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Music Broadcast Q4 Review - Yield Recovery Holds Key: Prabhudas Lilladher

Music Broadcast Q4 Review - Yield Recovery Holds Key: Prabhudas Lilladher

<div class="paragraphs"><p>On Air signage displaying Inside a radio station. (Source: Unsplash)</p></div>
On Air signage displaying Inside a radio station. (Source: Unsplash)

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Prabhudas Lilladher Report

We cut our FY23E/FY24E Ebitda estimates of Music Broadcast Ltd. by 15%/12% respectively as yields which are at ~35-40% discount as compared to pre-Covid-19 levels may take longer to recover.

However, ad-volumes have shown signs of improvement with inventory utilization of 26%/54%/77%/75% in Q1/Q2/Q3/Q4 respectively which is encouraging.

We believe Music Broadcast has fared well in this challenging environment with-

  1. volume market share of 21% in FY22 across main frequencies and

  2. second highest client count share of 41% in the industry in Q4 FY22.

Click on the attachment to read the full report:

Prabhudas Lilladher Music Broadcast Q4FY22 Result Update.pdf

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