India’s Reliance Broadcast Network Limited has reported a strong financial performance in the quarter ended June 2013.

Reliance, which owns 92.7 Big FM – one of India’s largest private radio networks – saw radio revenues rise 31 percent to US$7.7 million (Rs 47.3 crore) in Q1 FY2014, according to its financial results.

Overall, the company says it achieved operating break even, with total income of US$10 million (Rs 61.1 crore).

Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was US$146,661 (Rs 0.9 crore).

The figures also show its new television business – which includes channels Big Magic, BIG CBS and BIG RTL Thrill – clocked 37 percent year-on-year growth with revenues at nearly US$1.4 million (Rs 8.4 crore).

“Reliance Broadcast Network has delivered robust performance, breaking even at the operating level,” said Tarun Katial, the company’s CEO.

“Radio has delivered the highest ever Q1 performance fortifying its position as the leading national network and both key businesses of radio and television are primed to benefit from the impending government reforms.”

Reliance Broadcast is part of Indian billionaire Anil Ambani’s empire.

It runs the Big FM brand in 42 cities and plans to bid for additional frequencies during Phase III of private FM radio licencing, which is overdue.

Phase III will see private radio expand to 294 additional cities.