Music Broadcast - Volumes Recover In Q3 But Yields Hold Key: Prabhudas Lilladher
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Prabhudas Lilladher Report
While Music Broadcast Ltd.’s revenue of Rs 407 million was in-line with our estimates, Ebitda margin of 10.2% surpassed our expectations of 7.5% led by stringent cost control.
Total operating cost stood at Rs 365 million for the quarter and annualized savings of Rs 500-550 million is expected in FY21E.
Roughly 50% of the cost savings is expected to be permanent in nature resulting in 300 basis points margin expansion in a normalized environment post-Covid-19.
Consequently, we increase our FY22E/FY23E Ebitda estimates by 5.0%/4.1% respectively as we bake in the benefits of cost reduction program.
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