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Prabhudas Lilladher Report
While Music Broadcast Ltd.'s top-line was in-line with our estimates, Ebitda margin of 8.3% was lower than our estimate of 14.0% due to higher than expected other expenses incurred towards digital initiatives.
Though yields are yet to recover to pre-Covid levels, ad-volumes were up 9% YoY but lower than industry growth of 20% YoY, as Music Broadcast decided to forego low yield business.
Overall, we believe this strategy is better as compared to volume at any price, given yields take longer to recover.
Given the current quarter performance, we cut our FY23E Ebitda estimates by 25% but broadly maintain our FY24E/FY25E estimates as we build-in gradual recovery in ad-volumes amid improvement in overall macroenvironment.
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