Music Broadcast Q4 Review - Second Covid-19 Wave To Delay Recovery Process: Prabhudas Lilladher

A car radio. (Source: whatwolf/ Freepik)

Music Broadcast Q4 Review - Second Covid-19 Wave To Delay Recovery Process: 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

Click on the attachment to read the full report:

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.

Prabhudas Lilladher Music Broadcast Q4FY21 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.