Music Broadcast Limited culminated its 20th Annual General Meeting in Mumbai

Published: Sep 18, 2019, 18:00 IST | mid-day online correspondent |

The Chairman also stated on the acquisition of Reliance Broadcast Network Limited under the brand name "Big FM", subject to MIB approvals

The 20th Annual General Meeting was held in Mumbai
The 20th Annual General Meeting was held in Mumbai

Music Broadcast Limited concluded its 20th Annual General Meeting with an overwhelming response from the shareholders. The meeting was addressed by board members and senior management of the company who highlighted on the company’s performance for the fiscal year 2018-2019.

The meeting was chaired by Shri Vijay Tandon, Chairman, Ms. Apurva Purohit, Director, Mr. Prashant Domadia, Chief Financial Officer, Mr. Madhukar Kamath, Independent Director, Mr. Ashit Kukian, Chief Executive Officer and Mr. Chirag Bagadia, Company Secretary.

Mr. Vijay Tandon, Chairman at the Annual General Meeting highlighted the company's revenue of INR 324.71 Crores in 2018-19, compared to INR 298.24 Crores in 2017-18. Additionally, he also stated that the company’s operating margin improved by 231 basis points at 34.86 pc as compared to 32.55 pc in FY 18. The Profit after tax grew by 19.15 percent y-o-y to INR 61.62 crore to a margin of 18.98 percent, improvement of 164 bps resulting in a strong liquidity position. Sectors like government, e-commerce, and real estate have performed better compared to banking, financial services & insurance (BFSI) and auto sectors in the year gone by.

The Chairman also stated on the acquisition of Reliance Broadcast Network Limited under the brand name “Big FM”, subject to MIB approvals. The proposed acquisition will take a network to 79 frequencies thus creating India’s largest Radio Network. In terms of consolidated reach, would deliver 82 pc of the FM footprint in India. The chairman highlighted that the company has been consistently featuring in India’s Best Companies to Work for in Great Place to Work survey and ranked 5th amongst top 100 best organizations and 6th among Asia’s Top 25 best companies to work for.

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