Music Broadcast Limited (RADIOCITY) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Music Broadcast Limited Q1 FY '22 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectation of the company as on the date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Shailesh Gupta, Director from Music Broadcast Limited. Thank you, and over to you, Mr. Gupta.

Thank you. Good afternoon, everyone, and thank you for joining the Q1 FY '22 earning call for Music Broadcast Limited. Joining me on this call is Mr. Ashit Kukian, CEO, Music Broadcast Limited; Mr. Jimmy Oza; and SGA, our Investor Relations partner. I hope you and your family are safe and healthy in current times. As we have witnessed recovery quarter-on-quarter basis last year, the second wave of COVID-19 presented a new set of challenges with localized lockdowns. While the financial impact on operation was not as severe as last year, it certainly halted the momentum of recovery towards normalcy or even the possible capitalization of the growth prospects on offer in the industry. Radio has seen a rebound in volumes with the industry garnering 67% growth in volume and a 26% growth in client counts. To give you a clearer picture, 2,400-plus clients advertised on radio in Q1 with 1,100 plus using radio as a mean of first time. The corresponding number for the company are even more impressive with a 71% growth in volumes, observed, and maintaining the lion's share of 43% of total clients on radio choosing Radio City. But even in challenging circumstances and the fast-changing landscape, the company has managed to outperform, thanks to its employees, strong clientele and avid listeners. Continuing the various initiatives that were planned and implemented throughout the last year has helped us sustain a strengthened and leadership position for yet another quarter, standing at 21% market share in the industry. Talking about the financial performance for the quarter, the revenue stood at INR 20.5 crores. It is higher by 43% year-on-year basis. The cost reduction measures adopted throughout the last year have yielded significant benefits, and some of them are expected to bear fruits even in the post-COVID period. In spite of loss during the quarter, company was able to add INR 6 crores in cash flow, taking our cash reserves to INR 242 crores. A strong balance sheet with ample reserves for testing times, as the ones we've just witnessed, have always been in focus of the company. This gives us the confidence to break any uncertainties that may or may not arise and also provide the resources to capitalize on the opportunities under deliberation and that may arise in the future. From a growth standpoint, to keep up with the times, Radio City has ramped up its digital solutions, providing our customer end-to-end omni-channel solutions for their product and services, raising the bar in terms of number and quality of service offering aimed at creating value for our customers and synergizing the efforts for maximum impact. Lastly, with regards to bonus issue of the nonconvertible, noncumulative performance share, SEBI has accorded its approval. We have filed the scheme with NCLT and are awaiting the final approval. We will promptly keep you posted with the development in this regard. With this, I would request the moderator to open up the floor for question and answers. Thank you.

[Operator Instructions] We have a first question from the line of Depesh from Equirus Securities.

Sir, you have mentioned in the PPT that the new revenue opportunities contributed INR 11 crore revenues to -- for the first quarter, right? So can you please talk more about these new revenue opportunities? What are they? And what was the contribution in Q1 last year, please?

Yes, sure. I will pass on this question to Ashit, the CEO of Radio City.

Yes. So there are various initiatives that have been started. One, of course, we've been sharing about the Radio City Bazaar initiative that we did last year, and which has continued to grow for us. Keeping in mind that the local markets or the smaller markets were growing faster than the metro markets, we had started a lot of initiatives -- local initiatives, which were both health related and, of course, information related as well as consumers are concerned, and that has taken a lot of advertisers taking their interest. So it's a combination of a lot of local initiatives, Radio City Bazaar's contribution. And as you know, we have also started initiating digital plus radio, radio being the anchor for us, we have used digital as a catalyst to kind of get advertisers a mix of both the mediums, and thereby, increasing the probability of the brands being exposed to a larger set of consumers. So all these initiatives have really led us to the increase in revenues from the set of advertisers that you are talking about.

Got it, sir. Sir, but like INR 11 crore number this year, how much was last year from these initiatives?

Last year, it was INR 29 crore, entire year, Depesh.

Okay, INR 29 crore, entire year. Okay. Got it. Right. And sir, your fixed costs are at INR 29 crores for the Q1. So what is the guidance for the next year? Because last year, I think, you did INR 30 crores kind of a quarterly number, but in the last Q4, I think the number increased. So again, it is below INR 30 crores? So what is the guidance for the full year? How much is the fixed cost you're looking at?

I think, Depesh, here the fixed costs will be [Foreign Language] same. It's not going to change a lot. Only costs which will increase would be the variable costs, which will keep on increasing based on the revenue, which will go up. So it would be more of a cost of do business and maintaining that market share.

Okay. Got it. And Jimmy, if you can give the revenue contribution on EBITDA of the Phase 3 stations, please?

Revenue contribution per se would be at roughly 9%. EBITDA is -- it's anyhow a quarter loss. So this is a -- revenue contribution is roughly 9%.

Okay. Got it. And sir, lastly, your -- like the biggest radio company is talking more about the digital medium and shifting to the platform kind of a module. So I just wanted to -- just wanted your thoughts, like how relevant do you think radio still as a medium is? Because the largest radio company is shifting -- the commentary is shifting more towards the digital theme than on the radio, right? So what is your thoughts -- what are your thoughts on this radio as a medium going forward?

Yes. So I really can't comment on how they are looking at the whole business, but we very strongly believe that there is a large radio play as far as the next few years is concerned. At the same time, we also recognize the fact that digital will have a capitalist or a catalyst kind of a role to play. So for us, it's a mix of radio plus digital. And when I'm saying radio plus digital, we are using a lot of our RJ influencers. Today, when you look at the whole world being driven by social media influencers, I think what radio brings in -- on to the table is the large credibility to the influencers through the RJs that we have. So for us, it's a sweet mix of radio plus digital, and we, very strongly, still believe that radio has a larger role to play, at least for the next few years, and that is clearly seen the way advertisers are adopting to the medium. In the last 2 to 3 quarters, the newer advertisers that is coming in. Coming back to the whole ecosystem as far as India is concerned, the whole Made in India and the [ SFC ] thrust that is happening, all these people are finding radio to be a far effective medium vis-à-vis a large medium at a cost -- so the return on investment on radio works quite well. And that's why during the tough times, even in the smaller market, advertisers have still started to advertise because radio gives you that opportunity. So for us, it will be a mix of radio plus digital. Having said that, whatever is required on digital, whether it is extension of our terrestrial brands on digital through the podcast, we're all creating content for streaming platforms. Our strategy has been very clear that we have the potential and the strength to create high-level creatives for the audio industry. And we will straddle all multiple media places to be that and give the consumers what they want in the platform of their choice, and that's the way our approach has been.

Got it. And lastly, sir, any update on the time lines for the preferential bonus that you declared last year?

Depeshji, they're still lying at the NCLT level. We had a hearing a week back, but it didn't happen because of technical reasons.

Okay. But any time lines you're looking at or like no clue on that?

See, once the NCLT gives us the approval, it would be roughly a month or so. So we were expecting that to happen last week. So fingers crossed. I mean, let's see, the next date has not yet come out.

[Operator Instructions] The next question is from the line of Srinivas from Mirabilis Investment.

My first question is on the pricing discipline in the industry. Just wondering if -- in the first wave, we did see a breakdown and lot of discounts and offers and all those were going on. In the second wave, like what I understand from your company is that that kind of rolling back on some of these discounts and bundling of free airtime kind of thing. Have we kind of moved backwards on that as an industry or as a company on that aspect during the previous quarter and as we speak? That is the first question.

So just to answer your question, as you remember, in the last quarter, there was an improvement over the first quarter as far as ERs is concerned. At the overall level, it was a minus 49 for the year, but the Q4 was a little lesser than the minus 49 that we are talking about. As we speak for the first quarter, between Q4 and Q1, there is no change because we have maintained the ERs between Q4 and Q1. However, because if you remember last year, the Q1 ERs have -- had dropped in the second half of Q1. So there is a marginal drop between Q1 of last year and Q1 of this year, that is -- there is a drop -- marginal drop of ERs this year. But my position on this is that as long as we are maintaining Q4, which was the biggest inventory transition quarter for us, I believe, we are on track, Srinivas.

Okay. Got it. So Ashit, the -- there's no broad change in the outlook in terms of improving ERs as the quarters go by?

Yes. I will tell you the broad change will happen from the mix of the high-yield markets because, if you see, Bombay, Delhi and Bangalore were largely affected. The COVID -- there's a direct correlation between the active cases of COVID vis-à-vis the volumes, and hence, the value in the market. So Bombay, Delhi and Bangalore is still at a suboptimal level for the industry because of the various clampdowns -- lockdown, the movement of people not being there. The moment that contribution comes up, the yield change will happen because those are high yield markets. So right now, because the smaller markets are contributing higher than what conventionally it does, that's the reason why you're feeling a yield much lesser than what it should be. But the moment Bombay, Delhi and Bangalore eases out, the way the COVID situation is getting under control, that contribution, when it increases, the yield will get back to much better levels than what it was in the previous quarter.

Got it. Ashit, maybe on this last point that you mentioned, if you can elaborate, because what I see is generally the lockdowns are kind of coming down, traffic is also kind of building up on the streets. So what kind of conversations or pulse of the advertisers are you picking up on some of these markets as to when they open the wallets and normalize their spending? Is it visible now or at any point of time in the future?

Definitely, the beginning of the quarter, the conversations are increasing because as the people are slowly getting back to a much better situation than what it was in the previous quarter, conversations are increasing. But for us, it is very clearly a direct correlation. As we all know, the advertising has a direct barometer with the GDP. And as the improvement of GDP happens, you will see that growth happening as far as quarter-on-quarter is concerned. Plus also, the consumer sentiment. While the consumption is happening at levels like food and soft drinks and consumer products, which are essentials per se, I think the mood will be -- when you really start the higher-end products and auto as a category and the consumer durables as a category pick up, and that, I think we'll only have to wait and watch because the sentiment still is of concern and wait-and-watch kind of a theme. Because fourth quarter was a real good. We were getting back into track. And suddenly, this April 7 -- post 7th of April, the whole second wave has really disturbed a lot of people's future plans. So now once bitten, twice shy kind of a situation. So I think there is a wait-and-watch concern right now. But the fact is that there is more conversations happening for sure at the beginning of the second quarter.

Okay. Can I ask one more question?

Please.

Yes. Yes. So just a follow-up on this matter of license fees where the industry is trying to seek some forbearance on -- from the government. So given that now, again, the industry would go through some kind of a stress, is there any kind of relief forthcoming from the government? Any progress on that?

See, from our side, I think we have done multiple level of representations. If you remember, last year also, we had been -- we have done the representation through the MIB -- through AROI to the MIB, to the Commerce Ministry, to the PMO's office, too. But unfortunately, like most other places, I think there's not much of movement happening. Even in the last quarter, we again tried and -- because we could see that the movement is not really happening, we also gave them an option like whether, if suppose, the relief is not coming to us, kind of extend our license fees for another x number of years. So we are giving multiple options to the government. But as we speak, there is no movement from their side. So I can't commit on anything, but I can only commit that the industry is putting a lot of efforts to push this case as far as license fees SOPs are concerned.

Just to add what Ashit is saying, Srini, last year also, what we got was just an moratorium. So in spite of being in a situation, which the radio industry or the entire media economy was, we still had to pay entire money. It's only that phasing out of money did happen. On quarter 1, we didn't have to pay. In quarter 2, we had to pay for both the quarters. So no relief as such has come from government, especially to us.

[Operator Instructions] We have a next question from the line of Sidhant from B&K Securities.

Am I audible?

Yes, very much.

So basically, you used to talk about INR 20 crores revenue per month before COVID. You reached around -- like you reached around INR 13 crores to INR 14 crores till fourth quarter. But then again, because of the second wave -- so how do you see the next 3 quarters? Do you see the INR 20 crore revenue hit mark by in the fourth quarter of the last -- fourth quarter of this financial year? Or do you think that that might come to till FY '23 only?

See, like I told you at the beginning -- in the last -- previous question also, we have a direct correlation of GDP playing a large role of advertising sentiment, not just for radio but across mediums. So our take on this is that we will do whatever that is required. And if the past is any trend to look at, our Q1 is better than Q1 of last year. So in that sense, if one has to just put a logic to it, we would believe that the exit of Q4 will be much better than the exit of Q4 last year. Beyond that, putting any pulse on the numbers, like I said, if you would have asked me the same question in April first week, I would have perhaps even gone ahead and given you a number, but the second wave has really put everything back for us to question the way the things are going to move. So yes, the mood from the current scheme of things seems to be positive, but time alone will tell, and then that, like I said, will only depend on what -- the way the economy moves forward and the sentiments with the consumers and the advertisers going forward.

Okay. So second part of the question is, can you give me the breakup of the new revenue in the existing stations?

New revenue in the?

Existing stations -- new stations, sir. New stations and existing stations.

It is INR 11 crores all put together. So that we have not broken up into because goods -- our RO which comes gets allocated to most of the stations. So we have not allocated that way. It's INR 11 crores all put together.

Okay. Okay. And -- so just, sir, it is not comparable, but because you ended fourth quarter around INR 425 crores -- INR 42 crores, INR 43 crores revenues, so do you expect the second quarter to be similar or it is a bigger figure? Because I know the fourth quarter can't be compared, but just to get a trend as how the revenues are shaping up. Just wanted to know about that.

Second quarter similar to?

The fourth quarter.

That's too early to -- what we can commit to you right now is that the first -- second quarter will be far, far more than the first quarter. The way we are looking at it is that take a quarter at a time, do all that is required, keep your costs at the bare minimum. And if you know from a P&L perspective, last -- approximately 2 years around, around INR 40 crores to INR 50 crores of cost is what we have saved. So we are purely looking at the second quarter from a performance basis much, much higher than the first quarter, and hopefully, in line with what we have demonstrated in the past.

Okay. Okay. And any guidance -- I know you have given some guidance on the costs earlier in the call. But generally speaking, any percentage you are -- any fixed -- any percentage of the costs, which are permanent in nature, which we have taken in FY '21, like as a percentage? Or you can give me a number that these -- when compared to FY '20, these costs are permanent in nature, and it won't flow into FY '22 or something like that?

So if you recollect our earlier call last year, overall, we have sales around INR 50 crores in FY '21, of which, we believe that 50% -- roughly 50% of that would not be coming back and would be of a permanent saving type of…

Correct.

Okay. Okay. So that -- okay. Okay. And do you expect some recovery from the third and the fourth quarter? Generally, in sense, how the new revenue opportunities are going to shape up? So like you were telling me that INR 29 crores were the full figure for FY '21, and you have mostly achieved 30% to 40% in the first quarter only. So how do you see -- because currently, it's around 50% of your revenues -- total revenues is the new revenue opportunities. So do you still see the figure being the same around 50%? Or do you think that the revenue mix will change?

So typically created business for us is around 20%, 23% of our values that we have. This quarter, it may look as high as from 38% -- 37%, 38%. But I think in an efficient mode of management, we will be around 20%, 25% of the overall revenues through the created part of the business through our various endeavors and initiatives, which we believe is an efficient way of working towards organic business and the new business that we are talking about.

[Operator Instructions] The next question is from the line of Mr. Jinesh Joshi from Prabhudas Lilladher.

Sir, in the opening remarks, you mentioned that certain high-yield markets like Mumbai, Delhi and Bangalore are operating at suboptimal levels. So by when do you expect a recovery in these markets? And also, if you can share on a steady-state basis, what is the revenue contribution of these markets for us?

See, so I'll start with the volume, which is far more easily manageable from an industry perspective. Typically, you have the large markets contributing to close to about 28% of the volumes at a yearly -- at a monthly level. That levels have come down to about 21% -- 20%, 21%. A 7% to 8% improvement is the scope that we have as these markets now get normalized from the movement of people, COVID cases coming down. And that will be the upside that you will see, both from revenue as well as volume concern. That can -- contribution would be anywhere -- on a very superior yield levels was anywhere between 40%, 45%, which will be currently at a 31% from a value perspective. So it will be 8% to 9% by volume, almost 14% to 15% of value differential that will happen when this gets normalized.

Okay, sir. Fairly enough. And that would evidently result into yields improving, and revenue will come back, right? That is the broad assumption.

Perfect. Perfect. Perfect.

Sir, just one last bookkeeping question. I just wanted to know the inventory utilization figures for the 28 legacy stations and batch 1 stations?

So overall, inventory utilization is as of now at 26% in quarter 1.

Can you break it down between the legacy and batch 1?

I think now it would be -- see, earlier we used to look at legacy and Phase 3. Now Phase 3 itself has been 4 to 5 years down operating. So let's look at 39 stations all put together.

I'll just give you a sense to add on to what Jimmy said. Typically, our large markets, Bombay, Delhi, Bangalore and the next markets will be around, on a normalized year, 90% to 100% utilization level. The smaller set of markets have yet not matured to the level that the larger markets are. They would have -- in a good year, would have been at 60%. Most of them are operating at 50% of their volume utilization at this point in time.

[Operator Instructions] The next question is from the line of Gautami Desai from Chanakya Capital Services.

I just want to ask a very basic question. Why don't FMCGs generally advertise on radio? Yes, that's my first question.

So FMCGs have -- for years have been lured and -- by the television industry. And the cream on it is that the television industry went through a backside to ensure that they get the kind of rate that is expected. So with that thought, whatever -- in a situation where there is limitation of marketing funds, they believed that the television industry is giving them the rate, and the threshold level of investment is heavy in that medium. Having said that, it's not that the FMCG industries are not using. In fact, currently, as we speak in this quarter, food and soft drinks is the #1 category for radio also. But the magnitude of spends, given the largeness of the medium is what's making it look miniscule. But I think over the last 2 or 3 years, innovative way of getting them on board through radio and digital is something which the radio industry is trying, and we are getting some conversions out there.

Okay. So I mean, could you -- like could one reason be that because radio doesn't have a proper measurement system as good as TV. And are you doing something about it? I mean is something possible even to have meters in the cars or to move…

So yes, I mean, to admit, yes, measurability will be a challenge. But having said that, today, I think the proof of the pudding for a lot of advertisers is when they do a specific activity and when they do a post activity research, whether it is -- specific brands have also done, TOM, top-of-mind recall for the brands through a specific scheme of things that we have done. There are clear ways of showing -- but yes, measurability with the kind of current situation and the cost involved continues to be a challenge. We are very -- working with both the -- current measurability is only the RAM, which is there in the RAM markets, 4 or 5 markets; and the IRS, which is not a radio research per se. So yes, one part of that will be your measurability. But I think through the various activities that we are doing, we are -- like, for example, we did this activity for a specific client in Delhi that we gave them return about the number of cash price that has been done. So that is a form of measurability that happens. So they came and said that they want through the end of the campaign, 10,000 test drives. We gave them 17,000 test drives. So we are innovatively using newer ways to show the measurability through specific things that we are doing as a radio station.

Like going forward, do you have any hopes on the -- on measurability improving? Because I believe -- I mean if I'm not wrong, one of the -- I mean, you are only present, I think, in one of the UAE countries where there is measurability, I believe. So if -- can anything happen in India on that front?

No. I think the world over radio measurability is limited because of the high cost involved and the limited scale of revenues that happens because if you look at the television, people [indiscernible] cost and the effort that is put because the industry ensures that that has been taken by, and then plowed back into the measurability. Radio's challenge is that we have a measurability issue. But having said that, during the COVID, we did the AROI listenership, which was funded by all the radio operators, that clearly, the radio listenership is shown on as well. So we are using those measurability as and when it happens. But yes, if you're asking for a periodic measurability, even the IRS is giving you measurabilities, which is about 1.5 years back. So I don't know what measurability the industry is right now referring to. I think a lot of advertisers are going by their understanding of the medium. And for us, in a way, the digital plus radio is also giving some form of measurability because when we do a specific terrestrial plus digital activity, whether it is the views that you get, whether the engagement that we get in the form of interactions that is, that is being used by us to kind of get advertisers convinced about this whole radio plus digital plans that we talk about.

[Operator Instructions] The next question is from the line of Anish Jobalia from Banyan Capital.

Hope my voice is audible to you?

Yes, it is.

So just wanted to understand, in terms of the various sectors, major sectors that we have. So to get our yields back, could you kind of comment on which are the sectors which needs to come back strongly so that our pricing comes back? If you could comment on that, that would be helpful.

See, categories like auto, finance are all categories which are high-yield categories. They have seen the value of the medium. Government, of course, is the only one that is -- we are constrained by the DAVP rates that is there. But the rest of the categories, which are big for us from a value perspective are these 2 large categories: electrical appliances, auto and finance and e-commerce, of course.

So these are the ones which you are saying not doing well right now and needs to…

No, no. These are the ones which is -- when they increase their spend, the yield comes back because they are working at a higher ER as such because they value the medium, and they're willing to pay that extra premium as against real estate for that matter or a surrogate advertising so on and so forth.

Okay. Sir, just one question on the auto side. So I mean, there are some challenges that the auto customers are facing. I don't know the extent of the challenges, but let's say, the supply side, say, semiconductor issue. So how are -- how is the response or the feedback that you are seeing from your auto customers, let's say, in terms of the preparation for the festival season? Are things looking on track? Or you are seeing some impaired -- muted response or feedback from them because of which our revenue also could be impacted going forward in the next few quarters?

See, if you see the first quarter has shown us as well as far as the growth of the auto industry volumes are concerned, number one. Number two, with a lot of launches of products being done, whether it is Hyundai or whether it is Maruti, Skoda, with a huge activity with the Hyundai launch. So we are -- we don't see that happening right now. At least in the first quarter, our conversations in that -- the scheduled plan of -- launches that is scheduled. A couple of new SUVs are being launched. So I think our auto -- we have not at least sensed that at this point in time about the back end and the operations part of the business, but from an advertising part, I think there's a lot of conversations, as we speak, that is happening in this category.

[Operator Instructions] We have a next question from the line of [ Gujjar Ahluwalia ], an individual investor.

So you talked about Q4 being returning to sort of normalcy. However, if I look at the revenues in Q4, I think, they're about INR 42-odd crores. And if I just look back a couple of years, the company had annual revenue of around INR 325 crores in 2019. So if we are talking about returning to normalcy, around even INR 40 crores, INR 50 crores, we're still very well short of what it was a couple of years back. So do we ever see that kind of sort of revenue coming back in the near future? Or is it now a long time given a COVID uncertainty in world and how it pans to be?

So to answer your question, I think we are very clear that we are not really, really chasing top line so much so as we are chasing the bottom line. So for us, profits is far more important. Also having said that, on the backdrop of the INR 40 crores, INR 50 crores of savings that we have done on cost, if the endeavor is to say that 2 years back, whatever top line we were doing and whatever bottom line we were driving at, if we can do that at lesser the top line that is there and the bottom line, which is what it was, then, I would say we would be fairly successful. So honestly, I'm not really looking at the top line numbers. But yes, as a goal for ourselves, we are definitely looking at improving our profit positions and aiming towards, 2-year back, whatever that numbers are and all efforts in -- from our side is towards that.

So you are saying that even with much smaller revenue, let's say, INR 200 crores to INR 250 crores, you can achieve similar EBITDA margins?

Clearly, we would want to. I mean the exact numbers will pan out the way we go ahead. But yes, I mean, clear understanding is that we would not chase top line numbers mindlessly. We will chase our profit numbers. And that -- having said that, yes, it could also happen that at a much lower top line number, we would possibly deliver similar profits that we have done as well over a period of time.

Okay. Okay. And secondly, I wanted to sort of understand, you talked about some of the key metro cities like Bangalore, Mumbai, Delhi, [indiscernible] 21% of the volume price, and that was 28%. So I also want to understand if you've done any sort of analysis in terms of trends for these major markets, major cities versus Tier 2 cities in the last 2, 3 years? And is there any significant impact of like using streaming apps and then data being so cheap that viewers are not sort of tuning into radio that much in the last couple of years? Is there any -- management has any sort of insight that you have in there?

So I'll just give you a different take on this. If you really look at in 2000 -- year 2000, consumer time spend was about 3 hours. That figure in 2010 reached to -- sorry, it was 1 hour, and it reached to 3 hours in 2010. In the beginning of 2020, that consumer time spend has moved to 9 hours, yes? Just COVID has added to that 9 hours. So for us, if there is any streaming media listenership happening, it is happening over and above what the radio listenership is all about. In fact, on the contrary, radio listenership has increased in whatever research studies we have done, it's increased. So to answer your question, there is no movement of consumers or listeners from radio to streaming media because radio deliverers far more than what the streaming media platforms are giving, right? So at least the current indications are. Now coming to the finances through large platforms, we know, the kind of revenues that one is running and the kind of losses that one is running. And that's why we are very clear that we would rather be in a situation where we would possibly have a sweet mix of both and ensure that the profits are taken care of.

As there are no further questions from the participants, I'd now like to hand the conference over to Mr. Shailesh Gupta for closing comments.

Thank you, everyone, for joining us in this earnings call. We'd like to close this call now. Have a great week, and be safe. Thank you.

Thank you very much. On behalf of Music Broadcast Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.