The radio business continued to report revenue de-growth in Q4FY21 due to pressure on realisation front. We note that ENIL's core radio revenue decline of 27.4% during Q4FY21 was much steep compared to MBL. The company indicated that pricing has started improving gradually as price increase for the quarter was 5% YoY, albeit significantly lower than its peak. We expect pricing recovery to be gradual in nature. Accordingly, we revise our estimates and expect radio revenues CAGR of 45% YoY in FY21-23E on...