Next Radio Ltd, the company behind India’s seven-city network 94.3 Radio One, declared its financial results for Q1 2014-15 in its board meeting held on Friday.

Revenue grew 4.3 percent from $2.28 million (Rs 139.3 million) in Q1 2013-14 to $2.38 million (Rs 145.2 million in Q1 2014-15.

The profit before tax grew 68.8 percent from $50,000 (Rs 2.8 million) in Q1 13-14 to $80,000 (Rs 4.7 million).

The company attribute this to lowering of interest cost by 58 percent arising out of reduced debt.

Six percent of operating expenses were on programming innovation and digital engagement expenses.

EBIDTA was flat at $700,000 (Rs 42.8 million) as compared to the same period last year but at a margin of 30 percent, which compares with industry’s best figures.

Cash generated by the business grew by 15 percent as compared to the same period last year.

Next Radio is a joint venture between Next Mediaworks and BBC worldwide.

Vineet Singh Hukmani, MD and CEO, Next Radio Ltd said: We are happy to see our differentiation and innovations using digital engagement reap high profit due to a higher price despite a commoditized non differentiated metro market. We anxiously await phase 3 which is a huge turning point for FM radio, the government, listeners and advertisers.”