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Prabhudas Lilladher Report
A recording microphone at a studio. We cut our FY23E/FY24E Ebitda estimates of Entertainment Network India Ltd. by 21%/9% respectively due to general weakness in ad-environment and slower yield recovery.
Going ahead, revival in radio business will be led by volumes which have shown signs of improvement (capacity utilisation in legacy/batch-one/batch-two stations stood at 74.7%/31.4%/26.5% respectively in FY22).
In order to diversify out of radio business (low growth market), ENIL is taking steps to increase exposure to core solutions and digital business which is expected to form ~50% of the topline in FY25E.
On digital front, Mirchi app has already been unveiled in international markets and India launch is expected by May end. While Mirchi's diversification efforts are commendable we await green shoots on delivery front.
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