Entertainment Network (India) Limited — Q3 FY26

Entertainment Network (India) Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=mARgR3ok8HE Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Entertainment Network India Limited Q3 FI26 earnings conference call. This as a reminder, all 0:10 10 seconds participants lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 0:19 19 seconds conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now 0:27 27 seconds hand the conference over to Miss Nha Salyan. Thank you and over to you. 0:32 32 seconds Thank you Hina. A warm welcome to all the participants to the Entertainment Network India Limited 2 free26 earnings 0:40 40 seconds call. The investor presentation and the financial results are available on the company's website and on the stock 0:46 46 seconds exchanges. Please note anything said on this call which reflects our outlook for the future or which can be construed as 0:54 54 seconds a forward-looking statement must be viewed in conjunction with the risk that the company faces. This conference call is being recorded and the transcript 1:03 1 minute, 3 seconds along with the audio of the same will be made available onite of the company as well as on the exchanges. Please also 1:11 1 minute, 11 seconds note that the audio of the conference hall is a copyright material of Entertainment Network India Limited and 1:18 1 minute, 18 seconds it cannot be copied, rebroadcasted or attributed in press or media without specific and written consent of the 1:25 1 minute, 25 seconds company. To give you a brief business update and to take you through the results from the management team, we 1:31 1 minute, 31 seconds have Mr. Yatish Meashi, Chief Executive Officer and Mr. Sanjay Balav, Chief Financial Officer. I would now request 1:41 1 minute, 41 seconds Mr. Yatish to provide you with a brief update on the quarter. Over to you, sir. Thank you, SA. Good evening, everyone. 1:48 1 minute, 48 seconds On behalf of ENL, I extend a very warm welcome to all participants joining us for our Q3 FI26 earnings call. I hope you had a chance to review the results. 1:57 1 minute, 57 seconds Let me briefly walk you through the quarter key highlights and provide context around our performance. 2:03 2 minutes, 3 seconds During the quarter, we recorded a domestic revenue of rupes 160 crores, reflecting a year-on-year growth of 4% and a sequential growth of 18% 2:12 2 minutes, 12 seconds for the year. This performance was led by the continued momentum in our non-fct business and the digital business. Our 2:19 2 minutes, 19 seconds EIDA stood at excluding digital stood at 23 crores translating into an AIA margin of 18%. The company continues to 2:27 2 minutes, 27 seconds maintain a robust balance sheet with a cash balance of rupes 372 crores as on 31st December 2025. 2:34 2 minutes, 34 seconds Let me turn your attention to segment wise performance. To start with our nonfct segment with the even with the festive shift the demands was spread 2:42 2 minutes, 42 seconds across Q2 and Q3 whereas in the previous year the entire festive season was in the Q3. Even with that, our event and IP 2:49 2 minutes, 49 seconds business continued a strong trajectory growth of 10.5% building on the level of recent recent quarters. 2:56 2 minutes, 56 seconds Onto our digital business, digital remains a central pillar of our long-term growth strategy and continue to scale meaningfully during the 3:03 3 minutes, 3 seconds quarter. Revenues from digital business reached rupees 30.8 8 crores contributing close to 50% of our radio 3:10 3 minutes, 10 seconds revenues up sharply from 27% in the same quarter last year underscoring the rapid expansion of this vertical. This 3:18 3 minutes, 18 seconds performance was driven by an expanding user base and deeper engagement on the Ghana platform supported by continued investments in content and user 3:26 3 minutes, 26 seconds experience. Total investment in digital business during the current year at YTD level stood at 29 crores reflecting a 3:33 3 minutes, 33 seconds significant 22% decline compared to the same period last year. As part of our long-term strategy, we have increased our marketing investment to accelerate 3:42 3 minutes, 42 seconds platform adoption, enhancing brand visibility and driving a sustained user engagement. This reflects a calibrated approach to growth balancing scale with 3:50 3 minutes, 50 seconds cost discipline over the quarter reinforces our confidence uh in the digital strategy. The radio segment 3:57 3 minutes, 57 seconds coming to the radio segment the radio industry continues to face a tough advertising environment like all other mediums. Advertising actively remained 4:05 4 minutes, 5 seconds weak partly due to a strong base in the same period last year and the festive shift. While the demand has now started to show early signs of stabilizing, 4:13 4 minutes, 13 seconds advertisers remain cautious which has kept a pressure on all traditional mediums including radio. We continue to outperform our peers retaining our 4:21 4 minutes, 21 seconds position as a market leader in the in the industry with a strong 25% volume share. In summary, the strength of our 4:28 4 minutes, 28 seconds diversified portfolio, the rapid scale up of digital and our disciplined approach to investment reinforces our confidence in the growth trajectory of 4:36 4 minutes, 36 seconds the business. We remain focused on the execution and long-term value creation. 4:40 4 minutes, 40 seconds With that, I would like to hand over the call to the moderator for the Q&A session. Thank you. 4:47 4 minutes, 47 seconds 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 touchstone 4:55 4 minutes, 55 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a 5:03 5 minutes, 3 seconds question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 5:13 5 minutes, 13 seconds A reminder to all the participants that you may press star and one to ask a question. 5:19 5 minutes, 19 seconds The first question comes from the line of Magna, an individual investor. Please go ahead. Hello. 5:26 5 minutes, 26 seconds Yes, good afternoon. 5:28 5 minutes, 28 seconds Good afternoon. Uh I had a couple of questions. Uh I wanted to know what is the Ghana revenue for this quarter. 5:38 5 minutes, 38 seconds Yes. And the other question um and uh I wanted to know how um our 5:44 5 minutes, 44 seconds inventory utilization is like and uh the FCT and NFCT split for this quarter. 5:51 5 minutes, 51 seconds Okay. 5:56 5 minutes, 56 seconds Ghana revenue for this quarter almost about 20.7 crores and our capacity utilization is around 75%. 6:05 6 minutes, 5 seconds 75. Okay. And what is your volume growth for uh this quarter? 6:11 6 minutes, 11 seconds It's remain almost flattish uh this year. 6:15 6 minutes, 15 seconds Okay. And uh have your rates increased this quarter? more or less remain in the same line as I said you know there's a 6:22 6 minutes, 22 seconds festive shift so there was some bit of drop in the inventory uh levels and that could have put pressure on the pricing but more or less in the flattish swing 6:30 6 minutes, 30 seconds ma'am okay and uh if we compare it to pre-COVID levels it's still a drop as I said in the last 6:38 6 minutes, 38 seconds previous years al previous meetings also it's about almost about down 25 to 30%. 6:45 6 minutes, 45 seconds Okay. And this time your FCT and NF uh CT split, how is it like? 6:50 6 minutes, 50 seconds So our overall business uh radio now contributes to about 51%. The non-rado business is 49%. 6:58 6 minutes, 58 seconds And non radio includes uh digital uh what all does it include? Digital and our solutions business now. 7:07 7 minutes, 7 seconds Okay. Thank you. Thank you. 7:12 7 minutes, 12 seconds Thank you. The next question comes from the line of Ronak Sha from Aquarius securities. Please go ahead. 7:20 7 minutes, 20 seconds Yeah. 7:21 7 minutes, 21 seconds Can you first of all highlight what are the gross margin and AITA margin for that nonacount which we earlier used to highlight in the presentation. 7:31 7 minutes, 31 seconds Uh Ron can you be clear? I I just missed you. 7:35 7 minutes, 35 seconds Yeah. So can you highlight the gross margin or a beta margin for the nonspective business which we are really used to highlight in the presentation. 7:45 7 minutes, 45 seconds So the gross margins right this year has been around 27.2%. 7:50 7 minutes, 50 seconds And for the quarter that's for the quarter I said. Okay. 7:56 7 minutes, 56 seconds And for the epida margin sir marges are about about 18.6%. 8:06 8 minutes, 6 seconds Got it. Got it. And sir, uh from the marketing span perspective, if we see last few odd quarters, it has ramped up 8:14 8 minutes, 14 seconds uh drastically. So, how we see uh it tend to pan out over next uh two two three audience. 8:22 8 minutes, 22 seconds See the way we look at it uh this quarter there has been a sudden shift in the marketing because we we look at a balanced growth in our subscriber 8:29 8 minutes, 29 seconds numbers. So to balance out we we we we went with a little higher marketing expense compared to the quarter but we 8:37 8 minutes, 37 seconds remain in as per our plan of overall marketing spends what we want to do as a disciplined approach. So we balance growth and the spends simultaneously we 8:46 8 minutes, 46 seconds remain committed to get Ghana break even in the few quarters going forward. 8:52 8 minutes, 52 seconds Okay. And from the Ghana's perspective earlier we were highlighting that around 60 odd% of the users are now into the new pricing. So how much it has improved 9:01 9 minutes, 1 second uh from the current quarter's perspective? 9:04 9 minutes, 4 seconds Last quarter I had said about 54% this now it's about 66%. Okay. Got it. Thank you. 9:13 9 minutes, 13 seconds Thank you. 9:15 9 minutes, 15 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. 9:23 9 minutes, 23 seconds The next question comes from the line of Prashant an individual investor. Please go ahead. 9:29 9 minutes, 29 seconds Uh sir, do you have any plan to spin up the company uh digital business from the rest of the business due to the nature 9:36 9 minutes, 36 seconds of um due to the profitability of the business? Is there any plan for spin of the digital business? 9:42 9 minutes, 42 seconds Uh good question Prashant but it's too early to say about this. Um we we want to build the business first make it profitable so one milestone at a time. 9:51 9 minutes, 51 seconds Um in future nobody knows right now but as of now as I say uh we remain committed to delivering profitable growth and to get the first get the digital business profitable first. 10:03 10 minutes, 3 seconds Okay. Thank you. Thank you. Thank you. 10:08 10 minutes, 8 seconds A reminder to all the participants that you may press star and one to ask a question. 10:21 10 minutes, 21 seconds The next question comes from the line of Rahul Gowankar, an individual investor. 10:26 10 minutes, 26 seconds Please go ahead. Yeah. Hi Yatish, my name is Rahul. Uh just wanted to ask you 10:33 10 minutes, 33 seconds a few questions uh regarding your performance. Uh you have mentioned that the market share has increased in the 10:42 10 minutes, 42 seconds last quarter compared to the previous quarters in your radio business. 10:46 10 minutes, 46 seconds So earlier it was around 25%. So has it gone up from there? 10:51 10 minutes, 51 seconds So on radio volumes uh it remains at 25%. Uh that's what I said that the we remain leaders in the in the industry 10:59 10 minutes, 59 seconds and our market is robust 25% on the volume basis. Okay. 11:03 11 minutes, 3 seconds Value wise it would be higher but on volume basis it remains at 25%. 11:08 11 minutes, 8 seconds And uh because of the traditional radio business are other competitors of yours 11:16 11 minutes, 16 seconds kind of uh shutting shop or or how are they because the revenues of other companies are dwindling uh in this business. 11:27 11 minutes, 27 seconds Yes, I agree that's largely been the media landscape and this this year and particularly because of the festive 11:33 11 minutes, 33 seconds shift lot and and overall uh the uh economy remains m muted. Lot of media companies have seen a very muted quarter 11:42 11 minutes, 42 seconds this year on the radio front. Yes, couple of companies have not had a very good quarter. Really really poor numbers on that. I would not want to comment on the performance uh on closures there. 11:54 11 minutes, 54 seconds Yes, there has been one uh radio station which has not closed down but sold to another player. So in that regard still 12:02 12 minutes, 2 seconds remains robust because somebody is still buying the radio company. So it's not doomsday or people are closing down but yes somebody wanted to start a new 12:11 12 minutes, 11 seconds business so they have taken over the hish FM from TV today got sold to another radio player. Okay. And uh in 12:18 12 minutes, 18 seconds your this quarter results, your other expenses have increased from uh uh two 12:24 12 minutes, 24 seconds uh from to 39 cr rupees from basically 31 cr rupees quarter and quarter and 12:32 12 minutes, 32 seconds year on year. So why is there such a sharp increase in the other expenses as well as production expenses? So two 12:40 12 minutes, 40 seconds things, one is on the marketing front on Ghana, we spend little more on on this quarter compared to the last year quarter because we were we were in a building phase and and there were market 12:49 12 minutes, 49 seconds requirements and competitive uh performances also which were happening. 12:53 12 minutes, 53 seconds So it pushed us to increase our marketing spend on Ghana to remain to drive our subscriber growth and also fight out competition and 13:01 13 minutes, 1 second Okay. So it's rather and you can look at it as an investment rather than an expense. 13:07 13 minutes, 7 seconds Yes. So we balance our and and we look at our investment on Ghana very carefully. So on quarter and quarter basis we keep reviewing and and the 13:15 13 minutes, 15 seconds where we feel we do it we remain disciplined on that because our aim is very clear to get a profitable path and a journey very very soon on that. 13:24 13 minutes, 24 seconds Okay. Regarding the subscription charges, uh what I believe I'm hearing and understanding is that has the annual 13:33 13 minutes, 33 seconds plan been reduced from 600 rupees to 300 rupees by Jio Savan as well as Ghana or 13:40 13 minutes, 40 seconds the subscription levels are at 600 rupees. 13:44 13 minutes, 44 seconds So in any industry you know there will always be a competitive uh tactical offers going on. In fact, it started with Spotify which reduced its price for 13:54 13 minutes, 54 seconds a couple of months to 3.99 which led to another competition driving to $4.99. 14:01 14 minutes, 1 second But I think it's more a tactical offer. 14:03 14 minutes, 3 seconds I don't think price plays a role of going straight with growth. We have seen that and I don't think at at that price business model works. So we are very 14:11 14 minutes, 11 seconds clear that we don't want to reduce the price. We came under little pressure. 14:14 14 minutes, 14 seconds our marketing spend went up but we remain focused of getting at the right price and we believe there are enough 14:21 14 minutes, 21 seconds subscribers available at at the right price and not to undercut on the price. 14:26 14 minutes, 26 seconds uh it might be little patience game. It may not be a very fast growth in in the music industry but u having said that I 14:35 14 minutes, 35 seconds think there is lot of price elasticity available and the price headroom available to increase price. I think it could be a short-term u competitive 14:44 14 minutes, 44 seconds pressure which came they dropped price which led to this change but I think everybody will be back to the original pricing. I don't think at that pricing the business is sustainable. 14:54 14 minutes, 54 seconds The thing is that probably if the prices have been reduced then the break even time which you had previously mentioned 15:02 15 minutes, 2 seconds that you would break even in the last in the next one or two quarters would that be delayed I don't think we have we have reduced 15:10 15 minutes, 10 seconds price we are going to be back on the same price soon it's not that we we reduce the price a lot uh it's just that our Q3 generally our subscriber growth 15:19 15 minutes, 19 seconds remain muted because of the business time we we started off. So if you look at our last year performance also the Q3 15:26 15 minutes, 26 seconds numbers on growth on subscribers remain little muted compared to other quarters. 15:32 15 minutes, 32 seconds Yes, a month or two months here and there can happen because that may be competitive pressure or you know the marketing budgets uh taking a toll 15:41 15 minutes, 41 seconds because the marketing budgets on digital spends is not just about your music competitors. It's about the overall ecosystem. You know if everybody starts 15:49 15 minutes, 49 seconds spending more um then the price of performance marketing can go up like we were thinking with real money gaming 15:56 15 minutes, 56 seconds stop with the with the ban coming in the price will subside but I guess all other platforms like short form dramas and 16:04 16 minutes, 4 seconds other things also coming up that also put a pressure so the entire ecosystem on the subscription revenue uh subscription economy puts pressure on 16:12 16 minutes, 12 seconds the marketing monies also uh so but having said that we remain committed We believe next two three quarters we have 16:19 16 minutes, 19 seconds a path to profitability on that one or month here and there but we should be there and we are not in a price drop game. 16:28 16 minutes, 28 seconds So basically uh would you like to talk more about your competition? I think so you you are just directly facing 16:36 16 minutes, 36 seconds competition from Jio uh this your Spotify uh as well as Apple 16:44 16 minutes, 44 seconds Music and YouTube music. So do these people have an edge over NL or you as a 16:54 16 minutes, 54 seconds company the y'all guys uh because of your radio services and your radio 17:00 17 minutes business and your uh events business and the times of India group you all have an 17:07 17 minutes, 7 seconds edge over these uh say Gio Savan who has a mobile app and stuff like that. 17:13 17 minutes, 13 seconds So the way I look at this in the industry ra is it's you know everybody has his own own advantages. We have a 17:21 17 minutes, 21 seconds massive advantage of being present in 63 markets for us to advertise that our radio jockeyies who are about 150 are 17:28 17 minutes, 28 seconds like your first case influencers. So we have a massive strength on the media might and also for last two decades 17:35 17 minutes, 35 seconds people in India have been listening to music which has been curated by MI. So from that perspective yes we have a massive uh strength compared to a 17:43 17 minutes, 43 seconds Spotify or a Jio7 while Jio7 has a has a massive funnel of of geom mobile. So everybody has his own advantage but the 17:51 17 minutes, 51 seconds way I look at this industry it's not like a Pepsi Coke fight that I need to you know get a competitive comp you have 17:59 17 minutes, 59 seconds to gain from your competition. There is enough subscribers available in India. 18:03 18 minutes, 3 seconds If I was to look at video subscription, the numbers are about 100 million while in audio the numbers they stand at 50 20 million. So there is enough room 18:12 18 minutes, 12 seconds available. I think all players together can increase the size of the cake and have enough share. Uh generally with the 18:18 18 minutes, 18 seconds content being same on Spotify us and s people may not have multiple uh uh multiple subscription you know it's not 18:26 18 minutes, 26 seconds like a Netflix and Amazon Prime that you would want both. 18:29 18 minutes, 29 seconds In this case you have one. So chances of gaining from competition are less. It's about you know finding your own subscribers and in that case we have we 18:37 18 minutes, 37 seconds are better placed with our strength in tier two tier three markets with our radio network uh and and our concerns. 18:45 18 minutes, 45 seconds It just helps us to be in a better place to market it. Um so I would look at competition as increasing you know the 18:52 18 minutes, 52 seconds the category to improve to together increase the category and get people to spend on music. I think people in the past have also spent on music a lot even 19:00 19 minutes though it was pirated music or all people have been tendency you know you bought CDs you bought cassettes so it's just that in between for 10 years people 19:08 19 minutes, 8 seconds were offering free so the behavior has changed I think over a period of time people will value that music and will pay for it so I think all players are 19:17 19 minutes, 17 seconds looking at increasing the category rather than fighting against each other okay and uh see if you talk of Spotify 19:26 19 minutes, 26 seconds uh they are I think So in more than 60 countries and uh they have a market cap of uh uh in billions of dollars. Uh so 19:36 19 minutes, 36 seconds would you also foray into overseas markets where the NRI population is there or you'all are just kind of 19:44 19 minutes, 44 seconds seemingly want to focus on India because you'll have such reserves of 300 350 cr 19:51 19 minutes, 51 seconds rupees in your bank. Uh so your guide should go all out to try and promote yourself and uh try to create a spot for yourself. 20:02 20 minutes, 2 seconds So good one. So the thing is we as MITI we always we are present as radio market in Gulf and New Jersey also our radio stations are there. 20:10 20 minutes, 10 seconds It's not that we are not present Ghana is present in more than 120 countries. 20:14 20 minutes, 14 seconds So it's not that we are not present. uh to give you a perspective for us it's wherever the south Asian uh population is there we we we target them so it's 20:23 20 minutes, 23 seconds not just Indian population the south Asian population because of Hindi Telu music being very very famous Hindi Telu Tamil the Indian music industry being 20:30 20 minutes, 30 seconds very famous across South Asian countries uh so wherever there's a South Asian diaspora we focus on that just that you 20:37 20 minutes, 37 seconds know compare our journey we took Ghana 2 and a half years back where the product was not so great the experience was not so great so it took us time to build 20:45 20 minutes, 45 seconds that Spotify has been in the business for more than a decade. So for us to get the product right was critical. You are absolutely right. The biggest 20:52 20 minutes, 52 seconds subscription market globally is US. We intend to start focusing on that market soon. It's a very very profitable subscription market uh which is US and 21:01 21 minutes, 1 second North America. So that is the immediate uh need for us. But as I said for us it's a step you know you can't just expand across the board and lose the 21:10 21 minutes, 10 seconds discipline while your product was still not ready. 21:13 21 minutes, 13 seconds Correct. having the So now you think your product is ready? 21:16 21 minutes, 16 seconds Yeah, the product is ready. The content is at par with Spotify. So then you can start looking you know you are looking at Indian market. Get the Indian diaspora offers get a basic number up 21:25 21 minutes, 25 seconds there. So now we as I said you know the international market is is a given. It's the most profitable. US is the biggest 21:32 21 minutes, 32 seconds subscription market for any industry. So for us also remain the same. So our focus on international will start going forward and which will give us more benefits also. 21:42 21 minutes, 42 seconds Okay. Uh what about just a few thoughts that say uh because yall are also in the 21:50 21 minutes, 50 seconds events business uh when you all sell tickets uh y'all can give Ghana coupons to the subscribers who are attend the 21:59 21 minutes, 59 seconds events uh in your business and people who probably advertise on your radio you can give them Ghana coupons or vouchers 22:08 22 minutes, 8 seconds to them also. So are you all doing such practices or it's more uh kind of uh 22:16 22 minutes, 16 seconds blatant in the sense that uh not too aggressive? 22:20 22 minutes, 20 seconds You know Ra, maybe next time I'll get you on our marketing room also. Thanks for all the we we do that we love doing it. Um it's just that as I said you know 22:28 22 minutes, 28 seconds the first two years have been on the basic hygiene side. You're absolute and that's and we do a lot of concerts. we could we start we started doing that you 22:36 22 minutes, 36 seconds know for super fans we can get them to meet the stars. So all that marketing strategies are in place as I said for the last two years two and a half years 22:44 22 minutes, 44 seconds if the important part was to get the product hygiene and the catalog ready the app experience more ready because you know to get a customer once and 22:54 22 minutes, 54 seconds having a bad experience you'll never get the customer back. So the whole idea was to get the basic hygiene ready. All these marketing strategies are in place. 23:02 23 minutes, 2 seconds Some work, some don't work. You can work market wise, language wise, region wise, you can work it out. But you're absolutely right. There are enough and 23:10 23 minutes, 10 seconds more opportunities for us to drive subscriber growth. But as I said, for people to spend money, you don't want to give an habit of free product. You know, 23:18 23 minutes, 18 seconds you need because that's where they industry aes because if it's available for free, why will people pay? So the whole idea is to make them see value. If 23:27 23 minutes, 27 seconds they see value in the product and they experience they have a better experience they will tend to pay for it. So that's what our belief is. Yes we give trial 23:35 23 minutes, 35 seconds offers in during concert during other events but you are uh up to the point that you know marketing strategies will surely help. So thanks Rahul for that. 23:44 23 minutes, 44 seconds So Mr. Rahul uh Mr. Rahul thank you. You may rejoin the queue for the follow-up question. 23:51 23 minutes, 51 seconds The next question comes from the line of Chetan Tucker from M3 Investment Private Limited. Please go ahead. Good evening sir. 24:00 24 minutes Good evening Shan. 24:02 24 minutes, 2 seconds Uh so I just wanted to understand recently a spike in production cost this quarter. So any particular thing there uh due to which that has gone up? 24:09 24 minutes, 9 seconds Sorry come again. 24:12 24 minutes, 12 seconds The production cost has gone up this quarter. So just wanted to understand anything there that we should read into. 24:18 24 minutes, 18 seconds No. Oh, so it's largely our events and solutions business which is has shown growth for that the production cost has gone up. So it's it's the production on 24:26 24 minutes, 26 seconds those lines. So it's in line with our margins and and all that. So not nothing to worry on that part. 24:31 24 minutes, 31 seconds Understood. And some early trends on the ad uh revenue growth for this quarter given we are seeing some of recovery in the economy. 24:40 24 minutes, 40 seconds Yeah. So there is some bit of recovery. 24:43 24 minutes, 43 seconds Uh we seeing that not major. I would not say we are very bullish on that. there is some bit of recovery some base effect coming in some sentiments improving so 24:52 24 minutes, 52 seconds it's little bit there I haven't seen great on the sport side also if you look at you know I'm not looking at this radio but when I look at the overall media scene I'm not seeing much growth 25:01 25 minutes, 1 second on the even the cricket tournament and cricket world cup also so it's I would still remain cautious uh there is a base effect of last year because even last 25:09 25 minutes, 9 seconds year Q4 was not so great so it could be little bit of base effect and some bit of sentiments improving but definitely better than the previous quarters 25:17 25 minutes, 17 seconds Understood. At the last bit on 9 months, what would we have spent for Ghana? 25:23 25 minutes, 23 seconds So just give me one 25:37 25 minutes, 37 seconds to cost. 26:00 26 minutes So about 29 crores. Um understood and next year fair to assume. Yes sir. Am I audible? 26:09 26 minutes, 9 seconds Yeah. 26:11 26 minutes, 11 seconds And next year fair to assume that nature of this pen will change a bit because we are through with the investment phase of getting the UIUX in place the platform 26:18 26 minutes, 18 seconds in place. So the nature of this pen should change in FI27. 26:23 26 minutes, 23 seconds Yes. So it could be it will be more on marketing to drive subscriber growth as we break even in two to two two and a 26:30 26 minutes, 30 seconds half three quarters the nature of spend will largely towards marketing which will be on the CM3 level and not on the CM1 levels. the gross margin we believe 26:39 26 minutes, 39 seconds as I said you know 66% of our subscribers are gross margin positive so hoping that number also goes up so the 26:47 26 minutes, 47 seconds more marketing spend it will be more marketing spends understood sure thank you so much all the time thank you 26:56 26 minutes, 56 seconds thank you a reminder to all the participants that you may press star and one to ask a 27:07 27 minutes, 7 seconds A reminder to all the participants that you may press star and one to ask a question. 27:17 27 minutes, 17 seconds Ladies and gentlemen, that was the last question for today. 27:21 27 minutes, 21 seconds I now would like to hand the conference over to management for closing remarks. 27:27 27 minutes, 27 seconds Thank you, Ena. Uh thank you ladies and gentlemen. It's a pleasure to have you all. We remain committed to our driving our profitable growth and creating long-term value for our shareholders. 27:36 27 minutes, 36 seconds Thank you once again for joining this call. Have a great day. Thank you. 27:41 27 minutes, 41 seconds On behalf of Entertainment Network India Limited, that concludes this conference. Thank you for joining us.