Financials
Q3-2015: Radio companies y-o-y operating results up 49.7%; YTD up 61.9%
BENGALURU: Q3-2015 has been a great quarter and 9M-2015 even better for the radio industry as is evident from the PAT /Operating results posted for six radio groups representing 90 radio stations or 36.7 per cent of the 245 private FM radio stations universe under phases I and II in India.
This report considers PAT posted by two radio companies (ENIL – Radio Mirchi, 33 radio stations; Jagran Prakashan – Radio City – 20 radio stations) that equals 53 radio stations or 21.6 per cent of the current total universe in the country and 58.9 per cent of the radio stations considered here. If one were to consider only the operating results of these companies, the operating profitability numbers would be even higher. Also, figures for Radio City are not exact and have been rounded off, as is evident from the figures mentioned by Jagran Prakashan in its various filings with the bourses and investor presentations.
Operating results for radio segments of three of the four other companies – DB Corp (My FM-17 stations), B.A.G Films (Radio Dhamaal, 10 stations) and HT Media (Fever FM, four stations) have shown improvement, with TV Today’s Oye FM (six stations) being only one that has shown income de-growth but has reported a reduction of operating loss from Rs 2.90 crore in Q3-2014 to a lower loss of Rs 1.94 crore in the current quarter.
There is a deviation in this report from normal practise – PAT numbers of the two companies that have indicated them separately have been combined with the operating results of the other four companies here to arrive at the total numbers considered here, which makes this not completely an apples to apples story.
Note: 100,00,000 = 100 lakh = 10 million = 1 crore
Total income reported by the six radio groups for Q3-2015 at Rs 233.60 crore was 18.7 per cent more y-o-y as compared to the Rs 196.76 crore. Operating Profit/PAT for Q3-2015 at Rs 67.83 crore was 49.7 per cent more as compared to the Rs 45.30 crore reported for Q3-2014.
For 9M-2015, income reported by the six groups for radio operations was Rs 631.05 crore, which was 19.2 per cent more than the Rs 529.44 crore in 9M-2014, while Operating Profit/PAT in 9M-2015 at Rs 151.73 crore was 61.9 per cent more than the Rs 93.72 crore reported for last year’s corresponding nine month period.
Q3-2015 and 9M-2015 growth rates of revenue and PAT/results reported by these companies are also definitely better than those reported for FY-2014 (year ended 31 March, 2014) when compared to FY-2013 (year ended 31 March, 2013). For FY-2014, combined revenue reported by the six radio groups was Rs 739.64 crore, which was 12.2 per cent higher than the Rs 659.23 crore in FY-2013. PAT/Operating result for FY-2014 was Rs 154.22 crore, which was 46.3 per cent more than the Rs 105.45 crore in FY-2013.
It must be pointed out here that the biggest player in terms of revenues as well as performance in this list of six radio players is ENIL or Radio Mirchi. In Q3-2015, ENIL’s revenue of Rs 116.98 crore formed 50.1 per cent of the total revenue of Rs 233.60 reported by all the six listed players in that quarter and its PAT of Rs 32.84 crore is 48.4 per cent of the performance (PAT/Operating profit reported) by the six players.
ENIL’s income and PAT in Q3-2015 were 18.7 per cent higher and 40.9 per cent more than the income and PAT respectively reported by the company for the corresponding year ago quarter, albeit equal to and lower when compared to the six companies revenue and PAT that grew 18.7 per cent and 49.7 per cent respectively.
For Q3-2015, Radio Dhamaal showed the largest y-o-y revenue growth of 173.8 per cent to Rs 2.43 crore from Rs 0.89 crore in the corresponding year ago quarter while Radio City reported the largest growth in PAT of 147.8 per cent to Rs 17.10 crore in Q3-2015 from Rs 6.90 crore reported in the corresponding year ago quarter. As a matter of fact, Radio Dhamaal has shown a good a turnaround during 9M-2015 with an operating profit of Rs 1.12 crore as compared to a loss of Rs 2.08 crore in 9M-2014.
The lowest y-o-y growth in revenue was actually de-growth or fall in revenue of 8.5 per cent by Oye FM in Q3-2015 at Rs 4 crore as compared to the Rs 4.37 crore in Q3-2014.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
