Solution biz safeguards revenue growth albeit at lower profitability: For 1QFY20, ENIL echoed the dismal performance of the media industry in general and the radio industry in particular. Revenue growth of 8.2% YoY (to INR1.4b) garnered crucial support from Non-FCT (Solutions) business (+42% YoY) at a time when Radio segment growth was flattish at 1% YoY. In Radio, increasing cost along with the low 11.6% margin in the 21 new stations of Phase III pushed the segmental EBITDA margin lower to 19% from the historical levels of 25-30%. Moreover, Non-FCT margin remained inherently...