Music Broadcast declined 5.69% to Rs 48.1 at 13:19 IST on the BSE after net profit fell 37.6% to Rs 8.43 crore on 7.8% decline in net sales to Rs 69.78 crore in Q1 June 2019 over Q1 June 2018.
The result was announced after market hours on Friday, 26 July 2019.
Meanwhile, the S&P BSE Sensex was down by 182.05 points or 0.48% to 37,700.64.
On the BSE, 1525 shares were traded in the counter so far compared with average daily volumes of 2821 shares in the past two weeks. The stock had hit a high of Rs 49.8 and a low of Rs 47.5 so far during the day. The stock hit a 52-week high of Rs 68.4 on 12 October 2018 and a 52-week low of Rs 45.1 on 22 July 2019.
The company's earnings before interest tax depreciation and amortization (EBITDA) declined 13.84% to Rs 22.4 crore in Q1 June 2019 from Rs 26 crore in Q1 June 2018.
The EBITDA margin fell to 32% in Q1 June 2019 from 34.4% Q1 June 2018, on a backdrop of slow economic growth and poor consumption trends directly impacting advertising industry.
Commenting on the results, Apurva Purohit, director said, "Based on corporate results so far, it is clear that the slowdown is broad based and not confined to any specific sector. While national advertisers delayed their campaigns due to reduced demand and margin pressures, local advertisers sought low cost opportunities to advertise. Political advertising was also lower than expected and was not able to compensate for the shortfall in government and other categories."
Music Broadcast Limited currently has 39 stations across 12 states, comprising 62% of the country's FM population. Radio City reaches out to over 69 million listeners in 34 cities. The company recorded highest listenership in Bengaluru for Q1 June 2019.
Music Broadcast is engaged in the business of operating Private FM radio stations through the brand Radio City.
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