Entertainment Network (India) (ENIL) Q3 24/25 earnings summary

Executive summary

• Domestic revenue, including digital, rose 9.7% YoY to INR 154 crores; consolidated revenue grew 3.2% YoY, with total income of ₹1,589 million.

• Strategic focus is shifting from FM radio toward a multimedia business spanning radio, solutions, events and Gaana.

• Digital platform revenue rose 150.5% YoY, while non-FCT EBITDA grew 42.9% YoY.

• Flagship events and digital initiatives supported audience engagement and brand visibility in India and international markets.

Financial highlights

• Core revenue excluding digital reached INR 138 crores, up 3.2% YoY; non-FCT revenue rose 21% to INR 50 crores.

• Digital platform revenue was ₹212.6 million, accounting for 26% of radio revenue; Gaana generated INR 12.53 crores in Q3 and ~INR 33 crores YTD.

• Standalone EBITDA declined 34.7% YoY to ₹283.9 million; consolidated PAT fell 61.3% to ₹92.6 million.

• YTD Dec'24 consolidated revenue grew 3.0% YoY to ₹3,830.8 million.

Outlook and guidance

• Gaana is expected to break even within four to five quarters as more annual subscribers renew at INR 599; the full repricing impact is expected from FY26.

• Solutions and events are expected to perform better in Q4; radio growth is not expected to be particularly strong amid muted ad markets.

• Overall business was expected to exceed pre-COVID levels by year-end, while radio sales remained below that benchmark.

• Management remains focused on digital expansion and event-driven solutions to sustain growth.