Good afternoon, ladies and gentlemen. This is Aaditya Mulani from the HT Media Group. I would like to welcome you all to our Quarter one f inancial year 2023/24 earnings webinar. As a reminder, all the participants will be in listen-only mode. After we are through with the presentation, there will be an opportunity for you to ask questions. I now hand over to Ms. Anna Abraham, Head of Investor Relations. Thank you, and over to you, Anna.
Thank you, Aaditya. A very good afternoon to everyone. On behalf of HT Media Group, I welcome you all to the earnings webinar to discuss the financial results of the first quarter of Hindustan Media Ventures Limited, which was declared yesterday, and of HT Media Limited, which was released earlier today. On the call with me today are Mr. Piyush Gupta, Group CFO, Mr. Parvez Bajan, Group Controller, and members of our Investor Relations team. We will be now starting our presentation. Hope it is visible to all of you. This presentation and the financial statements are available on stock exchange websites and the investment relations section of our company website. On your screen now is slide number two, which captures a disclaimer regarding forward-looking statements. As a practice, we do not provide specific revenue or earnings guidance. Kindly keep this in mind. Moving on.
The next slide gives our Chairperson's comment on the performance of the company for the quarter. I quote, "Overall, our performance in Q1 2023/24 has seen an improvement. While revenue is muted, profitability has expanded on the back of continual streamlining of cost and easing of commodity prices. Circulation and advertising grew on a YOY basis in print, while in radio, non-FCT and value-added solutions drove the growth. Rising media spends by companies, growing consumer demand, more government spends, and relative easing in inflationary pressure all augur well in the near term for print, radio, and digital sectors of the M&E industry, which should benefit your company. We are focused on working towards achieving profitable growth in our core businesses while expanding into new areas such as OTT.
We remain committed to our journalism while continuing to provide credible and insightful news and analysis to our audiences." Moving on to the agenda for today on slide number four. We will begin the performance update with comments on our consolidated financials for the first quarter. This will be followed by detailed remarks on the print, radio, and digital businesses. We will open for Q&A after the presentation concludes. With that, I hand it over to Piyush.
Thanks, Aaditya. Thanks, Anna. If we may just track the presentation. Our consolidated financial results, total revenue came at INR 445 crores, a growth of 3%. EBITDA at INR 27 crores is a growth of 250%+ . Margins therefore improved from a - 4% to -6%. Our PBT came in at a - 21%, which is, however, an improvement of 68%, and PBT margins at a - 5% from a - 15% same period last year. Cash still remains a healthy INR 900 crores. Sequentially, our revenues declined by 10%, and our PBT improved by 39% from a - INR 34 to - INR 21. Moving on. On the print business performance, our ad revenues came at INR 244 crores, which is a growth of 2%. Circulation revenue came at 4% growth, at INR 60 crores. Operating revenue was INR 324, which is a decline of 7%.
Operating EBITDA was flat versus the same period last year at INR 2 crores with the margin at 1%. Primary reasons are given at the bottom of the chart. Ad revenue growth for the quarter is YoY basis supported by better ad volumes. The volumes have come to a pre-pandemic level. Circulation revenue grows on a YoY and a quarter-on-quarter basis owing to healthy realizations per copy. Overall operating revenue saw a decline on account of a one-off other operating income in the base year, and operating EBITDA was marginally positive. Having a quick look at our English business, our ad revenues on a YoY basis grew 2%, from INR 127- INR 130. On a quarterly basis, they came down 16% to INR 130 crores.
Circulation revenue on a YoY basis was up 53% because of active realization per copy actions, and on a QoQ basis, they were flat to a marginal decline of 2%. Circulation revenue improved YoY due to improvement in our realizations per copy, and ad revenue grew YoY basis as categories such as education, retail, real estate grew, while FMCG, auto remained subdued. A quick look at our Hindi business. Our ad revenues were up 2% at INR 115 crores. On a quarterly basis, they were flat at about INR 115 crores versus INR 116 last quarter. Circulation revenue on a YoY basis were down 6%. On a quarterly basis, they were up 2%. Key highlights for the quarter ad revenue grew YoY, primarily supported by higher ad volumes.
On a YoY basis, categories such as retail, education, auto, healthcare grew, while real estate and BFSI were subdued. Circulation revenue saw growth both on QoQ basis backed by higher copies. Radio. Our operating revenue grew by 4% and came in at INR 35 crores, and our operating EBITDA was virtually flat at about INR 2 crores. Margins remain flat at 6%. On a quarterly basis, sequential basis, it's a 5% decline on operating revenue and operating EBITDA, it's a 182% growth. Key revenue growth on YoY basis is led by non-FCT segments, which is basically on-air and on-ground events and various other integrations with our on-air activities. Operating activity has improved for same quarter last year. The digital segment, our operating revenues came in at INR 36 crores, which is a decline of 9%, and operating EBITDA at a -INR 17 crores, which is a decline of 100%.
Operating EBITDA margin came at a - 48% as against a - 22% same period last year. On key highlights, quarter-on-quarter revenue growth with improvement across all business segments in digital and increase in EBITDA losses owing to investment in new businesses. With that, we come to the end of the presentation. I hand it over back to Anna.
Thank you, Piyush. We will now begin the Q&A session. You can click on the Raise Hand option, which will enable the moderator to unmute you for posing your query. Please introduce yourself before posing your query and kindly restrict to a maximum of two questions per participant so that we may be able to address questions from all participants. We will wait for a few moments while the question queue assembles. The first question is from the line of Kaustav. Please introduce yourself and ask your question.
Yeah. Hi, can you hear me?
Yeah, we can. Please go ahead.
Hi. I am from BMSPL. It is a family office. I had a few questions regarding the Hindustan Media Ventures business. Your cost of goods sold has moved up from about 32% in FY 2021 to 44% in FY 2023. The global pulp prices are coming down. I wanted to really understand, could you explain to us how sustainable this trend is from how you all are seeing it on global pulp prices coming down? Also, what is the inventory days for you? How much inventory do you hold of high-cost paper already? Basically what I wanted to understand was how do you see gross margins going into FY 2024? The second part of the question is, we are going into election year.
Since FY 2024 is, we are getting closer to elections, how do you see in this print business revenue growth, in terms of circulation and advertisement revenue?
Right. Well, Kaustav, on the first part, we definitely see the gross margins expanding from here on. The pulp prices and indeed the newsprint prices have been now coming down for three, four months. We do not go very long in a commodity cycle which is coming down. We do not stock very long inventory. Our inventory prices will, in production, start coming down now, so you will see the margin expanding from here on. We are not sitting on a very long inventory pile as well. That is point number one. On the election year, of course, there will be election revenues which will come. I think right from the festive, which will start, let us say, in late September, October, right up to election, I believe the revenue outlook should be reasonably buoyant.
Fair enough. I understand all these points you mentioned, and I know you do not give guidance, but could you give some sort of indication as to how can we get back to these high single-digit EBITDA margins, not including other income? I mean,
Only two things, Kaustav. Let's brainstorm this. You are absolutely right. I think it's a great question. One is obviously the commodity prices. Newsprint, depending on the price of the newsprint, it constitutes anywhere between 30%-40% on the bill of materials, depending on what the commodity prices are. As it is coming down, obviously, it will expand the margin. The only other thing is, which I've been highlighting on the calls earlier, is the pricing. As you are aware that the volumes have come back, if you look at the industry volumes in Hindi, in languages, in English, most of the volumes are now back to pre-pandemic level. However, the pricing is still a challenge. Depending on market to market, in some markets pricing is as low as 65%, 70%, whereas in other markets it's 80%, 85%.
We've started a very aggressive pricing program, but as you can understand, pricing is a competitive activity in the marketplace. But we are very hopeful from now to the balance of this calendar year itself. We should reach substantial pricing. The moment pricing comes in, pricing falls directly to the bottom line. So without other income, there are only two levers. One is the raw material prices, which you have a better sense than I do, and the pricing, which I am telling you that we've instituted a program which should help immensely. But it will not be a flip of a switch. We have started this program two months back. We are trying to push that number as much as possible, but it's a competitive market. The only good news is, since the volumes are back, it gives us confidence to undertake this journey.
Last year, same time, we didn't have the confidence to hit the pricing pedal because the volumes weren't back then.
Okay, great. Just last question, if you would allow me. One of the biggest concerns when we talk about this company is that you've got a lot of cash lying on your books and you don't use it. Is there any update on utilizing the cash on the books?
Well, Kaustav, I have no fresh information to give on that side. The only point I can say, and people can say hindsight is 2020. We've seen the start of the pandemic to the end of the pandemic. I think that cash held us in very good stead because the revenues collapsed the way they collapsed, and it took more than 18 months for them to anemically start building back. But at this point in time, I don't have any fresh information to give on cash.
Okay. Thank you for that.
Thanks.
The next question is from Mehul Parikh. Please introduce yourself and ask your question.
Hello. Good afternoon. I'm an Individual Shareholder. My name is Mehul.
Hi, Mehul.
Yeah, hi. I had basically two questions. One is that in OTTplay, our online OTT aggregator app, there are other players like Tata and all DTH players and broadband players who already have a customer base. What makes us so confident that we have a right to win? When I mean a right to win is being the top two players in the country. What gives us that confidence and the plan that we will be there? Second question is that we have basically four or five live digital projects. One of them is Slurrp. When do we expect this business to become cash positive?
Okay. Let me first address the OTTplay. You are right, there are a lot of players in the market. But what OTTplay is trying to do is aggregate the OTT so that people seamlessly can move to a certain genre and seamlessly with a single sign-on at a discounted price, watch the content that they want to watch, irrespective of the platform the content is hosted on. The DTH players or the other broadband players, some of them, DTH players are definitely having their own proprietary app on which they are working, but what we are trying to do is aggregate the market. Now, of course, there are a few aggregators as well, and this is like aggregation has happened in various places.
We are trying to aggregate the OTT because that's a big theme which is growing, and that content is now really, really growing at a speed of 18%- 19% annually and slated to grow like that for at least the next five years. Now, what will come out of it? We are approaching that from a multiple price point. There are markets like Delhi, Bombay and Bangalore, whereby a lot of people have subscribed to multiple OTTs and paying that subscription. If you do the sum of parts, the kind of OTT platform that you are getting, the single login and the single subscription is at a steep discount to what you would otherwise have to pay to get access to all that content. It's an aggregation play, right?
Right. And-
It cannot be directly compared to what Tata or various other people, but there are other players. You wanted to say something. Go for it.
Yeah. I understand that model of the business. What I am asking you is that, for example, Tata Play Binge is offering 27 channels, similar packages aggregating the OTT apps, OTTs together. A lot of people are moving. I keep getting Airtel messages regarding a kind of aggregate discounted pricing. Basically, all of these have a legitimate customer base, which is already a part of their viewership. What makes us stand out that we will corner a market share there?
Well, I never said that we are going to corner the market share. I am saying market is good enough for more than one player, right?
Yeah. But can we be in the top tier? What makes us there?
Yeah. Please segregate the market in NCCS A, NCCS B, and NCCS C. In NCCS B and NCCS C market, there are a lot of people who are still through the cable. The cord-cutting still not happened there because either the broadband is not there, and 5G is not reached there, et cetera, and they want to watch it on TV, and maybe they do not want to take a Tata where they want to if the cable is not there. So, we are trying to access a certain segment of the market whereby we can, with the proposition that we have, tap the NCCS B and NCCS C market. That is a way to say it. I am not even saying for a moment that we will be going head to head against an Airtel or a Jio who are bundling 15- 20 app.
I think that is not possible because they are basically bundling with their broadband stuff. There is a separate section of market that we are trying to address, and I do not believe that the market will be saturated and won by a single player. So I think we have a right to win, but in a certain segment of market that we have kind of, basis our research, carved out for ourselves.
So have you collected some good numbers over the last three, four months?
Well, last three, four months have been slightly slow because some of our critical key partnerships that we are doing, you know, going a little slow, but we've been also surprised on the positive side with the potential of doing multiple other value-added services with those tier two, tier three town operators, whereby we can do certain more value-added services and take this slightly higher on the value chain. But I would say it's encouraging, but not superbly encouraging at this point in time.
Okay. Thank you.
Okay.
Yeah. The second point was about Slurrp. Those channels which are there, when do we expect them to become cash positive for us?
Slurrp is not taking a lot of money at this point in time. We don't even.
Yeah.
Invest too much money at this point in time.
Correct.
That particular segment, that particular theme, I think is a very relevant theme. Hence, we are still in a pilot stage. I don't think we have any ambition to scale up Slurrp at this point in time. We will see how it goes later on. Slurrp is not burning a lot of money.
Okay. Yeah. Okay, thank you very much.
Thank you.
The next question is from Yash R. Please introduce yourself and ask your question.
Hi, Piyush. Good afternoon.
Hi, Yash.
Yeah. My first question is with regards to the other income, which I can see has increased by quite a bit versus previous year. What is the reason behind the same?
Yash, this is Anna. This is largely linked to treasury. Last year, same time, there were multiple rate actions, et cetera, which had happened, which therefore there was a fairly high MTM, mark-to-market
Losses
Losses that we had taken. In this quarter, on the contrary, now we are expecting the rate actions to kind of near a pause, and therefore there is MTM, mark-to-market gains that has happened. That is really accounting for the fluctuation.
Okay. My second question is with regards to the employee benefits expense. Now I can see, although there is a slight reduction, but what is the reason behind the same versus previous years, what I am talking about again?
There is actually, versus previous year, quite a substantial reduction, and that is on, we do have certain provisions which have been trued up, basis final payouts, variable, et cetera. So because of that, there is savings in the employee cost line.
Oh, sorry, I didn't get the last part. It is on account of?
Yash, Piyush this side. We've trued up the provisions. The unwarranted provisions have been written back.
Which were then Q1 last year?
The variable payout which happens basis the performance, these provisions are trued up every quarter.
Okay.
They have been trued up this quarter.
Okay. Got it. All right. Yeah. Thank you.
Thank you.
The next question is from Mehul Pathak. Please introduce yourself and ask your question.
Can you hear me?
Yeah, Mehul. Hi.
Hi, Piyush, Anna, Parvez. My greetings. Congratulations on an improved set of performance in the last quarter.
We shall not disappoint you going forward, Mr. Pathak.
No, I hope, after the questions, you do not remain disappointed. Actually, Piyush, I was just, had some overview on the whole media, what is happening in the stock market and all that. If you look at Jagran Prakashan and DB Corp, the stock price have run up big time. I have not checked their quarterly results and what they are showing, but clearly, from the market side, the expectation of performance from print media has significantly changed. If we see the market as a sort of indicator in terms of the pricing it is giving to other companies, a little disappointed should be the HT Media shareholders. Our stock price is not running up. Now when I look at our market cap, even the book value of Hindustan Media is not captured in our market cap, which means our company is selling for free.
If you were to get even the book value of Hindustan Media, all the assets of HT Media today, selling at a price of zero as per what the stock price is. The stock market is making a very strong statement by not buying our stock. Are there any thoughts of unlocking value of various assets that we have? Because in the last three or four years, COVID was there, COVID is gone. Performance-wise, even today, we continue to make losses, so the book value will continue to keep coming down. Is there some way of you all are thinking of unlocking value for the shareholder? Maybe this is an AGM question, but the thought came to my mind, so I asked the question. My second question is that Digicontent, is there any update? There is silence even in the notes on the Digicontent quarterly result.
What is happening in the company? If all the NCLT issues are solved and company was going to come up with a revised proposal to take shares back from the shareholder. Could you please share your perspective on these two questions?
Let me answer the second question first. Look, on Digicontent Limited, we made an honest effort at that point in time, but we could not get the support of all the shareholders, which was required to take that scheme through. Now, it would be foolhardy to come up with various schemes unless and until we have stitched the support of all the shareholders who can sign off on a certain scheme. But is the thought in our mind? Answer is absolutely yes. Will we do it, like, in the next couple of quarters? I cannot say that, but we absolutely have to unlock that value, and that is the honest attempt that we made one and a half years ago. Watch that space. We will be back on that, but right now I have nothing to say.
Now, coming on the stock price, I totally understand that the performance of Bhaskar , which came last week, is much superior. But if you break down the revenue, I mean, the three state elections, et cetera, sitting and driving 13%- 14% of growth in that 17%. And which states, we don't have a presence. Now, we are approaching the national election. We will see how it goes. The good news, of course, is that on the pricing side, as I was just telling another participant earlier on, we've started a program which will hold us in very good stead. If everything goes well from now to the general elections, which are slated for next year, we will see growth going multi-fold from here on.
That coupled with the raw material price decrease, et cetera, should drive a certain level of operating leverage, which has been a little tough. The answer on the stock market, actually, look, I mean, HT Media Limited and HMVL are also 20% and 30% up in the last six months, so markets are doing something what the markets will do. But your first part of the question is absolutely valid. It's a pathetic market price that we're trading at less than the book value, doesn't make any sense at all. But really, can I impact that directly? We will do whatever is in the best interest for all shareholders. Unlocking the value on digital is definitely top of mind. Watch this space. We will come back to you. We will solicit your thoughts and comments if you have a better thought.
But sheerly on the operating performances of both print businesses and the digital businesses, which we are not announcing this call, I think from here on, you will see the next three, four quarters really building from the momentum that we've seen. I don't read too much into the 20% and 30% stock price up in the last three, four months for both HT Media Limited and HMVL because they're still substantially discounted, and I take your point on that.
Thanks, Piyush. We look forward. Because last four years, at least some financial re-engineering potential was there in the company. You being such a seasoned CFO, we expect that. Anna also being there, how you engage with the mutual fund industry. Have peoples buy in on our stock. I think a lot of potential is there to work in that area, and with the quality of management that we have.
Very lovely. We take the point, and I think we are putting our heads together. We still don't have a 100% solve for it, but we will be approaching all the shareholders to seek their buy-in before we announce the next steps on unlocking that value.
Thanks, Piyush.
Thank you.
The next question is from Ankit Patel. Please introduce yourself and ask your question.
Hello, am I audible?
Yeah, hi, Ankit. Go ahead, please.
Yeah, hi. I am with HSBC Mutual Fund. My question was around the radio business. The radio business seemed to have peaked sometime in 2019-2020, where you had a run rate of around INR 60 odd crores of revenue per quarter, and you were making an EBITDA of about INR 16 crore- INR 20 crore at that time. Whereas if you see the situation right now, it seems to have halved, and I can understand COVID was a period in between. But we already started seeing a good amount of recovery there in the radio business for other players. Is there a scale issue over here for HT Media in terms of having 15 stations and being able to I want to understand from you, do you see recovery coming through over here?
Because it is now making an EBITDA of only INR 2 crore compared to that peak level of INR 16 crore or so on a quarterly basis. Second question on the same thing is that, in case this business is not I mean, at the moment, radio, how are you looking at it in the future? Are you looking to expand in terms of radio station approach? Maybe acquire. Recently we heard that Zee Media also wanted to enter into the business by acquiring something. What is your future plan for this radio business?
Look, on the radio business, you have to peel the onion a little bit to understand the economics. Of course, you are right. There was a time where radio business actually peaked out. The entire industry peaked out, and then COVID happened, and then after that, the entire industry is under the weather a little bit. When you compare the relative performance of our radio business to some of our competitors, you have to understand that regulations have a big bearing on the radio business. The government, obviously, by doing a certain level of auctioning, had taken their part of the money well in advance, whereas the industry has been under the cloud for the last three, four years, COVID or no COVID.
Obviously, with multiple representation, as you would be aware, government is contemplating on various steps on license fees, the time duration of this period, the government advertising rates, so on and so forth, which of course, is an industry-level thing, and it will help the entire sector. But if you basically model those things out, I think radio will come back to the 2019/2020, if not 2019/2020, at least 80%, 90% of profitability there sooner rather than later. But it has a huge regulatory play. So I really can't comment on that. But those are the things that we are grappling with. As far as our ambitions on radio are concerned, of course, with the sector itself getting the raw side of the stick in terms of listenership and the disruptions that the digital medium has done on the broadcast medium, we are also reinventing this medium.
Apart from terrestrial, we are trying to button in various other digital, the podcast, the music, what we call the non-FCT, which means the integrations of on-air and non-on-air events, et cetera, with it to drive revenue profitably on this medium. So if some of these things, apart from the regulatory things, have their play, you'll see the trend line shifting in the positive direction in the next couple of quarters. Of course, regulations will play the single biggest role in this.
When you say regulation, you mean the license fee that is being charged by Prasar Bharati and?
Yeah.
And,
If you remember, the license fees is the higher of 4.5% of revenue or 2.5% of NOTEF. So people, for whom the NOTEF value is very low, which means the tier two and tier three town, their total charge off on license fees is just about 4% of their revenue. Whereas guys who have a presence in big cities like us, end up paying something like 30% of revenue because of the government's formula. Now government is obviously finally, after 10, 12 years, taking cognizance, and they have put down a consultation paper, which is currently with TRAI. So if that goes forward and they take away this NOTEF thing, then it will be a level playing ground.
Then you can see 27% of the revenue falling to the bottom line straightaway for guys like us who have a big city play, as against some of our competition who have a small city play, whereby the NOTEF values are like 1 x 50th of what our NOTEF values are.
Okay. Just the last question on this. I understand what you are mentioning. So in that respect then, with 15 stations at play, would you be looking to add more stations, Piyush, since you are sounding upbeat on the business going forward?
Look, I have no reason to be either upbeat or be delusional or be very, very pessimistic about the business. I am saying I am a very realist on this. From here on, the past I cannot do much about, but if the future is bright, we do not mind scaling up. It is not 15, it is 17 stations. So we do not mind. It is 22 stations, basically, not 15 or 17. We do not mind scaling it up, provided we see the financial box becoming more robust by government and regulatory intervention, which has actually tilted the playing field against operators like us who have a big city play. Big city, if you remember, pre the 2018, 2019 or 2019, 2020 also, was where disproportionate revenue was coming, so we did not mind paying that kind of a high license fees.
But now when the markets have shifted, the government has to basically look at this whole thing very pragmatically.
Okay. Thank you. Yes.
The next question is from Rohit Jain. Please introduce yourself and ask your question.
Yeah. Good afternoon. Myself, Rohit Jain from Kotak Mahindra Bank. My question is related to the pricing, which we have discussed that we have rolled out some plans to increase the pricing. The question is related to when we looked at the peer within the industry, and we compare our revenue vis-à-vis their revenue sets and the EBIT margins, then still there is a good gap vis-à-vis the peers and our EBIT level. Is it purely due to the pricing which we could not match, and still there is a good gap, and how are we going to bridge this gap in near term?
Look, pricing is a substantial part of the delta that you are observing vis-à-vis the peer set. Scale is, of course, the second one. But all other things remaining equal, if you look at our pre-pandemic pricing, which you can read into our margins versus the peer set, it was the delta was only the scale part at that point in time. And scale, we can always scale as long as we get substantial amount of revenues coming. But at this level of our pricing, it does not make any more sense to incur cost by increasing copies. Hence, what we are doing is, from a right manner, we are trying to correct the pricing to a certain index of the pre-COVID level. And the scale difference will always remain, unless we scale up to that level.
But even without scaling up to that level, you have seen our financials right from 2016, 2017 onwards up till pandemic, our margins were pretty robust. And that is where we want to come to before we look at the scale in those particular market. Because please understand, let us say a market in which we have a reasonable core position is Bihar, which is not as robust or as lucrative a market as U.P. is, where some of our competitors play.
Rohit, you are on mute. Please unmute yourself and
Rohit, are you there?
Moving on. The next question is from the line of Kaustav. Please unmute yourself and ask your question.
Yeah. Hi. Just going back to a previous question of mine regarding your print business, what is the exact, if you could actually give the amount of months, the figure for your raw material and inventory days?
Look, Kaustav. Let me give you a sense. Though we will not give you an exact number, but let me give you a sense. We have never in a falling commodity price market gone beyond three to four months. Of that three to four months, not everything is sitting in godown, some is in transit as well. That is exactly the situation right now, because the new contracts that we are negotiating with the raw material suppliers are for three months after that. So, it will never exceed that part, but obviously you have to keep a cover of at least 90 days, including the in-transit inventory, because some of this inventory is imported.
No, that's exactly my question, because if your inventory days is about three months, the actual effect of falling prices will only come now, right?
Yes.
Is that correct? Is that a fair?
That's exactly the point I'm saying. So in this quarter, the first quarter FY 2024, our inventory valuation happens on a weighted average, right? In this quarter, you've only seen about 5% of the impact flow through, but now as we progress into the second quarter and the third quarter, this will geometrically improve. 5% will go to 10%, and 10% will go to 15%.
Is that good enough to make you EBITDA positive without including other income?
Yes, itself will do that, but there is also a yield program, just to let you know. But that is good enough.
That we spoke about. That you had mentioned. Now, on your cash, just a question. If you are not going to invest it, why do not you reward shareholders in some way? Like a buyback or something.
Kaustav, we are investing in OTTplay, are not we?
No, under HFVL or under HT Media?
Under HFVL.
Okay. So you are using that cash to.
Absolutely. We are trying to create long-term sustainable value for shareholders, and if our thesis that the NCCS A and NCCS C market, the aggregation play can work well, then we might have a good business on our hand. But obviously time will tell. We
No, but what is this that you are investing? Could you explain it to me? I did not quite understand. What are you trying to do?
Kaustav, just a quick thing because we have to get to the next, but we are trying to aggregate multiple OTT players into a single login and distribute that to the end consumer via various channels, whereby they can get access to content on 15, 20 logins for a fraction of the price which they would have had to otherwise pay to get access to all those OTT platforms.
Does something like this already exist?
No one has a pure play aggregation like this, but of course, guys like the big telcos like Jio and Airtel are doing with their broadband services. But we are doing it on a pure play aggregation platform and going to the tier two and tier three towns here.
Okay. Great. Thank you so much. Thank you.
Thank you.
Thank you, all. With this, we come to the end of the Q&A session. If you have any further queries, please reach out to the Investor Relations team. Our contact details are given in the investor presentation and are also mentioned on our websites. I now hand over to Piyush for closing remarks.
Thanks, Aaditya. Thank you very much for joining our quarterly call. We had a good discussion, and as I said during the call, from here on, we are very hopeful that the margins, EBITDA margins, and indeed the bottom line will improve from here on. We thank you for your support, and we wish you all the very best, and have a great day and year ahead.