Name: Latest research reports of Entertainment Network (India) Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Entertainment Network (India) Ltd.
Rating: 3
Author: ICICI Securities Limited

Entertainment Network

Hold: Entertainment Network (Ind...

Target

ICICI Securities Limited

The radio business stayed weak throughout FY20 following macroeconomic slowdown and was further accentuated by Covid-19 outbreak in March. We note that ENIL's core radio revenue decline during Q4FY20 was lower than other players in the industry who reported over 40% decline. Radio revenue decline was mainly owing to weakness in government advertisements (~42% down YoY). M&E; and auto sectors' ad spend de-grew 56% and 37%, respectively, while pharma sector ad spend was up 18% YoY. The company indicated ad volumes during lockdown were down 70-80% YoY. Revenues...