BENGALURU: India FM Radio company Music Broadcast Limited (MBL) or Radio City reported higher revenue and improved profits for the year ended 31 March 2017 (FY-17, current year and fiscal) as compared to the previous year. The company reported 14.8 percent higher total revenue for the current fiscal at Rs 2,758.6 million as compared to Rs 2,402.3 million in fiscal 2016. Total comprehensive income (TCI) for FY-17 increased 30.3 percent to Rs 355.5 million (13.1 percent of Total Income) from Rs 272.8 million ((11.4 percent of Total Income) in FY-16.

MBL’s operating profit (EBIDTA inclusive of other income) in the current year increased 3 percent to Rs 956.7 million (35.2 percent of Total Income) from Rs 928.9 million (38.7 percent of Total Income) in the previous year. Profit after Tax or PAT in FY-17 increased 32.7 percent to Rs 366.6 million (13.5 percent of Total Income) from Rs 276.2 million (11.5 percent of Total Income) in FY-16.

Total Expenditure in fiscal 2017 increased 18.5 percent to R 2,188.8 million (80.6 percent of Total Income) from Rs 1,847.2 million (76.9 percent of Total Income) in fiscal 2016. Other expense in FY-17 increased 21.3 percent to Rs 958.8 million (35.3 percent of Total Income) from Rs 790.6 million (32.9 (35.3 percent of Total Income) in FY-16.

MBL paid 12 percent more towards license fees for FY-17 at Rs192.2 million (7.1 percent of Total Income) from Rs 171.6 million (7.1 percent of Total Income) in FY-16. Finance Costs in FY-17 declined 8 percent to Rs 190.1 million (7 percent of Total Income) from Rs 206.6 million (8.6 percent of Total Income) in FY-16. Employee Costs in the current year increased 27.3 percent to Rs 650.7 million (24 percent of Total Income) from Rs 511.2 million (21.3 percent of Total Income) in the previous year.

The company has utilised Rs 1,475 million of its Rs 4,000 million that it received from its initial public offer (IPO) towards the objectives that it had listed in the IPO prospectus. Rs 177.3 million has been utilised for transaction costs of share issuance. The rest of the unutilised funds raised from the IPO to the extent of Rs 2,347.6 million have been placed in bank accounts as well as in bank fixed deposits.