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PERFORMANCE REVIEW:Q3 FY07January 19, 2007

INVESTOR UPDATE

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INDEX

• The Company

• Operating Highlights

• Q3FY2007 Performance Overview

• Condensed Statement Of Operations

• Financial Overview

• Future Outlook and Strategy

• Investor Communication

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Entertainment Network (India) Limited (ENIL) is India's first pure play radio

broadcasting company to go public and is listed on the BSE and NSE.

Incorporated in June, 1999, ENIL currently operates FM radio broadcasting

stations in ten cities under the brand Radio Mirchi. The company has its

headquarters in Mumbai, India and is the only commercial FM broadcaster

exclusively present in 10 cities

ENIL has a 100% owned subsidiary, Times Innovative Media Private Limited

("TIMPL") through which it operates its out-of-home media business (brand

Times OOH Media) and experiential marketing business (brand 3600

Experience)

The financial results discussed in this update are not Consolidated

THE COMPANY

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KEY OPERATING HIGHLIGHTS

Further Consolidates its Dominance

� According to data based on Indian Listenership Track (ILT –Wave 10 conducted by MRUC) for the period September-November 2006, Radio Mirchi retained the number one position in Mumbai and Delhi while establishing itself as the dominant number one station in Kolkata too. Radio Mirchi has increased its lead over #2 player in Mumbai from 30% to 40% while maintaining its 2:1 lead in Delhi

� In Mumbai, Radio Mirchi dominated listenership with 2.63 million out of a total of 5.30 million daily listeners, in Delhi it has 4.2 million out of 6.1 million daily listeners and in Kolkata 2.7 million out of total 4.0 million listeners

� In Kolkata, Radio Mirchi has more listeners than all other radio stations combined and is the second largest media vehicle in thecity after the leading Bengali daily

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Million

Listenership in Mumbai Listenership in Delhi

Million

Source: MRUC Survey, AC Neilson (ORG-Marg-Wave10, fieldwork September, 06 to November, 06.

ORG-Marg-Wave 9, fieldwork July 06 to September 9, 06.

ORG-Marg-Wave 8, fieldwork Jan 06 to Mar 06, All Sec 12+)

KEY OPERATING HIGHLIGHTS (Cont’d…)#1 in Listenership

0.0

1.0

2.0

3.0

Radio Mirchi Radio City Red FM Go/ Radio one

ILT Wave 8 ILT Wave 9 ILT Wave 10

2.05

2.212.6

1.91.73 1.89

1.2

1.58 1.66

0.25

0.94 0.97

0.0

1.0

2.0

3.0

4.0

5.0

Radio Mirchi Radio City Red FM

ILT Wave 8 ILT Wave 9 ILT Wave 10

3.6

4.46 4.2

1.7

2.2 2.09

1.35

2.83

2.0

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KEY OPERATING HIGHLIGHTS (Cont’d…)#1 in Listenership

Source: MRUC Survey, AC Neilson (ORG-Marg-Wave10, fieldwork

September, 06 to November, 06. All Sec 12+)

0.0

1.0

2.0

3.0

ILT Wave 10

Radio Mirchi Red FM Aamar FM 106.2

2.73

0.76

0.58

Listenership in Kolkata

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KEY OPERATING HIGHLIGHTS (Cont’d…)

Leads content innovation

� Radio Mirchi continues to remain the preferred radio partners for all big banner movies released in the country. Some examples of recent films are Vivaah, Babul, Kabul Express, Dhoom2 and Guru- Coming up is Salaam-e-Ishq

Signed agreement with T-series for Music royalty

� We have signed a 9-year agreement with T-series, the largest music company in India

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Times OOH Media installed two LED video matrix

screens at a prime slot in Mumbai Airport

Entry in Pune market by winning eight hoardings on prime locations

360 Degrees established its first IPR owned property named Smart Living Awards for recognizing excellence

in the housing and related industry

KEY OPERATING HIGHLIGHTS – TIMPL

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� Total Income of Rs.484.1 million, growth of 30.7%

� Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at Rs. 176.5 million, up

20.8%

� EBITDA margin stood at 36.5%

� Net Profit at Rs. 124.0 million, growth of 13.9%

Q3FY2007 PERFORMANCE OVERVIEW(All comparisons with Q3FY2006)

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On a like basis (excluding 3 new stations):

� Total Income of Rs. 392.1 million, growth of 5.8%

� EBITDA stood at Rs. 151.1 million, up 3.4%

� EBITDA margin stood at 38.5%

The new stations namely Bangalore, Hyderabad and Jaipur achieved break-even during the quarter and reported an healthy EBITDA margin of 28% for the quarter

Q3FY2007 PERFORMANCE OVERVIEW (Cont’d…) (All comparisons with Q3FY2006)

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13.9%

(18.5%)

13.1%

5.1%

56.4%

38.8%

20.8%

36.9%

30.6%

122.7%

28.7%

YoY Growth

(%)

14.8%25.6%Margin (%)

(4.4%)186.4124.0Profit After Tax (PAT)

(56.2%)7.12.2Less: Taxation

(0.7%)193.4126.2Profit Before Tax (PBT)

148.7%9.74.1Financing cost

53.1%93.531.9Amortization

25.6%38.314.3Depreciation

26.5%36.5%Margin (%)

15.4%335.0176.5EBITDA

61.4%928.0307.5Operating Expenditure

46.0%1,263.0484.1Total Income

135.6%4.416.7Other Income

44.0%1,219.6467.3Airtime Sales

YoY

Growth (%)

YTD

Dec. 07

Q3 FY07(Rs. Million)

CONDENSED STATEMENT OF OPERATIONS

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Revenues:

�Total Income of Rs.484.1 million, growth of 30.7%- On like basis total income growth of 5.8%

�YoY revenue growth on account of new stations and value growth from existing stations

�Radio Mirchi made significant inroads into the three FM

stations (launched in April 2007) Bangalore, Hyderabad

and Jaipur, raking up listenership and achieving market leadership in revenues

FINANCIAL OVERVIEW

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FINANCIAL OVERVIEW (Cont’d…)

Earnings Before Interest, Tax, Depreciation and Amortizations (EBITDA) :

� EBITDA for the quarter increased by 20.8 % (YoY) to Rs. 176.5

million. On like basis EBITDA grew by 3.4 % (YoY)

� For the period ending December 06 EBITDA increased by 15.4 %

(YoY) to Rs.335.0 million. On like basis it grew by 19.6% (YoY)

� EBITDA margins have been protected in our seven (Phase I)

markets in spite of competition. Our margin was 33% on a YTD

basis and 39% in Q3 - same as last year. This is in spite of higher

spend in marketing this year (YTD: 25% of sales v/s 19% of sales

last financial year)

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FUTURE OUTLOOK AND STRATEGY

Ad industry is growing at 23% as per the recent Ad Ex India (a

division of Tam Media Research) study reported in Economic

Times and Business Standard. The size of the market in CY 2006 is estimated at Rs. 16.3 billion (Previous Year Rs. 13.2

billion)

The fastest growing media sector is radio – which has grown at

58% over the previous year

The long-term operating and financial performance outlook is encouraging as FM radio industry trends remain positive and

the Company continues to build upon its existing listenership

base and implements new initiatives in line with its growth

strategy

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FUTURE OUTLOOK AND STRATEGY

Expand our footprint in radio broadcasting

– Based on the present rate of progress, the Company is confident of

completing rollout of the remaining 22 stations by July 31, 2007

– Explore opportunities in international markets

Maintain market leadership in fast growing radio industry

– Development of listenership research standards and methodology; larger geographic coverage

– Keep investing in brand building and programming innovation

– Launch Visual Radio through mobile phones in other cities

– Leverage footprint to capture additional income sources

– Exploit additional revenue streams like Mirchi Activation

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INVESTOR COMMUNICATION

Entertainment Network is committed to improving its performance every fiscal and

continuously enhance shareholder value through successful implementation of its growth

plans. The company’s investor relations mission is to maintain an ongoing awareness of

its performance among shareholders and financial community. This update covers the

company’s financial performance for Q3 FY07

We thank you for your support and welcome your feedback and comments regarding this

update and other investor issues

For further information please contact:

N. Subramanian, Chief Financial Officer (CFO), ENIL

Tel: +91 (22) 67536983; Email: n.subramanian@timesgroup.com

Dalpat Jain, Business Analyst, ENIL

Tel: +91 (22) 67536919; E-mail: dalpatraj.jain@timesgroup.com

Arun Rajendran, Adfactors PR

Tel: +91 (22) 22813565; Email: arunr@adfactorspr.com

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Certain statements in this release concerning our future growth prospects are forward-looking

statements, which involve a number of risks, and uncertainties that could cause actual results to

differ materially from those in such forward-looking statements. The risks and uncertainties relating to

these statements include, but are not limited to, risks and uncertainties regarding fluctuations in

earnings, our ability to manage growth, intense competition in our business segments, change in

governmental policies, political instability, legal restrictions on raising capital, and unauthorized use of

our intellectual property and general economic conditions affecting our industry. ENIL may, from time

to time, make additional written and oral forward looking statements, including our reports to

shareholders. The Company does not undertake to update any forward-looking statement that may

be made from time to time by or on behalf of the company.

DISCLAIMER

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THANK YOU