ENIL Q3 Review - Digital Solutions To Drive Growth, Margins: Prabhudas Lilladher
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Prabhudas Lilladher Report
Entertainment Network India Ltd.’s operating performance was better than our expectations on the back of better cost control while profitability was aided by an exceptional write back of Rs 267 million pertaining to performance royalty.
Management sounded upbeat on the digital solutions business (share is expected to rise to approximately 20-25% in next two years) which shall aid margins (digital solutions have higher gross margin of ~25-50% versus on-ground events which yield ~20-25%).
Further, ad-volumes increased 12% YoY (down 73%/23% in Q1/Q2 respectively) while yields were up by ~7% QoQ signaling recovery is around the corner.
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