Entertainment Network (India) Ltd (NSE: ENIL) Q1 2026 Earnings Call dated Jul. 30, 2025
Corporate Participants:
Unidentified Speaker
Runjhun Jain — Vice President, Investor Relations
Yatish Mehrishi — Chief Executive Officer
Sanjay Ballabh — Chief Financial Officer
Analysts:
Unidentified Participant
Khushi Sen — Analyst
Shikhar Mundra — Analyst
Vipul P, Shah — Analyst
Rahul Goenka — Analyst
Anant Shirgaonkar — Analyst
Presentation:
operator
SA. SA SA Sam.
operator
Ladies and gentlemen, Good day and welcome to the Entertainment Network India Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star and then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Runyun Jain. Thank you. And over to you ma’. Am.
Runjhun Jain — Vice President, Investor Relations
Thank you Nidhi. Good afternoon everyone. To take you through the results and answer your questions today we have the management team from the company represented by Mr. Yatesh Maharishi, Chief Executive Officer and Mr. Sanjay Ballak, Chief Financial Officer. Please note that the financial results and the presentation have been uploaded on the company’s website and on exchanges. Should you need any further information you can get in touch with us at eyir. Before we begin, I would like you to remind that today’s discussion might include forward looking statements based on current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially.
The company undertakes no obligation to update these statements after today’s call. Whatsoever with that sir, I will hand over to Sri Yatesh.
Yatish Mehrishi — Chief Executive Officer
Thank you Rajan. Good evening ladies and gentlemen. On behalf of ENIL, I extend a warm welcome to our Q1 FY26 earnings call. We announced our results yesterday and I trust you had an opportunity to review them. I would now like to walk you through the key highlights and provide context around our performance during the quarter we recorded domestic revenue of 113crores representing a year on year growth of 3.2%. This growth was primarily driven by strong performance of our non FCT and digital segments which grew by 33% and 41.2% respectively on an year on year basis EBITDA stood at 6.2 crores registering a year on year growth of 3.6%.
Reflecting continuous focus on profitability the EBITDA excluding Digital stood at 16 crores with a margin at 17.5%. PAD for the quarter was Rupees 1 crore. Our international operations concluded to be EBITDA positive and contributing 4.1 crores in revenue for the quarter. The company continues to maintain a robust balance sheet with a cash balance of 336crores as of June 30, 2025. Turning now on the performance of our key segments, let me start with Radio. The Radio fct, the Radio advertising segment delivered Subdued results during the quarter with a revenue of rupees 66.1 crores, a decline of 12.1% year on year.
This was primarily due to a high base in the previous year and you would remember the significant political advertising ahead of the general elections last year. Additionally, the geopolitical situation during the quarter also led to headwinds in the FCT business. In spite of that, we continue to be better positioned than many of our peers with a strong 25.4% volume share in the radio FCT segment. We remain optimistic about the coming quarters and expect a modest growth in the radio business over the remainder of FY26. Coming to our Non FCT segment, the Non FCT segment stood at Rs.
25.2 crores reflecting a strong year on year growth of 33% supported by a healthy EBITDA margin of 43.4%. Moving to our digital business, in this quarter, digital revenues stood at rupees 21.7 crores contributing almost a record 40.7% of total radio revenues up from last year of 24.8%. This growth demonstrates the continued strength of the Ghana platform and with user adoption and engagement remaining robust despite our revised pricing which we took last year. Notably, digital Investments declined to Rs. 9.8 crores from the last year Number of 14.2 crores in line with our guidance during the previous quarters about improving our marketing and operational efficiency.
With this, I will hand over the call to the moderator and look forward to your questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Khushi Sen from individual investor.
Khushi Sen
Hello everybody. Thank you for this opportunity. May I please note the Ghana revenue for this quarter.
Yatish Mehrishi
The Ghana revenue for this quarter is almost about 18 crores.
Khushi Sen
And what is its year on year growth?
Yatish Mehrishi
84%.
Yatish Mehrishi
31 6.
Yatish Mehrishi
87.6%.
Khushi Sen
Okay. This is just to confirm that last year same quarter the Ghana revenue was roughly around 10 crores, right?
Yatish Mehrishi
Yes, 9.57 crores.
Khushi Sen
Okay. Okay. The other question is in investor presentation you have given us NFT state of 259 251.9 million. What is the STT revenue for the quarter?
Yatish Mehrishi
FCD revenue is 66 crores.
Khushi Sen
66 crores. Okay. Also I want to know what is the market share for the quarter ?
Yatish Mehrishi
spoke about 25% on volume basis.
Khushi Sen
29%. Okay. Okay. What is the volume growth then?
Khushi Sen
For this quarter
Yatish Mehrishi
the volume growth has been about 3%.
Khushi Sen
All right. Okay. And what is the overall inventory utilization that the company has?
Yatish Mehrishi
It’s around in the range of 70%.
Khushi Sen
17%. 70.
Yatish Mehrishi
70. Range of 70 to 75%.
Khushi Sen
Okay. All right. So lastly I just wanted to know that what is the effective rate year on year.
Yatish Mehrishi
On quarter, on quarter. We don’t look at it because last year there was you know a lot of elections and government spends and government and election you would know are comes at a higher price. And this year with that not being there, it cannot be a like to like comparison.
Khushi Sen
Okay, could you please tell me? It’s for the pre Covid levels and is compared to now.
Yatish Mehrishi
The ERs still are subdued to pre Covid level. It would be about 25% lower than the pre Covid levels.
Khushi Sen
Okay, thank you so much.
Yatish Mehrishi
Thank you.
operator
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch tone telephone. The next question is from the line of Shikhar Mundra from Vibo Commercial limited. Please go ahead.
Shikhar Mundra
Hi. How many of our subscribers are on the old pricing regime and how many are on the new pricing regime as of now?
Yatish Mehrishi
So Shikhar, the way right now we look at is on a gross margin positive. I would not put a number but gross margin positive numbers would be almost more than 50%.
Shikhar Mundra
What do you mean by gross margin positive? Can you explain?
Yatish Mehrishi
So as I spoken about earlier also the earlier price of 299 was not a. Was. Was a loss making price was not feasible for us to do it. So the people who are on 299 will be a loss making proposition. So they will churn out and come to the new pricing.
Shikhar Mundra
Okay, but now this quarter like I want to know how many of these people who are on 299, they got their subscription over and out of which how many renewed their succession. So if you cannot give me exact numbers, maybe give me a percentage like maybe X amount of people.
Yatish Mehrishi
The way I would look at sugar, it’s. It’s too minor to detailing it out. Maybe if you want we can have a one on one call on this. But to give you a perspective, our net adds increased by upwards of 25%.
Shikhar Mundra
The net what? Increased by 25%.
Yatish Mehrishi
The net subscription increased by 25%.
Shikhar Mundra
Okay, but it’s a mix of new subscribers versus the old one who are.
Yatish Mehrishi
Yes.
Yatish Mehrishi
Yeah. People will turn out, there’ll be new guys coming in, there will be new trials coming in. So it will turn out. So I would not. I’ve not been positioned to detail out at each pricing level in this call. Very happy to have a separate chat on it. But overall as I said, our net adds have increased almost by about 25%.
Shikhar Mundra
Okay.
Shikhar Mundra
And this is quarter on quarter, right?
Yatish Mehrishi
This is quarter on quarter.
Shikhar Mundra
Okay. Okay. And we are, we are seeing a similar trend in Q this coming quarter or Q2 also.
Yatish Mehrishi
So the way we look at is you know the way we took the business and we went paid sometimes in one, in one of the quarters you will see a little less growth. So I would look at not every quarter unlike all digital businesses at a yearly level we expect this level of growth to continue.
Shikhar Mundra
Okay.
Yatish Mehrishi
Because some quarters because if the churn have. Because when you started the business there are a lot of people went paid. So the churn is also a little higher on those quarters. So maybe sometimes the net debt can be lower but at an annual level it’s safe to say it could be about 25% ever.
Shikhar Mundra
Okay. And so 18 crore quarterly. So I mean. And what was the cash burn this quarter for Ghana?
Yatish Mehrishi
So as I said we on a total digital level it’s about 9 crores against 9.8 crores again last year of 14. 14 crores.
Shikhar Mundra
Okay. Digital 9.8 crore. Okay. So right. So what would be the breakeven level for Ghana to be EBITDA positive?
Yatish Mehrishi
The way I would look at is we believe, and I’ve been speaking in the last investor calls also we believe early next year similar time we could be breaking even.
Shikhar Mundra
Okay. So so that early next year assuming this kind of run rate, so we are estimating maybe a revenue of 150 crore annually is good enough for it to break even. Is this right understanding?
Yatish Mehrishi
Yeah, it’s, it’s a mix of both because depends on how the subscriber growth and plus we as we speak we have a pricing hedge also right now if you look at we increased price from 299 to 599 while competitors are little higher. So there is a little bit headspace available. So we will we keep testing it out because depending on the subscriber growth and the value. But yes, at 150 crores revenue if you do it should break even. But as I speak, as I said it could be a mix of both subscriber growth and the pricing also.
Shikhar Mundra
Okay, okay. And can you help me with the cost structure? Like how should I look at. There’ll be some variable cost, I mean and there’s some fixed cost. So can you explain me the cost structure?
Yatish Mehrishi
See any digital business in this, in music streaming purely, there is a content cost and then there is the tech cost other than the people cost. So these are the three main cost elements which are there, which keeps improving over a period of time. As you know, as I said, if 299 customers is not a feasible price, but the content cost is high. So as we keep churning out rs299 customer, the cost of content also keeps. There is a percentage cost of content also keeps coming down. Safe to say cost of content. We would expect to be at a good level at 65% right now.
It is not that would be our aim to get the content cost at about 60 to 65%.
Shikhar Mundra
60 to 65% at a good level. So when you say good level, can I assume a basement levels? You mean? Okay, and what will be the people cost for this? Which I believe that might not go up when. Even when we scale up the revenues?
Yatish Mehrishi
Yeah, generally it doesn’t. But if you look at some tech built up, it can happen if you want to improve our some tech products and all. But with AI coming in, we look at more efficiencies also. So a natural increments HR cost can go up, but not much. We will try to leverage that. And still as I said for us it is a agency business because we have a large, large content team. The radio business also, which can also be utilized for this team.
Shikhar Mundra
Okay, so. So can we put a number to these cost right for this quarter? Content, tech and people cost.
Yatish Mehrishi
I would not want to do that on the call right now. Sorry.
Shikhar Mundra
Okay, all right, sure. And for the. I mean for the traditional business, what kind of recovery are we seeing this quarter two or things are remaining as it is or do have any optimism or are we hopeful of some better numbers coming ahead?
Yatish Mehrishi
See the way I look at here is last year, if you get second half media industry has had lot of headwinds since Last. Last year H2. So there will be a basic coming in monsoons though look it look erratic but there has still been better monsoons than last year. Festive only, only deterrent in festive is little earlier. So it will be difficult to compare over last year and this year because this year large festive happens in the quarter two against last year of quarter three. But I think in quarter three and quarter four we believe There will be a base effect which will lead to growth.
Shikhar Mundra
Okay, okay. And then finally what about the cash balance of 350 crore? How do we plan to use it? Because it’s, I mean it’s been a long time we have been like patiently sitting as shareholders not been able to create value. I understand the head within the industry but I mean somewhere we will have to. I mean how do we use the cash balance and how do we think about creating value for shareholders?
Yatish Mehrishi
So one thing is Srira, we have been very consistent on dividend even during COVID times also we have been increasing and though margin increase. But over last two years you would have seen we have been very consistent on dividend and have increased that also we keep evaluating different business, new businesses also as you look at with AI impacting not just media industry but all industries. So we keep looking at new opportunities to see if we can look at new avenues while as we stabilize Ghana business and then also start looking at the newer media media businesses also.
Shikhar Mundra
Okay, okay, got it. But nothing material on cards as of now. I mean for acquisitions.
Yatish Mehrishi
Even if it was, I would, if I would put it on, on this, I can’t put it on here. On the study that I’ll do a proper disclosure if there was something that we keep evaluating, we keep discussing but there’s nothing material right now.
Shikhar Mundra
Got it, Got it. All right, thank you. Thank you.
operator
Thank you. A reminder to the participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of Vipul Pshah from Impact Wealth Advisors. Please go ahead.
Vipul P, Shah
Hi, good afternoon. Yadish Ji, can you hear me?
Yatish Mehrishi
Yeah, hi.
Vipul P, Shah
I wanted to check last when we discussed in the last quarter the digital revenues especially the Ghana revenues were roughly around 18 crores. Which means that on a Q on Q basis there is no growth. Is that right way to look at it?
Yatish Mehrishi
No, I don’t think. Just give me one second.
Vipul P, Shah
Yeah.
Yatish Mehrishi
Because you would have seen overall digital also.
Vipul P, Shah
Yeah, sure.
Yatish Mehrishi
Last quarter it was about 14.6. Now it is 17.95. What you’re looking at is the overall digital revenues and not Ghana revenues.
Yatish Mehrishi
What 18 revenues
Vipul P, Shah
and how do you see based on whatever between last quarter and current quarter the kind of visibility you are seeing, you still feel fairly confident that. And you just mentioned also that by this time next quarter, next year you would be able to break even on Ghana. That visibility looks for sure.
Yatish Mehrishi
Yes, so far on course Vipul, I can’t but our workings and as per our. The Way we’re looking at our efficiencies in business, we believe we should be able to do that.
Vipul P, Shah
Okay, fair enough. Okay, fine. That’s from my side. Thank you, thank you, thank you.
operator
The next question is from the line of Rahul Gonka from Oasis Ventures Pl. Please go ahead.
Rahul Goenka
Yeah, hi, I just wanted to ask you that. Does Ghana have any cost competitive advantages compared to its rivals because of its radio presence? And basically Ghana Radio Mirchi has been operating a lot in the regional spaces where the other rivals have not been able to have such a stronghold. So does that pose as an advantage to Ghana in the future?
Yatish Mehrishi
So Rahul, it’s a good question and that has always been the premise for us when we took over Ghana business also and you rightly pointed out Mirchi has been the one where discovery of music happened over last two decades. You know, people before even digital came in, people who discover music on radio. And Mirchi being the largest and the leader in that place has always been where people discovered music. And we curate the best music for people, the playlist and all. And with our presence in 63 markets, yes, it’s a massive competitive advantage, not just from a marketing and media muscle that we can promote Ghana in all these markets but because we understand the nuances of each market and each language.
And you would know that India changes every 40, 50 km both on food, music taste. We understand and that’s the reason we are able to customize and target individuals at those levels. So those learnings surely help us deliver this business better than our competition. And as Enocnet, you know, if you look at it, most of the music streaming services ahead of music are all been Richie guys. So for, for us we understand this piece really well. And with Ghana, our event business and the radio business, we are really, really well placed in the audio segment, audio entertainment segment for the country.
Rahul Goenka
What about your rivals? Has been closed down as yet and I believe YouTube music and all they got massive budgets and people are what you call kind of elevating to them because they have the what you call videos to go along with it. So does Ghana also provide that or they just provide the music?
Yatish Mehrishi
So Rahul, the way we look at is our businesses in on Ghana we are a paid service while YouTube and Spotify and first of all Wink has closed down. Wink has closed down, Hungama has closed down, Dresso has closed down. So there are very less players now. At one point of time there were nine music streaming services. Most of the and it’s been now very clearly seen that if you run only a free service. It’s not a viable business. Paid subscription is the way to go globally. Also, if you look at Spotify numbers, it’s always been paid subscription, which drives profitability and numbers.
So from that perspective, we believe a paid subscription is a business to go for earlier. Also, if you look at when we were kids or when we were college guys, we used to buy music. It’s just that when free streaming happened, people stopped buying. So as music gets not available, free people will go back. You know, you would remember at a Khushi Kabi Kam CD would have bought at about 300, 400 rupees also. And in today’s time, you’re able to provide 600 or 700 rupees a yearly subscription with million songs across the universe at a touch of a button.
So there’s massive convenience. Entire catalog is available. The best playlisting is available. So there’s a lot of value which is being given to people from a competition point of view. The way we look at is there is massive headroom available for subscription. India, there are almost about 200 million free music subscribers, but only about 10 to 15, 10 to 12 million are paying subscribers. If you look at the EY last report which came in during the Fiki frames in March, only about 10 to 12 million pay. So there is massive headroom. You can always be pinching that by only 10 to 12 million pay.
There’s a behavior change required, I think, and I’m very optimistic. That’s the way to go. And so that’s the headroom available. There is, you know, behavior in this. People are streaming music online, so which is a good thing because people are streaming over a period, people will tend to pay and it’s still a lot of headroom available. Everybody can grow. It’s not about just us. YouTube, Spotify can grow because there’s so much available audience available for you to attract your own subscribers. And as you mentioned, you know, we are, we understand the tier 2, tier 3 market or the regional market.
Well, just to give you a number, 65% of our users come from tier 2, tier 3 markets.
Rahul Goenka
Okay, so yeah, but do you pose a threat like YouTube Music, if somebody wants to watch something free so they can get some live streaming of some songs free of charge, whereas you guys are charging 500, 600 rupees. So does that pose as a competition or not really.
Yatish Mehrishi
So that will always. So that. See from that point of view, even Radio Mirchi is a competition because there also music is freely available, but ads play similarly on YouTube also music as early ads play. Now if a consumer wants to have a music which is without any ads and wants to have so much of music available, then it is. Then it doesn’t matter to us. I’m just saying, you know, being YouTube or being Spotify or being radio also because everything is available free in this and that’s where the change is happening. But if you look at why people move to streaming is largely because ads has always been a deterrent.
With YouTube also more ads coming in and they also pushing their premium product. We believe the market will also move towards subscription. If you look at Spotify or YouTube, both are pushing subscription and asking people to pay rather than giving free. Because on a free product you will have restrictions on playlisting. Backgrounding is not available. So there are a lot of restrictions on the free product. Also the experience is not so great. So I am not saying all 200 million will start paying in the next six months or one year. But even if the numbers just jump up to a double in next two, three years, every business will become very, very profitable and a good business to be in.
And that headroom is available.
Rahul Goenka
What I was Also on Chat GPT what I found that YouTube Music has invested close to 21,000 crores in the last 2, 3 years. So is that figure you think a correct figure or you wouldn’t not like to comment?
Yatish Mehrishi
It would be global. And plus you know YouTube is a platform where labels also put and the label puts their content and ads play. They have to give money back to labels or any content. It’s a global number. And that business I would not go to. I’ve not been there a position also to comment on it. But it’s. It’s whatever we read and whatever our sources say.
Yatish Mehrishi
It’s.
Yatish Mehrishi
It’s a global spend for it and not just India. And it’s not about just music. It’s about all content.
Rahul Goenka
Okay. Okay. Okay. Thanks a ton for your information and clarification.
Yatish Mehrishi
Thank you, Rahul.
Rahul Goenka
Yeah.
Rahul Goenka
Bye
Yatish Mehrishi
bye.
operator
Thank you. A reminder to the participants. Anyone who wishes to ask a question may press star and one on their touch tone telephone. A reminder to the participants. Anyone who wishes to ask a question please press star and one on their touchstone telephone. The next question is from the line of Anant Srigaon from Newport Capital. Please go ahead.
Anant Shirgaonkar
Hi, can you hear me?
Yatish Mehrishi
Yes, Anant. Hi, how are you?
Anant Shirgaonkar
I’m very good. Atish, how are things?
Yatish Mehrishi
Good, good Anand. Thank you.
Anant Shirgaonkar
So Yatish, can you just give some color on the event business how the quarter went and how is the year looking going ahead and what is the sustainable growth rate you expect?
Yatish Mehrishi
So event business, just the event business because we do solutions. But if you look at just pure event business, what we call the IP events for us this quarter grew almost about 58% and I would have loved more growth had the geopolitical situation not happened where we had to cancel a lot of events. If that had not happened, the growth would have been little higher. Having said that, quarter two also and in the coming quarters also we believe our event business will see massive growth. In this case we are not talking about percentage growth. It could be actually almost doubling revenues also.
That’s the tailwinds we see in the exponential business. So hoping for a very. I’m very optimistic on the growth in the event business.
Anant Shirgaonkar
Right. And how do you see this playing out over the next next few years? Do you think this is more sustainable? Because already I heard that you’re doing 50 plus marathons and you’re doing lot of concerts and festive events and stuff. So how much can this grow? Or you can keep going hinterlands, tier 2, tier 3 and the demand for events just keeps on growing year after year. How do you see this playing out?
Yatish Mehrishi
So yeah, I think event business on its own can match up the ad business because there’s so much tailwinds available that people are. We are looking at this a behavior change in consumer where people are spending money on experiential. They want to go out. There is massive investment coming from district and book my show. Also when you look at, you know, how do you make people move out and there is incentive available. Plus if you look at the music scene, food, everything is looking very, very different post Covid. So that’s a massive change that happened and we believe that that is here to continue.
The new generation believes in you live only once and they want to spend money on experience and not on holding assets. They want to experience life. So if you look at, you know, be it a Wimbledon type of event also you would have seen so many, so many influencers and everybody talking about it. It’s no longer just a sports event, it’s become a more a fashion event also. So that’s the amalgamation of events, entertainment, sports, music coming together and people wanting to go out and experience is leading to the tailwinds to drive this business. And because we have been in this business for last more than a decade and with our presence in 63 markets, we believe we are well positioned to leverage this.
It comes with a Little less margin compared to the radio business. And when you know, see, when you see lot of tailwinds in any industry, lot of players get into it. So in a shorter period there could be some pressure on margins also because lot of people would want to just take some business from you by quoting a lower margin. But that happens because then the quality you can lose a business once, but not every time. And that what you have seen in the last 10 years with our equity in the market, with our presence, our client relationship, I think we are well placed drive growth and profitability.
Anant Shirgaonkar
And I would believe ROC would be very high for this because investments will be very low. Is that a fair comment?
Yatish Mehrishi
Yeah, it’s a people driven thing and because lot of cost becomes variable. But it’s a people intensive business. So as much as I would like to do 63 markets, it will require teams in this markets and these are specialist people. This is not like you, you know, I can tomorrow send my radio sales guy to execute the event. The execution of the event is very different. But from a capex point of view there is no investment.
Anant Shirgaonkar
Right. And as far as what I’ve seen from this quarterly result. So you’ve got events business which you said has grown at 58% and you’ve gone Ghana business which is again shown a healthy growth. And if you add the revenues for both events and Ghana then as per what I have done, they exceed the radio revenues. Is that a fair comment?
Yatish Mehrishi
Not really. As of now that’s our aim is I think it be by year end we should be looking at a 50, 50 if not less for radio. But as of today it’s almost about 58% radio. And it is as per our plan because generally events is a very edge to heavy calendar. H1 is not as heavy as H2 because event starts post the rains. You know, a lot of on ground events start post rains. And that’s the reason H1 is little muted when you look at event business. But Ghana is more linear while events will be very H2 heavy.
Anant Shirgaonkar
Correct. So just extending your comment here. If you say that by year end Ghana plus event exceed radio and given that Ghana and even both are showing so much of a healthy growth then going forward next 2, 3, 4 years radio should become smaller and smaller part of NL whereas the high growth businesses would start dominating the top line.
Yatish Mehrishi
That’s the aim. I think that’s what you’re calling my KPIs very clearly that’s what we’re looking at transforming this company from just being a radio company to a multimedia company. What’s true to the name of Entertainment Network and not just VFM radio?
Anant Shirgaonkar
Fantastic. Fantastic. All the best to you, Yates.
Yatish Mehrishi
Thank you. Thank you.
Anant Shirgaonkar
Thank you so much.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Yatish Mehrishi
Thank you. Thank you, ladies and gentlemen. It’s a pleasure to have you all. We remain committed to drive profitable growth and returns for our shareholders. Thank you once again for joining this call. Thank you very much. Have a good day.
operator
Thank you very much on behalf of Entertainment Network India limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.