Music Broadcast. Result Update. Buy. Valuation (x) Estimates (` Mn) Q1FY18 Result (` Mn)

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1 Result Update Music Broadcast Buy Stable growth quarter; strong outlook for H2FY18 MBL reports revenue growth of 11.9% YoY supported by higher utilisation in new stations. EBITDA margin improved 106bps YoY to 31.5% led by rate hike in legacy stations. Implementation of GST and decline in ad. rev. from the real estate vertical have negatively impacted ad. revenues in Q1FY18, as we expect a strong performance in H2FY18 led by seasonality. Growth in pricing for legacy stations and lower losses for new stations will continue to support EBITDA margin in FY18. MBL is currently our preferred pick within the media sector and we believe it will outperform ENIL in the near term; Maintain BUY with a Sep 18 TP of ` 440 (set at 16x EV/EBITDA). Revenue tad below estimates; PAT outperforms Revenue grew 11.9% YoY to ` 703mn (DCMe: ` 809mn) supported by the 11 new stations acquired in Phase 3 which turned operational. EBITDA margin improved 106bps YoY to 31.5% (DCMe: 35.2%) led by rate hike in legacy stations which offset the losses in new stations. PAT grew 42.3% YoY led by higher other income to ` 108mn (DCMe: ` 116mn). Healthy utilization rates across stations MBL had acquired 11 new stations during Phase 3 auction which were fully operational since Q4FY17; five out of the eleven new stations are operating at more than 30% utilization levels. Legacy stations are operating at utilization level of 70-80%. As per Air Check Data, MBL outperforms industry with volume growth of 4%YoY vs the latter which declined 5%YoY, as ENIL cuts ad.inventory; healthy volume supported utilization growth for MBL. Single digit growth in realization; expected to improve in H2FY18 Realization for top 12 stations of MBL grew in ~5%-6% as utilization rates seemed to have peaked out; management expects realization growth to be higher in H2 driven by seasonality and low base of DeMo (H2FY16). Metro cities continue to demand a huge premium pricing over other legacy stations. In terms of the balance legacy stations (16), utilization rate remains to be the growth driver. View MBL expects better growth in H2FY18 and is confident of reporting revenue growth above industry avgs. supported by new stations. Mgmt. expects five of the eleven new stations to break even towards H2FY19 which is better than their earlier guidance of all the new stations achieving break in H1FY20. As per RAM, MBL continues to dominate in Bangalore with highest listenership share and is at second rank in Mumbai. Absence of IPO expenses, better pricing in H2FY18 and lower losses in the new stations remain to be the levers that will help expansion of EBITDA margin (~40-50bpsYoY) in FY18. We maintain our BUY recommendation and rollover to Sep 18 TP of ` 440 based on 16x one yr. fwd. EV/EBITDA. Q1FY18 Result (` Mn) Particulars Q1FY18 Q4FY17 Q1FY17 QoQ(%) YoY(%) Revenue EBITDA Pre-Tax Profit (0.1) 5.3 Net Profit EPS (`) Margins (%) bps bps EBITDA Margin PBT Margin (143) (155) Net Margin CMP ` 360 Target / Upside ` 440/22% BSE Sensex 32,575 NSE Nifty 10,115 Scrip Details Equity / FV ` 571mn/` 10/- Market Cap ` 21bn USD 316mn 52 week High/Low ` 415/334 Avg. Volume (no) 77,581 NSE Symbol Bloomberg Code RADIOCITY RADIOCIT IN Shareholding Pattern Jun 17 (%) Promoters 71.4 MF/Banks/FIs 7.5 FIIs 4.1 Public / Others 17.0 Valuation (x) FY18E FY19E FY20E P/E EV/EBITDA ROE (%) ROCE (%) Estimates (` Mn) FY18E FY19E FY20E Net Sales 3,237 3,657 4,107 EBITDA 1,101 1,279 1,455 PAT EPS (`) Sr. Analyst: Karan Taurani Tel: karant@dolatcapital.com Associate: Vinesh Vala Tel: vineshv@dolatcapital.com August 02, 2017

2 Q1FY18 Performance (` mn) Q1FY18 DCMe Diff (%) Q4FY17 QoQ(%) Q1FY17 YoY(%) Revenue (13.1) EBITDA (22.2) Pre-Tax Profit (1.9) 175 (0.1) Net Profit (6.6) Margins (%) EBITDA Margin Net Margin Source: Company, DART Estimate Revision (` mn) New Old Change (%) FY18E FY19E FY18E FY19E FY18E FY19E Revenue 3,237 3,657 3,237 3, EBITDA 1,101 1,279 1,140 1,329 (3.4) (3.8) Pre-Tax Profit ,026 (5.6) (4.9) Net Profit (5.6) (4.9) EPS (`) (5.6) (4.9) Margins (%) EBITDA Margin Net margin Source: Company, DART August 02,

3 Income Statement (` mn) Particulars Mar17 Mar18E Mar19E Mar20E Net Sales 2,714 3,237 3,657 4,107 Total Expenditure 1,802 2,136 2,378 2,652 Raw Material (license fee) Employee Expenses Marketing Exp Other Expenses ,057 Gross Profit 2,522 2,994 3,392 3,826 EBIDTA 913 1,101 1,279 1,455 Depreciation EBIT ,149 Finance Cost Other Income Profit Before Tax ,179 Tax Net Profit Balance Sheet (` mn) Particulars Mar17 Mar18E Mar19E Mar20E Sources of Funds Equity Capital Other Reserves 4,911 5,350 5,994 6,772 Net Worth 5,481 5,921 6,564 7,343 Secured Loans Unsecured Loans Loan Funds Total Capital Employed 5,782 5,974 6,618 7,396 Applications of Funds Gross Block 3,528 4,536 4,596 4,656 Less: Acc. Depreciation 1,313 1,420 1,718 2,021 Net Block 3,116 2,877 2,635 2,388 Investments Current Assets, Loans & Advances Sundry Debtors ,100 1,236 Cash and Bank Balance 2,679 2,636 3,487 4,478 Loans and Advances Other Current Assets sub total 3,975 4,182 5,233 6,440 Less: Current Liabilities & Provisions Current Liabilities 1,577 1,353 1,518 1,700 sub total 1,577 1,353 1,518 1,700 Net Current Assets 2,398 2,829 3,715 4,740 Total Assets 5,782 5,974 6,618 7,396 E Estimates Cash Flow (` mn) Particulars Mar17E Mar18E Mar19E Mar20E Profit before tax ,179 Depreciation & w.o Net Interest Exp (31) Direct taxes paid (203) (120) (176) (401) Change in Working Capital 568 (473) (36) (34) (A) CF from Opt. Activities 1, ,068 1,021 Capex (156) (60) (60) (60) Free Cash Flow to Firm 1, , Inc./ (Dec.) in Investment (121) (B) CF from Invt. Activities (276) (60) (60) (60) Inc./(Dec.) in long Debt Inc./(Dec.) in short Debt (986) (500) - - Other 2, (157) 30 (C) CF from Financing 1,519 (490) (157) 30 Net Change in Cash 2,519 (42) Opening Cash balances 159 2,678 2,636 3,487 Closing Cash balances 2,679 2,636 3,487 4,478 Important Ratios Particulars Mar17 Mar18E Mar19E Mar20E (A) Measures of Performance (%) EBIDTA Margin EBIT Margin Interest / Sales Tax/PBT Net Profit Margin (B) As Percentage of Net Sales License Fee Employee Expense Other Expenses (C) Measures of Financial Status Debt / Equity (x) Interest Coverage (x) Average Cost of Debt (%) Debtors Period (days) Fixed Assets Turnover (x) WC Turnover (x) Non-Cash WC (` Mn) (281) (D) Measures of Investment EPS (`) CEPS (`) Book Value (`) RoANW (%) RoACE (%) RoAIC (%) (Ex. Cash & Inv.) (E) Valuation Ratios CMP (`) P/E (x) Market Cap. (` Mn) 20,544 20,544 20,544 20,544 MCap/ Sales (x) EV (` Mn) 18,418 17,961 17,110 16,119 EV/Sales (x) EV/EBDITA (x) P/BV (x) FCFE Yield (%) 1.8 (0.3) E Estimates August 02,

4 Mar-17 Mar-17 Mar-17 DART RATING MATRIX Total Return Expectation (12 Months) Buy > 20% Accumulate 10 to 20% Reduce 0 to 10% Sell < 0% Rating and Target Price History 500 Music Broadcast Target Rating TP (`) CMP (`) 450 Jun 17 Buy DART Team Purvag Shah Managing Director purvag@dolatcapital.com Amit Khurana, CFA Head of Equities amit@dolatcapital.com CONTACT DETAILS Equity Sales Designation Direct Lines Kishor Bagri, CFA VP - Equity Sales kishorb@dolatcapital.com Kartik Sadagopan VP - Equity Sales kartiks@dolatcapital.com Kapil Yadav VP - Institutional Sales kapil@dolatcapital.com Yomika Agarwal VP - FII Sales yomika@dolatcapital.com Equity Trading Designation P. Sridhar VP and Head of Sales Trading sridhar@dolatcapital.com Chandrakant Ware AVP - Equity Sales Trading chandrakant@dolatcapital.com Derivatives Trading Designation Shirish Thakkar AVP - Derivatives shirisht@dolatcapital.com Hardik Mehta Sales Trader hardikm@dolatcapital.com Dolat Capital Market Private Limited. 20, Rajabahadur Mansion, 1st Floor, Ambalal Doshi Marg, Fort, Mumbai

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