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ICICI Direct Report
Music Broadcast Ltd. reported disappointing results for Q1 FY21. Revenues fell sharply by 79.4% YoY to Rs 14.4 crore as advertisement spend by corporates and government dried up during the Covid-19 led lockdown. Reduction in operating cost by Rs 17.8 crore (down 38% YoY), during the quarter, was a key positive. However, Ebitda was at Rs 15.3 crore as it was impacted by the lower topline. Consequently, the company reported a net loss of Rs 13.9 crore against profit after tax of Rs 8.4 crore in Q4 FY20.
Music Broadcast has undertaken revenue initiatives, which helped the company to increase its market share by 2% to 21% in terms of advertisement volume. The company secured long term deals aggregating 25% of total revenue of FY20. Also, some tactical deals like Corona awareness campaign were made, which contributed 30% of Q1 FY21 revenue. Music Broadcast has further strengthened its liquidity with cash and cash equivalents of Rs 239 crore, which will support opex in the near term.
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