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Entertainment Network (India) Limited (ENIL)’s radio venture has registered 121% growth in its net profit on quarterly basis for the quarter ended December 31, 2009.

ENIL comprises of the FM station network Radio Mirchi, Times OOH and 360 degrees experience.

 The net profit for the 3Q FY10 for Radio Mirchi is Rs 107.36 million against Rs 48.62 million last year in the corresponding quarter. Revenues during the period increased by 6% and stood at Rs 635.24 million by end of quarter in the current year compared to Rs 599.69 million in the earlier year.

As per the recently released IRS 2009 R2 stats, Radio Mirchi has emerged as a clear leader with over 41 million listeners across the country.

Prashant Panday, CEO, ENIL says “We can now safely say that the worst is behind us. With revenues turning positive and with costs tightly under control, we expect the turnaround to gain strength. We look forward to the Phase III policy announcements from the Ministry of I&B and resolution of the long pending music royalty issues.”

On a consolidated basis, the company’s revenues rose 5.8% to Rs 1.17 billion in the December quarter from Rs 1.10 billion. The consolidated net profit of ENIL was Rs 25.01 million, as compared to a net loss of Rs 106.75 million in the corresponding quarter of the previous fiscal.