Entertainment Network (India), the operator of India’s #1 FM radio channel Radio Mirchi, posted a dismalperformance for Q1FY18. So much so that the CEO of the company went on record saying that “Q1 was a forgettable quarter.” The stock price slipped over 5% at Rs.875 and remains firmly in the red.

The company posted a whopping 75% (YoY) drop in consolidated net profit at Rs.5 crore on a 9% de-growth in revenue at Rs.99 crore.

The company has blamed this poor show on various reasons. The CEO stated, “ All the top advertising categories on radio recorded de-growth. The biggest advertiser – the Central Government – cut its advertising by nearly 35% compared to last year. In large part, the poor results of the quarter can be attributed to the lingering effects of DeMonetization, the roll out of RERA (Real Estate Regulation Act) and run-up to GST in June.”

For the months ahead, the CEO feels that this is a temporary slowdown and business should return to normal from September, when the festive season sets in.