India’s Entertainment Network India Limited (ENIL) owned Radio Mirchi 98.3 FM reported a rise in Q1 net profits in its latest financial results.

The 32-station network’s profit after tax was $3.98 million (Rs 243million), up by 22 percent from last year’s $3.26 million (Rs 199.2 million) in the same quarter.

The company’s earnings before interest, tax, depreciation and amortization (EBITDA) stood at $5.71 million (Rs 349 million), up by 16.7 percent

The EBITDA margin improved to 37.4 percent from 35.1 percent in Q1FY14.

Income from operations $15.03 million (Rs 917.9 million) was up by 8.2 percent year-on-year, compared to last year’s $13.89 (Rs 848.4 million).

The company expects FM radio revenues to more than double by 2018, where higher growth will be led by Phase III expansion in the country.

Radio is also expected to outgrow traditional ad media, making 8.1 percent of the ad mix by 2018.