs 754.80 and a low of Rs 700 so far during the day. The stock hit a record high of Rs 907.95 on 4 October 2016. The stock hit a 52-week low of Rs 586 on 10 November 2015. The stock underperformed the market over the past one month till 8 November 2016, dropping 8.13% compared with the Sensex's 1.67% fall. The scrip however outperformed the market in past one quarter, gaining 7.39% as against the Sensex's 2.1% decline.

The mid-cap company has equity capital of Rs 47.67 crore. Face value per share is Rs 10.

Commenting on the results, Prashant Panday, Managing Director and Chief Executive Officer of Entertainment Network India said that the company is in the midst of many exciting launches of core brand Mirchi in cities like Chandigarh, Guwahati and Kochi and its 2nd brand, Mirchi Love in Ahmedabad, Surat, Jaipur and Lucknow. The company has stepped up marketing spends and early research indicates that the company made a strong start and in fact has become leader in key markets. He said he is confident that this will translate into a stronger business in the years ahead.

Entertainment Network (India) (ENIL) operates FM radio broadcasting stations through the brand Radio Mirchi.

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