ENIL Q4 Review - Impairment Provisioning Mars Profit: Prabhudas Lilladher
A man listens to the radio at a home in Kraska village. (Photographer: Anindito Mukherjee/Bloomberg)

ENIL Q4 Review - Impairment Provisioning Mars Profit: Prabhudas Lilladher

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Prabhudas Lilladher Report

Entertainment Network India Ltd.’s bottom-line performance was impacted by an impairment provisioning of Rs 975 million as future cash flows of eight frequencies are likely to be lower than internal hurdle rate amid Covid-19 induced stress.

Given the onset of second wave, we believe the recovery process will be delayed as radio is an 'AND' medium of advertising prompting us to cut our FY22E/FY23E Ebitda estimates by 34%/10% respectively.

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 as rates are typically sticky in nature.

Click on the attachment to read the full report:

Prabhudas Lilladher ENIL Q4FY21 Result Update.pdf

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