Key Highlights

-2% revenue growth in Sep 18 quarter. Rs 12-14 crore of revenue loss due to delay in Diwali. Ebidta growth would have been 20% YoY but for the shift in festive season.

All the growth numbers will be captured in Q3.

Radio part of business is 70% of the revenues and remaining 30% is the solution or non radio business. In non radio business what the company calls a solution provider, it provides content and solutions for brand building. It may be in digital format, on youtube videos, Television, concerts, coverings etc. This business has a significant scope.

There is no organised player in India which provides such a vast and exhaustive solution for brandbuidling.

In Non Radio business, the margins stood at 36% at Ebidta level up from 31% a year ago. Still lot of volumes and margin growth left in this segment.

Expanded the concert business which is a part of non radio business significantly. 70 concerts done in FY 18 and expects similar number in FY 19. International bands participated in this concert for the first time. The segment was in losses 2 years back, broke even in last year and in FY 19 this year so far the margins stood at 20%. The company is an early mover in this business and lot of scope for growth remain.

On Radio business, the focus remains on margins. As discussed many times in the past, the company is ready to let go volumes but for pricing. While there was a 8-9% reduction in pricing in radio for the industry, the company's pricing was flat to 0.5% positive.

The Phase 3 business was not that much affected due to festive shift. The Phase 3 capacity utilization is around 35% while the old legacy stations saw capacity utilization at 78% in the quarter.

Very strong performance expected in Dec 18 quarter both radio and non radio business.

Price increase will happen in H2 FY 19.

FMCG, media and Ent, auto, E commerce and durable and others all saw the growth. Government ads grew by 15%, Durables and FMCG grew by 11% kind each while Media and Ent and Real estate and Auto did not do well as expected.

Overall continues to remain bullish and will continue to outperform the industry.

Rs 15-20 crore capex to be incurred for Batch 2 in FY 19. No major capex in the pipeline. Board will decide on dividends or such other initiatives.

FY 19 tax rate will be 38.5% due to selling off some investments which gets adjusted to accumulated depreciation and results in additional 4% increase in tax rate.