Entertainment Network (India) Ltd. share price target

Revenues came in at | 104.4 crore (de-growth of 5.8% YoY), slightly better than our estimates of | 102.5 crore, owing to a sharp cut in government advertisement coupled with uncertainty over legislation...

Revenue growth of 12.5% was better than expected while continued aggressive marketing spends led to EBITDA miss of 10%. Legacy stations registered revenue growth of 6.2% yoy while new stations helped company recording 18.6% yoy growth. Radio business continued to see impact of demonetization in Q4FY17 while ENIL performed was better than industry, implying market share gain. Continued marketing...

Revenues came in at | 165.5 crore (up 12.4% YoY) higher than our estimates of | 148.3 crore, owing to superior growth in the non radio business (36% YoY) and incremental revenues from newly launched channels (| 15.9 crore for Q4FY17). Core radio stations reported 2.7% YoY decline owing to the after-effects of demonetisation EBITDA came in at | 35.2 crore, lower than expectations of | 40.3 crore owing to higher marketing & administrative expenses from newly launched stations. Hence, margins came in lower-thanexpectations at 21.3% vs. our estimate of 27.2%...

ENIL operates in radio broadcasting under the brand Radio Mirchi which is the No. 1 Radio Station in India with more than 63 million listeners across the country. After the Phase-III the company will have 74 frequencies in 64 cities. The company has online presence with 16 online stations which play music from...

Revenues were at | 150.6 crore (up 4.9% YoY), higher than our estimate of | 147.9 crore. Despite Q3 being a festive quarter, growth was limited to single digits owing to the impact of demonetisation and radio being more dependent on regional advertising EBITDA came in at | 38.1 crore, slightly lower than expectations of | 39.9 crore owing to higher marketing & administrative expenses from newly launched stations. Hence, margins came in lower-thanexpectations at 25.3% vs. our estimate of 27.0% PAT came in at | 16.4 crore, lower than expectations of | 19.0 crore...

Core Radio Revenue Recorded Slightly Lower Growth, EBITDA Hit from Operational & Brand Promotion Costs: ENIL during Q2FY17 has reported a 11.5% increase (YoY) in its operating revenue to Rs. 1296 mn, whereas EBITDA has decreased by 35.2% (YoY) to Rs. 231 mnand Net profit has decreased by 72.1% (YoY) to Rs. 75 mn. Core radio business has grown by 6.4% and non-radio business has grown by 38.0%. All figures forQ2FY17 and Q2FY16 have been re-aligned with the new Indian GAAP Ind-AS.

ENIL reported 11.5% YoY revenue growth to | 129.6 crore, slightly lower than our expectation of | 132 crore. The miss on the topline was owing to lower growth of ~6.4% YoY in the radio business, partly offset by superior non radio business growth of 38% YoY EBITDA came in at | 23.1 crore vs. expectation of | 26.8 crore owing to higher marketing & employee expenses from newly launched...

Core Radio Mirchi (98.3 FM) Continues to Do Well, EBITDA hitfrom Operational & Brand Promotion Costs in New Stations: ENIL during Q1FY17 has reported a 9.0% increase (YoY) in its operating revenue to Rs. 1108 mn, whereas EBITDA has decreased by 16.8% (YoY) to Rs. 294 mn and Net profit has decreased by 41.6% (YoY) to Rs. 166 mn. Figures for Q1FY17 and Q1FY16 have been re-aligned with the new Indian GAAP Ind-AS, whereas figures for Q4FY16 are as per the old Indian GAAP.

ICICI Securities Ltd | Retail Equity Research ENIL reported 9.0% YoY revenue growth to | 110.8 crore, lower than our expectation of | 115.6 crore. The miss was due to a decline in non-core radio revenues owing to a shift in planned activities and some base effect, hence, diluting the overall revenue decline. Core...

ICICI Securities Ltd | Retail Equity Research Revenues grew 4.7% YoY to | 3321.3 crore (I-direct estimate: | 3280.3 crore). US sales de-grew 9.2% to | 1155 crore (I-direct...