Revenue of India’s media and entertainment (M&E) sector should script a strong 27% rebound to ~Rs 1.37 lakh crore in fiscal 2022, after contracting ~26% this fiscal. The time to bounce-back to pre-pandemic levels will be relatively shorter for segments such as digital and television (TV), while print, films, outdoor, and radio would take longer. Credit profiles of large media companies would be unaffected due to strong balance sheets, liquidity and the revenue rebound, while mid-sized and small ones could see stress, an analysis of over 80 of them rated by CRISIL Ratings shows.

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