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 continued to report revenue de-growth in Q1FY21 following a disappointing FY20. Ad volume took a big hit due to reduced spend by corporate/government during Covid-19 induced lockdown. We note that ENIL's core radio revenue decline in Q1FY21 was higher than competitor in the industry who reported ~79% decline (total revenue trend better for ENIL owing to solutions business). Radio revenue decline was mainly owing to weakness in education (81% down YoY), M&E; (77% down), FMCG (72% down) and other sectors that de-grew 87% while health &...