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Prabhudas Lilladher Report
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We cut our FY22/FY23 Ebitda estimates of Music Broadcast Ltd. by 34%/17% respectively as the onset of second wave is likely to derail the recovery process as radio is an “AND” medium of advertising.
While ad-volumes are easier to come (due to promotional discounting) as evident by the inventory utilisation figures of FY21, raising the yields subsequently can prove to be a challenge prompting us to make a steeper cut in our estimates.
However, we believe the company has done well on the cost management front (operating cost reduction of Rs 520 million in FY21; versus guidance of Rs 500 million-550 million) which is expected to yield long-term results as 50% of the savings are likely to be permanent in nature.
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