Music Broadcast Limited (MBL) has reported its unaudited financial results for the quarter ended June 30, 2023. The company registered 20% growth year-on-year while registering a top line of Rs 53 crore in Q1, FY24. According to the company, MBL maintained a strong position with a 19% volume market share. The company’s EBITDA margin stood at 24%. It also registered 45% growth year-on-year as its EBITDA stood at Rs 12.7 crore.
“I am delighted to report that our revenue has grown by 20% year-over-year and EBIDTA growth is 45%, resulting in an improvement of 420 basis points in operating margins. The expansion in margin was the result of our efforts to reduce costs over the past few years coupled with topline growth, which led to better operating leverage,” Shailesh Gupta, director, Music Broadcast Limited, said.
According to Gupta, during Q1, FY24, the digital business grew by 33% over Q1, FY23. By utilising in-house knowledge and expertise, the company has paved the way for the creation of high-quality content and increased audience engagement that is consistent with its ‘radigitalization’ strategy, emphasising radio-centric digital connections.
Additionally, 38% of its revenue is generated from created businesses such as properties, pitches, digital, sponsorship and special days. “As of June 30, 2023, the cash reserves of the company stood at Rs. 302 crores,” added Gupta.
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