Sequential improvement; festive season pick up key The radio business continued to report revenue de-growth in Q2FY21 as ad volume as well as pricing remained low. We note that ENIL's core radio revenue decline of 57.1% during Q2FY21 was higher than competitor in the industry. Radio revenue decline was mainly owing to weakness in IT, ecommerce, auto, government, real estate while ad spend from health & pharma, BFI, FMCG sector was better. The management said ad volume trend was varied across the country and states, metros most affected by Covid-19 spread reported sharper de-growth. Ad pricing was down 30% as...