The owner of India’s 32 station Radio Mirchi has reported 38 percent growth in net profit for the third quarter.

Entertainment Network (India) Ltd saw profit climb to US$4.13 million (Rs. 25.8 crores) in Q3FY14, compared to the same period in the previous year.

Revenues grew nearly 13 percent to $15.78 million (Rs. 98.5 crores).

ENIL’s Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stood at $6.12 million (Rs. 38.2 crores), up 27 percent, while its EBITDA margin improved from 34.5 to 38.8 percent.

Commenting on the results, Mr. Prashant Panday, E.D. & CEO, ENIL, said: “Given the tough macroeconomic environment, our results should be seen as strong. Our EBITDA and PAT numbers are the highest ever since inception. Our revenues are the highest ever for Q3 since inception.”

“While the going will remain tough in the months to come, we expect a gradual turnaround resulting in improving medium to long term growth prospects. There is good news on the regulatory front as well with TRAI expected to offer a formula for renewal of current Phase-2 licenses, and with MIB finally expected to go ahead with Phase-3 auctions,” he added.