ENIL Q4 Review - Impairment Provisioning Mars Profit: Prabhudas Lilladher
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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.
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