T.V. Today Network Ltd Management Discussions.


(in INR crore, gross of taxes)

Segment 2019 2020
Television 78,700 68,500
Print 29,600 19,000
Digital Media 22,100 23,500
Filmed entertainment 19,100 7,200
Animation and VFX 9,500 5,300
Live events 8,300 2,700
Online gaming 6,500 7,600
Out of Home media 3,900 1,600
Radio 3,100 1,400
Music 1,500 1,500
Total 1,82,200 1,38,300

(Source: EY-FICCI Indias Media and Entertainment Sector Report, March 2021)

The Covid-19 health crisis substantially impacted economies, as countries undertook measures which severely constrained economic activity. The International Monetary Fund (IMF) has estimated the contraction in global output at 3.5% in 2020, the sharpest in several decades. The magnitude of the contraction or fall in growth varies by country, depending, amongst other factors, on the extent of the spread of the virus, the stringency and duration of measures undertaken to avoid further spread of Covid-19 and the extent and type of stimulus provided. The beginning of 2021 has been characterised by massive vaccination drives which are expected to lead to reduced risks to recovery and a gain in the momentum in economic activity beginning the second half of 2021. Despite a sharp contraction in output in 2020, India is expected to regain its position as a global growth leader in 2021.

In 2020, the M&E sector fell by 24% to Rs 1,38,300 crore, in effect taking revenues back to 2017 levels. The last quarter of 2020 showed a marked improvement in revenues for most segments and it is expected that the M&E sector will recover in 2021.

Digital and online gaming was the only segments that grew in 2020, adding an aggregate of Rs 2,600 crore and, consequently, their contribution to the M&E sector increased to 23% in 2020, from 16 % in 2019. Other segments fell by an aggregate of Rs 46,500 crore.

In 2020, while television remained the largest segment, digital media overtook print, and online gaming overtook a disrupted filmed entertainment segment.

Its exceedingly clear that Covid-19 has changed many of the media and entertainment habits and preferences of consumers while increasing the speed of the forces buffeting industry participants.

While the M&E sector usually grows faster than the GDP, it also falls more than GDP during degrowth, given the discretionary nature of advertising. In 2020, when the GDP fell by 8%, advertising fell over 25%, while the sector overall fell by 24%.

In 2020, 2.8 crore Indians paid for 5.3 crore OTT subscriptions, leading to a 49% growth in digital subscription revenues. In 2019, the number was 1.05 crore only.

Advertising shrunk by Rs 19,900 crore in 2020, a fall of 25%. While digital advertising remained flat, the highest falls were noted in print (8,400 crore) and television (6,900 crore) advertising. The pandemic showed the resilience of subscription models vs ad- based models, across OTT, print and television, as subscription increased from 49.7% in 2019 to 51.5% of total revenues in 2020.

The sector is redefining itself across these 4 verticals—Video (TV, video OTT), Experiential (online gaming, films, events, OOH), Textual (print, online news) and Audio (radio, music, audio OTT).

In 2020, the Comscore data indicates that online news had a reach of 45.4 crore as compared to 45 crore for online entertainment. It is expected that the trend will continue to grow and, while average session length will always be smaller for news, the high frequency of daily visits will re-index the news genre.

Success in 2021 will depend on industry leaders adapting strategies to address unforeseen market opportunities and threats. With disruption as the constant, the only way to survive and thrive in exceptional circumstances is to build systemic agility. The Covid-19 crisis forced media and entertainment industry leaders to activate transformation plans, shrink execution timelines and experiment at lightning speed.

(Source: EY-FICCI Indias Media and Entertainment Sector Report, March 2021)


The spread of the Covid-19 pandemic has not only adversely impacted everyone but has had a significant impact on media supply, consumption and advertising around the world, leaving a daunting impact on the Indian Media and Entertainment Industry.

The Indian media and entertainment industry has been hugely impacted by Covid-19. While online, social and television media consumption has increased, there is a decline in advertising, film, events and other industries. Overall, the industry is witnessing a change in the reach, working and absorption of content.

For the media sector, the Coronavirus creates both opportunities and challenges. Social distancing has led to a spike in home-based media consumption, and the numbers are growing in people turning to news providers for timely and trusted information on the crisis.

Media persons have come out as brave warriors in this worldwide fight against the virus-much like the doctors, nurses and police personnel who have stepped up to discharge their duty despite the serious threat of infection to themselves. Without fearing for their own safety or security, media people have gone to the frontlines of the Covid battles, reporting 24x7 from hotspots such as the hospitals and even the mortuaries. They have brought stories of patients in the ICUs, labourers walking hundreds of miles on foot, and also those who have recovered from the disease right to our drawing rooms.

The impact of Covid-19 on the economy and consumer behaviour accelerated and amplified long running changes, including streaming growth, fading movie attendance and an increased focus on the price-value relationship embedded in consumer decision-making on media spending. Covid-19 also resulted in shorter-term cyclical shock. Lockdowns and travel restrictions walloped businesses that rely on the physical aggregation of people-most notably sports, concerts, conferences and content production. Industry leaders are responding by taking bold steps to reposition their companies to align with new market realities.

(Source: EY - FICCI Indias Media and Entertainment Sector Report, March 2021)

Given the above, while the media and entertainment sector is currently grappling with various challenging issues, as people strive to return to normalcy, the sector may be amongst the first few to recover as it continues to provide everyone across all mediums and segments much-needed information and entertainment.



(A) Performance & Industry Outlook

The television segment declined by 13% in 2020. The segment saw a 22% fall in advertising revenues on account of highly discounted ad rates during the lockdown months, though ad volumes per se reduced by only 3%. In addition, it also witnessed a 7% fall in subscription income, led by the continued growth of free television, reverse migration and a reduction in Average Revenue Per User (ARPUs) due to part implementation of NTO 2.0.

The number of channels increased marginally between December 2019 and March 2020, but reduced again by December 2020 as a result of channel shutdowns, led by the English entertainment genre. News channels comprised 43% of total registered channels in India, up from 42% in 2019.

Type of channels 2019 2020
News 386 388
Non-news 532 521
Total channels 918 909

As per BARC estimates, ad volumes fell 3% in 2020 as compared to 2019. Due to the ongoing impact of the Covid-19 pandemic, approximately 1,200 advertisers put a complete halt on their television ad spends during the April to June quarter, while many large advertisers cut their ad spends considerably during the year. This inevitably led to rate discounting across genres by many broadcasters, which is estimated at an average of 19% compared to the prior year.

As per TAM AdEX, 27% of ads on television in 2020 were 20 seconds or less, as compared to 25% of ads in 2019. In prime time, sub-20 second ads were 28% in 2020 compared to 27% in 2019. The share of ads 40 seconds or longer remained constant at 9%.

Top 10 channel genres contributed 45% of ad volumes with FMCGs increasing its contribution to television ad volumes from 54% in 2019 to 61% in 2020, with a 9% increase in absolute volumes. The news genre led with 31% share of ad volumes followed by the GEC genre with 27% share.

Rank Channel Genre

% Share

2019 2020
1. Hindi movies 10% 11%
2. Hindi news 6% 6%
3. Hindi GEC 5% 6%
4. Music 5% 4%
5. Tamil GEC 4% 4%
6. Bengali GEC 4% 4%
7. Bengali News 3% 3%
8. Hindi Regional News 3% 3%
9. Malayalam GEC 3% 3%
10. Telugu GEC/Telugu News 3% 3%
Others (69) 54% 53%

Television subscription revenues in India decreased 7% in 2020, mainly due to a fall in ARPUs and reduction in the paid subscriber base by around 2 million television homes. Television viewership increased during lockdown and was at an all-time high during March 2020 on account of the lockdown, but stabilised by December 2020 to normal levels. Overall impressions increased significantly over 2019 levels with people spending more time indoors.

Sports viewership loss was news genres gain. Per BARC, news genre viewership was up 43% during the first 26 weeks in 2020, compared to the corresponding period in 2019, as viewers kept coming back to news channels for information related to the Covid-19 pandemic through the crisis.

Television segment revenues are expected to grow at a CAGR of 7% to reach Rs 84,700 crore by 2023 driven by increased base of subscribers as households continue to get televised and TVs price competitiveness as against [OTT + data] alternatives. Subscription income would grow 5% to reach Rs 45,600 crore on the back of fresh content, several marquee sports events and pending movie releases, though ARPUs may face regulatory hurdles.

(Source: EY-FICCI Indias Media and Entertainment Sector Report, March 2021)

(B) Distribution & Impact on Broadcasters

As on 31st December 2020, there are 1,704 MSOs registered with MIB. Further, as per the data reported by MSOs/HITS operators, there are 12 MSOs & 1 HITS operator who have subscriber base greater than one million.

A total of 907 private satellite TV channels have been permitted by the Ministry of Information and Broadcasting (MIB) for uplinking only/downlinking only/both uplinking and downlinking, as on 31st December, 2020.

News channels comprised 43% of total registered channels in India, up from 42% in 2012.

As per the reporting done by broadcasters in pursuance of the Tariff Order dated 3rd March 2017, as amended, there are 326 pay TV channels, as on 31st December 2020, which includes 233 SD pay TV channels and 93 HD pay TV channels.

Pay DTH has attained total active subscriber base of around 70.99 million. This is in addition to the subscribers of the DD Free Dish (free DTH services of Doordarshan). The total active subscriber base has increased from 70.7 million in September 2020 to 70.99 million in December 2020.

As per BARC, homes with TVs in India increased by 6.9% to 210 million from the previous 197 million in 2018. TV viewing individuals grew by 6.7%, effectively an increase of 56 million.

TV households have increased in urban and rural markets by 4% and 9% respectively. In absolute terms, there is an increase in TV households of nearly 3.2 million in urban India and 10.3 million in rural India. TV households grew in all town classes of urban markets with megacities growing by 6%.

Television subscription revenues in India decreased 7% in 2020, mainly due to a fall in ARPU.

The News Genre

As per BARC, news genre viewership was up 43% during the first 26 weeks in 2020, compared to the corresponding period in 2019, as viewers kept coming back to news channels for information related to the Covid-19 pandemic through the crisis.

Digital Media

Digital media grew 6% in 2020. Digital advertising stayed stable, led by increased allocation from traditional advertisers who accelerated their investments in digital sales channels. This could become a permanent phenomenon. SME advertisers continued to increase their spends on digital advertising and experimented more with online sales platforms like Amazon and Flipkart. News brands, whose reach crossed 45 crore in 2020, also increased revenues from their digital platforms.

Indians spent 4.6 hours a day on their phones, increased data consumption by 15% over 2019 and aggregated 45 crore online entertainment consumers in 2020. Digital subscription grew by almost 50% as the pandemic and the consequent lockdown reduced fresh content on television, online sports went behind a paywall and the pandemic forced much of the population for longer periods indoors. Subscription revenue, which was 3.3% of the segment in 2017, had increased to 19% by 2020.

(in Rs crore gross of taxes)

2019 2020
Advertising 19,150 19,150
Subscription 2,920 4,350
Total 22,070 23,490

(Source: EY-FICCI Indias Media and Entertainment Sector Report,

March 2021)

Entertainment apps (12%) were most downloaded apart from games, followed by music apps (6%) and news apps (3%). In India, average monthly mobile data usage per smartphone continued to show robust growth, boosted by the rapid adoption of 4G and people working from home during Covid-19, at an average of 15.7 GB per month which is set to continue to increase at a CAGR of 15% to 37 GB by 2026.

Digital segment is expected to grow to Rs 42,450 crore by 2023 at a 22% CAGR. The segment became the second largest segment in 2020, overtaking print, and it is expected to continue to reduce the gap with television as digital infrastructure (screens, broadband connections, e-commerce, digital payments, etc.) continue to grow. Digital advertising will outpace all other media.

Digital Infrastructure

The Covid-19 pandemic led to massive growth across the digital entertainment ecosystem, but the current level of digital consumption has only scratched the tip of the iceberg. The smartphone user base increased to 44.8 crore in 2020 from 34 crore in 2018. Telecom subscriptions remained at 117 crore in 2020 and urban subscriptions dipped marginally while rural subscriptions grew to 45% of total subscription in 2020.

By December 2020, broadband subscribers reached 74.7 crore, a growth of 13% over the previous year and more than 40% from 2018. Average data consumption per month per smartphone grew, boosted by rapid adoption of 4G and people working from home during Covid-19.

(Source: EY-FICCI Indias Media and Entertainment Sector Report, March 2020)

Online news

Online news audience grew to over 45 crore in 2020. Online news subscribers grew between December 2019 and 2020 to reach over 45 crore across mobile and desktop users of news sites, portals and aggregators; however, daily regular users were much lower. Online news and magazine app downloads increased 12% in 2020.

Online news platforms have increased their reach in 2020 as circulation of physical newspapers faltered. Most platforms have started putting some content behind a paywall in an effort to increase digital subscription revenues, but it is estimated, based on industry discussions, that these aggregate to less than a million paying subscriptions across the country. Seven news platforms crossed 25% national reach.

Radio Industry

India had 31 private FM broadcasters in 2020, across 111 cities who operated 385 FM radio stations. Radio segment revenues fell 54% in 2020 to Rs 1,430 crore and radio ad volumes fell 27% in 2020 skewed towards nonmetros, while rates fell over 37% on average. Radio generated 61% of its volume in the second half of 2020 showing continued quarter on quarter volume growth.

Radio sector can recover its 2019 revenue levels by 2024 from core broadcasting operations.

While radio is an important element of most media plans and extremely effective at a local level, the market for audio products has changed significantly as consumption patterns have evolved. Radio companies need to adjust to the new realities and invest in the future.


Print segment shrunk 36% in 2020 due to the impact of Covid-19. Advertising fell 41%, while circulation fell 24% in 2020.

English language newspapers were hit harder and struggled to get back their circulation post the pandemic, particularly in metros, while regional language newspapers recovered a larger portion of their lost circulation.

(in Rs crore, gross of taxes)

2019 2020
Advertising 20,580 12,170
Circulation 8,990 6,820
Total 29,570 18,990

(Source: EY-FICCI Indias Media and Entertainment Sector Report, March 2021)


TRAI issued Telecommunication (Broadcasting and Cable) Services Interconnection Addressable Systems) (Second Amendment) Regulations, 2020, Telecommunication (Broadcasting and Cable) Services. Standards of Quality of Service and Consumer Protection (Third Amendment) Regulations, 2020 and Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) Tariff Order (Second Amendment) on January 01, 2020, to address certain anomalies in the market which necessitated review for achieving the orderly growth of the sector.

NTO 2.0 seeks to protect consumers by capping tariffs for channel bouquets, price composition of the NCF, etc. There is no similar cap for OTT platforms, though it is to be seen now what will happen with the OTT platforms being brought under the ambit of the MIB.

The Indian Broadcasting Foundation (IBF), the representative body of TV broadcasters, in its petition in the Bombay High Court opposed the TRAI-mandated tariff amendments, arguing that the same will adversely impact the sectors growth.

The Bombay High Court has directed the regulator to refrain from taking any coercive action until the final judgment is pronounced. The Bombay High Court had reserved the order on March 04, 2020. However, as the Bombay High Court had not given any interim relief, TRAI on July 24, 2020 directed broadcasters to comply with the new amendments of the NTO 2.0 by August 10, 2020. This made the petitioners approach the Bombay High Court once again and the matter is pending.



The media and entertainment industry in India consists of different segments such as television, prints and films. The various diversified portfolios that the T.V. Today Network operates in throws up increased opportunities. As media consumption increases, various revenue models and products are becoming relevant and can be capitalised. For a content company, emergence of digital connectivity through various platforms presents newer and more intense ways of engaging with its consumers. The coming years are likely to usher in greater innovation in content formats, means of dissemination and business models.

Covid-19 led to accelerated direct to customer (D2C) initiatives in 2020. Marketers accelerated implementation of their D2C initiatives. Most of them had enabled e-commerce channels during the lockdown and had begun spending to promote the same while also experimenting with online events, apps, communities etc.

The government has played an active role in supporting the media and entertainment sector, especially through various policies aimed at increasing digitization, including development of digital communication infrastructure. With the objective of bringing in next generation technology, the government intends to hold 5G spectrum auctions in 2021-22 which, it believes, will help in the achievement of its Digital India vision. At a time when digital media is booming, FDI in digital media has been permitted up to 26% through the government approval route.


Privacy regulations and violation of intellectual property rights pose a major threat to the media and entertainment companies. The increasing spread of fake and bad quality content has emerged as a major concern for social media. Further, with dynamic technological innovations taking place, the media sector is facing considerable uncertainty. Films, Event Management and Advertising industry have faced a major decline in their business due to the Covid-19 spread across the globe.

Most M&E segments such as print, broadcast, social media, radio etc. have implemented digital products via websites, apps and platforms and are expanding their reach across multiple geographies where privacy regulations exist. Since these businesses are now dealing with an individuals personal data, i.e., business to consumer (B2C), they are majorly impacted by privacy regulations.

The company is continuously monitoring the various threats which can hamper growth and is taking appropriate and effective steps in this regard.



Our company has been continuously focusing on sustaining and enhancing its growth trajectory with the channels from the network including Aaj Tak, Aaj Tak HD, India Today TV and Tez. All four channels have unique offerings and are growing consistently in market share, coverage and credibility with both audiences and advertisers.

The endeavor is to maintain the leadership position of news channel Aaj Tak as the No. 1 choice, which it has been able to sustain for the last 20 years in a row since its very inception. This has also contributed to the growth in advertising revenues. Aaj Tak has established its supremacy as the Nations No. 1 News channel across viewership measurement currencies of BARC. BARC viewership data of news channels is published only for first 26 weeks (weeks 14-3920) of FY 2020-21.

Aaj Tak has maintained its leadership among Hindi news channels in the new BARC Audience Measurement System with a market share of 15.2% (15+NCCS All, HSM, April 1 - October 02, 2020, relative share basis Imp000 out of 14 Hindi news channels). Aaj Tak has also crossed the 12.9 crore average weekly viewers bar, touching a maximum of 17.4 crore in 2020-21 (15 + NCCS All, HSM, Wk 1420-3920 coverage).

India Today Television was stable and secured a market share of 18%. (Source: BARC, Market-Megacities, TG- 22+ M AB, Market Share %, Period- 1st Apr - 2nd Oct20, Market shares % calculated among 8 English News Channels).

In morning prime-time, India Today Television displayed phenomenal growth, from 19.5% in Q1 20 to 28.7% in Q2 20 and became the No. 1 channel in morning prime-time. (Source: BARC, Market-Megacities, TG- 22+ M AB, Market Share %, 0600-1200Hrs, Period-

Apr-Jun & Jul-Oct 2020, Market shares % calculated among 8 English News Channels).

The Hindi News channel Tez from the network maintained its lead over national news channels like NDTV India, Zee Hindustan, India News and DD News with 4.2% market share. (Source: BARC, Market HSM, and TG-15 + NCCS All; period: 01 April 2020 to 02 October, 2020). Tez has garnered a 6.4 crore weekly reach (week 1420-3920, average weekly cume reach).

During the pandemic, the Company showed agility to reach out to audiences using the digital medium. With virtual events like e-Conclave series, e-Agenda, e-Sahitya, e-Salaam Cricket and many more, viewers and audiences engaged with our shows from the comfort of their homes. Aaj Tak even did an exclusive programme on Antakshari to keep viewers optimistic and in good spirits in testing times. Our Thali Bajao campaign #5Baje5minute was trending on Twitter and there was an exclusive tie-up with Tik-Tok as well to promote the celebration. In an effort to pay tribute to frontline Covid warriors, Aaj Tak did a special show titled Happy New Year. The show was shot in a Bombay hospital and featured performances by renowned artists.

The group channels reported extensively on the IndoChina border standoff, supported with new-age graphics to make the audience understand the situation clearly. The migrant worker crisis was also covered in detail by reporters on the ground. India Today TV had some of the worlds best experts discussing the pandemic and its effects, as well as the cure and vaccine. The coverage was miles ahead of that done by any other news channel in the genre.

When the need of the hour was for people to stay at home, the groups anchors made a heartfelt appeal to viewers, requesting them to stay put. This had a massive impact as all the anchors spoke in their mother tongue and from the heart. In an exclusive tie-up with National Geographic, Aaj Tak anchor Sweta Singh was featured as a frontline warrior in the Nat Geo documentary titled "Lockdown: India fights Coronavirus".

Even a pandemic like Covid-19 could not stop the group channels from pursuing news. The Bihar assembly election was the first one to happen during Corona times, and both Aaj Tak and India Today TV brought all-round and stellar coverage of the elections for their viewers, starting from the polling to the counting day. The channels kept up the relentless coverage of events of national importance for their viewers, Ram Janmabhoomi Shilanyas Poojan being one of them. The channels kept on doing several special shows around Holi, Diwali among other special occasions to spread positivity during the testing times of the pandemic. The India Today Group also started a factchecking unit to bust misinformation spread through fake news on digital platforms.


India Today Group climbed up to the position of no.1 video news publisher towards the end of the financial year. Aaj Tak crossed 45 Million subscriber mark and retained its position as the Worlds Most Subscribed and Watched News Channel on YouTube. With 170% Growth, India Today Groups Mobile Apps were the most trusted news sources during first Pandemic Lock down(Feb 20-Apr 20).

The India Today Group received several prestigious awards from organisations across India. In June 2020, DIGIXX 2020 conferred the GOLD & BRONZE for Digital Marketing Excellence in Mobile & Apps to Aaj Tak and The Lallantop Chunav Yatra respectively. In October 2020, at the National Awards For Excellence in Digital Marketing, Aaj Tak bagged GOLD in three categories i.e., Best Lead Generation Campaign Through Mobile - Aaj Tak Jan Sansad; Best News Mobile App--Aaj Tak; and Best News Content Website - Aajtak.in. MOBEXX, held in December 2020, awarded Aaj Tak the GOLD award in the following categories: Mobile App of the Year; Mobile Advertising Excellence in Integrated Campaign - Aaj Tak Chunavi Pundit; and Best Mobile App for News.


In the new normal, radio will play a dual role, as a responsible media to disseminate critical information and as a catalyst for brands to communicate their message to consumers in the most positive manner.

Radio companies need to adjust to the new realities and invest in the future. The core strengths of radio companies include a deep understanding of music, creation of audio content which resonates with communities and building brands. Radio will (and in many cases has already begun to) expand its core offering on alternate media platforms and in the services business.

Radio companies will continue to strengthen their core of music curation (including use of AI and ML technologies to determine playlists), creating music event IPs across different languages and building their brands using stationality and creative audio content. It is expected that radio brands will differentiate more from digital audio services by building strong entertainment, news and information-related products.


The Covid-19 crisis has led to a sudden fall in advertising income which is an essential source of revenue for the media industry. However, the changing nature of the industry is forcing companies to rethink how they are fundamentally structured and go to market with their products and services.


The company has adequate internal control systems commensurate with the size and nature of its business. The companys internal audit process is handled by one of the best audit firms, M/s Grant Thornton India LLP

The companys internal control is designed to:

• Safeguard the companys assets and to identify liabilities

• Ensure that transactions are properly recorded and authorised

• Ensure maintenance of proper records and processes that facilitate relevant and reliable information

• Ensure compliance with applicable laws and regulations

Further, Grant Thornton India LLP conducts extensive audits round the year covering each and every aspect of the business activity so as to ensure accuracy, reliability and consistency of records, systems and procedures. The recommendations and observations of the internal auditors are reviewed regularly by the audit committee.


The company continued to show a satisfactory financial performance in the fiscal year 2020-21. On standalone basis, the companys total income for FY 2020-21 is at Rs 819.92 crore. Profit before tax was Rs 193.31 crore as compared to Rs 219.78 crore in the previous year. Profit after tax was Rs 131.17 crore as compared to Rs 142.16 crore in the previous year.


The companys employee strength as on March 31, 2021 was 1,822 (Full time 1,732, consultants 90). With human resources providing strategic advantage in the media sector, the company has taken steps to improve processes for better talent acquisition, performance evaluation, merit recognition and higher productivity. The company has also undertaken initiatives to build stronger employee engagement and talent retention. Core policies to enhance efficiencies have been implemented.


As per SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the company is required to give details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key sector- specific financial ratios.

The company has identified the following ratios as key financial ratios:




FY 2020-21 FY 2019-20 FY 2020-21 FY 2019-20
(i) Debtors turnover (days) 119 115 120 116
(ii) Current Ratio (times) 4.18 3.93 4.22 3.96
(iii) Operating Profit Margin 23.47% 24.21% 23.50% 23.98%
(iv) Net Profit Margin 15.77% 15.37% 15.81% 15.05%
(v) Basic EPS () 21.98 23.83 22.04 23.36

Ratios where there has been a significant change from FY 2019-20 to FY 2020-21

There is no significant change in any key financial ratio from FY 2019-20 to FY 2020-21.