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Entertainment Network (India) Ltd. (ENIL), the company operating Indian leading FM radio station, has reported a year-on-year (YoY) growth of 56.8% in the first quarter ending June 30, 2010. The company more popularly known as Radio Mirchi has accounted Rs.14.5 crores of EBITDA for Q1 FY11.

The revenues for the quarter stood at Rs 57.5 crores highlighting an increase by 14.5%. Also, the Company's net profit was posted at Rs. 4.3 crores for Q1FY11 against a net loss of Rs.1.4 crores in the Q1FY10.

On a consolidated basis ENIL reported total income of Rs.115.0 crores, a growth of 31.7% compared to the same quarter of previous year. Consolidated EBITDA for the quarter stood at Rs.14.7 crores.

Commenting on the performance of the Company, Prashant Panday, ED & CEO, ENIL said, "Overall, the advertising markets are looking up. The zing is back! Those brands which have invested in brand building during the down-turn of the last 18 months are likely to gain in the coming quarters. Our strong listenership has made Mirchi a permanent feature of most advertising plans. We look forward to a quick resolution of the music royalty issue and thereafter to Phase III."

On July 8, 2010, the Board of Directors of the Company in-principle approved the sale of ENIL's entire equity stake of 83.44% in Times Innovative Media Ltd (TIM) to Bennett, Coleman & Company Ltd (BCCL). The funds would be evenutally deployed to repay loans of the Company.

Commenting on the deal, N. Subramanian, Group CFO, ENIL stated, "The deal is positive for ENIL as it will release significant cash for the upcoming Phase III investments in the radio business. It will also improve the consolidated profitability of the Company going forward."