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PERFORMANCE REVIEW:Q2 FY07November 1, 2006

INVESTOR UPDATE

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INDEX

• The Company

• Q2FY2007 Performance Overview

• Key Operating Highlights

• 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. ENIL is the largest private

FM Radio operator in the country in terms of number of operational stations

and revenue. 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 division (brand

Times OOH Media) and experiential marketing division (brand 3600

Experience)

The financial results discussed in this update are not Consolidated

THE COMPANY

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As reported, (including 3 new stations):

� The Company reports Total Income of Rs.424.0

million, growth of 48.8%

� Earnings before Interest, Tax, Depreciation and

Amortisation (EBITDA) stood at Rs.98.9 million, up

17.6%

� EBITDA margin stood at 23.3%

� Overall Net Profit at Rs.49.3 million, growth of 16.0%

Q2FY2007 PERFORMANCE OVERVIEW(All comparisons with Q2FY2006)

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On a like basis (excluding 3 new stations):

� Total Income of Rs.346.9 million, growth of 21.8%

� EBITDA stood at Rs.102.9 million, up 22.4%

� EBITDA margin grew from 29.5% to 29.7%

Q2FY2007 PERFORMANCE OVERVIEW (Cont’d…) (All comparisons with Q2FY2006)

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KEY OPERATING HIGHLIGHTS

Further Consolidates leadership position

� According to data based on Indian Listenership Track (ILT –

Wave 9), an independent research conducted by MRUC, for the

period July - September 9, 2006, Radio Mirchi enjoyed the

highest daily listenership of 4.46 million in Delhi out of a total

daily listenership of 6.02 million listeners, comfortably ahead of

the competition

� In Mumbai too, Radio Mirchi dominated listenership with 2.21

million out of a total of 4.98 million listeners, it increased its lead

over #2 player in Mumbai from 10% to 30%

� Radio Mirchi combined daily listenership in Delhi and Mumbai

increased by 16.4% to 6.67 million

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2.051.90

1.20

0.25

2.21

1.731.58

0.94

0.0

1.0

2.0

3.0

Radio Mirchi Radio City Red FM Go / Radio one

ILT - Wave 8 ILT - Wave 9

Million

Listnership in Mumbai Listnership in Delhi

4.46

2.242.03

1.35

1.73

3.68

0.0

1.0

2.0

3.0

4.0

5.0

Radio Mirchi Radio City Red FM

ILT - Wave 8 ILT - Wave 9

Million

Source: MRUC Survey, AC Neilson (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

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KEY OPERATING HIGHLIGHTS (Cont’d…)

Increases prices across all stations

� In September 2006, before the start of festive season in India,

ENIL announced an increase in spot prices ranging between

10% for the 3 new stations and 25% for the 7 existing stations

Leads content innovation

� ENIL launched Visual Radio in Mumbai on September 2006 after

a successful launch in New Delhi in July 2006

� Radio Mirchi broke music of blockbusters like Kabhi Alvida Na

Kehna, Lage Raho Munnabhai and Don on its radio stations

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Times OOH Media Installed its 2nd LED screen at

Delhi – Noida Flyway, New Delhi

� Testing is completed, Billing commences from November 1,

2006

Commercial operation of Patel Bridge, acquired in

Q1FY07, started from July 1, 2006

KEY OPERATING HIGHLIGHTS – TIMPL

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16.1%

NM

(6.6%)

NM

56.6%

23.6%

17.6%

61.9%

48.8%

55.4%

48.6%

YoY

Growth (%)

8.0%11.7%Margin (%)

(10.5%)62.449.4Profit After Tax (PAT)

NM4.80.6Less: Taxation

(19.2%)67.250.0Profit Before Tax (PBT)

NM5.74.3Financing cost

51.1%61.631.9Amortization

18.8%24.012.7Depreciation

20.3%23.3%Margin (%)

9.9%158.598.9EBITDA

77.0%620.4325.1Operating Expenditures

57.5%778.9424.0Total Income

144.5%26.613.4Other Income

55.5%752.3410.6Airtime Sales

YoY

Growth (%)

H1 FY07Q2 FY07

(Rs. Million)

CONDENSED STATEMENT OF OPERATIONS

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Operating Revenues:

� Airtime sales for the quarter increased by 48.6% (YoY) to Rs.410.6

million. On like basis airtime sales grew by 21.0% (YoY)

� Airtime sales for the half year increased by 55.5% (YoY) to

Rs.410.6 million. On like basis it grew by 31.4% (YoY)

� This growth was driven by strong volume growth in advertising and

increase in effective ad-rates

� 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 with

client support on the back of innovative programming and

marketing

FINANCIAL OVERVIEW

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FINANCIAL OVERVIEW (Cont’d…)

Earnings Before Interest, Tax, Depreciation and

Amortizations (EBITDA) :

� EBITDA for the quarter increased by 17.6% (YoY) to Rs.98.9

million. On like basis EBITDA grew by 22.4% (YoY)

� For the half year EBITDA increased by 9.9% (YoY) to Rs.158.5

million. On like basis it grew by 35.9% (YoY) and margin grew to

29.7%

� Marketing expenditure for the half year increased to Rs.221.3

million (28.4% of total income) as compared to Rs.86.4 million

(17.5% of total income) in H1FY06

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FUTURE OUTLOOK AND STRATEGY

Revenue continues to grow at strong growth rates for both existing

and new stations

The Company has taken price increase in September 2006, impact

will be seen in coming quarters

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

The ‘Brand’ advantage:

� Radio Mirchi was the exclusive radio partner to blockbusters like Kabhi

Alvida Na Kehna, Lage Raho Munnabhai and Don

� Investment in brand building and programming innovation

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FUTURE OUTLOOK AND STRATEGY

Expand our footprint in radio broadcasting

– Rapid roll-out of 22 new stations

– 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 Q2 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:

Saurav Banerjee, Sr. Vice President, Finance, ENIL

Tel: +91 (22) 67536983; Email: saurav.banerjee@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