PUNE AHMEDABAD JAIPUR DELHI

VARANASI LUCKNOW KANPUR HISAR

VIZAG CHENNAI JALANDHAR JALGAON

AHMEDNAGAR HYDERABAD NAGPUR SURAT

AKOLA NANDED JAMSHEDPUR MUMBAI

AJMER SOLAPUR KARNAL

PATIALA GORAKHPUR VADODARA UDAIPUR

MUSIC BROADCAST LIMITED Annual Report 2016-17

RANCHI BENGALURU COIMBATORE SANGLI MADURAI

KOTA KOLHAPUR BIKANER NASHIK PATNA REPORT CONTENTS

EQUITY SHARE 01-32 20.4% INFORMATION REVENUES MARKET CAPITALISATION CORPORATE OVERVIEW ST 02 Radio City leading the way in (31 MARCH, 2017) 39 markets ` 2,043.9 CRORES 04 Voice of leadership 06 Crowning moves round the year PROMOTERS’ HOLDING 08 Pioneering initiatives by Radio City 16.8% 10 Financial performance 70.58% 12 Chairman’s insight EBITDA 14 Ruling the airwaves since inception 16 India’s favourite radio brand NATIONAL STOCK 18 Leadership creates its own league EXCHANGE (NSE) 24 Culture, the invisible RADIOCITY differentiator for profitability 26 Be the change 32.7% 28 Board of Directors BOMBAY STOCK 29 Awards and recognition PROFIT AFTER EXCHANGE (BSE) 30 Voice of the City TAX 540366 32 Corporate information y-o-y growth in 2016-17 over 2015-16 33-94 STATUTORY REPORTS 34 Directors’ Report 68 Report on Corporate Governance ABOUT RADIO CITY 90 Management Discussion & Analysis Report Radio City, a part of Music Broadcast Limited (MBL) is a subsidiary of Jagran Prakashan Ltd. Radio City is the first and oldest FM radio broadcaster in 95-147 India. Radio City’s philosophy FINANCIAL STATEMENTS of ‘Rag Rag mein Daude City’ 95 Independent Auditors’ Report aims to invoke the feeling of City 100 Balance Sheet 101 Statement of Profit and Loss and other Pride amongst the citizens and comprehensive income galvanises a stronger emotional 102 Statement of Cash Flow connect with the listener through 104 Statement of Changes in Equity 106 Notes to financial statements a ‘micro local’ content approach that reflects the city’s fabric, culture and nuances. WE AREN’T AS INDIA’S FIRST AND LEADING RADIO BROADCASTER, WE JUST THE CITY’S CONTINUE TO STRENGTHEN OUR LEADERSHIP ACROSS THE FM CHANNEL. COUNTRY BY ALWAYS GIVING THE INDUSTRY MANY FIRSTS.

WE ARE ITS OUR EXPERTISE LIES IN GIVING CLUTTER-BREAKING CONTENT TO OUR LISTENERS ACROSS THE NATION WITH A HIGH LEVEL OF IDENTITY. EFFICACY. OUR CONTENT RESONATES ACROSS INDIA’S DIVERSE AUDIENCE SPECTRUM WITH DISCERNING PREFERENCES. WE AREN’T JUST AN ENTERTAINMENT OVER THE YEARS, WE HAVE BEEN RECOGNISED AMONG GREAT DESTINATION FOR PLACES TO WORK AND THE AWARDS AND APPLAUDS THAT WE THE CITIZENS. RECEIVE NATIONALLY AND INTERNATIONALLY VALIDATE OUR EFFORTS TO BE A PREFERRED NETWORK FOR ADVERTISERS. OUR WE ARE PATRONS AND THE GROWING FRATERNITY OF STAKEHOLDERS ENCOURAGE US TO ENHANCE OUR PERFORMANCE IN PERHAPS THEIR VOICE. THE FASTEST GROWING SEGMENT OF THE M&E INDUSTRY.

IN OUR MAIDEN POST-IPO REPORT, WE TAKE YOU THROUGH AN WE RUN THROUGH INTERESTING JOURNEY OF MUSIC BROADCAST LIMITED SINCE THE VEINS OF INCEPTION IN THE PRIVATE FM INDUSTRY. 39 CITIES.

WE ARE THE BEAT, THE PULSE, THE ADRENALINE RUSH OF A CITY. RAG RAG MEIN DAUDE CITY…FM BOLE TOH 2

RADIO CITY LEADING THE WAY IN 39 MARKETS 91.9 FM 91.1 FM 91.1 FM104.8 FM 91.1 FM AGRA AHMEDABAD AHMEDNAGAR AJMER AKOLA Agra is famous for its Taj The vibrant culture of this Ahmednagar has stood Ajmer is known for its own Ganesh Chaturthi Mahal and is also home of city is not only restricted to witness to several brand of music - Fariyad, transforms Akola into the famous Agra Gharana. Garba, as Bhakti Sangeet historical events, and which is a compilation of a carnival-like fest with This city ranked 5th on and Gujarati folk songs its musical history was Qawaalis sung in devotion loud music and dances the financial penetration have also contributed created when Radio to Sufi Saint Khwaja on the streets with idol and consumption index, immensely. It was also City launched in the city Moinuddin Chishti. immersion processions. which indicates a city’s declared the 7th largest to become its first FM transformation into an credit centre nationwide station. urban town (Source: India’s by RBI as on June 2012 New entrepreneurs). (Source: RBI).

91.1 FM 91.9 FM 91.9 FM 91.1 FM 91.9 FM DELHI GORAKHPUR HISAR HYDERABAD JALANDHAR Delhi enjoys its ghazals Gorakhpur is home to folk Tracing its cultural Hyderabad gave us not Jalandhar celebrates the and thumris, as much as music categories such heritage to the Indus only Bahubali, but also Harballabh Sangeet Mela Bollywood’s chartbusters as Alha, Barahmasi and Valley Civilisation, Hisar Carnatic music gurus like every year in memory and Bhangras. The Gross Kajari. enjoys a local folk dance Saint Thyagaraja, Shyama of Swami Harballabh, State Domestic Product form called Ghoomar. Shastri and Muthuswami the legendary saint and of Delhi at current prices It also has a large steel musician of Jalandhar. increased to ` 5,51,963 industry and is known as Dixitar. It is also the second When it comes to crores during 2015-16 the ‘City Of Steel’. best Indian city for doing business, Jalandhar indicating a growth of business as declared by the manufactures 30% of 12.09% (Source: IBEF). World Bank Group in 2015. cricket equipment in India (Source: Jalandhar Business Opportunities, 2016). 91.1 FM 95 FM 91.1 FM 91.9 FM 91.1 FM KOTA KOLHAPUR LUCKNOW MADURAI MUMBAI Kota is famous for Kolhapur is an industrial Lucknow has been ranked The legendary singer and Mumbai is the home of its thriving coaching city with approximately sixth in a list of the ten Bharat Ratna recipient Bollywood and today, centres for medical and 300 foundries producing fastest growing job-creating M.S. Subbulakshmi Bollywood music has engineering entrances. exports with a value of cities of India. It also has a began her career in Indian seeped into every corner But not many people ` 15 billion per year culture of music and dance Carnatic music in the of the city’s life. Apart know that music plays a (Source: The Gazeeters that goes back to the temple city of Madurai. from Bollywood, it also soothing role in the hectic Department 2015). Mughal era. The city, once She learnt music from her contributes to 7% of the lives of these youngsters famous for its ‘Mujras’, has mother, who belonged to national GDP (Source: pursuing serious career been portrayed as such the ‘Devadasi’ community. Mumbai: India’s Global City). goals. in Bollywood movies like Umrao Jaan and Pakeejzah (Source: Assocham Placement, Department of MSME, GOI). 91.1 FM 91.9 FM 91.1 FM 91.1 FM 91.1 FM PUNE RANCHI SANGLI SOLAPUR SURAT Pune is emerging as a Ranchi stands at number Sangli is known as Solapur is the home of Surat is the largest diamond prominent location for IT nine on the ease of Natyapandhari as it is handloom and power hub in the entire world. It is and manufacturing. It has doing business in India the birthplace of Marathi loom weaving industry believed that 9 out of 10 the 8th largest metropolitan according to World Bank’s drama. Alongside drama, with around 6000 diamonds in Manhattan, New economy and the 6th Doing Business in India the city is known for its power loom industries York are from Surat. It is also highest per capita income survey of 2016. It is also allure towards folk and operational in the district. the biggest centre of MMF in the country. Apart from home to several popular traditional music forms. Beedi industry is the (man-made fibre) in India. this, it also hosts ‘Savai folk music artists like second most important It has a total of 381 dyeing Gandharva Bhimsen Jado Patiya, Santhali industry in Solapur. There and printing mills and 41,100 Mahotsav’, which is a Bhittichitra and Oraon are 115 units of 29 various power loom units. The overall three night long classical Bhittichitra (Source: World Beedi factories (Source: annual turnover is around music programme Bank). Maharashtra.nic.in). ` 5 billion (Source: Ministry of including both Hindustani Urban Development). and Carnatic music (Source: Census 2011). Corporate Overview Annual Report 2016-17 3

91.1 FM91.9 FM 91.1 FM 91.1 FM 91.1 FM BENGALURU BAREILLY BIKANER CHENNAI COIMBATORE Bengaluru is the With “Jhumka gira re, Many people don’t Chennai has been chosen Coimbatore is a birthplace of Carnatic Bareilly ke bazaar mein…” know that Taalbandi, under the Smart Cities cosmopolitan hub and music. This IT hub of being so famous, need we also known as Dangal programme by Government it hosts art, music and India also employs about say anything more? is one of the prime folk of India in 2015-16. Apart dance concerts in the 35% of India’s pool of 2.5 music forms practised in from this, the city also offers months of September and a concoction of classical million IT professionals Bikaner. Carnatic music, western December. It is also home and accounts for the contemporary music and to more than 17% of the highest IT-related exports the popular Kollywood fibre textile mills in India (Source: Confederation of in the country (Source: The movies (Source: IBEF). New York Times). Textile Industry).

91.1 FM 91.1 FM 91.1 FM 91.9 FM 104.8 FM JAIPUR JALGAON JAMSHEDPUR KARNAL KANPUR

Music in Jaipur is largely Jalgaon’s famous dance This city is home to the Teej is the most popular Nautanki and Ram Leela influenced by the city’s Lavni is a major attraction first private iron and steel festival in Karnal, provide budding artists a royals and inspired by platform to grow in Kanpur. in most of its festivals. company of India (Source: celebrated in the Hindu traditional instruments It also has over 500 Economy and Industries of month of Shravan Also, the city is home to like Ghungroo, Sarangi pharmacies, chemists and Jamshedpur 2016). with devotional songs several Hindustani classical and Ektara. Apart from music artists. It is also the drugstores, which make dedicated to Shiva and its music, this city was 11th most populous city in also ranked 31st among it the city with the highest Parvati’s love. India and the largest city in the 50 Emerging Global number of pharmacies - the state of Outsourcing Cities in 2015 for a city of its size in India followed by Lucknow (Source: Indian cities among (Source:Medicine India - List (Source: Census 2011). global outsourcing cities). of Pharmacies, Chemists, Drugstores in Jalgaon). 95 FM 91.1 FM 91.1 FM 91.1 FM 91.1 FM NASHIK NAGPUR NANDED PATIALA PATNA Nashik has 22 wineries The Maharashtra Agro Nanded’s cultural heritage Patiala is renowned for Patna is the 21st fastest out of the total 46 wineries Industrial Development is rooted in its love for the Patiala Gharana of growing city in the world, in India. It also hosts Corporation has a multi- poetry, dance and drama. music, which is a fusion and the fifth fastest the Sula Fest which is a fruit processing division It is a centre for dance of Indian and Pakistani growing city in India, and popular music and wine called Nagpur Orange forms like Povadas and classical music. It was is expected to grow at festival held in the Sula Growers Association folk theatres with distinct pioneered by Ustad Fateh an average annual rate Vineyards every year (NOGA), which has an Marathi music. Ali Khan and Ustad Ali of 3.72% (Source: World’s (Source: Nashik Harvest 2015). installed capacity of 4,950 Baksh Khan, while Ustad fastest growing urban areas: MT of fruits per annum Bade Ghulam Ali Khan City Mayors 2016). (Source:Nagpur Orange achieved worldwide fame Grower’s Association and brought glory to the (NOGA), Economic Survey of Maharashtra 2015). Patiala Gharana.

91.9 FM91.9 FM 91.1 FM 91.1 FM UDAIPUR VADODARA VIZAG The seat of Mewar Hindu Puranas mention Vadodara is the cultural Vizag is home to Carnatic rulers still echoes with Kashi (Varanasi) as the capital of Gujarat and music and dance forms melodies from traditional land where Apsaras, is called the Sanskari like Kuchipudi and instruments like Gandharvas and Kinnaras Nagari. Apart from this, Bharatnatyam. This Morchang, Naad, Tanpura practised dance and it is also the power city showcases Andhra and Sarangi. Further, music. In modern times, equipment manufacturing Pradesh’s culture fusion Udaipur hosts the World notable musicians like the hub of India. It accounts with the Rishikonda Music Festival, where sitar player Ravi Shankar, for over 35% of India’s Beach Festival and artists from across the shehnai maestro Ustad power transmission Visakhapatnam Music globe come to perform. Bismillah Khan, singer and distribution (T&D) Festival. Giriji Devi carried the equipment manufacturers baton of Varanasi music. (Source: Switch conference at Vadodara in October 2016). 4

VOICE OF LEADERSHIP RADIO CITY HAS SPEARHEADED THE EVOLUTION OF FM RADIO PROGRAMMING BY OFFERING CONTENT THAT IS UNIQUE AND PATH-BREAKING. THE NETWORK INTRODUCED HUMOUR AND THE CONCEPT OF AGONY AUNT ON RADIO WITH BABBER SHER AND LOVE GURU, RESPECTIVELY.

THROUGH OUR ‘RAG RAG MEIN DAUDE CITY’ PHILOSOPHY, WE HAVE ADOPTED A LOCAL APPROACH THAT RESONATES OUR VISION WITH LISTENERS, WHILE MAKE LIFE MORE INCULCATING A SENSE OF ENTERTAINING PRIDE AND INFUSING LOCAL CULTURE AND FLAVOUR ON AIR. WE PROVIDE TERRESTRIAL PROGRAMMING, ALONG WITH 42 OTHER WEBSTATIONS, THROUGH OUR DIGITAL INTERFACE, WWW.RADIOCITY.IN. OUR MISSION TO BE THE MOST PROFITABLE MULTI-PLATFORM MEDIA COMPANY BY PROVIDING OUTSTANDING & RELEVANT CONTENT TO SEC ALL 12+

OUR VALUES • THOUGHT LEADERSHIP AND INNOVATION • BUILDING BEST-IN-CLASS CONSUMER EXPERIENCE FOR LISTENERS AND ADVERTISERS • PEOPLE ORIENTATION • PROCESS-DRIVEN CULTURE Corporate Overview Annual Report 2016-17 5

16+ YEARS #1 52.5 MN OF EXPERTISE IN THE RADIO PRIVATE FM BROADCASTER LISTENER BASE INDUSTRY IN INDIA (Source: AZ Research Baseline Study, 23 markets of Radio City, TG 12+, Period - March 2017 Weekly reach) 39 42 108 RADIO STATIONS WEB RADIO STATIONS IN 8 TEAM OF RADIO LANGUAGES JOCKEYS (RJS)

7,400+ 32 MN 11 ADVERTISERS PREFER US LISTENERSHIP ON RADIOCITY.IN NEW CITIES ACQUIRED IN (Source: Aircheck 15 markets) (Source: Lasopi & PurpleStream) PHASE III

#1 MUMBAI, BENGALURU AND DELHI UNDER ‘TOP OF MIND’ BRAND RECALL (Source: AZ Research, TG 12+, Period - March 2017 Weekly Recall Study) PAN INDIA PRESENCE COVERING 62% OF INDIA’S FM 28 POPULATION (12+) 33 (Source: IRS Q4 2012, Census 2011 & Radio City Extrapolation) 26 12 8 23 7 1. Agra 21. Udaipur 10 1 17 2. Ahmedabad 22. Coimbatore 4 13 24 3. Ahmednagar 23. Delhi 25 37 4. Ajmer 24. Gorakhpur 21 14 5. Akola 25. Patna 35 2 6. Bengaluru 26. Hisar 38 16 7. Bareilly 27. Hyderabad 20 11 5 31 8. Bikaner 28. Jalandhar 30 9. Chennai 29. Mumbai 29 3 32 10. Jaipur 30. Nashik 34 19 27 11. Jalgaon 31. Nagpur 36 39 12. Karnal 32. Nanded 15 13. Kanpur 33. Patiala 14. Kota 34. Pune 15. Kolhapur 35. Ranchi 6 16. Jamshedpur 36. Sangli 9 17. Lucknow 37. Varanasi 22 18. Madurai 38. Vadodara 19. Solapur 39. Vizag 18 20. Surat RADIO CITY Radio City boosted its embarked on a new creative lateral with brand philosophy – the launch of an in- Rag Rag Mein Daude house creative client City that captures a solutions agency- micro local approach highlighting local flavour and nuances ‘AUDACITY’ of each city

Enhanced footprint in Successfully SOUTH completed initial INDIA public offering by launching a station (IPO) of in Madurai along with Bangalore, ` + crores Chennai, Coimbatore, 400 Hyderabad and Vizag

Radio City reaches across

52.5 million Indians making it the largest radio network across the country, confirms AZ Research March 2017 - Baseline study

Fortified presence in RAJASTHAN with 5 stations CROWNING in Jaipur, Ajmer, Udaipur, Kota and Bikaner MOVES

Radio City culminated Radio City Super Singer Season 8 with an overwhelming response of 4.7 lakh approx. participations

Rebranded Radio Mantra Radio City took its to Radio City across most running and Promised to be the loved retro show one-stop destination for markets KAL BHI AAJ BHI MAXIMUM 8 on ground with Kal - Agra, Bareilly, Bhi Aaj Bhi LIVE Gorakhpur, Varanasi, that celebrated the MUSIC Karnal, Hisar, Ranchi delightful moments of to Steel City, Jamshedpur and Jalandhar the golden era Annual Report 2016-17 7

Launched India’s First ever Live Radio Concert – GIG CITY with music maestros like Shaan, Farhan Akhtar, Shankar, Ehsaan, Loy, Salim- Sulaiman, Ayushmann Khurana and Sunidhi

Radio City shook up the retro space with the launch of ‘RADIO CITY GOLD’

Strengthened its presence in Launched Radio City MAHARASHTRA Patiala and forayed with 11 stations to its roster with the launch into PUNJAB market of Radio City Nashik and Radio City Kolhapur ROUND THE YEAR

Under the Phase 3 Won expansion, Radio City strengthens its presence in 31 UTTAR PRADESH AWARDS with 6 cities by nationally and launching of Radio internationally during City Kanpur 2016-17

Announced the fourth season of the biggest award that recognises independent music and artists – Radio City Freedom Awards – with gigs across 6 cities culminating with a grand award night PIONEERING INITIATIVES BY RADIO CITY RADIO CITY HAS BEEN A FORERUNNER IN PROVIDING CLUTTER-BREAKING CONTENT AND CONTINUES TO STRIKE A RIGHT BALANCE BETWEEN MUSIC AND CONTENT, WHICH IS DIRECTLY PROPORTIONAL TO LISTENER’S EXPERIENCE POPULAR PROGRAMMES

LOVE GURU The award-winning show (Promax Best Hindi RJ 2007), Radio City 91.1FM’s ‘Love Guru’ has been one-stop show on relationships counselling, companionship and comfort for last 15 years. Love Guru’s presenting style and his inimitable voice, blends the best of old-school radio and modern relationship advice, have made him the most reliable authority on problems of hearts.

KAL BHI AAJ BHI The most loved retro show on radio over the years made the retro genre an integral part of our life. With melodious music from yesteryears, sprinkled with unheard stories of the musical journey of the evergreen stars.

BABBER SHER Award-winning sparkler Babber Sher running successfully on air for more than a decade is a concept

ON so hilarious that it has become synonymous with humour or radio