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Entertainment Network (India) Ltd Management Discussions

Jul 19, 2024|09:44:53 AM

Entertainment Network (India) Ltd Share Price Management Discussions


Macroeconomic Scenario Global Economy

Post the devastating effects of the pandemic and the Russia-Ukraine war, the global economy appears to be all set for a slow comeback. Supply chain issues and war-related disruptions to the energy and food markets have been fading. Parallel to this, the widespread and coordinated tightening of monetary policy by most central banks should begin to show results, with inflation returning back to its desired levels. Global growth is anticipated to bottom out at 2.8% in 2023 before edging slightly higher to 3% in 2024. Growth in emerging markets and developing nations is expected to drop slightly from 4.0% in 2022 to 3.9% in 2023 before going slightly higher to 4.2% in 2024. However, the slowdown in growth will be concentrated in advanced economies like Euro area and United Kingdom, where growth is projected to significantly decelerate this year to 0.8% and -0.3%, respectively, before picking up in 2024 to reach 1.4% and 1%, respectively. The global inflation stood at 8.7% in 2022 and will drop slower than expectations to 7% in 2023 and 4.9% in 2024. This is because inflation rates have been stickier than anticipated. There has been a decline in the global inflation, this is primarily due to the substantial fall in the cost of food and energy. But in many nations, core inflation, which excludes the erratic energy and food components, has not yet peaked.

Source: International Monetary Fund, WEO Outlook, April 2023

Indian Economy

While the global growth was severely impacted by inflation and restrained by monetary tightening, India ended up reporting an impressive growth driven by a pick-up in domestic demand. As per the Economic Review for FY2023, strong performance in the fourth quarter further pushed the Indian GDP growth to 7.2% and surpass the growth expectations by 0.2%. This growth momentum is expected to continue in the coming financial year. Globally, the two main approaches to control inflation have been supply-side easing by governments and monetary tightening by central banks. What helped India, nevertheless, was that its inflation rate exceeded the target to a smaller extent when compared to most advanced economies and emerging market economies. Indias average inflation rate in FY2023 was lower than these economies due to stronger supply easing in the country. Moreover, falling global commodity prices also led to a sharp reduction in Indias wholesale price inflation. Before the years end, Indias headline inflation rate reached the target range after taking some time to filter down to the retail level. However, core inflation stayed stable but began to fall in March 2023. In FY2023, while the overall unemployment rate reached a three-year low of 7.5%, urban unemployment rate fell to a five-year low of 8.3%, as per data released by CMIE. This was a result of a number of policy changes that have been made over the past few years, especially post pandemic. This increased the ease of doing business, bolstered the corporate sector, assisted small businesses, and attracted foreign investment ultimately boosting the economys capacity to create jobs and revive domestic consumption. Government of Indias belief that growth reforms will be key in Indias economic recovery now stands validated. Moreover, RBIs repo rate hikes to control inflation turned out to be a success for Indias financial services sector and allowed for a 40–45% transmission in lending and deposit rates by the end of FY2023. This, along with government fiscal and administrative measures, have been sufficient to bring down inflation to the target range without impacting the domestic demand.

Source: International Monetary Fund, WEO Outlook, April 2023

Global Advertisement Industry

The global ad spends industry grew by 7.9% and stood at US$ 705 billion in CY2022. CY2022 started out strong with the momentum from CY2021 continuing, but from Q2CY2022 onwards growth slowed in the industry due to economic instability. In an effort to keep the economy afloat during the pandemic, the government provided large amounts of fiscal stimulus to businesses. The increased money supply coupled with supply chain disruptions and rise in commodity prices, triggered by Russia-Ukraine war led to a spike in inflation. Government responded by increasing interest rates to curb inflation which led to businesses cutting their ad budgets. This was evident in lower-than-expected results reported by global media giants like Meta, Alphabet, Spotify, and Snap. However, the trend has not been the same everywhere, some platforms, like TikTok, are growing in response to ongoing user growth, and the relatively new category retail media, which includes ads on ecommerce platforms like Amazon, is also expanding. There is also an increasing preference for digital media among advertisers, wherein they have been purchasing many digital extensions of traditional media, like connected TV, print online, digital audio, and digital out-of-home. This has been primarily because of the flexibility and the various options within digital that allow advertisers to carry out campaigns which are simpler to plan, carry out, and automate. The global spending on digital media platforms is substantially lower, however, it is expanding more quickly in comparison to other mediums, by 14.5% in CY2022. Within this, connected TV spending increased by a significant 24% in CY2022, compared to linear TVs flat ~0% growth. All regions are anticipated to end the year on a good note, with the Americas area experiencing the strongest growth at 12.7%, followed by APAC at 4.2% and EMEA at 3.7%.


The global economy is about to undergo a downturn and the advertising sector, being a leading indicator of the economy, has already started to slowdown. The industry is expected to grow by 3.3% and 4.7% in CY2023 and CY2024 respectively. The growth in 2023 will be driven by high media price inflation, as opposed to volume growth. By media, all the ad market growth drivers are within Digital. Overall, the amount spent on digital continues to rise, reaching US$ 394 billion or 56% of all global ad spends in CY2022. In CY2023, it is expected to reach US$ 424 billion, making up 58% of all advertising spend. Emerging digital categories like retail media and connected TV are expected to experience high growth in CY2023, growing by 18% and 15% respectively. Historically, there have been various trends which would be key in determining how the future might look like. The first is that economic turbulence spurs enormous innovation, particularly in the media. Radio, TV, and social media have all been widely adopted more quickly during previous downturns, and this is likely to continue. Second, companies that continue to advertise during economic downturns tend to fare better than less risk-averse competitors in terms of market share growth. Last but not least, less competition for media inventory may result in lower rates and enable smart companies to obtain excellent value from their media partners.

Brands are expected to switch to less inflationary channels and embrace digital in a broader sense, including the digital extensions of traditional media, to decrease the effects of inflation. However, its crucial to use caution and consider each media sources overall impact rather than reacting hastily. To decide what is best for them, brands are starting to consult their media agencies. For brands, this could mean increasing their spends to battle inflation, maintain an advantage over competitors, and keep up good investment levels to support media owners that are facing challenges.

Source: 2023 Dentsu Global Ad Spend Forecasts; https:// www.dentsu.com/news-releases/latest-2023-dentsu-ad-spend-re-forecast

Indian Advertisement Industry

The Indian advertising industry comprises of digital and traditional mediums like television, print, radio, cinema and out of home (OOH). The industry grew by 19% touching at

Rs. 1,049 billion in CY2022 surpassing the benchmark of Rs. 1 trillion for the first time and making up 0.4% of Indias GDP. As per GroupMs TYNY report 2023, India has been ranked 8th in terms of global ad spend and will continue to be the fastest-growing market among the top 10 ad markets in CY2023.

The growth has been led by digital media, contributing 48% of all ad expenditures, up from 32% prior to the pandemic. TV made for 30% of advertising income, down from 36% in CY2019. This surge in digital media is mainly driven by increased penetration of smart devices and internet connectivity. Digital is touching new heights due to robust e-commerce activities, especially performance outcome-based media that includes search, social and video. On the other hand, growth in the TV segment, will be mainly driven by ad spends by ecommerce brands. While local media (print, OOH, radio, and cinema) made about 22% of all advertising expenditures, national media (television + digital) contributed 78% in CY2022.

Segmental developments

There has been a significant recovery across all mediums compared to the pre-pandemic levels.

Digital Media

In CY2022, digital advertising increased by 30% to reach

Rs. 499 billion, accounting for nearly half of all ad expenditures. Out of this, Rs. 180 billion was spent by 600k to 800k Small and Medium Enterprises (SME) and long tail advertisers towards performance marketing on Google, Facebook, and e-commerce platforms.

There has been a surge in the digital consumption among Indians as they spent 4.9 hours per day and rank 8th in the world on the basis of the most amount of time spent on mobile apps in CY2022, which is 32% higher from CY2019 levels. Media and entertainment companies are leveraging on the growing digital consumption in India and are introducing content in various formats to meet this consumption demand.

Digital advertising is expected to grow at 15% CAGR; its share will increase from 48% of total advertising in CY2022 to 50% by CY2023, and further to 54% by CY2025. Some of the key trends that will drive this growth are mentioned below.

Increase in spends by SMEs, e-commerce, and entertainment OTT platforms.

If present price is maintained, paid video subscriptions will rise to 114 million over 52 million households; but if the cost is reduced to about Rs. 1,000 per year for 3–4 services, they may surpass 100 million households.

As regional OTTs grow and scale as a result of dubbing and subtitling, the proportion of vernacular content will rise to over 62% of all content produced.

Custom recommendation-based connected TV products for high-end audiences will emerge, both ad-supported and subscription-based, across many niches.

By CY2025, there will be a demand for more than 4,000 hours of original content, up from 3,000 hours in CY2021.

Use of AI tools like ChatGPT, Bard, etc. are expected to be paramount in building textual content. They will further end up impacting news publishers revenues if it scales up significantly.


In CY2022, television advertising increased by 2%, nearly returning to pre-COVID-19 levels. Ad growth was mostly driven by volume, which increased by 2% while rates, on average, stayed the same. There were 45 million free TV homes and 120 million pay TV homes in use. In CY2022, less time was spent watching linear television as a result of a decline in Hindi and regional language viewers. Even though only 8 to 10 million linked to the internet every day, the number of smart TVs has climbed to 25 million.

By CY2025, total television screens are expected to increase from 180 million in CY2022 to 206 million, driven by increase in number of connected TVs and free television. We anticipate pricing increases to be roughly half the rate of inflation for subscriptions and inflationary for advertising, subject to the application of ad caps and regulatory restrictions on pricing. As a result, we anticipate that overall television revenues will continue to increase to

Rs. 796 billion by CY2025.


We anticipate print will expand to Rs. 279 billion by CY2025 at a 4% CAGR since print is a medium that is necessary for successful brand building and to reach educated and elusive a_uent people. Market giants are expected to keep growing, while lesser-known firms will lose customers. Publishers will continue to prioritize the fundamental physical newspaper and enhance its utility through hyper-local content and community initiatives given the physical product generates more than 90% of all revenues. While earnings from digital news will increase gradually, first-party data strategy development will be essential to compete with major digital ad platforms.

Source: EY M&E Report, April 2023


Indian Radio Industry

Radio is one of the oldest and most trusted mediums of communication. With 1,333 operational radio stations, including 366 community stations, radio has a massive reach in India and happens to be the most affordable medium to disseminate real-time information to especially less a_uent areas, where people cant a_ord televisions, let alone have access to internet. Hence, Radio continues to stand the test of time and its importance cannot be undermined.

(1) Radio industry continues to strengthen its position; driven by ad volumes

As per the data published by TRAI, the radio industry recorded revenues of Rs. 1,158 crore in the first three quarters of FY2023. This was up 34% compared to the same three quarters in FY2022 but was 23% lower than the first three quarters of the pre-pandemic year, FY2020.

FY23 turned out to be the first year with no direct impact of the pandemic. However, the revenue levels of the industry remained below pre-pandemic levels due to continued fall in industry pricing. Post the lifting of the lockdown, two years ago, advertisers were willing to purchase higher ad volumes only if it was provided at low prices. Radio companies had to co-operate to sustain in the market and gain market share. However, ever since, the industry pricing has continued to be in a downward trend. Based on revenue data available from TRAI, and ad volumes data available from independent source Aircheck, we observed that industry pricing was flat in FY2023 over FY2022 and lower by approx. 40% as compared to FY2020 respectively. However, the price seems to have bottomed out as Q4FY23 saw a marginal recovery in pricing. Further, pricing is expected to pick up in upcoming festive season in FY24. On the other hand, year-on-year growth in FY2023 was driven by increase in ad volumes and significant demand recovery. As per Aircheck, ad volumes grew by 25% in FY2023 compared to both FY2022 and FY2020. Being the industry leader, this is well evident in our numbers as well, as we reported higher volumes throughout the year, across all our stations in FY2023 over pre-pandemic year FY2020. In FY2023, our capacity utilization for 35 stations was 80%, 87%, 97% and 88% in Q1, Q2, Q3, Q4 respectively compared to 72%, 58%, 71% and 66% in the corresponding quarters of FY2020.

(2) Number of billers surpassed pre-pandemic

The significant growth in industry ad volumes was complemented by increase in client count, which was up 34% in FY2023 compared to FY2022 and up 3% compared to FY2020. The industry saw more retail advertisers than corporates. Due to the existing geopolitical uncertainties, corporates have been unwilling to make large ticket size spends towards advertisement. On the other hand, as radio is more affordable and a preferred medium among local retailers given its ability to reach retailers local target audience, the industry saw increased demand from several smaller retailers.

(3) Important Legal Developments in FM Radio Industry in FY2023

As the radio industry was navigating the aftermath of Covid crisis in FY22, there were several significant legal developments during the year:

Statutory Licensing (SL) for Music and connected Litigations:

In December 2020, private FM broadcasters had secured a reasonable rate for music royalty via the provisions of Section 31D (SL – Statutory Licensing) of the Copyright Act. This helped the industry in putting a check on the monopolistic practices of music labels. This also helped to reduce the royalty pay-out burden. The initial Intellectual Properties Appellate Board (IPAB) order was valid for one year, until September 30th, 2021. In the month of September 2021, broadcasters filed an application for extension of these rates in the Honble Delhi High Court. The broadcasters were successful in securing continuation of the old rates till such time as the Honble High Court was able to fix new SL Rates. These proceedings are pending hearing before the Honble Delhi High Court and are expected to be taken up during the year.

The labels, being upset with the SL rates have used all their might to deny FM broadcasters the benefit of the SL rates. Several labels have filed appeals challenging the reasonability of the SL rates. However, they have not been able to get any relief. Labels have also filed infringement claims against broadcasters by harping on technicalities of Rule 29(4) under the Copyright Rules 2013. The labels have claimed that the broadcasters were not following the procedures given under the said rule, which, they very well know are extremely onerous and, in some respects, impractical to comply with if interpreted strictly. However, the FM industry has been successful in ensuring that the music playouts have unhindered. To get over these legal challenges, FM Broadcasters had filed Writ Petitions before Honble Madras and Honble Bombay High Courts, challenging the constitutionality as well as interpretation of the said Copyright Rules. Honble Madras High Court has held the Rule 29(4) as constitutional and made some contradictory observations. The industry, determined to pursue these all the way up to the Honble Supreme Court, has filed a Special Leave Petition against this decision which has been admitted by the Honble Supreme Court and the same is expected to be heard at length in coming months. These proceedings are expected to bring in the necessary clarifications and for avoiding any further roadblocks in the smooth exercise of their Statutory Licensing rights.

161st Parliamentary Standing Committee Report – (Dated 20th July 2021)

The Committee submitted its report on the topic of ‘Review of the Intellectual Property Rights Regime in India and inter-alia recommended that DPIIT should amend Section 31D of Copyrights Act for including ‘internet or digital broadcasters under the purview of Statutory License. DPIIT subsequently invited suggestions from stakeholders on the above recommendation. The FM Broadcasters have submitted their respective written submissions to the DPIIT on 28th September 2021 supporting the same.

(4) Important regulatory matters concerning the radio industry

During the year, the radio industrys representative body Association of Radio Operators of India (AROI) took up matters of concern with the Government:

15% national cap

No Broadcaster is currently allowed to hold more than 15% of total radio stations operating in the country. AROI had recommended to the Ministry of Information and Broadcasting (MIB) that the cap should be removed. MIB after giving due consideration to the concerns raised by the industry amended certain provisions of the FM Phase III policy, vide its order dated October 04, 2022. Accordingly, the national cap of 15% now stands deleted from the Phase III policy.

Digital Radio (DRM or HD-Radio):

There is currently no policy issued by MIB on Digital Radio. DRM & HD Radio both completed their trial runs in Delhi & Jaipur last year on the FM band. All India Radio (AIR) has submitted its report mentioning that DRM & HD Radio are similar on FM band. AIR is continuing with DRM on MW

& SW. Due to COVID, no further development happened on this front.


Currently Radio is subject to 18% GST whereas Print is at 5%. To remove the anomaly in the media sector, MIB has recommended a rate of 5% for radio but it is still to be taken up by the GST Council.

COVID Package:

AROI has proposed that the Annual License Fees (ALF) payable by broadcasters during the COVID period be calculated only basis 4% of Gross Revenue and not be subjected to the flooring of 2.5% of the OTEF (One Time Entry Fee). MIB has still not taken any decision on this.

Extension of License Period by 3 years due to COVID Impact:

AROI has requested MIB to extend the current 15-year license period by 3 years on account of the serious impact of Covid on the radio business. MIB has forwarded this to TRAI. TRAI is in the process of issuing a Consultation paper and after taking feedback of stakeholders, it will issue its recommendations to MIB.

Change in Ownership:

Clause 9.4 of Grand of Permission Agreement

(‘GOPA) is a clause that was very restrictive for M&A activities. AROI had requested MIB to modify it. MIB has vide its order dated October 04, 2022, relaxed the conditions stated in the said clause. Thus, now any restructuring of the company/ reorganization of FM Radio between different holding companies/subsidiaries/inter-connected undertakings/companies with the same management may be done with prior approval of MIB at any time during the permission period.

Revision of Rates for Government Advertising released by DAVP:

AROI has requested MIB to increase ad prices annually, basis inflation. Also, many stations under Phase-3 policy were initially given adhoc rates, which were extremely low. These should be increased and regularized. MIB is still to take a call on these points.

Enabling FM tuners on mobile phones:

AROI has urged MIB to enact regulations so that no mobile handset manufacturer could disable the FM receiver option. The National Disaster Management Authority and MEITY have also supported this proposition in the interest of public from disaster management perspective, pursuant to representations sent by AROI and individual broadcasters including the Company. MIB is still to take a call on this.

(5) Radio broadcasters adapt to the digital explosion

Most radio broadcasters have started adding digital products to their portfolio of revenue products. Most broadcasters have RJs who are local personalities in their own cities, and who often have a large following on social media. Radio stations have their own pages as well on social media. As advertisers have moved spending to digital, radio broadcasters have adapted and are now adding their RJs social media pages to their radio advertising proposals. In this limited way, all radio broadcasters have dabbled with digital products. Top radio broadcasters Mirchi, Red FM and Radio City have approximately 4 million "likes" on their Facebook pages while others like Big FM, Fever FM and My FM have 1.7 million, 960K and 625K likes respectively. Similarly, on Instagram, Mirchi leads with 610K followers followed by Red FM at 543K followers and Radio City at 363K followers. On YouTube, Filmy Mirchi has 6.6 million subscribers followed by Red FM with 4.6 million and Radio City with 1.3 million. Each company would have more subscribers on other channels also that they operate.

(6) Music royalties – old order temporarily extended

As mentioned earlier, Honble Delhi HC has given an extension to the order of the IPAB passed in December 2020. This order was valid until September 30th, 2021. The music industry has demanded lower rates because of the devastating impact that Covid has had on their business.


(1) Thriving Amidst Adversity: FY23, A Year of Resilient Performance

FY23 presented a mixed landscape for several sectors, including the media industry. The year began on a promising note, with a strong start in Q1 and part of Q2. However, the economic environment soon encountered headwinds, as the funding winter made its presence felt, resulting in job losses and dampening consumer activity. Consequently, the festive season failed to meet the anticipated performance for many consumer brands, leading to a cautious approach and tightened ad spends by various entities. In the radio industry, the growth trajectory experienced fluctuations throughout the year. During Q1, there was a remarkable volume growth of 150%, primarily attributed to the low base effect of the previous years performance. However, in Q2, the growth rate tapered down to 20.0%, signifying the beginning of a challenging phase. As the years most critical festive quarter approached, the growth further declined to a mere 1%, reflecting the impact of the tightening market conditions and the cautious spending behaviour of advertisers. Although there was a moderate recovery in Q4, reaching 11%, the overall environment remained constrained from Q3FY23 onwards.

Amidst these challenges, advertisers exercised prudence and exercised caution in their advertising budgets, contributing to a tight market scenario from Q3FY23 onwards.

Despite the challenges prevalent in the economic environment, Mirchi demonstrated remarkable resilience. Advertisers remained confident in the strength of our brand, and as a result, our overall revenues soared by an impressive 37.3%.

The radio segment, a significant part of our business, exhibited outstanding growth with a revenue increase of 35.7% during FY23. This commendable performance can be attributed to our client-facing solutions approach, which enabled us to secure a substantial market share gain of 310 BPS in volume share. Moreover, the growth in demand for radio services, coupled with the rise in volumes, led to a favourable stabilization of pricing. In high-demand markets, we even delivered price hikes, further strengthening our financial position.

Expanding beyond radio, our non-radio solutions business also witnessed robust growth, achieving a remarkable revenue increase of 33.5% compared to the previous year. A key factor contributing to this success is the strategic integration of digital offerings in our solutions portfolio, catering to the evolving needs of our clients. As a result, our gross margins in this business have remained healthy and sustainable at 49.2%.

(2) Cost Management: Embracing Efficiency and Adaptability

Throughout FY23, our studios and offices operated at full capacity, but we remained steadfast in exercising prudent control over all operating costs. The lessons learned during the challenging times of the pandemic highlighted the value of conducting business efficiently and minimizing unnecessary expenses, such as travel. Even as we gradually returned to the office, we maintained a vigilant approach towards discretionary costs. For instance, during the two years of Covid, we successfully achieved a 27.5% reduction in rental costs. Remarkably, despite resuming full office operations, we retained the benefits gained during the pandemic, underscoring our commitment to cost optimization. Additionally, our emphasis on maintaining healthy margins in the non-radio solutions business led to only a proportionate increase in DVC (Direct Variable Costs).

Operational excellence shone brightly in our collections processes, as evidenced by a 22% reduction in debtor days during the year. This achievement reflects our dedication to efficient financial management and our ability to ensure timely and effective collections.

We take great pride in our approach to cost management, embracing efficiency and adaptability to navigate challenges and secure a sustainable future. As we move forward, we remain focused on sustaining these practices to create long-term value for the Company (‘ENIL) and its stakeholders.

(3) EBITDA Expansion and turning PAT Positive

In FY23, our relentless pursuit of growth and cost efficiency yielded remarkable results as our revenue outpaced expenses. Consequently, our

EBITDA surged from Rs. 44.3 crore in FY22 to an impressive Rs. 93.3 crore in FY23. As a testimony to the inherent characteristics of our high operating leverage business model, the growth in revenue resulted in a significantly accelerated expansion of EBITDA margins. However, its essential to acknowledge that our EBITDA of Rs. 93.3 crore still remains lower than the outstanding performance of Rs. 123.5 crore achieved in FY20.

There were two exceptional developments during FY23. One was the impairment of Investment in Foreign Subsidiary amounting to Rs. 15.12 crore and another was Provision for Onerous Contract amounting to Rs. 2.63 crore. Notably, we turned back PBT (Profit Before Tax) and PAT (Profit After Tax) into positive territory, reporting encouraging figures of Rs. 1.84 crore and

Rs. 1.48 crore, respectively. These achievements are reflective of our commitment to recalibrate and emerge stronger amidst the recovery phase. While the journey to regain our pre-pandemic EBITDA levels remains ongoing, we are steadfast in our pursuit of continued growth, enhanced efficiency, and sustained profitability. With a strategic focus on optimizing operational performance, we are confident in our ability to navigate challenges and drive the organization towards even greater success in the coming years.

(4) Radio:

Key encouraging development during the year was the growth in ad volumes in Radio segment which has reached pre-pandemic levels. In FY23, volumes grew by 42%, which was higher than the industry growth of 25%, thus allowing us to improve our utilization by 17%. We have further headroom available which gives us visibility for future growth as well. During FY23, we were able to improve our market share by 320 bps and as on 31st March23, enjoying a market share of 24.9%. On the other hand, pricing has seen a marginal uptick during the year however, we believe that pricing has largely bottomed out during the year, and we can expect further marginal increase in 2HFY24 at the time of festivals.

(5) Digital First: Reinvention, Growth, AI & Monetisation

FY 23 was a year of reinventing Mirchis digital footprint. While we did a fine job in the past of growing our multiple digital assets across social media, YT and other external platforms, however FY 23 saw a new jump both in terms of numbers and also in terms of monetisation on all external platforms. On our Youtube multi-channel network we reached a subscriber base of 18 million users increasing the overall subscriber base by almost 29%. We uploaded more than 1800 videos during the year. Total views generated in FY22 were upwards of 1431 million which is almost 2X compared to last year. On social media we reached new pinnacles of engagement and success. An all-new FB programmatic monetisation revenue line was opened which helped us earn Rs. ~50 Lacs in H2 itself. While the revenue number might seem small, but its a start to a greater goal of leveraging the programmatic monetisation capabilities of multiple 3rd party platforms by making Mirchi content reach everywhere. In terms of engagement the Mirchi Plus FB channel peaked at ~8M plus interactions in a month ahead of some of the best digital natives. Across our influencer and organisational channels on social media our followers grew to 40 million. We have reached more than 700 million users with an overall engagement of 55 million.

FY 23 also saw the launch of our O&O (Owned and Operated) platform Mirchi Plus. In a span of 9 months the platform scaled from zero to 4.6 million users powered principally through organic means of growth. Mirchi plus platform is a one stop lifestyle and entertainment destination which provided content in all 3 platforms. – audio, video and text. The digital audio story space which spearheaded the Mirchi Plus foray provided around 3000 hours of all new freshly produced audio story content, whereas digital first shows like "What Women Want with Kareena Kapoor" and "Dream Homes with Gauri Khan" set new benchmarks for Mirchi in the video space. AI & ML were at the center of all these initiatives right from creating content across different formats to powering portions of platforms. Monetisation: M-Ping, the Digital Audio Ad Network was launched by Mirchi. It was one of major digital monetisation initiatives launched in FY 23 which was welcomed by the likes of Spotify, Jio Saavn and others. In a span of 5 months, it has established its foot hold in the market with great traction coming from both advertisers and publishers.

Total revenues from our digital business was around 33.6 crore in FY 23 which is 30% higher than Rs. 25.1 crore that we clocked last year. In spite of the aggressive push on digital expansion, the business objective has been to be ROI sensitive such that growth and revenue walk hand in hand. In the coming years we plan to increase both revenue and digital footprint aggressively.

(6) Mirchis international business

North America

Mirchi launched its first station in the US on Indias Republic Day, Jan 26th, 2019, in the tri-state area of New York, New Jersey, and Connecticut. By the end of May 2019, Mirchi had also expanded to Raleigh-Durham, Philadelphia, Baltimore, Cleveland, Columbus, Atlanta, and St. Louis via a brand licensing arrangement with a local partner, using HD radio technology. However, our brand licensing agreement covering HD radio stations across several cities in the US under-performed as HD technology was unable to attract advertisers. In FY21, we decided to call off this arrangement. Also, the AM frequency which we had leased in New York was sold by its owner, with Mirchi being paid "compensation" for the same. Our revenue spinner really was the New Jersey frequency and we were happy to give the New York frequency away.

In July 2021, we launched our station in San Francisco, followed by the launch of the Dallas station in April 2022. In January 2023, we took a conscious call to exit San Francisco. This was due to revenues not picking up which was a direct result of continuous transmission issues that the partner was not willing to sort out. As of March 2023, we have 2 terrestrial stations in the US – New Jersey and Dallas. These are 2 of the 3 biggest radio markets for South Asian radio in the US in terms of revenue potential and listenership. Mirchi launched a brand new Mirchi Plus app in mid-February 2022, through which listeners could not only listen to Mirchis US stations but also to 3 online stations created specifically for the US – Mirchi New York, Mirchi San Fransisco, and Mirchi Telugu, besides 12 local stations from back home in India, time-shifted to US time. The Mirchi app is available for download on both the Apple and Android app stores in both USA and Canada (Where the lead station is an online station created specifically for Canada called "Yo Punjabi". US Mirchi is also available on Amazon Alexa.

We will be looking for expansion in more markets subject to they being financially viable.. The markets we are interested in are San Francisco, Houston, Austin, and Chicago, amongst other cities in the US, as well as cities like Vancouver and

Toronto in Canada, which have a considerable population of South Asians.


We launched Radio Mirchi in the UAE with a brand licensing agreement with Abu Dhabi Media Corporation (ADMC) in Jan 2012. Since then, we were voted UAEs most loved Hindi Station repeatedly in the Masala Awards. In listenership, we ranked as the No.1 brand across the UAE, across languages – Arabic, Hindi, English, Malayalam, and others. With the efflux of time, our brand licensing and content agreements with ADMC was terminated in June 2020. In March 2021, we re-entered the market, this time in partnership with Dolphin Recording Studio, overhauling their old brand Suno FM to a brand new Mirchi 102.4 FM. Two years after entering the market, the response to the Mirchi product has been very encouraging. We are sure that with our continued high-quality programming, we will regain our leadership position soon. Besides core radio, Mirchi has also been more active in events and activations in FY23 (Which was subdued in FY22 due to the pandemic) with IPs like Mirchi Terminal and Mirchi Jam (A talent hunt for College and Schools) which we believe will give our listenership a further boost. The Mirchi Plus app was launched in the UAE in mid-February 2022 and has received a good response so far. On the app, one can listen to the UAE station, 12 local stations from back home in India plus a whole lot of audio stories, videos, and written content. Mirchi UAE is also available on www.mirchi.ae


Mirchi was present in Bahrain under a brand licensing arrangement with a local partner (Adline Media Network) till September 2019, after which our partner decided to surrender the license. After making a bid on our own in November 2019, ENIL won the bid in June 2020. We then relaunched Brand Mirchi in Bahrain on May 9th, 2021, through a 100% owned subsidiary called Mirchi Bahrain WLL. After more than 2 years in the market, both the audience and client feedback has been very good. However, considering the adverse impact of Covid 19 since the launch of operations and huge quantum of license fees payables to the Ministry of Information Affairs - Bahrain (MOIA), the operations of the Company had become unsustainable in the current year ended March 31,

2023. Considering this, a notice of termination has been served to MOIA expressing our inability to continue services in the region due to continued losses and high license fees.


A shareholder agreement was signed between ENIL, Global Entertainment Network Limited (GENL), Marhaba FM, and Mr. Salem Fahad S E Al-Naemi to operate a radio station in Doha, Qatar. In March 2021 ENIL made an equity investment in GENL that gives us a 49% stake in it. Basis this investment, ENIL is entitled to 75% of distributable profits. GENL has been conducting business in Doha in accordance with the terms and conditions set out in the Agreement. As part of the business, GENL shall provide services to Marhaba FM in connection with operating the Station under the brand name "MirchiOne" as per the terms and conditions agreed between GENL and Marhaba FM. Despite multiple obstacles faced, including travel restrictions, MirchiOne was launched in Qatar in March 2021 to a rousing welcome by listeners and advertisers.

In the last 2 years, MirchiOne has established itself as the radio station of choice, both for listeners and advertisers in Qatar and the business has grown rapidly. We are not only revenue leaders in radio, but we have also established a strong activation business with multiple IPs established in the market.

The Mirchi Plus app was launched in Qatar in mid-February 2022 and has been well received. Mirchi Qatar is also available on www.mirchi.in/ radio/qatar.

Future expansion into other countries

Besides the above 4 Countries, we have plans to expand in any country that has a sizable Indian and South Asian population led by the Mirchi Plus app. As consumers are rapidly shifting to the consumption of audio products on digital platforms, this will be a strategic shift in the way Mirchi expands in International markets. It is therefore clear that the potential for Brand Mirchi (In advertising and subscriptions) in International markets is vast and huge.

(7) Awards & Recognitions won by ENIL*

ACEF Asian Leaders Awards – September 2022

Gold for ‘Gulf Oil – Radio Humsafar 2021 under the award category "Mobile Content", sub-category being "Automobiles"

Gold for ‘Asian Paints – Radio Rangeels 2021 under the award category "Mobile Content", sub-category being "FMCG"

Gold for ‘iCan School Challenge by Adani Group under the award category "Social Impact", sub-category being "Best Environmental Behaviour Change"

Gold for ‘Axis Bank Splash with Mirchi under the award category "Social Impact", subcategory being "Best Education/Scholarship Program"

Gold for ‘Axis Bank Splash with Mirchi under the award category "Capability Award", subcategory being "Most Admired Campaign for Brand Revitalization"

Silver for ‘Axis Bank Splash with Mirchi under the award category "Grand Prix", subcategory being "Overall Excellence in Social Responsibility"

Silver for ‘iCan School Challenge by Adani Group under the award category "Social Impact", sub-category being "Best Education/ Scholarship Program"

Bronze for ‘iCan School Challenge by Adani Group under the award category "Engagement & Communication", subcategory being "Best Cause Related Communication Campaign"

Bronze for ‘iCan School Challenge by Adani Group under the award category "Capability", sub-category being "Most Admired Campaign for Brand Revitalization"

ACEF Global Customer Engagement Awards

Gold for ‘Teachers Day under the award category "PR", sub-category being "Promotions"

Goldfor‘GALA#CleanestTransitionVideosEver under the award category "Digital", subcategory being "Successful Use of CSR Activity"

Gold for ‘The Dubai Dialogue Podcast under the award category "Podcast", sub-category being "Society-Culture"

Gold for ‘Har Ghar Tiranga under the award category "Most Admired Social Message", sub-category being "Promotions"

Silver for ‘1000 crore ki Laash under the award category "Podcast", sub-category being "StoryTeller - Drama"

Silver for ‘Antharangam Unlimited under the award category "Podcast", sub-category being "Education"

Silver for ‘Bridgestone Sturdo Long Drives under the award category "Experiential Marketing", sub-category being "Creativity"

Silver for ‘Tata Salt – Desh ke Liye Har Sawal Uthega under the award category "Most Admired Social Message", sub-category being "Promotions"

Silver for ‘SUNRUN 2.0 under the award category "Events", sub-category being "Promotions"

Silver for ‘Gulf Oil Jamoora Tesan under the award category "Mobile Marketing", subcategory being "Creativity"

Silver for ‘Moods Presents Unfiltered Baatein Janhit Mein under the award category "Most Admired Social Message", sub-category being "Creativity"

Silver for ‘Axis Bank Splash under the award category "Digital Marketing", sub-category being "Successful use of CSR Activity"

Bronze for ‘Health of India under the award category "Radio", sub-category being "Effective"

Bronze for ‘Me for My City Season 5 under the award category "Events", sub-category being "Successful use of CSR Activity"

Bronze for ‘HERO ISL Radio Football Rivalry under the award category "Radio" subcategory being "Innovations"

Bronze for ‘SUNRUN 2.0 under the award category "Events", sub-category being "Best Use of Celebrity Endorsement"

E4M Content Marketing Awards

The award for "Valvoline Mahamechanic 2021" under the award category "Content marketing Sector Specific", sub-category being "A04 Automobile"

The award for "Best Digital Content Creator" was given to "RJ Shashi Yadav"

Indian Digital Marketing Awards (IDMA)

Silver for "iCan School Challenge by Adani Group" under the award category "Best Integrated Media Campaign", sub-category being "Corporate"

Bronze for "Gala #WhyJustCleanHome Tarazu Challenge 2021" under the award category "Best Integrated Media Campaign", sub-category being "Social Clause"

Wow Awards22

Gold for "iCan School Challenge by Adani Group" under the award category "Contact Program of the year", sub-category being "School/College/Society/Community/Youth - Digital"

Bronze for "iCan School Challenge by Adani Group" under the category "Contact Program of the year", sub-category being "School/ College/Society/Community/Youth"

India Audio Summit and Awards 2023

The award for "Best In-House Ad for a Client" was given to M95 Hyderabad for their client Skoda PPS

The award for "Best Digital FM Initiative" was given to Mirchi Brewery Corporate for "Mirchi Tiranga Yatra"

The award for "Best Client Activation (On-Air)" was given to Mirchi Delhi for Mirchi Flat 983

The award for "Best Afternoon Show" was given to Sayema for "Har Marz ki Dawa"

The award for "Best Late Night Show" was given to Rochie for "Mirchi Insta Pyaar (MIP)"

The award for "Best Morning Show" was given to RJ Jeeturaj from Mirchi Mumbai

The award for "Best RJ Zonal – South" was given to RJ Shadab from M95 Hyderabad

IAA Olive Crown Awards 2023

Silver for "Gala Cleanest Transition Videos Ever" under the award category "Digital"

(8) HR Initiatives

Investment in People Development: People are our asset, and our emphasis has always been to invest in their training and development. We restarted our in-person training which helped build the skills of people. We also kept the emphasis on online learning via our learning app ‘Mirchi classroom - be it online induction programs or webinars, facilitated by in-house subject matter experts. We encouraged both, group learning for specific team cohorts and self-paced individual learning. Around 50% of our people were trained via in-person and online training. To improve personal effectiveness, we have a yearly feedback mechanism that helps managers reflect on their work styles and ways to improve working relationships with teams. The feedback results are followed by workshops where improvement areas and action points are decided. We have an AI-enabled BOT called ‘Amber, which reaches out to our people at regular intervals. These conversations with Amber give us a complete view on matters such as organization, culture, career progression, learning, and job satisfaction. These conversations help us reflect and design better people practices and processes. For the year FY23, our NPS scores were in the range of 87%, while our engagement scores hovered around 84%.

Our People and their Growth: As a philosophy, we have always looked at internal talent first for any career and job opportunities that come up. We have a defined regular promotion & fast track promotion policy & in combination with our robust performance management practices, we promote around 15% of our workforce every year. Regular career conversations & structured 3rd party led assessment centers along with various other data points of experience, and past performance are collated to plan for succession into key roles & also for grooming promising junior and middle managers for bigger roles in the Company. Revenue sharing with creative teams: We have also launched a first-in-radio-industry HR practice of sharing Solutions revenues with our top creative talent. This unique practice makes our creators financial partners with us helping build a stronger bond with the Company.


Market Risk

Within the media and entertainment industry, radio has a high operating leverage given the high fixed costs. Costs can be reduced, but the same involves a lot of time and effort. During an economic slowdown, radio companies are the first ones to bear the brunt as their revenues crash instantly but costs reduce gradually. In contrast, newspaper companies can quickly rundown their costs by reducing the number of pages, the quality of paper and the number of copies printed. TV companies reduce their costs as show production reduces. However, on the flip side, as soon as there is a recovery, the profits of radio companies rise faster than all the other mediums. To immune themselves from such market risks, ENIL employed various cost cutting initiatives during the pandemic and was able to quickly improve its EBITDA levels.

Slowdown in Radio industry

Due to the digital disruption, all traditional mediums are facing challenges. In the developed world, the newspaper industry has taken a big hit, but radio and TV have been far more resilient. In India, while the TV industry has been resilient, it has been losing its viewers to digital OTT platforms every year. We are seeing a similar trend in radio as well. Many mobile phones, especially the high-end ones, are being launched without FM tuners. Therefore, mobile users have no other option, but to use OTT apps to consume music which has made it difficult for radio companies to target the youth. On the other hand, due to increased car penetration and tra_c jams, the consumption of radio within cars has been increasing. While digital products have entered the car segment, their penetration has been low. On the other hand, FM radio has a natural advantage as it provides infotainment, companionship through RJs and simply because of its ease of use.

Poor Listenership

Radio broadcasters are forced to play more ads, to offset the reduction in effective rates, the listener experience has deteriorated. If this is not corrected quickly, it could become another reason for listeners to move to digital platforms.

Operational and Financial Risk

The Risk Management Framework of the Company is regularly reviewed by the Board. Risks are reviewed and new risks are added to the framework as required. The management of the Company recognized the pandemic as a black swan event which disrupted our business. As a conscious strategy to better handle similar black swan events in the future, the Company has decided to transform even faster towards a digital-first avatar. Despite that, the Company does remain vulnerable to other unknown black swan events.


Management Discussion and Analysis of the Companys operations together with the discussion on financial performance with respect to operational performance should be read in conjunction with the financial statements and the related notes.

(1) ENIL

In FY23, there were promising signs of recovery from the impacts of the pandemic; however, the progress towards realizing the full potential of this recovery was hindered by various other disruptions such as geopolitical tensions and high inflation, which affected economies worldwide. Although revenues experienced a rebound during the year, primarily driven by increased volumes that surpassed the pre-pandemic levels, pricing remained subdued. The combination of geopolitical tensions and inflationary pressures has put constraints on pricing, making it difficult for businesses to fully regain their pre-Covid revenue levels. Despite these obstacles, the overall economic recovery showed positive signs, and it was considered the first full year of recovery after the Covid downturn.

Radio Mirchi

The overall business was largely driven by radio ad volumes and contribution from the digital segment. the Solutions business started the year on strong footing however 2HFY23 was muted due to a lack of sponsorships in the later part of the year. Revenues grew by 37.3% in FY2023 to

Rs. 419.5 crore and EBITDA grew 59.9% to Rs. 67.5 crore. PBT improved with a loss of Rs. 6.4 crore in FY2023 compared to a loss of Rs. 36.4 crore excluding exceptional items in the previous year. Including the impact of exceptional items, the PBT for FY2023 was a loss of Rs. 24.2 crore. PAT also improved to a loss of Rs. 19.5 crore from a loss of Rs.27.5 crore in FY2022.

Mirchi Digital

Total revenues from the digital business stood at

Rs. 33.6 crore in FY2023, up 34% YoY from Rs. 25.1 crore in FY2022.

(2) Subsidiary Companies

The Company has the following subsidiaries:

Alternate Brand Solutions (India) Limited (ABSL), a 100% subsidiary based in India.

Entertainment Network, INC (EN, INC) and a step-down subsidiary, Entertainment Network, LLC (EN, LLC) based in the United States of America. EN, INC is a 100% subsidiary of the Company. EN, LLC is a 100% subsidiary of EN, INC.

Global Entertainment Network Limited (GENL) (A company incorporated under the laws of the State of Qatar having its registered office in Doha, Qatar). In March 2021, the Company acquired 49% equity of GENL. The remaining 51% of equity stake is owned by another company (Marhaba FM). Basis the shareholding agreement executed by the Company with Marhaba FM, the Company has controlling interest over GENL. As a result, the investment made in GENL is treated as an investment in subsidiary as per Ind AS 110- Consolidated Financial Statements.

Mirchi Bahrain WLL based in the Kingdom of Bahrain, a 100% subsidiary of the Company. Mirchi Bahrain WLL became a wholly owned subsidiary of the Company in April 2021. Information regarding the financial performance of the Subsidiary Companies has been presented in Paragraph 34 of the Directors Report.



The Company has a system of internal controls to ensure that all its assets are properly safeguarded and not exposed to risks arising out of unauthorized use or disposal. The Internal Control system is supplemented by programs of internal audit to ensure that the assets are properly accounted for, and the business operations are conducted in adherence to laid down policies and procedures. The internal control system also focuses on processes to ensure integrity of the Companys financial accounting and reporting processes and compliance with the Companys legal obligations. The Company has a well-defined risk management programme for identifying and mitigating risks across all the functions, which is reviewed by the Risk Management Committee, Audit Committee and Board of Directors of the Company periodically.

The Company has an Audit Committee of the Board of Directors which meets regularly to review inter-alia risk management policies, adequacies of internal controls, the audit findings on the various segments of the business, the financial information and other issues related to the Companys operations. The Company has adopted Integrated Reporting. The information related to the Integrated Reporting forms part of the Management Discussion & Analysis.


Specific need-based training and development programs for employees at all levels were imparted in order to optimize the contribution of the employees to the Companys business and operations. Occupational health safety and environmental management are given utmost importance. As on March 31, 2023, the employee strength (on a permanent roll) of the Company stood at 1005. Kindly refer to Para C: Operating Performance - HR Initiatives for other details relating to Human Resources.

Cautionary Statement

Statements in this Report, particularly those which relate to Management Discussion and Analysis, describing the Companys objectives, projections, estimates and expectations, may constitute ‘Forward- Looking Statements within the meaning of applicable laws and regulations. Our Company undertakes no obligation or liability to update or revise any forward-looking statements publicly, whether as a result of new information, future events or otherwise actual results, performance, or achievements could differ materially from those either expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and read in conjunction with the financial statements included herein.

Disclaimer: All the data used in the initial sections of this report has been taken from publicly available resources, and discrepancies, if any, are incidental and unintentional.



Ratio FY2023 FY2022
Debtors Turnover 3.8 3.0
Inventory Turnover NA NA
Interest Coverage Ratio NA NA
Current Ratio 2.8 3.2
Debt Equity Ratio NA NA
Operating Profit Margin (%) 16.1% 13.8%
Net Profit Margin (%) (4.4)% (8.5)%
Return on Net Worth (%) (2.6)% (3.5)%

Debtors Turnover ratio: Higher Debtor Turnover Ratio is indicative of increased revenue and collection efficiency. Current Ratio: The reduction in Current Ratio is attributable to increased trade payables, partly offset by increased cash & cash equivalents.

Operating Profit Margin: Higher Operating Profit Margin is due to an increase in the total revenue and our consistent cost-saving efforts. Net profit Margin: Negative Net Profit Margin in FY23 can be attributed to the recognition of impairment charges related to the international business and creation of provisions for onerous contract. Return on Net Worth: Negative Return on Net Worth in FY23 is attributed to impairment associated with the international business and provision created for onerous contract.

For and on behalf of the Board of Directors
Vineet Jain
[DIN: 00003962]
Delhi, May 4, 2023
Registered Office:
Entertainment Network (India) Limited,
CIN: L92140MH1999PLC120516,
4th Floor, ‘A Wing, Matulya Centre,
Senapati Bapat Marg, Lower Parel (W),
Mumbai – 400 013.


Integrated reporting refers to the representation of the financial and non-financial performance of a company in a single report. This helps in providing a greater context to the non-financial data such as how the company performs on environmental, social and governance (ESG) parameters, how sustainability is embedded in the core business strategy etc.

This Integrated Report of the Company for the financial year ended March 31, 2023 forms part of the Management Discussion & Analysis report. This report primarily captures the business model of the Company and how does the Company create, sustain and enhance the value.

About the purpose of the business and business model:

(1) Purpose of the business:

ENIL is a city-centric music and entertainment company, which conducts business via its brands- Radio Mirchi, Mirchi Plus, Mirchi 95, Mirchi Love and Kool FM. It produces content in the music and entertainment space and distributes this content via different means – FM radio/own digital app/ web/external digital apps like Facebook/ Instagram/ YouTube/ MX Player/ Gaana/ Spotify and others/ On-ground activities/TV shows and others. Its digital content is available across various geographies and in many cases, globally.

(2) Business model:

The core of our business model involves monetizing our listenership, viewership, readership and footfalls via advertising/licensing/direct selling to its users. We accept audio ads on our FM network. We accept brand sponsorships for our video content that we release on TV or YouTube or social media like Facebook, Instagram or Twitter. We also get licensing revenues by giving limited rights to our video content (web series/similar content) to OTT platforms. About 2/3rd of our revenues come from core FM radio and the rest from all the other sources mentioned above.

(3) Resources needed to carry out the business:

There are several resources that are needed to run a company like ENIL. First and foremost are financial resources. The Company has won FM radio frequencies through auctions held by the Government of India over several years. As per government policy, the Company has had to pay the entire auction value (called "One Time Entry Fee") as an advance. Financial resources are also needed to build and operate studios and transmission facilities and offices in various cities in which we operate. Apart from financial resources, the most important resource that is at the heart of a media and entertainment business is human resources. There are creative people who create content and build a community of listeners and viewers. There are sales and marketing people who monetize this listenership and viewership. There are many other support people who ensure the Companys operations run smoothly.

(4) Along the way – in doing business how does it impact the 6 capitals

Financial capital is required first to take part in auctions conducted by the Government and in setting up studios and transmission facilities. There are huge advances to be paid to the Government once the frequency is won in the auctions. Financial capital is also needed to fund working capital, advances to be paid, and other requirements. Then there is Human Capital, one of the most important part of any creative organization. We have a workforce of 1005 individuals, spread across creative, digital, sales, marketing, HR, finance, legal and other functions. It is on the back of these people that Mirchi has become the leader in its line of business. Then there is Intellectual capital in the form of various Intellectual Properties that the Company owns. Brand Mirchi is one of the most powerful brands in the Country. Then there are other IPs that belong to the Company including iconic properties like Mirchi Music Awards, Mirchi Cover Star, Mirchi Rock & Dhol, Mirchi Neon Run, Mirchi Top 20 and so many more. Our IPs help build strength for the Company in operations in all countries. To a limited extent, we also use manufactured capital when we produce events and concerts on-ground. Social and relationship capital is very important in our business because sustained business growth requires us to maintain a strong bond with our listeners, viewers, event attendees and our advertisers.

(5) Inputs: most material for the organization:

As covered above, financial capital, human capital, social and relationship capital and intellectual capital are the most important "materials" for the organization.

Kind of capital we depend upon and how we delivered value:

(1) Financial capital and Manufactured capital:

Financial capital refers to the pool of funds available to an organization for use in the production of goods or provision of services, which is obtained through financing, such as equity, debt or generated through operations or investments. Manufactured capital refers to the manufactured physical objects that are available to an organization for use in the production of goods or the provision of services, including building, equipment, infrastructure, etc. Kindly refer to the Board of Directors Report (Para 1: Financial Highlights, Para 2: Financial Performance, Operations and State of the Companys affairs), Financial Statements; read with the Management Discussion & Analysis report (Para C: Operating Performance).

(2) Intellectual capital:

As mentioned earlier, intellectual capital is represented in the form of the Companys IPs. The most important IP is the brand Mirchi itself. There are several other IPs that the Company has created that are mentioned in a previous section.

(3) Human Capital:

As on March 31, 2023, the employee strength (on the permanent roll) of the Company was 1005. Specific need-based training and development programs for all levels of employees were imparted in order to optimize the contribution of the employees to the Companys business and operations. The Company constantly focuses on various measures in providing training & development, employees empowerment, constructive evaluation and employees engagement. Kindly refer to the Management Discussion & Analysis report (Para C: Operating Performance - HR Initiatives).

(4) Social and Relationship Capital:

This relates to the relationships within and between communities, group of stakeholders and other networks, and ability to share information to enhance individual and collective well-being. Kindly refer to the Management Discussion & Analysis report (Para C: Operating Performance).

(5) Natural Capital:

The Company is in the business of Media & Entertainment. The operations of the Company are not energy intensive. Nevertheless, continuous efforts such as installation of energy efficient electronic devices, implementation of SOPs etc. aimed at reducing energy consumption are being made by the Company and its employees to reduce the wastage of scarce energy resources.

How we create value:

We create value by producing high-quality entertainment shows, in audio/video/text and on-ground forms.

We create value by monetizing the listenership, viewership, readership and footfalls we general from our content.

We create value by empowering our team members to build a culture of creativity in the company.

The value we create is recognized by the awards we receive: Kindly refer to the Management Discussion

& Analysis report (Para C: Operating Performance - Awards & Recognition).

CSR initiatives: Relevant details regarding CSR Policy development and implementation has been stated in the Directors Report at para 12 (CSR Committee) read with the as Annexure B to the Board of Directors Report.

How we sustain and enhance the value:

Application of good corporate governance practices: The Company is adhering to good corporate governance practices in every sphere of its operations. The Company has taken adequate steps to comply with the applicable provisions of Corporate Governance as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [‘Listing Regulations]. Kindly refer to the separate report on Corporate Governance, enclosed as a part of the Board of Directors Report.

Set of various Policies and Code of Conducts: In compliance with the regulatory requirements and effective implementation of Corporate Governance practices, the Company has adopted various policies and codes in accordance with the applicable provisions of the Companies Act, 2013 and Listing Regulations. Kindly refer to the separate report on Corporate Governance, enclosed as a part of the Board of Directors Report.

Risk Management: Kindly refer to the Board of Directors Report (para 31 – Risk Management).

For and on behalf of the Board of Directors
Vineet Jain
[DIN: 00003962]
Delhi, May 4, 2023
Registered Office:
Entertainment Network (India) Limited,
CIN: L92140MH1999PLC120516,
4th Floor, ‘A Wing, Matulya Centre,
Senapati Bapat Marg, Lower Parel (W),
Mumbai – 400 013.

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