Music Broadcast Limited (NSE: RADIOCITY) Q3 2025 Earnings Call dated Jan. 29, 2025
Corporate Participants:
Ashit Kukian — Chief Executive Officer
Analysts:
Rajvi Shah — Analyst
Payal Shah — Analyst
Parag Hemdev — Analyst
Vedant Bhasin — Analyst
Ayaz Motiwala — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Music Broadcast Limited Q3 FY ’25 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 this conference, 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 Mr Ashit Kukian, CEO from Music Broadcast Limited. Thank you, and over to you.
Ashit Kukian — Chief Executive Officer
Thank you. Good afternoon, everyone, and a very warm welcome to the Q3 FY ’25 earnings conference call of Music Broadcast Limited. Joining me on the call is Mr Rajiv Shah from our IR team and our Investor Relations partner, Strategic Growth Advisors.
I’m happy to share our company’s outstanding performance of Q3 FY ’25. For the quarter, revenue grew 8% year-on-year, reaching INR65 crores, while EBITDA saw solid growth of 15%, rising to INR18 crores. Our EBITDA margin expanded by 160 bps year-on-year to 27%. And for the nine-month period, revenue increased 8% year-on-year to INR180 crores, while EBITDA rose 7%, reaching INR43 crores with an EBITDA margin of 24%. These results were driven by good festive demand and the success of our innovation — innovative solutions and integrated offerings tailored for clients.
This quarter, we have implemented strategic initiatives to strengthen our leadership in the radio industry as we continue to maintain our market-share at 19%. Our omnichannel framework has enabled us to maximize network reach, ensuring optimum value for our clients. We are proud that radioCity remains the top choice for advertisers with 40% of the industry’s client base choosing our platform. Additionally, 33% of newly-acquired clients in the radio sector have selected for their advertising needs. This achievement underscores the strength of our brand and the effectiveness of our marketing strategies in delivering exceptional value.
A core pillar of our growth strategy is investing in our digital business, which holds immense future potential. The digital segment achieved an impressive 53% year-on-year growth, contributing 12% to the total revenue. We are fully embracing the digital era where every tap and swipe opens a new opportunity as the media landscape continues to evolve. We are prioritizing digital channels for content creation, distribution and audience engagement, ensuring we stay ahead in an ever-changing industry. Our ongoing investments in technology and innovation allow us to deliver seamless engaging experiences across all platforms.
We have made significant strides in our digital segments, achieving several key milestones. India’s first 24×7 video channels, RT Studio, we have launched a dedicated video channel on Geo TV, expanding our reach and deepening audience engagement like never before., which is a data-driven influencer marketing platform, is revolutionizing influencer marketing by enabling precise targeting and more effective campaigns. With over 38,000 aggregated influencers, it taps into India’s vast creator economy, which includes 20 million-plus creators and influencers. The influencer marketing industry currently valued at INR3,600 crores, which is projected to reach INR10,000 crores in the coming years, presents immense growth potential.
Discope, which is rapidly expanding our global musical reach. This platform empowers singers by enabling them to distribute their music across 120 countries, significantly the reach and strengthening our presence in the global music industry. Our exclusive partnership with Fotify, which is a strategic collaboration with Fotify steadily growing across four states, strengthening our implementing in the digital music ecosystem. As these initiatives have been taken-up by us collectively tapped into a INR48,000 crore market, reflecting significant growth potential.
We remain committed to digital innovation, reshaping audience connections and ensuring sustained growth and leadership in the evolving media and entertainment industry. At its core, radio is evolving, staying vibrant and relevant by strengthening positive energy like never before. The seamless integration of digitalization has created a powerful synergy between traditional radio and digital platforms, guiding in a new area of creativity and growth.
At RadioCity, we are dedicated to creating sustainable value across every aspect of our operations. Our comprehensive business model is designed to benefit listeners, partners and the broader community. Sustainability is not just a priority. It is the center of everything that we do. Our mission is to empower brands with innovative media marketing solutions, driving exceptional consumer engagement through cutting-edge technology, social media dynamics and advanced content distribution strategy. We remain committed to prioritizing innovation and agility, enabling us to capitalize on emerging opportunities and successfully navigate the ever-evolving media landscape. This approach will drive sustainable growth and create value to our stakeholders.
Now let me take you through the financial highlights of Q3 FY ’22 and nine months period FY ’25. For the quarter ended, revenue grew by 8% year-on-year, reaching INR65.4 crores, while for the nine months revenue increased by 8% year-on-year quoting to INR179.8 crores. For Q3 FY ’25, EBITDA grew by 15% year-on year-on-year, reaching INR17.6 crores with EBITDA margin stood at 26.9%. For nine-month period FY ’25, EBITDA grew by 7% year-on-year, totaling to INR43 crores, while EBITDA margin stood at 23.9%.
Adjusted profit-after-tax accounted for interest on NCPRs amounting to INR2.1 crores, stood at INR5.7 crores for the quarter. For the nine months ended adjusted profit-after-tax, reflecting interest on MCRPF of INR6.3 crores were INR10.5 crores. As of December 31, 2024, our cash reserves stood at INR342 crores. Our liquidity position remains robust, providing us the flexibility to capitalize on both current and potential future opportunities. This strong liquidity enables us to navigate market dynamics effectively and pursue strategic initiatives as they arise.
With this, I would request the moderator to open the floor for Q&A. Thank you.
Questions and Answers:
Operator
Thank you. Ladies and gentlemen, before we proceed to the question-and-answer session, we would like to mention that this conference call may contain certain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.
We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles we have the first question from the line of Rajvi Shah from Bright Securities. Please go-ahead.
Rajvi Shah
Hi, thank you for the opportunity. I just had two questions. So my first question was related to FY ’26. Could you share some insights into how the radio industry is expected to evolve and grow and what are we planning as a company for the company’s future growth?
Ashit Kukian
Okay. See, the industry will grow. I mean the average growth that the industry has shown in the last — for us, at least as of the last one or two years is around close to a double-digit kind of a growth that we are talking about. And if all things go good, I think that should be what the industry should expect a double-digit growth. And as far as the company is concerned, we are strategically poised ourselves with both radio initiatives and also our digital initiatives, which I would want to breathe will put us slightly ahead of the competition when it comes to growth. But these are initial stages. By the end the year, we’ll have a clear perspective as to what the next year will look like.
Rajvi Shah
Okay. And sir, any guidance for FY ’25?
Ashit Kukian
Any guidance in the sense? Yeah, what we are going to-end the year?
Rajvi Shah
Yes.
Ashit Kukian
Look at the reflective performance of the way the growth has been this year, overall media has been lower than the average media growth over the years that we have seen and we have slightly done better than the average growth of the media. So I think we should continue to show that growth even in the coming quarter and end the year with a similar kind of a growth.
Rajvi Shah
Okay, sir. That was helpful. Thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may please press star and one on your touchstone telephones. We have the next question from the line of Payal Shah from Billion Securities. Please go-ahead.
Payal Shah
Thank you so much for the opportunity. Good afternoon, everyone. Sir, I have two questions. First, like if we compare our performance to Q2 numbers, we have done exceptionally well. So just wanted to understand as to this growth was mainly due to festive season or have we done something new as compared to last quarter?
Ashit Kukian
So it’s a combination of both the festive season and also our digital growth. If you see, we have grown by about 53% here. In the beginning of the year, some of our initiatives were launched. And as you know, in any new launch products take its time to kind of gain traction. And some of the platforms that we launched are about three to four months in this quarter. So obviously, some of them have started giving the initial results. So it’s a combination of both the festive demand and the digital initiatives giving us a higher share than earlier.
Payal Shah
Okay, okay. That’s quite helpful. My next question was, I just wanted to understand the long-term growth that the company is looking. So I just wanted to understand like what kind of numbers can we expect in like next three to five years, what will be the kind of growth that we are envisioning?
Ashit Kukian
See, the thing is, as you know that the company has already taken initiatives in the in the digital ecosystem. And as you know, the digital ecosystem is really growing much faster than the rest of the media ecosystem. So my questions is that as that part becomes like today, it’s roughly around 12% of our overall spend. As we go on increasing our digital contribution into overall business, the traction will be faster than the regular traction that we are talking about. But as an organization, we are clearly chasing a double-degree plus — double-digit growth out going-forward. And how much of that I will only be able to tell when the digital initiatives start giving the actual results that we are expecting from.
Payal Shah
Okay. That’s quite helpful. Thank you so much. That’s it from my side. Thank you.
Operator
To ask a question, ladies and gentlemen, you may press star and one. The next question comes from the line of Parag Himdev from Punji Financial. Please go-ahead.
Parag Hemdev
Sir, good afternoon. Good afternoon. Thank you for the opportunity. I had, sir, one question. There was some litigation with respect to Madra’s High Court, which has come on-board. So could you throw some light on that as well as the compensation in case of the litigation goes against us, what could be the compensation which could come on the company for the same matter.
Ashit Kukian
So about the litigation, there is an SLP spine in the Supreme Court and the next hearing is coming in the month of March. As far as the Madhrash Airport is concerned, the content which they have put in, there is a stay which has already come in. So it will only be in the future, but company has a good case of and we believe that there won’t be any impact of the same.
Parag Hemdev
Okay. And the Supreme Court matters what, sir, if you can just guide
Ashit Kukian
The same thing that Madra’s High Court, there is an appeal which has been done in the Supreme Court.
Parag Hemdev
Okay. Okay. Okay. Got your point, sir. Thank you so much.
Operator
Thank you. Participants, you may press star N1 to ask a question. We have the next question from the line of Vedant Basin from Minerva India Underserved. Please go-ahead.
Vedant Bhasin
Yeah. Hi, good afternoon. Thank you for taking my question. I just had one small question about — so in the last quarter, we’ve seen jewelry and autos as the sort of industries that have really grown in their advertising spend. Can you give some sort of indication on what maybe Q4 would be like, which industries are you seeing more participation from and maybe the same for the next year as well?
Ashit Kukian
See, your real-estate auto will definitely be there in the next quarter also. Finance will be big in this quarter. Finance usually is the — is usually big in the 4th-quarter. So I expect real-estate, auto-finance to be big in the 4th-quarter and the rest of the regular ones like pharma, food and softening, including government will be — will be part of the overall scheme of things.
Vedant Bhasin
Got it. And one more question, since I’m sort of new to the industry, can you shed some light on why maybe we opted out-of-the auctions and just how — what was the rationale behind that?
Ashit Kukian
So if you see the current or markets that was all given for bidding are all the D-Plus — D kind of stations, wherein even the market’s estimation is not that in terms of bad data, like in any market, there is an advertising data, an adex data that can help you estimate the advertising spends happening for those markets. Almost 50% to 60% of the of the new work markets that was out for bidding, don’t even have regular advertising data. Now not having advertising data is a reflective enough case to say that the markets are not important from an advertiser perspective. Because whenever there is an advertiser interest market, then it is the research agencies ensure that there is data available for that. That’s number-one.
Number two, the reserve price kept for those markets where we clearly — so the other way to see the potential of the market is like related with your existing stations, similar like-to-like station and say what is the kind of business potential you have. Almost in most cases, we found that the reserve price itself is not justified and that is a starting price. God forbid if somebody is going to bid for that and the reserve price itself gets crosses the marks that we talk about, then it is if the rationale of business doesn’t work and in fact, that is what has been hitting post COVID from a — from a profitability perspective is concerned. That’s why if you see not just us, but the top three legacy players have not really participated in the in the auction.
Vedant Bhasin
All right, understood. Just on your first answer there, you mentioned some research agencies. Can you maybe just like name them for our references?
Ashit Kukian
You can say which comes off this added data, it is called the advertising expenditure data. So it comes periodically and that is being done by the research agency and that is the data that I was talking about, which is industry data that cut across television, newsprint, radio,
Vedant Bhasin
So okay. Okay. Could you just name the agency which does it
Ashit Kukian
Because like well and to add its data, you will know the agency which is
Vedant Bhasin
Got it, got it. Okay. All right. Thank you very much.
Operator
Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and 1. The next question comes from the line of Ayas Motiwala from Amala Fund. Please go-ahead.
Ayaz Motiwala
Yes, hi, good afternoon, sir. Can you hear me?
Ashit Kukian
Yeah, I can hear you. If you can be a little louder, it will be nice, but yes, otherwise paintly I can hear you.
Ayaz Motiwala
I’ll try to speak as loudly as I can. So I have basically two questions on the business. You have one slide in your presentation where you talk about the industry volume growth from FY ’22 the current year and it’s about 40% 42% growth in volume terms. So you’ve not mentioned anything on pricing. So as a way to look at the business, we see that the FY ’20 numbers in terms of revenues and current year, there is still a little bit of a shortfall. Sure, if you were to please. So what has happened to pricing in this four, five years including the big two years of COVID where the industry suffered and then we are back. So I’d like to get some perspective on that. The volume growth is reasonably healthy are coming from the low-point or a normalized point, sorry. So if you could expend a little bit of time on that, it would be great.
And the other question I had was on the profitability margins. Again, back on 2020, which was just the last month went into COVID till March ’20. And we saw that the company had operating margins of — EBITDA margins of about 23% 24%. And currently, as we look at it, it, it’s in the 15% to 17% sort of ballpark on aggregate. And what we notice is the — the key line which stands out is the employee cost. It seems the company has been investing because we read a lot of these digital initiatives, etc. So, but some bit of leverage built-in as well that if the revenue were to climb INR30 crores, INR50 crores, bulk of that will fall into the bottom-line and we start seeing higher operating margins or this is now a sticky situation where the legacy revenues are — are needing much more efforts in terms of people and employees to be able to generate those numbers. So if you can talk about both of these, please. Thank you.
Ashit Kukian
First and so much, as far as the yield is concerned, you all know that the yield has almost fallen down to more than 50% of what it was pre-COVID. And slowly and gradually the yield has written up to a close to 70% 75% of the pre-COVID numbers, the yield. The reason why you’re not seeing any growth in ER as we call the effective rate is because there is still not saturation of your volumes in the market. So when there is volumes available, it’s very difficult to increase the rate because if you don’t give it, somebody else gives it, right? So that’s the catch ’22 situation. So bulk of the growth in the last two years has come from the volume perspective, number-one.
Number two, unfortunately for the industry here, I can talk about is that the high-yield markets, which is your larger legacy stations like Bombay, Delhi and Bangalore are yet not in the saturated volume scenario for anybody to even consider increase of yield because it has to be — it has to be an industry phenomenon. One isolated player can’t take a call. So that is reflecting the overall profitability also because the moment the higher yield markets start firing and you are able to up your prices there straight away those margins will go down to your bottom-line. So that’s the first answer. The second question was, can you — if you can just tell me what was the second question that you were asking?
Ayaz Motiwala
Sure. Just as a follow-up on the yields that you explained. So do you mean in yield as in — like effective pricing, which was at an index of 100 is 12 to 50 and is now 72
Ashit Kukian
75, yeah.
Ayaz Motiwala
Yeah. Okay. So you mean pricing in effect? And the other part that you talk about inventory is basically volume or utilization where the industry, there is still a lot of fair volume and that you cannot take the pricing up and also on the higher yield centers such as Bombay, Delhi, Bangalore that you talked about.
Ashit Kukian
So that 25% is what is hitting the margins down also. So if you’re comparing it with the pre-COVID numbers, that 25% yield, which is net yet not coming is what is hitting the overall margins.
Ayaz Motiwala
Yeah, right. So a takeaway, are you saying that in the pre-COVID era, our utilization were very, very-high in the high-90s and thus that yields were very, very strong.
Ashit Kukian
Yes, yes, absolutely that. In fact, that is the only reason why we are saying that we are we — because the yield will be reflective because while we are as an industry reached 89%, but some of the players are yet not in the 75%, 70% mark of inventory utilization where they have room to still take business without any increase in ER and that puts a challenge to the entire industry to begin with. And for us to kind of mitigate that, we were also ensuring that the other lines of business which are high-yield and high delta for the bottom-line, which is the digital business is what we are investing on.
Ayaz Motiwala
Sure. So in terms of just as a hope — hope kind of situation ahead, you see the industry utilization improving and then the net effective rates improving?
Ashit Kukian
Yes, once over-time. It’s clear. Once the — it’s like a supply situation. Once you are opilled with your inventory, you have no choice because you can only take that much of inventory. Beyond that, you’ll have to go for pricing increase, which is
Ayaz Motiwala
Why it will be a step-up function. It will be like a step-up function as in other medium that we locate that will happen in the renewable.
Ashit Kukian
Yeah, absolutely.
Ayaz Motiwala
Yeah. So the second question that I had was regarding essentially employee cost, how much are you investing for the future in terms of digital initiatives and others, which has contributed to the increase — fairly sharp increase as a percentage of revenues in employee cost? And is there a legacy business which needs a much more effort to sustain because of these scenarios such as industry challenges on utilization or creating new clients because certain older clients have stopped on this medium and thus the intensity to generate that business has gone up requiring more employees.
Ashit Kukian
Yes, the legacy business does need a lot of effort, but what we have done is we have really upgraded the current set of people only to kind of also do the digital business. So whatever increase in manpower you’re seeing is only on the creative side of the digital business, which has — which we have invested. And that has happened in the last two years.
And as we go-forward, the people cost will be averaged out because it’s not that every year you will have to invest in people because it’s in the initial years when building up platforms and creating newer digital initiatives that you need to build. Once that happens, the staff cost will be averaged out and the increase in revenue and hence the percentage of staff first to revenue will change and will be possibly coming down, you know, and that’s for sure. I mean, there’s no brain winner for us there because that’s only way you can look at increased profitability.
So you’re right in our observation that in the last two years — and if even in the last one year, because we are building our core digital initiatives and products, there has been a people investment that has happened, but that — and end of this year will be averaged on and we don’t see that kind of a sharp increase in the coming year.
Ayaz Motiwala
Lastly on the on the sort of licensing regulatory front, you know there has obviously been an initiative of trying to link it to percentage of revenues versus the fixed licensee regime, et-cetera, that is talked about the industry. Do we — do we have any update on that front in terms of the government posture and the industry towards this direction?
Ashit Kukian
Yeah. So the update this trial is very strongly recommitted to the MIB. The MIB is also possibly a — because this then also has to be having the finance ministries involvement because it is now not just an NIB thing that there is a revenue implication to it. So the industry, once that happens, you will see a lot of change even for all players from a bottom-line. But all I can say is right now that the trial recommendation is now lined with the MIB and we haven’t got any revertals beyond that, you know, while the industry is pursuing it and we are keeping our fingers and hoping that it will come through because at least for the newer stations, they have agreed for that 4% of the rev share but for the older stations they have yet not agreed.
Ayaz Motiwala
And lastly, sir, any comment on M&A activity in the industry
Ashit Kukian
See I don’t think that is because all the large players have enough representation of markets per se. So given the ecosystem, I am not seeing anybody wanting to take any other network because each one of us our players in our own strategic way got in the market that we want to from an advertiser perspective. So if you’re talking about M&A from a — from a radio perspective, I’m not sure. But from a future perspective, when we talk about digital, we will — if there are acquisitions that we think which will align and complement to our line-of-business. And since we have those and if it adds up to our new opportunities, I’m sure we’re looking to it.
Ayaz Motiwala
Great. Thank you very much and I appreciate you taking time to spend and explaining the points. Thank you.
Operator
Thank you. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one. We have the next question from the line of Ravi Shah from VRS Capital. Please go-ahead.
Unidentified Participant
Hi, sir. Am I audible?
Ashit Kukian
You are. You are.
Ayaz Motiwala
Yeah. Sir, my first question would be how much have we invested in our digital business as on FY ’25 till now? And what are our target numbers for FY ’26,
Ashit Kukian
So see, I mean, like I said, we are — our expectations on digital is anywhere between a 30%, 30% 40% growth that we talk about. The only investment that we have done is in — which is reflected in our capex investment when we launched a platform, which is sub INR1 crore. The other all is our intellectual property and people that we have internally-developed. So there is not much investment from a — from an infra-based investment, from a digital perspective.
Unidentified Participant
Understood, sir. Sir, my second question would be on Smingo. So we all know that influencer marketing in India is booming and as a result, we are seeing a lot of this in a lot of revenue. So what can we expect from here? And anything would you like to share in this segment going-forward?
Ashit Kukian
The influencer marketing we believe is going to exponentially grow and in possibly the next three to four years will be close to a INR10,000 crore. And we are doing our marketing solutions to clients with inclus both our internal influencers as far as external influencers, some of them who are already registered with SpinCo. So yes, I mean it is a growing opportunity and you know much of our growth even in this quarter is reflective of the fact that we have done more influencer led activities than in possibly the past quarter. So yeah, it is a growing sector for us.
Unidentified Participant
So basically is already giving us results, yielding results already for us.
Ashit Kukian
Yes, it is. Yes, it is. Yes, it is.
Unidentified Participant
Okay. Thank you, sir. Thank you for answering my questions and all the best. Thank you so much.
Operator
Thank you. Participants, you may press star and one to ask a question. We have the next question from the line of Chandra Moli, an individual investor. Please go-ahead.
Unidentified Participant
Hello, sir. You have issued some non-convertible chair and we are also giving some dividend to those. So when is that will get redeemed, if there is any cash outflow from the company after that? How is it working? Question?
Ashit Kukian
Yes. So the redemption is coming in the next January, January 26 and the outflow would be around INR107 crores provided, which is already provided for
Unidentified Participant
Is already been provided.
Ashit Kukian
Sorry,
Unidentified Participant
It has been provided already. Yes. Okay. So what is the cash position you said as on December ’24?
Ashit Kukian
It is around INR342 is the liquidity.
Unidentified Participant
So it’s net cash.
Ashit Kukian
Yes, yes, yes.
Unidentified Participant
Okay. Okay. I mean you have some borrowings, so it is a net cash of INR340 plus crores.
Ashit Kukian
INR342 minus this INR107 would be the net. Yes, that payout which is going to happen that INR107 crores would be if I give up that, so there it is around
Unidentified Participant
240.
Ashit Kukian
Yeah 235, yeah.
Unidentified Participant
Okay. Okay, okay. Thank you. So after that there won’t be any dividend portions which gets reflected in the quarterly, am I right?
Ashit Kukian
Yeah, but this dividend is also 0.01%, which is hardly anything. So — and there is no debt in the big company, it’s only this NCRPS, that’s the only borrowing.
Unidentified Participant
Okay. I understood. Understood. Thank you, sir. Thank you very much.
Operator
Thank you. The next question is from the line of Megna, an Individual investor. Please go-ahead.
Unidentified Participant
Hello. Am I audible?
Ashit Kukian
You are. You are.
Unidentified Participant
Good evening, sir. I’m an individual investor and I wanted to know what has been the FCT and NFCT split for this quarter.
Ashit Kukian
FCT and NFCT. We — see our FCT split is approximately close to 65% of which is what we call as the rest is our NFTT split.
Unidentified Participant
Okay. And what has been the inventory utilization like this in this quarter, quarter
Ashit Kukian
89%,
Unidentified Participant
89% and the volume growth year-on-year
Ashit Kukian
Volume growth of one, let it’s around 5%,
Unidentified Participant
5% year-on-year. And how has been our effective rate like compared to pre-COVID?
Ashit Kukian
It has been stagnant. There’s no-growth or not that.
Unidentified Participant
And compared to pre-COVID?
Ashit Kukian
I told you, if you have been in the call, it’s around 75% of pre-COVID numbers.
Unidentified Participant
Okay. Okay. Thank you, sir. That will be it. Thank you.
Operator
Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to Mr Harshit Kukian for closing comments. Over to you, sir.
Ashit Kukian
Thank you. We sincerely appreciate your active participation in today’s earnings call. Media consumption habits in India continue to evolve, driven by a diverse range of content options, the radio industry has a unique opportunity to integrate digital platforms while keeping radio at its core. Our focus remains on advancing the digital landscape by leveraging our resources and relationships to deliver maximum value to our company.
The presentations, earnings release and results are all available on the corporate website and stock exchanges. If you have any further queries, please get-in touch with any one of us all with Strategic Growth Advisors of Investor Relations Partner. Thank you.
Operator
Thank you. Sir, we have one late entrance into the question queue.
Ashit Kukian
No issues. No issues. We can take the call.
Operator
Yes. The question is from Ayas Motiwala from Amala Fund. Please go-ahead, sir.
Ayaz Motiwala
Yes, sir. Good afternoon again. Just quickly on that, on the non-convertible that you’ve issued, there was a clause which talked about a price which may be at par or also some premium.
Ashit Kukian
So the INR107 crores that you mentioned, is that the par value or premium, can you spend premium. It is including premium, 20% redemption premium is included in INR107 crores.
Ayaz Motiwala
Okay, got it. Great. Thank you very much. Thank you. Thank you.
Operator
Thank you. On behalf of Music Broadcast Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.