Radio space: For our coverage universe we expect a ~75-80% fall in top-line for 1QFY21, as in April 2020 industry volumes/revenues for top 15 markets were ~15%/~15-20% of normal volumes/revenues respectively. We expect April and May to be sub-optimally low on utilization front with gradual recovery in June. Cut back in government ad spends is expected to put added pressure on inventory utilization. We thus expect ENIL/MBL to report a fall in top-line by 79%/75% respectively in 1QFY21. While ENIL is targeting cost reduction of Rs600-700mn in FY21 and MBL has reduced operating cost to Rs100-110mn per month in lockdown given the low...